Superannuation Industry (Supervision) Regulations (Amendment) (Cth)

Statutory Rules 1995

No. 293 1

__________________

Superannuation Industry (Supervision) Regulations 2(Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.

Dated 3 October 1995.

 BILL HAYDEN

 Governor-General

By His Excellency’s Command,

PAUL ELLIOTT

Parliamentary Secretary to the Treasurer

for the Treasurer

____________

1.   Amendment

1.1   The Superannuation Industry (Supervision) Regulations are amended as set out in these Regulations.

[NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

2.   Regulation 2.29 (Specific requirements in particular cases)

2.1   Paragraph 2.29 (1) (h):

Omit the paragraph, substitute:

• “(h)

  in respect of the relevant sub-plan or, if none, of the fund:

  • (i)

    the actual or notional rate of net earnings in each of the most recent reporting periods that, in total, constitute a period of at least 5 years; and

  • (ii)

    the compound average actual or notional rate of net earnings for the period of 5 years ending at the end of the reporting period;

[NOTE:   As to funds and subplans in existence for less than 5 years, see subregulation (3A).]”.

2.2   After subregulation 2.29 (3), insert:

“(3A)

If, at the end of a reporting period, a fund or sub-plan has not been in existence for 5 years, the references in paragraph (1) (h) to 5 years are taken to be references to the whole period of existence of the fund or sub-plan, as the case requires.”.

3.   Application

3.1   The amendment made by regulation 2 applies in relation to the reporting period of a fund or sub-plan, as the case requires, for the 1995-96 financial year and each succeeding reporting period.

____________________________________________________________

NOTES

1. Notified in the Commonwealth of Australia Gazette on 10 October 1995.

2. Statutory Rules 1994 No. 57 as amended by 1994 Nos. 189 and 432; 1995 Nos. 47, 64, 142, 158, 159 and 240.