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

Statutory Rules 1994

No. 190 1

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Superannuation Industry (Supervision) (Transitional Provisions) 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 9 June 1994.

 BILL HAYDEN

 Governor-General

 By His Excellency’s Command,

PAUL ELLIOTT

Parliamentary Secretary to the Treasurer

for the Treasurer

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1.   Commencement

1.1   These Regulations commence on 1 July 1994.

2.   Amendment

2.1   The Superannuation Industry (Supervision) (Transitional Provisions) Regulations are amended as set out in these Regulations.

3.New Regulation 3A

3.1   After regulation 3, insert :

Notification of delay in lodging an election—obligations of trustee

“3A.

For the purposes of paragraph 50 (4) (d) of the Act, the requirements relating to notifying members of the fund about

• (a)

  the delay in lodging an election; and

• (b)

  the reasons for that delay;

are that the notification must be:

• (c)

  in accordance with the Form set out in Schedule 3; and

• (d)

  written or printed on one side only of A4 size paper that has nothing else written or printed on it; and

• (e)

  given to each member:

  • (i)

    by delivering it to the member in person before the day that, under paragraph 50 (4) (b) of the Act, is the lodgment day for the election; or

  • (ii)

    by posting it by pre-paid post to the member at his or her last-known postal address in time for it to be delivered in due course of post no later than that day; and

• (f)

  if the notification is given with other material, packaged or presented so that, on receipt, it is likely to be more prominent than the other material.”.

4.Regulation 4 (Purposes)

4.1   Omit “These Regulations”, substitute “The following regulations”.

5.   Schedule 2 (Applied OSS Regulations)

5.1.   Schedule 2, Part 1:

After “except regulations” insert “18B,”.

5.2   Schedule 2, Part 2:

Add at the end the following item:

“Regulation 18B: Omit subregulations (2), (4), (4A), (5), (6), (6A), (7), (7A), (8), (9), (10), (11), (12), (13) and (14)”.

6.New Schedule 3

6.1   Add at the end:

     SCHEDULE 3Regulation 3A

FORM OF NOTICE UNDER PARAGRAPH 50 (4) (d)

OF THE ACT

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Superannuation Industry (Supervision) Act 1993

NOTICE TO MEMBERS UNDER PARAGRAPH 50 (4) (d)

FROM THE TRUSTEES OF (insert name of fund)

NOTE:

In order for a superannuation fund to keep getting taxation concessions the superannuation fund must become a ‘regulated superannuation fund’.

The trustees of the fund are required to give a notice to the Insurance and Superannuation Commission in order for the fund to become a ‘regulated superannuation fund’.

The trustees had until (if the fund’s 1994/95 year of income commenced before 29 July 1994 insert ‘28 July 1994’, if the fund’s 1994/95 year of income commenced after 28 July insert the date that is the date of commencement of the fund’s 1994/95 year of income) to give this notice to the Insurance and Superannuation Commission but have not done so.

For the taxation concessions to continue, the fund trustees will need to satisfy the Insurance and Superannuation Commission that the reason the notice has not been given is because of ‘special circumstances’.

SCHEDULE 3—continued

The reason the notice has not been given is (trustee of fund concerned to insert reasons).

The trustees intend to give the notice to the Insurance and Superannuation Commission on (insert date trustee intends to lodge an election under section 19 of the Act) and will ask the Insurance and Superannuation Commission to accept the late notification due to the reasons mentioned above.

If you require any further information on this matter please contact

(insert a contact address for the superannuation fund and a contact person and telephone number for the contact person).

Dated .

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 16 June 1994.

2. Statutory Rules 1993 No. 352.