Superannuation Laws Amendment Regulations 2002 (No. 1) (Cth)

Superannuation Laws Amendment Regulations 2002 (No. 1)1

Statutory Rules 2002 No. 2002

I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991, the Superannuation Industry (Supervision) Act 1993, the Superannuation (Unclaimed Money and Lost Members) Act 1999 and the Retirement Savings Accounts Act 1997.

Dated 22 August 2002

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

HELEN COONAN

Minister for Revenue and Assistant Treasurer

Contents

1. •
2. •
3. •
4. •
5. •
6. •

1Name of Regulations

These Regulations are the Superannuation Laws Amendment Regulations 2002 (No. 1).

2Commencement

These Regulations commence on gazettal.

3Amendment of Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Regulations 1991

Schedule 1 amends the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Regulations 1991.

4Amendment of Superannuation Industry (Supervision) Regulations 1994

Schedule 2 amends the Superannuation Industry (Supervision) Regulations 1994.

5Amendment of Superannuation (Unclaimed Money and Lost Members) Regulations 1999

Schedule 3 amends the Superannuation (Unclaimed Money and Lost Members) Regulations 1999.

6Amendment of Retirement Savings Accounts Regulations 1997

Schedule 4 amends the Retirement Savings Accounts Regulations 1997.

Schedule 1Amendments of Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Regulations 1991

(regulation 3)

  

[1]Regulation 4, heading

substitute

4Levy — specified amounts and specified date (Act s 6)

[2]After subregulation 4 (1)

insert

1. (1A)

   For paragraph 6 (1) (b) of the Act, the date is the date by which the return is required to be lodged under section 36A of the Superannuation Industry (Supervision) Act 1993.

Schedule 2Amendments of Superannuation Industry (Supervision) Regulations 1994

(regulation 4)

  

[1]Subregulation 1.03A (3), note

substitute

Note The consequences of a member becoming a lost member are:

(a) that the trustee of the fund must report certain details to the Commissioner (see regulation 5 of the Superannuation (Unclaimed Money and Lost Members) Regulations 1999); and

(b) that, if the member is transferred to another fund or an EPSSS (the transferee fund), the trustee of the transferring fund must supply certain information about the member to the trustee of the transferee fund (see regulation 7.9.81 of the Corporations Regulations 2001).

There may also be consequences regarding the information to be supplied to the member (see regulation 7.9.61 of, and Part 14 of Schedule 10A to, the Corporations Regulations 2001).

[2]Subregulation 5.01 (3)

omit

[3]Regulation 5.15A

omit

[4]Subregulation 5.17 (1)

substitute

1. (1)

   This regulation applies in relation to a member of a fund who, on or after 1 July 1995, is a protected member.

[5]Subregulation 5.17 (3)

substitute

1. (3)

   For subregulation (2) and subject to subregulation (4), a member reporting period for a protected member is a relevant member reporting period if:

   1. (a)

      the period ends after 30 June 1995; and

   2. (b)

      at the end of the period, and subject to any adjustment affecting the member’s benefits (net of any exit fee) made by the trustee in respect of the period, the member is a protected member.

[6]Subregulation 5.17 (4)

omit

For the purposes of subregulation (2) and paragraph (3) (a),

insert

For subregulations (2) and (3),

[7]Subregulations 5.17 (5) and (5A)

substitute

1. (5)

   If, under Division 5.6, a member elects to waive member protection, the last relevant member reporting period in relation to that member is taken to end at the end of the day when, under regulation 5.22, the member-protection standards cease to apply to the member.

[8]Paragraph 5.17 (9) (b)

omit

and lost member

[9]Subregulation 5.22 (1), including the note

substitute

1. (1)

   If under regulation 5.21 a member of a fund elects to waive member protection, the member-protection standards cease to apply to the member:

   1. (a)

      if the waiver takes place before 1 October 1995 — from 1 July 1995; or

   2. (b)

      in any other case — from the date of the waiver.

Note See subregulation 5.17 (5) in regard to the end of the last relevant member reporting period in this case.

[10]Subregulation 6.01 (2), definition of eligible temporary resident visa

omit

Schedule 1A,

insert

Schedule 1AB,

[11]Subregulation 6.01 (2), definition of eligible temporary resident visa, note

omit

Schedule 1A

insert

Schedule 1AB

[12]Paragraph 8.03 (a)

omit

— 9 months; or

insert

— the period ending on the day before the day by which section 36A of the Act requires a return to be lodged in respect of a self managed superannuation fund; or

[13]Schedule 1A, second occurring, heading

renumber as Schedule 1AB

Schedule 3Amendment of Superannuation (Unclaimed Money and Lost Members) Regulations 1999

(regulation 5)

  

[1]After regulation 4

insert

4AEligibility age (Act s 10)

For paragraph 10 (1) (b) of the Act, the age of 65 years is prescribed.

Schedule 4Amendments of Retirement Savings Accounts Regulations 1997

(regulation 6)

  

[1]Subregulation 1.06 (3), note

substitute

Note The consequences of an RSA holder becoming a lost RSA holder are:

(a) that the RSA provider must report certain details to the Commissioner of Taxation (see regulation 5 of the Superannuation (Unclaimed Money and Lost Members) Regulations 1999); and

(b) that, if the RSA holder is transferred to a superannuation entity or an EPSSS, the RSA provider must supply certain information about the RSA holder to the trustee of the superannuation entity or the EPSSS (see regulation 7.9.82 of the Corporations Regulations2001).

There may also be consequences regarding the information to be supplied to the RSA holder (see regulation 7.9.61 of, and Part 14 of Schedule 10A to, the Corporations Regulations 2001).

[2]Subregulation 3.12 (1)

substitute

(1) This regulation applies in relation to an RSA holder if the RSA holder is a protected RSA holder.

[3]Subregulations 3.12 (3) and (4)

substitute

1. (3)

   For subregulation (2), an RSA holder reporting period for a protected RSA holder is a relevant RSA holder reporting period if, at the end of the period, and subject to any adjustment affecting the RSA holder’s benefits (net of any exit fee) made by the RSA provider in respect of the period, the RSA holder is a protected RSA holder.

Notes

1. These Regulations amend (in Schedule 1) Statutory Rules 1991 No. 154, as amended by 1992 No. 283; 1995 No. 156; 1999 Nos. 134 and 240.

These Regulations also amend (in Schedule 2) Statutory Rules 1994 No. 57, as amended by 1994 Nos. 189 and 432; 1995 Nos. 47, 64, 142, 158, 159, 240, 293, 384 and 430; 1996 Nos. 44, 57, 122 and 344; 1997 Nos. 69, 117, 152, 153, 221, 243, 293, 309, 343 and 415; 1998 Nos. 76, 83, 108, 175, 177, 193, 240 and 312; 1999 Nos. 14, 31, 115, 239, 317 and 356; 2000 Nos. 119, 151, 185, 280 and 281; 2001 Nos. 37, 352 and 353; 2002 Nos. 21, 91, 150 and 171.

These Regulations also amend (in Schedule 3) Statutory Rules 1999 No. 318.

These Regulations also amend (in Schedule 4) Statutory Rules 1997 No. 116, as amended by 1997 Nos. 150, 151, 242, 294, 308 and 342; 1998 Nos. 82, 176, 178 and 192; 1999 Nos. 13 and 315; 2000 No. 279; 2002 Nos. 20, 47, 90 and 149.

2. Notified in the Commonwealth of Australia Gazette on 29 August 2002.