Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 41

  (1)   Except as provided by subsection   (2), the Regulator is not obliged to give a notice under section   40.

  (2)   The Regulator must give a notice under section   40 to a trustee of an entity stating that the entity is a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust, as the case may be, in relation to a year of income (the current year of income ) if:

  (a)   the entity is a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust, as the case requires, in relation to the current year of income; and

  (b)   either:

  (i)   the Regulator has not given a notice to a trustee of the entity under section   40 stating that the entity is a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust, as the case requires, in relation to a previous year of income; or

  (ii)   both:

  (A)   the Regulator has given a notice to a trustee of the entity under section   40 stating that the entity is not a complying superannuation fund, is not a complying approved deposit fund or is not a pooled superannuation trust, as the case requires, in relation to a previous year of income; and

  (B)   the Regulator has not given a notice to a trustee of the entity under section   40 stating that the fund is a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust, as the case requires, in relation to a year of income that is later than that previous year of income and earlier than the current year of income.

  (3)   Despite section   2, a previous year mentioned in subsection   (2) may be a year of income earlier than the 1994 - 95 year of income (see section   49). However, despite section   49, for the purposes of the application of subsection   (2) to a complying superannuation fund, if the fund was not a regulated superannuation fund at all times during the current year of income when the fund was in existence, paragraph   (2)(b) does not apply unless the previous year of income is the 1994 - 95 year of income or a later year of income.

  (4)   For the purposes of this section, if a notice under section   40 is revoked, or the decision to give the notice is set aside, the notice is taken never to have been given.