Commonwealth Numbered Acts

SUPERANNUATION ACT 1990 No. 38, 1990 - SECT 28

28. (1) The Board must, as soon as practicable after the end of each financial
year commencing after the commencement of this Act, prepare and give to the
Minister:

   (a)  a report on the performance of its functions during that year;
and

   (b)  financial statements in respect of the management of the
Fund during that year in such form as is approved by the Minister.

(2) Before giving the financial statements to the Minister, the Board must
submit them to the Auditor-General, who must report to the Minister:

   (a)  whether the statements are based on proper accounts and
records; and

   (b)  whether the statements are in agreement with the accounts
and records and show fairly the financial transactions and the
state of the Fund; and

   (c)  whether the receipt of moneys into the Fund, and the
payment of moneys out of the Fund and the investment of moneys
standing to the credit of the Fund, during the year have been in
accordance with this Act and the Trust Deed; and

   (d)  as to such other matters arising out of the statements as the
Auditor-General considers should be reported.

(3) The Minister must cause a copy of the report, and of the financial
statements, prepared by the Board, together with a copy of the report of the
Auditor-General in respect of those financial statements, to be laid before
each House of the Parliament within 15 sitting days of that House after the
receipt of whichever of those documents was last received by the Minister.

(4) Where the Board has not complied with subsection (1) within a period of 6
months after the end of a financial year, the Board must, within 14 days after
the end of that period, give to the Minister an interim report on the
performance of its functions during that year together with interim financial
statements in respect of the management of the Fund during that year.

(5) The financial statements given to the Minister under subsection (4) must
be in the form approved by the Minister for the purposes of subsection (1) but
need not be accompanied by a report of the Auditor-General.

(6) Where the Board gives a report and financial statements to the Minister
under subsection (4), the Minister must:

   (a)  cause a copy of the report and a copy of the financial
statements to be laid before each House of the Parliament within
15 sitting days of that House after their receipt by the Minister;
and

   (b)  give a copy of the report and a copy of the financial
statements:

        (i)    to the Australian Council of Trade Unions; and

        (ii)   upon request made by a relevant organisation, to that
organisation.

(7) In subsection (6):

"relevant organisation" means:

   (a)  an organisation:

        (i)    a substantial number of whose members are members of the
Superannuation Scheme or eligible employees within the meaning
of the Superannuation Act 1976; and

        (ii)   whose principal purpose is to protect and promote the
interest of its members in matters concerning their employment;
or

   (b)  an organisation having as one of its principal purposes the
protection and promotion of beneficiaries under the
Superannuation Scheme in matters concerning their entitlements
as beneficiaries.

(8) A report furnished by the Board under this section in relation to a
financial year must include particulars of:

   (a)  any statement of the policy of the Commonwealth on a
matter relevant to the performance of the functions of the Board
given, in accordance with the Trust Deed, by the Minister to the
Chairperson during that year; and

   (b)  the consideration given by the Board to that policy; and

   (c)  the action (if any) taken by the Board as a result of that
consideration.