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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993


TABLE OF PROVISIONS

           Long Title

   1.      Short title  
   2.      Commencement  
   3.      Object of Act Supervision of certain superannuation entities  
   4.      Summary of provisions  
   5.      Outline of key concepts Entities  
   6.      General administration of Act  
   7.      Application of Act not to be excluded or modified  
   8.      Act extends to external Territories  
   9.      Crown to be bound  
   10.     Definitions  
   11.     Approvals, determinations etc. by Commissioner  
   12.     Associates  
   13.     Single trustees and groups of trustees  
   14.     Indefinitely continuing fund-application of rules against perpetuities  
   15.     Payments for purchase of annuities  
   16.     Definitions associated with employer-sponsorship Employer-sponsor  
   17.     Persons involved in contravention  
   18.     Public offer superannuation fund Definition  
   19.     Regulated superannuation fund Definition  
   20.     Related bodies corporate  
   21.     Object of Part  
   22.     Interpretation  
   23.     Application for approval  
   24.     Further information may be requested  
   25.     Period within which application for approval is to be decided  
   26.     Deciding an application for approval  
   27.     When an approval is in force  
   28.     Revocation of approval  
   29.     Notification of change in circumstances or breach of conditions  
   30.     Object of Part  
   31.     Operating standards for regulated superannuation funds  
   32.     Operating standards for approved deposit funds  
   33.     Operating standards for pooled superannuation trusts  
   34.     Prescribed operating standards must be complied with Standards must be complied with  
   35.     Object of Part  
   36.     Trustee to lodge annual returns Lodgment  
   37.     Objects of Part  
   38.     Meaning of "entity"  
   39.     Meaning of "contravention"  
   40.     Notices by Commissioner to trustee Notice about complying fund status  
   41.     When Commissioner obliged to give notice of compliance  
   42.     Complying superannuation fund  
   43.     Complying approved deposit fund  
   44.     Pooled superannuation trust  
   45.     Complying superannuation fund  
   46.     Complying superannuation scheme-superannuation guarantee charge  
   47.     Complying approved deposit fund  
   48.     Pooled superannuation trust  
   49.     Transitional-notices under the repealed provisions of the Occupational Superannuation Standards Act 1987 Superannuation funds-positive  
   50.     Transitional-late lodgment of elections by trustees of superannuation funds 28 days late  
   51.     Object of Part  
   52.     Covenants to be included in governing rules Governing rules taken to contain covenants  
   53.     Covenants to repay amounts to beneficiaries in approved deposit funds Governing rules to contain 2 covenants  
   54.     Prerequisites to variation of repayment period  
   55.     Consequences of contravention of covenant  
   56.     Indemnification of trustee from assets of entity  
   57.     Indemnification of directors of trustee from assets of entity  
   58.     Trustee not to be subject to direction  
   59.     Exercise of discretion by person other than trustee  
   60.     Amendment of governing rules  
   61.     Object of Part  
   62.     Sole purpose test  
   63.     Commissioner may direct trustees of certain regulated superannuation funds not to accept employer contributions Directions  
   64.     Superannuation contributions-deductions from salary or wages to be remitted promptly Application  
   65.     Lending to members of regulated superannuation fund prohibited Prohibition  
   66.     Acquisitions of certain assets from members of regulated superannuation funds prohibited Prohibition  
   67.     Borrowing Prohibition  
   68.     Victimisation of trustees etc. Prohibition  
   69.     Object of Part  
   70.     Associate of employer-sponsor  
   71.     Meaning of "in-house asset" Basic meaning  
   72.     How this Part applies if there are 2 or more unrelated employer-sponsors Meaning of "unrelated employer-sponsor"  
   73.     Cost of in-house asset  
   74.     Historical cost ratio of fund's in-house assets  
   75.     Market value ratio of fund's in-house assets  
   76.     Private sector funds established on or after 12 March 1985-historical cost ratio for the 1994-95 year of income  
   77.     Private sector funds established before 12 March 1985-historical cost ratio for the 1994-95 year of income  
   78.     Public sector funds established on or after 1 July 1990-historical cost ratio for the 1994-95 year of income  
   79.     Public sector funds established before 1 July 1990-historical cost ratio for the 1994-95 year of income  
   80.     All funds-historical cost ratio for the 1995-96 year of income, the 1996-97 year of income and the 1997-98 year of income  
   81.     All funds-market value ratio for the 1998-99 year of income and the 1999-2000 year of income  
   82.     All funds-market value ratio for the 2000-2001 year of income and later years of income  
   83.     Certain new in-house asset investments prohibited  
   84.     In-house asset rules must be complied with  
   85.     Prohibition of avoidance schemes Prohibition  
   86.     Object of Part  
   87.     Consequences of non-compliance with this Part  
   88.     This Part does not apply if acting trustee appointed under Part 17  
   89.     Basic equal representation rules Basic rule  
   90.      Pre-1 July 1995 rules-funds with fewer than 200 members Application  
   91.     Pre-1 July 1995 rules-funds with 200 or more members Application  
   92.     Post-30 June 1995 rules-funds with more than 4, but fewer than 50, members Application  
   93.     Post-30 June 1995 rules-funds with more than 49 members Application  
   94.     Object of Part  
   95.     Borrowing  
   96.     Object of Part  
   97.     Borrowing  
   98.     Lending to unit-holders prohibited  
   99.     Civil penalty provisions  
   100.    Object of Part  
   101.    Duty to establish arrangements for dealing with inquiries or complaints  
   102.    Duty to seek information from investment manager  
   103.    Duty to keep minutes and records  
   104.    Duty to keep records of changes of trustees  
   105.    Duty to keep reports  
   106.    Duty to notify Commissioner of significant adverse events  
   107.    Duty of trustee of employer-sponsored fund to establish procedure for appointing member representatives  
   108.    Duty of trustee of employer-sponsored fund to establish procedure for appointing independent trustee or independent member of board of directors of corporate trustee  
   109.    Investments of superannuation entity to be made on an arm's length basis  
   110.    Object of Part  
   111.    Accounting records  
   112.    Accounts  
   113.    Audit of accounts  
   114.    Object of Part  
   115.    Trustee of superannuation entity may maintain reserves  
   116.    Agreement between trustee and investment manager  
   117.    Circumstances in which amounts may be paid out of an employer-sponsored fund to an employer-sponsor Application-21 October 1992 to Royal Assent  
   118.    Consents to appointments  
   119.    Object of Part  
   120.    Disqualified persons Individuals  
   121.    Disqualified persons not to be trustees of superannuation entities  
   122.    Investment manager must not appoint or engage custodian without the trustee's consent  
   123.    Persons who may be appointed to be custodians of superannuation entities  
   124.    Investment managers must be appointed in writing  
   125.    Individuals not to be investment managers of superannuation entities  
   126.    Disqualified persons not to be investment managers of superannuation entities  
   127.    Non-compliance not to invalidate appointment or transaction  
   128.    Object of Part  
   129.    Obligations of actuaries and auditors-compliance When section applies  
   130.    Obligations of actuaries and auditors-solvency When section applies  
   131.    Auditors-disqualification orders Disqualification order  
   132.    Object of Part  
   133.    Suspension or removal of trustee of superannuation entity Suspension or removal  
   134.    Commissioner to appoint acting trustee in cases of suspension or removal Suspension  
   135.    Terms and conditions of appointment of acting trustee  
   136.    Termination of appointment of acting trustee  
   137.    Resignation of acting trustee  
   138.    Property vesting orders  
   139.    Powers of acting trustee  
   140.    Acting trustee to notify appointment to beneficiaries  
   141.    Commissioner may give directions to acting trustee  
   142.    Commissioner may formulate a scheme for the winding-up or dissolution, or both, of a superannuation entity Schemes  
   143.    Object of Part  
   144.    Regulated acts  
   145.    Fraudulently inducing a person to engage in a regulated act-criminal liability  
   146.    Misleading conduct in connection with a regulated act-civil liability  
   147.    Misleading conduct by trustees of entities-civil liability  
   148.    Civil liability where section 146 or 147 contravened  
   149.    Contravention of Part does not affect validity of issue of superannuation interest etc.  
   150.    Object of Part  
   151.    Contravention of Part does not affect validity of issue of superannuation interest etc.  
   152.    Limitation on issuing, offering etc. superannuation interests in public offer entities  
   153.    Trustee must not issue interests, or permit persons to become standard employer-sponsors, except pursuant to applications  
   154.    Commission and brokerage  
   155.    Fair dealing on issue or redemption of a superannuation interest  
   156.    Civil liability where subsection 155(2) contravened  
   157.    Information to be given before superannuation interests issued otherwise than to standard employer-sponsored member  
   158.    Information to be given before persons become standard employer-sponsors  
   159.    Regulations and determinations requiring the giving of information  
   160.    Documents taken to contain information referred to  
   161.    Regulated documents not to be false or misleading-criminal liability  
   162.    Regulated documents not to be false or misleading-civil liability  
   163.    Statements by experts  
   164.    Order to stop contracts etc. for issue of superannuation interests in public offer entities  
   165.    When a stop order is in force  
   166.    Revocation of stop order  
   167.    Effect of stop order  
   168.    Situation to which Division applies-application money received but superannuation interest not issued immediately  
   169.    Trustee to comply with requirements of the regulations in relation to the money  
   170.    Situation to which Division applies-superannuation interest issued in certain circumstances  
   171.    Governing rules taken to confer right to have interest redeemed  
   172.    Consequences of contravening provisions taken to be included in governing rules  
   173.    Object of Part  
   174.    Superannuation interest means interest in public offer entity  
   175.    Definitions  
   176.    When information is generally available  
   177.    When information has a material effect on price or value of superannuation interests  
   178.    Information in possession of officer of body corporate  
   179.    When a person contravenes the insider trading rules in relation to superannuation interests  
   180.    Exception to insider trading rules-Chinese wall arrangements by bodies corporate  
   181.    Exception to insider trading rules-knowledge of person's own intentions or activities  
   182.    Exceptions to insider trading rules-special rules relating to bodies corporate  
   183.    Exception to insider trading rules-officers or agents of bodies corporate  
   184.    Offence of contravening the insider trading rules  
   185.    Civil liability where plaintiff suffers loss or damage because of a contravention of the insider trading rules  
   186.    Civil liability-trustee may recover price differential  
   187.    Commissioner may bring an action in the name of a trustee  
   188.    Special defence where information made known in a certain manner  
   189.    Amounts recovered to be held on trust for certain interest-holders  
   190.    Offset of amounts recovered in other proceedings  
   191.    Special powers of Court  
   192.    Object of Part  
   193.    Civil penalty provisions  
   194.    Person involved in contravening a provision taken to have contravened the provision  
   195.    When a court is taken to find a person guilty of an offence  
   196.    Court may make civil penalty orders  
   197.    Who may apply for civil penalty order  
   198.    Time limit for application  
   199.    Application for civil penalty order is a civil proceeding  
   200.    Enforcement of order to pay monetary penalty  
   201.    Commissioner may require a person to give assistance in connection with application for civil penalty order  
   202.    When contravention of civil penalty provisions is an offence  
   203.    Application for civil penalty order precludes later criminal proceedings  
   204.    When Division applies  
   205.    Effect during criminal proceedings  
   206.    Final outcome precluding applications for civil penalty order  
   207.    Final outcome not precluding application for civil penalty order  
   208.    After unsuccessful committal proceeding, court may preclude application for civil penalty order  
   209.    Application for civil penalty order based on alternative verdict at jury trial  
   210.    Application for civil penalty order based on alternative finding by court of summary jurisdiction  
   211.    Application for civil penalty order based on alternative finding by appeal court  
   212.    After setting aside declaration, court may preclude application for civil penalty order  
   213.    On unsuccessful appeal against declaration, Court may make civil penalty orders  
   214.    Appeals under this Division  
   215.    On application for civil penalty order, Court may order compensation  
   216.    Criminal court may order compensation  
   217.    Enforcement of order under section 215 or 216  
   218.    Recovery of profits, and compensation for loss, resulting from contravention  
   219.    Effect of sections 215, 216 and 218  
   220.    Certificates evidencing contravention  
   221.    Relief from liability for contravention of civil penalty provision  
   222.    Part does not limit power to award punitive damages  
   223.    Object of Part  
   224.    Definition of "fund"  
   225.    Trustee to pay unclaimed money to the Commissioner Meaning of "unclaimed money"  
   226.    Register of unclaimed money  
   227.    Object of Part  
   228.    Interpretation  
   229.    Application for assistance  
   230.    Minister may request additional information  
   231.    Minister may grant financial assistance  
   232.    Maximum amount of financial assistance  
   233.    Financial assistance to be subject to conditions  
   234.    Superannuation Protection Account  
   235.    Minister to decide the source from which financial assistance is to be paid  
   236.    Purposes of Account  
   237.    Separate notional accounts to be kept within the Account  
   238.    Financial assistance to be repaid in certain circumstances  
   239.    Minister may remit liability  
   240.    Repayable grant to have priority over other debts  
   241.    Object of Part  
   242.    Interpretation  
   243.    Declaration of eligible funds  
   244.    Rollover of benefits from superannuation fund  
   245.    Trustee to give information to eligible rollover fund  
   246.    Reports to include reports sent before commencement of Part  
   247.    Notice to members and beneficiaries of circumstances in which benefits may be rolled-over  
   248.    What happens if benefits are below minimum amount  
   249.    Trustee of eligible rollover fund to notify Commissioner of receipt of payments Section applies to payments from other funds  
   250.    Register of rolled-over benefits  
   251.    Rights of beneficiary to rolled-over benefits  
   252.    Claims to rolled-over benefits  
   253.    Objects of Part  
   254.    Information to be given to Commissioner  
   255.    Commissioner may require production of books  
   256.    Access to premises  
   257.    Investigation of financial position of superannuation entity  
   258.    Qualifications of investigator or investigators  
   259.    Commissioner may veto appointment of investigator or investigators  
   260.    Deadline for receipt of report  
   261.    Contents of report etc.  
   262.    Trustee must comply with this Division  
   263.    Investigation of superannuation entity  
   264.    Power of Commissioner to obtain information or freeze assets Commissioner may act to preserve values of interests  
   265.    Inspectors  
   266.    Delegation by inspector  
   267.    Commissioner may exercise powers of inspector  
   268.    Inspector may enter premises for purposes of an investigation  
   269.    Inspector may require production of books  
   270.    Powers of inspector to require assistance from, and examine, relevant persons  
   271.    Application for warrant to seize books not produced  
   272.    Grant of warrant Section applies if magistrate satisfied of certain things  
   273.    Powers if books produced or seized Section applies if books produced, seized etc.  
   274.    Powers if books not produced  
   275.    Power to require person to identify property of superannuation entity  
   276.    Application of Division  
   277.    Requirements made of an examinee  
   278.    Examination to be in private  
   279.    Examinee's lawyer may attend  
   280.    Record of examination  
   281.    Giving copies of record to other persons Copies for proceedings  
   282.    Copies given subject to conditions  
   283.    Record to accompany report  
   284.    Report of inspector  
   285.    Persons to comply with requirements made under this Act  
   286.    Concealing books relevant to investigation  
   287.    Self-incrimination Self-incrimination not a reasonable excuse  
   288.    Legal professional privilege  
   289.    Powers of Court where non-compliance with this Act  
   290.    Statements made at an examination: proceedings against examinee Admissibility of statements made at examination  
   291.    Statements made at an examination: other proceedings Admissibility of absent witness evidence  
   292.    Weight of evidence admitted under section 291  
   293.    Objection to admission of statements made at examination Notice of intention to apply to admit evidence and statements  
   294.    Copies of, or extracts from, certain books  
   295.    Report under Division 6  
   296.    Exceptions to admissibility of report  
   297.    Material otherwise admissible  
   298.    Commissioner may cause civil proceeding to be begun  
   299.    Person complying with requirement not to incur liability to another person  
   300.    Object of Part  
   301.    Interpretation  
   302.    False or misleading statements  
   303.    Incorrectly keeping records etc.  
   304.    Recklessly making false or misleading statements  
   305.    Intentionally making false or misleading statements  
   306.    Intentionally or recklessly incorrectly keeping records etc.  
   307.    Incorrectly keeping records with intention of deceiving or misleading etc.  
   308.    Falsifying or concealing identity with intention of deceiving or misleading etc.  
   309.    Object of Part  
   310.    Power to grant relief Court may relieve liability for misconduct  
   311.    Power of Court to give directions with respect to meetings ordered by the Court  
   312.    Irregularities Definitions  
   313.    Power of Court to prohibit payment or transfer of money or property Court's power to protect interests of certain creditors etc.  
   314.    Court may order the disclosure of information or the publication of advertisements-contravention of provisions relating to issue of superannuation interests etc.  
   315.    Injunctions Restraining injunctions  
   316.    Effect of sections 313, 314 and 315  
   317.    Power of Court to punish for contempt of court  
   318.    Court may resolve transitional difficulties  
   319.    Object of Part  
   320.    Power of Commissioner to intervene in proceedings  
   321.    Civil proceedings not to be stayed  
   322.    Standard of proof Where subsection (2) applies  
   323.    Relief from civil liability for contravention of certain provisions Proceedings to which this section applies  
   324.    Evidence of contravention  
   325.    Vesting of property  
   326.    Object of Part  
   327.    Interpretation  
   328.    Commissioner's powers of exemption-modifiable provisions  
   329.    Commissioner's powers of exemption-temporarily modifiable provisions  
   330.    Commissioner's powers of exemption-general issues  
   331.    Enforcement of conditions to which exemption is subject  
   332.    Commissioner's powers of modification-modifiable provisions  
   333.    Commissioner's powers of modification-temporarily modifiable provisions  
   334.    Commissioner's powers of modification-general issues  
   335.    Revocation of exemptions and modifications  
   336.    Publication of exemptions and modifications etc.  
   337.    Object of Part  
   338.    Conduct by directors, servants and agents State of mind of body corporate  
   339.    Conviction does not relieve defendant from civil liability  
   340.    Liability for damages  
   341.    Civil immunity where defendant was complying with this Act  
   342.    Pre-1 July 88 funding credits and debits  
   343.    Rules against perpetuities not to apply to superannuation entity  
   344.    Review of certain decisions Request for review  
   345.    Statements to accompany notification of decisions  
   346.    Secrecy Meaning of "this Act"  
   347.    How information may be given to the Commissioner of Taxation  
   348.    Commissioner may publish statistical information  
   349.    This Act and the regulations have effect subject to the Crimes (Superannuation Benefits) Act 1989  
   350.    Concurrent operation of State/Territory laws  
   351.    Delegation  
   352.    Annual reports  
   353.    Regulations  
   354.    Object of Part  
   355.    Entity to which Division applies  
   356.    Interpretation  
   357.    Existing management company may give notice of retirement  
   358.    Effect of notice under section 357  
   359.    Action to be taken by existing trustee on receipt of notice under section 357  
   360.    Commissioner to appoint new trustee if receives notice under subsection 359(2)  
   361.    Effect of notice under subsection 359(2)  
   362.    What happens if existing trustee fails to give a notice under subsection 359(2) or (3)  
   363.    Existing trustee may give notice of retirement  
   364.    Action to be taken by existing management company on receipt of notice under section 363  
   365.    Commissioner to appoint new trustee  
   366.    Effect of notice under section 363 on trustee  
   367.    Effect of notice under section 363 on management company  
   368.    Notices under sections 363 and 364 have no effect except as provided in this Division  
   369.    What happens if existing management company fails to give a notice under subsection 364(2) or (3)  
   370.    Existing management company ceases to hold office first  
   371.    Existing trustee ceases to hold office first  
   372.    Existing trustee cannot cease to hold office at same time as existing management company  
   373.    Interpretation  
   374.    Existing trustee taken to be an approved trustee  
   375.    Application of section 153 during the transitional period  
   376.    Regulations may modify application of Act and apply provisions of the Corporations Law etc.  
   377.    New trustee to notify appointment to members  
   378.    Civil immunity for actions under Division  
   379.    Division has effect despite anything in any other Part of this Act etc.  
   380.    Regulations may make other transitional provisions  
   381.    Object of Part  
   382.    Quotation of tax file number  
   383.    Pre-1 July 1994 quotation of tax file number to be treated as if made under provisions commencing on 1 July 1994  
   384.    Pre-1 July 1994 quotation of tax file number-request for quotation, or recording, of number not prohibited by the Taxation Administration Act 1953  
   385.    Pre-1 July 1994 quotation of tax file number-objects of tax file number system  


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