Commonwealth Numbered Regulations

1993 No. 352 SUPERANNUATION INDUSTRY (SUPERVISION) (TRANSITIONAL PROVISIONS) REGULATIONS - SCHEDULE 1

                              SCHEDULE 1             Subregulation 3 (2)

APPLIED OSS ACT
PART 1-UNMODIFIED PROVISIONS Subsections 3 (2), (3), (4) and (5) Sections 7,
11 and 12A Subsections 16 (2), (3), (4), (5), (6), (7), (8) and (9) Section 17
PART 2-MODIFIED PROVISIONS
Column 1   Column 2
Applied Provision Modification Subsection 3 (1): Omit the definition of
"reviewable decision",
substitute:

"'reviewable decision' means a decision of the
Commissioner:

   (a)  refusing to give an exemption under
section 12A in relation to a fund;

   (b)  to vary or revoke an exemption under
section 12A in relation to a fund;

   (c)  refusing an application for the variation or
revocation of an exemption under section
12A in relation to a fund;

   (d)  to make a determination under section
12A in relation to a fund;

   (e)  to vary or revoke a determination under
section 12A in relation to a fund;

   (f)  refusing an application for the variation or
revocation of a determination under
section 12A in relation to a fund;" Subsection 3 (1): Insert the following
definitions:

"'lodgment day', in relation to a fund, means the
day on which the fund lodges an election under
section 19 of the Superannuation Industry 
(Supervision) Act 1993 ;
'pre-lodgment period', in relation to a fund,
means the period:

   (a)  beginning at the beginning of the fund's
1994-1995 year of income; and

   (b)  ending at the end of the lodgment day
of the fund;
'SIS (TP) Regulations' means the Superannuation
Industry (Supervision) (Transitional Provisions)
Regulations;
'the unmodified Act' means the Occupational 
Superannuation Standards Act 1987 as in force from
time to time;
'this Act' means the Occupational Superannuation 
Standards Act 1987 as modified by the SIS (TP)
Regulations (being the applied OSS Act, within the
meaning of those Regulations);" Section 3: Add at the end:

"(6) For the purposes of paragraph (b) of the
definition of 'superannuation fund' in subsection (1),
a fund is taken to provide a benefit for a member of
the fund as the result of a particular event even if, at
the request of the member, the trustees of the fund
delay the provision of the whole or a part of the
benefit for up to 90 days after the member becomes
entitled to the benefit.

"(7) Subsection (6) does not, by implication,
limit the circumstances in which the trustees of a
fund may delay the provision of benefits in
circumstances that are consistent with
paragraph (b) of that definition.

"(8) Subsections (6) and (7) apply on and after
1 July 1994." Section 4: Omit the section, substitute:
Certain approvals and instruments to apply for
the purposes of this Act

"4. For the purposes of this Act:

   (a)  an approval for the purposes of the
definition of 'superannuation fund' in
subsection 3 (1) of the unmodified Act; or

   (b)  an instrument under section 12 or 12A of
the unmodified Act;
(whether made before or after the date of
commencement of the SIS (TP) Regulations) is
taken, where applicable, to be made for the purposes
of the corresponding provision of this Act." Subsection 10 (2): Omit the
subsection, substitute:

"(2) For the purposes of this Act, the
Commissioner may from time to time give written
notice to the trustee of a fund requiring the trustee to
give to the Commissioner, in relation to the fund's
pre-lodgment period, the information or report
specified in the notice." Subsections 12 (1), (2) and (3): Omit the
subsections, substitute:
Superannuation fund conditions

"12. (1) In this section:
'applied OSS Regulations' has the same meaning
as in the SIS (TP) Regulations;
'relevant provisions of the applied OSS
Regulations', in relation to a fund, means the
provisions of the applied OSS Regulations under
subsection 7 (1) that prescribe standards applicable
to the operation of the fund.

"(2) For the purposes of this section, a fund
satisfies the superannuation fund conditions in
relation to the fund's pre-lodgment period if:

   (a)  at all times during that period:

        (i)    the fund was a superannuation fund; and

        (ii)   the fund complied with all relevant provisions of the
applied OSS Regulations; and

   (b)  the trustee of the fund complied with all
requirements made in relation to the fund:

        (i)    in relation to that period-
under subsection 10 (2); or

        (ii)   during that period-under section 11.

"(3) If a fund does not satisfy the
superannuation fund conditions in relation to the
fund's pre-lodgment period, the Commissioner
may treat the fund, in accordance with subsection

(3A) , as satisfying the conditions in relation to the period." Subsection 12
(3A): Omit "year of income" (wherever occurring),
substitute "pre-lodgment period of the fund;"; Subparagraphs 12 (3A) (b) (i)
and (ii): After "(3)", insert "of the unmodified Act" Subsection 12 (4): Omit
the subsection, substitute:

"(4) Where the Commissioner:

   (a)  does not, under subsection (3), treat a
fund as satisfying the superannuation
fund conditions in relation to the fund's
pre-lodgment period; and

   (b)  is satisfied that, because of special
circumstances in relation to the fund
during that period, it is reasonable to
treat the fund as satisfying those
conditions during that period;
the Commissioner must treat the fund as satisfying those
conditions in relation to the fund's pre-lodgment period." Subsection 16 (1):
Omit "(ab)," and "(da), (db), (dc), (dd), (de), (df),"