Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 1.04

1.04. (1) The purpose of this regulation is to prescribe matters for the
purposes of various definitions in section 10 of the Act.



"approved auditor"
(2) For the purposes of the definition of "approved auditor" in section 10 of
the Act, the following class of persons is specified, namely, individuals each
of whom:

   (a)  in the case of an auditor of an excluded superannuation fund:

        (i)    is, under Division 2 of Part 9.2 of the Corporations Law,
               registered, or taken to be registered, as an auditor; or

        (ii)   is a member of:

                (A)  the Australian Society of Certified Practising
                     Accountants; or

                (B)  the Institute of Chartered Accountants; or

                (C)  the National Institute of Accountants; or

        (iii)  is a fellow or member of the Association of Taxation and
               Management Accountants; or

        (iv)   is the Auditor-General of the Commonwealth, a State or a
               Territory; and

   (b)  in the case of an auditor of a superannuation entity other than an
        excluded superannuation fund:

        (i)    is, under Division 2 of Part 9.2 of the Corporations Law,
               registered, or taken to be registered, as an auditor; or

        (ii)   is the Auditor-General of the Commonwealth, a State or a
               Territory.



"approved rules"
(3) For the purposes of the definition of "approved rules" in section 10 of
the Act, the following kinds of provisions are specified in relation to an
approved deposit fund:

   (a)  provisions requiring a trustee of the fund to maintain a register of
        members;

   (b)  provisions requiring a register of members to contain the name and
        current residential address of each member.



"excluded approved deposit fund"
(4) For the purposes of paragraph (b) of the definition of "excluded approved
deposit fund" in section 10 of the Act, the following condition is specified,
namely, that the fund must be either:

   (a)  a fund established before 1 July 1994; or

   (b)  a fund established on or after 1 July 1994 in which, on the
        establishment of the fund, the eligible termination payments of the
        fund's beneficiary that are invested with the fund have an initial
        value of at least $400,000.



"pooled superannuation trust"
(5) For the purposes of paragraph (b) of the definition of "pooled
superannuation trust" in section 10 of the Act, the definition applies to a
unit trust that is:

   (a)  used only for investing the following kinds of assets:

        (i)    assets of a regulated superannuation fund;

        (ii)   assets of an approved deposit fund;

        (iii)  assets of a PST;

        (iv)   assets of a life assurance company (within the meaning of
               Division 8 of Part III of the Tax Act) that are assets of a
               tax-advantaged insurance fund (within the meaning of section
               116GC of the Tax Act);

        (v)    assets of a registered organisation (within the meaning of
               Division 8A of Part III of the Tax Act) solely for the
               tax-advantaged business (within the meaning of Division 8 of
               Part III of the Tax Act) of the organisation;

        (vi)   assets of an exempt entity within the meaning of, subparagraph
               (a), (c) or (d) of the definition of exempt entity in section
               102M of the Tax Act; and

   (b)  a resident unit trust within the meaning of section 102H of the Tax
        Act.
(NOTE: 1. The phrase "life assurance company" is defined in subsection 110 (1)
of the Tax Act;
2. The phrase "registered organisation" is defined in subsection 116E (1) of
the Tax Act.)