Commonwealth Numbered Regulations - Explanatory Statements

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LEGISLATIVE BASIS FOR THE REGULATIONS 1992 NO. 192

STATUTORY RULES 1992 No. 192

ISSUED BY AUTHORITY OF THE TREASURER

OCCUPATIONAL SUPERANNUATION STANDARDS ACT 1987

OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT)

LEGISLATIVE BASIS FOR THE REGULATIONS

Section 22 of the Occupational Superannuation Standards Act 1987 (the Act) provides that the Governor-General may make regulations for the purposes of the Act.

BACKGROUND

The Act provides operating standards and other relevant conditions with which superannuation funds, approved deposit funds and pooled superannuation trusts are required to comply in order to be eligible for taxation concessions under the Income Tax Assessment Act 1936.

The Regulations amend the Occupational Superannuation Standards Regulations (the Principal Regulations) to give effect to a number of minor changes. Details of those changes are as follows:

DETAILS OF THE REGULATIONS

Regulation 2(1) amends existing subparagraph 4(1)(b)(i) by inserting in the class of persons prescribed as persons acceptable as an approved auditor for the purposes of the Act, Members or Fellows of the Association of Taxation and Management Accountants.

Regulation 2(2) amends existing paragraph 4(2)(b) to provide grammatical consistency with paragraph 4(1)(ab).

Regulation 3 amends existing subregulation 9(4) to make it clear that the preservation requirement applies to benefits emerging from made after 1 July 1991.