Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 104A

  (1)   This section applies to a person if:

  (a)   he or she becomes, after 30   June 2007:

  (i)   the trustee of a self managed superannuation fund; or

  (ii)   a director of a body corporate that is the trustee of a self managed superannuation fund; or

  (b)   he or she is a trustee of such a fund or a director of such a body corporate, and another person becomes, after 30   June 2007, a trustee of the fund or a director of the body corporate; or

  (c)   he or she is a trustee of such a fund or a director of such a body corporate and undertakes a course of education in compliance with an education direction.

  (2)   The person must:

  (a)   if paragraph   (1)(a) applies--sign a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund (or as director of a body corporate that is such a trustee), no later than 21 days after becoming such a trustee or director; and

  (b)   if paragraph   (1)(b) applies--ensure that the other person signs a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund (or as director of a body corporate that is such a trustee), within 21 days after becoming such a trustee or director; and

  (ba)   if paragraph   (1)(c) applies--sign a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund, or as director of a body corporate that is such a trustee (as appropriate), no later than 21 days after completing the course of education; and

  (c)   ensure that the declaration is retained so long as it is relevant, and in any case for at least 10 years; and

  (d)   make the declaration available for inspection by a member of the staff of the Regulator if requested to do so by a member of that staff.

Note:   Section   166 imposes an administrative penalty for a contravention of subsection   (2).

  (3)   A person commits an offence if the person contravenes subsection   (2). This is an offence of strict liability.

Penalty:   50 penalty units.

Note 1:   Chapter   2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:   For strict liability , see section   6.1 of the Criminal Code .