Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 34

Standards must be complied with

  (1)   Each trustee of a superannuation entity must ensure that the prescribed standards applicable to the operation of the entity are complied with at all times.

Note:   Section   166 imposes an administrative penalty for a contravention of subsection   (1) in relation to a self managed superannuation fund.

Offence

  (2)   A person who intentionally or recklessly contravenes subsection   (1) commits an offence punishable on conviction by a fine not exceeding 100 penalty units.

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

Standards relating to record keeping obligations

  (2A)   If standards are prescribed by the regulations for the purposes of paragraph   31(2)(n), 32(2)(g) or 33(2)(e), each trustee of a superannuation entity must ensure that those standards are, when applied to the operation of the entity, complied with at all times.

Penalty:   50 penalty units.

  (2B)   Subsection   (2A) is an offence of strict liability.

Validity of transaction not affected by contravention

  (3)   A contravention of subsection   (1) or (2A) does not affect the validity of a transaction.