Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 6

  (1)   The following table has effect for the purposes of subsection   5(1).

Note:   Under that subsection, the general administration of a provision referred to in column 1 of the table is conferred as set out in column 3.

 

General administration table
Item	Column 1 Provisions	Column 2 Topic	Column 3 Regulator
1	Part   2A, to the extent it is not covered by item   2 of this table	licensing of RSE licensees	APRA
2	Section   29JCA	false representation about RSE status	both APRA and ASIC
3	Part   2B, to the extent it is not covered by item   4 of this table	registrable superannuation entities	APRA
4	Sections   29P to 29QC	obligations of RSE licensees	ASIC
5	Part   2C, to the extent it is not covered by item   6 of this table	MySuper	APRA
6	Subsection   29SAA(3)	MySuper notice requirements	ASIC
7	Part   3, to the extent it is not covered by item   7A, 8 or 9 of this table	operating standards	(a) ASIC, to the extent the provisions relate to disclosure or record - keeping (see subsection   (2)); and (b) subject to paragraph   (a), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (c) APRA, to the remaining extent
7A	Subsection   34(2A)	offence for breaching standards relating to record keeping obligations	both APRA and ASIC
8	Division   3 of Part   3	portability forms	the Commissioner of Taxation
9	Regulations made under Part   3	release on compassionate grounds	the Commissioner of Taxation, to the extent that the regulations relate to the making and notification of determinations that an amount of benefits in a superannuation entity may be released on compassionate grounds
10	Part   3A	prudential standards	APRA
11	Part   3B, to the extent it is not covered by item   12 or 13 of this table	superannuation data and payment	APRA
12	Divisions   1 and 4 of Part   3B	superannuation data and payment	the Commissioner of Taxation
13	Division   2 of Part   3B	compliance with superannuation data and payment regulations and standards	(a) the Commissioner of Taxation, to the extent the provisions relate to any of the following: (i) employers; (ii) payments and information given to the Commissioner of Taxation; (iii) self managed superannuation funds; and (b) APRA, to the remaining extent
14	Part   4	accounts, audit and reporting obligations for superannuation entities	(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent
15	Part   5, to the extent it is not covered by item   16 of this table	notices about complying fund status	(a) the Commissioner of Taxation, to the extent the provisions do any of the following: (i) relate to self managed superannuation funds; (ii) require or permit the Commissioner of Taxation to do something; and (b) APRA, to the remaining extent
16	Sections   40 and 41	notices about complying superannuation fund status	(a) in relation to an entity that is a self managed superannuation fund on the last day of the most recently ended year of income--the Commissioner of Taxation; and (b) in relation to an entity that is not a self managed superannuation fund on the last day of the most recently ended year of income--APRA; and (c) subject to paragraphs   (a) and (b), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (d) APRA, to the remaining extent
17	Part   6, to the extent it is not covered by items   18 to 21 of this table	governing rules of superannuation entities	(a) ASIC, to the extent the provisions relate to disclosure or record - keeping (see subsection   (2)); and (b) subject to paragraph   (a), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (c) APRA, to the remaining extent
18	Sections   52, 52A and 54B	covenants and consequences of breaching covenants	both APRA and ASIC
19	Sections   52B and 52C	covenants of SMSFs	the Commissioner of Taxation
20	Section   54A	prescribed covenants	(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) both APRA and ASIC, to the remaining extent
21	Section   60A	dismissal of trustee of public offer entity	APRA
21A	Part   6A, to the extent it is not covered by item   21B, 21C or 21D of this table	annual performance assessments	(a) ASIC, to the extent the provisions relate to disclosure or record - keeping (see subsection   (2)); and (b) APRA, to the remaining extent
21B	Section   60E	annual performance assessments--trustee to notify beneficiaries of fail assessment	both APRA and ASIC
21C	Subsection   60F(2)	annual performance assessments--consequence of 2 consecutive fail assessments	both APRA and ASIC
21D	Subsections   60J(4), (5) and (6)	formulas for ranking products--making information available on website	the Commissioner of Taxation
22	Part   7, to the extent it is not covered by ite ms   23 to 26 of this table	regulated superannuation funds	(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent
23	Sections   62 and 68	sole purpose test; victimisation of trustees	(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) both APRA and ASIC, to the remaining extent
25	Section   68A	use of goods or services to influence employers	ASIC
26	Section   68B	promotion of illegal early release schemes	(a) the Commissioner of Taxation, to the extent the provision relates to self managed superannuation funds; and (b) ASIC, to the remaining extent
27	Part   8	in - house asset rules	(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent
28	Part   9	equal representation of employers and members--employer - sponsored funds	APRA
29	Part   10	approved deposit funds	APRA
30	Part   11	pooled superannuation trusts	APRA
31	Part   11A, to the extent it is not covered by item   32 of this table	general fees rules	APRA
32	Section   99F	cost of financial product advice	ASIC
33	Part   12, to the extent it is not covered by items   34 to 36 of this table	duties of trustees and investment managers	(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent
34	Sections   101 and 103	dispute resolution systems; duty to keep minutes and records	(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) ASIC, to the remaining extent
35	Section   105	duty to keep reports	(a) ASIC, to the extent the provision relates to disclosure or record - keeping (see subsection   (2)); and (b) subject to paragraph   (a), the Commissioner of Taxation, to the extent the provision relates to self managed superannuation funds; and (c) APRA, to the remaining extent
36	Section   108A	duty to identify multiple accounts	both APRA and ASIC
37	Part   14	other provisions applying to superannuation entities	(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent
38	Part   15, to the extent it is not covered by item   39 of this table	standards for trustees, custodians and investment managers	(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent
39	Section   126K	disqualified persons	(a) the Commissioner of Taxation, to the extent the provision relates to self managed superannuation funds; and (b) both APRA and ASIC, to the remaining extent
40	Part   16, to the extent it is not covered by items   41 to 43A of this table	actuaries and auditors	(a) ASIC, to the extent the provisions relate to auditors of self managed superannuation funds; and (b) subject to paragraph   (a), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (c) APRA, to the remaining extent
41	Section   128N	actuaries and auditors--ASIC may disclose information	ASIC
42	Section   128P	actuaries and auditors--Commissioner of Taxation may refer matter to ASIC	the Commissioner of Taxation
43	Division   2 of Part   16	actuaries and auditors--obligations	(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent
43A	Sections   130D and 130E	disqualifying and removing actuaries and auditors	(a) both APRA and ASIC, to the extent the provisions relate to auditors; and (b) APRA, to the extent the provisions relate to actuaries
44	Part   16A	APRA's powers to issue directions	APRA
45	Part   17, to the extent it is not covered by item   46 of this table	suspension or removal of trustee	(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent
46	Section   140	notice by acting trustee	APRA
47	Part   18	amalgamation of funds	APRA
48	Part   19	public offer entities	ASIC
49	Part   20	contraventions relating to SMSFs	the Commissioner of Taxation
50	Part   21	civil and criminal consequences of contravening civil penalty provisions	(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) both APRA and ASIC, to the extent the provisions relate to, or are being applied for the purposes of, a provision administered by both those bodies; and (c) ASIC, to the extent the provisions relate to, or are being applied for the purposes of, a provision administered by ASIC; and (d) APRA, to the remaining extent
51	Part   22	infringement notices	APRA
52	Part   23	financial assistance	APRA
53	Part   24, to the extent it is not covered by item   54 of this table	eligible rollover funds	(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent
54	sections   242K, 242L and 242M	obligations relating to eligible rollover funds	both APRA and ASIC
55	Part   24A	pre - 1   July 1995 transitional provisions	APRA
56	Part   24B	small funds	as provided by the provisions of Part   24B
57	Part   25, to the extent it is not covered by item   58 of this table	monitoring and investigation	see section   5
58	Division   3 of Part   25	monitoring and investigation--APRA requirements	APRA
59	Part   25A, to the extent it is not covered by item   60 of this table	tax file numbers	(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent
60	Divisions   1 and 3A of Part   25A, section   299NA and subsection   299U(2A)	tax file numbers	the Commissioner of Taxation
61	Part   32	transitional provisions for tax file numbers	APRA

Note:   Subsection   10(4) extends the meaning of self managed superannuation fund for the purposes of this section, sections   5, 42 and 42A, and Part   20.

Disclosure and record - keeping provisions

  (2)   For the purposes of the general administration table, a provision relates to disclosure or record - keeping to the extent to which the provision relates to:

  (a)   keeping of reports to members of, or beneficiaries in, funds; or

  (b)   disclosure of information to members of, or beneficiaries in, funds; or

  (c)   disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or

  (d)   any other matter prescribed by regulations for the purposes of this paragraph.