Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For paragraph 1017F(4)(e) of the Act, a transaction is not required to be confirmed by the trustee of a superannuation fund, an approved deposit fund or pooled superannuation trust if:
(a) the transaction relates to the termination of a superannuation product; and
(b) the trustee has provided information in accordance with section 1017D of the Act and Subdivision 5.12 of these Regulations about having left the superannuation fund, approved deposit fund or pooled superannuation trust.
(1A) For paragraph 1017F(4)(e) of the Act, a transaction is not required to be confirmed by the trustee of a superannuation fund if the transaction relates to a superannuation product provided by a self managed superannuation fund.
(2) For paragraph 1017F(4)(e) of the Act, a transaction is not required to be confirmed to the product holder by an RSA provider if:
(a) the transaction relates to an RSA; and
(b) the trustee has provided information in accordance with section 1017D of the Act and Subdivision 5.12 of these Regulations about closing the RSA.
(3) For paragraph 1017F(4)(e) of the Act, the following transactions in relation to a financial product are not required to be confirmed:
(a) debiting for fees, taxes or charges in respect of the financial product or other transactions involving the financial product;
(b) debiting for charges or duties on deposits into, or withdrawals from, the financial product that are payable under a law of the Commonwealth or of a State or Territory;
(c) debiting an amount from a basic deposit product if:
(i) the holder of the product has been given a periodic statement under section 1017D of the Act not later than 6 months after the transaction occurs; and
(ii) the periodic statement contains the information about the transaction that is required by that section;
(d) crediting an amount to a basic deposit product if:
(i) the holder of the product has been given a periodic statement under section 1017D of the Act not later than 6 months after the transaction occurs; and
(ii) the periodic statement contains the information about the transaction that is required by that section.
(4) For paragraph 1017F(4)(e) of the Act, the following transactions in relation to a financial product are not required to be confirmed:
(a) a transaction that is required or authorised by a law of the Commonwealth or of a State or Territory;
(i) consisting solely of an additional contribution towards the financial product; and
(ii) in relation to which the holder has agreed to the timing and amount, or method of calculating the amount, of the additional contribution;
(i) consisting solely of a withdrawal from the financial product; and
(ii) in relation to which the holder has agreed to the timing and amount, or method of calculating the amount, of the withdrawal;
(i) consisting solely of the acquisition of managed investment products; and
(ii) in relation to which the holder has agreed to the timing and amount, or method of calculating the amount, of the acquisition; and
(iii) in relation to which the holder of the managed investment products, before agreeing to the acquisition, already held or had agreed to acquire managed investment products that were interests in the same registered scheme as the managed investment products that are to be acquired under the agreement;
(i) consisting solely of the acquisition of foreign passport fund products; and
(ii) in relation to which the holder has agreed to the timing and amount, or method of calculating the amount, of the acquisition; and
(iii) in relation to which the holder of the foreign passport fund products, before agreeing to the acquisition, already held or had agreed to acquire foreign passport fund products that were interests in the same notified foreign passport fund as the foreign passport fund products that are to be acquired under the agreement;
(e) a transaction that relates to:
(i) a superannuation product or an RSA; and
(ii) a superannuation surcharge liability for a product holder arising under section 10 of the Superannuation Contribution Tax (Assessment and Collections) Act 1997 ;
(g) a transaction consisting of:
(i) the generating by a financial product of a financial return or other benefit for the holder of the product; or
(ii) the payment to that holder of that return or other benefit, if the holder has agreed to the method by which the payment will be made; or
(iii) crediting negative interest to a member's notional account in a superannuation fund, approved deposit fund or pooled superannuation trust account;
(h) a transaction that relates to:
(i) a superannuation product or an RSA; and
(ii) a Government co - contribution arising under section 6 of the Superannuation (Government Co - contribution for Low Income Earners) Act 2003 .
(5) For paragraph 1017F(4)(e) of the Act, a transaction in relation to a financial product is not required to be confirmed if:
(a) the transaction is debiting an amount from a basic deposit product in the circumstances in paragraph (3)(c); and
(b) the transaction involves the use of a facility for making non - cash payments that is linked to the basic deposit product; and
(c) the amount is debited from the basic deposit product for the purpose of making a payment.
(6) For paragraph 1017F(4)(e) of the Act, a transaction in relation to a financial product is not required to be confirmed if:
(a) the transaction is crediting an amount to a credit facility; and
(b) the transaction involves the use of a facility for making non - cash payments that is linked to the credit facility; and
(c) the amount is credited to the credit facility for the
purpose of making a payment.