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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993
TABLE OF PROVISIONS
Long Title
1. Short title
2. Commencement
3. Object of Act Supervision of certain superannuation entities
4. Summary of provisions
5. Outline of key concepts Entities
6. General administration of Act
7. Application of Act not to be excluded or modified
8. Act extends to external Territories
9. Crown to be bound
10. Definitions
11. Approvals, determinations etc. by Commissioner
12. Associates
13. Single trustees and groups of trustees
14. Indefinitely continuing fund-application of rules against perpetuities
15. Payments for purchase of annuities
16. Definitions associated with employer-sponsorship Employer-sponsor
17. Persons involved in contravention
18. Public offer superannuation fund Definition
19. Regulated superannuation fund Definition
20. Related bodies corporate
21. Object of Part
22. Interpretation
23. Application for approval
24. Further information may be requested
25. Period within which application for approval is to be decided
26. Deciding an application for approval
27. When an approval is in force
28. Revocation of approval
29. Notification of change in circumstances or breach of conditions
30. Object of Part
31. Operating standards for regulated superannuation funds
32. Operating standards for approved deposit funds
33. Operating standards for pooled superannuation trusts
34. Prescribed operating standards must be complied with Standards must be complied with
35. Object of Part
36. Trustee to lodge annual returns Lodgment
37. Objects of Part
38. Meaning of "entity"
39. Meaning of "contravention"
40. Notices by Commissioner to trustee Notice about complying fund status
41. When Commissioner obliged to give notice of compliance
42. Complying superannuation fund
43. Complying approved deposit fund
44. Pooled superannuation trust
45. Complying superannuation fund
46. Complying superannuation scheme-superannuation guarantee charge
47. Complying approved deposit fund
48. Pooled superannuation trust
49. Transitional-notices under the repealed provisions of the Occupational Superannuation Standards Act 1987 Superannuation funds-positive
50. Transitional-late lodgment of elections by trustees of superannuation funds 28 days late
51. Object of Part
52. Covenants to be included in governing rules Governing rules taken to contain covenants
53. Covenants to repay amounts to beneficiaries in approved deposit funds Governing rules to contain 2 covenants
54. Prerequisites to variation of repayment period
55. Consequences of contravention of covenant
56. Indemnification of trustee from assets of entity
57. Indemnification of directors of trustee from assets of entity
58. Trustee not to be subject to direction
59. Exercise of discretion by person other than trustee
60. Amendment of governing rules
61. Object of Part
62. Sole purpose test
63. Commissioner may direct trustees of certain regulated superannuation funds not to accept employer contributions Directions
64. Superannuation contributions-deductions from salary or wages to be remitted promptly Application
65. Lending to members of regulated superannuation fund prohibited Prohibition
66. Acquisitions of certain assets from members of regulated superannuation funds prohibited Prohibition
67. Borrowing Prohibition
68. Victimisation of trustees etc. Prohibition
69. Object of Part
70. Associate of employer-sponsor
71. Meaning of "in-house asset" Basic meaning
72. How this Part applies if there are 2 or more unrelated employer-sponsors Meaning of "unrelated employer-sponsor"
73. Cost of in-house asset
74. Historical cost ratio of fund's in-house assets
75. Market value ratio of fund's in-house assets
76. Private sector funds established on or after 12 March 1985-historical cost ratio for the 1994-95 year of income
77. Private sector funds established before 12 March 1985-historical cost ratio for the 1994-95 year of income
78. Public sector funds established on or after 1 July 1990-historical cost ratio for the 1994-95 year of income
79. Public sector funds established before 1 July 1990-historical cost ratio for the 1994-95 year of income
80. All funds-historical cost ratio for the 1995-96 year of income, the 1996-97 year of income and the 1997-98 year of income
81. All funds-market value ratio for the 1998-99 year of income and the 1999-2000 year of income
82. All funds-market value ratio for the 2000-2001 year of income and later years of income
83. Certain new in-house asset investments prohibited
84. In-house asset rules must be complied with
85. Prohibition of avoidance schemes Prohibition
86. Object of Part
87. Consequences of non-compliance with this Part
88. This Part does not apply if acting trustee appointed under Part 17
89. Basic equal representation rules Basic rule
90. Pre-1 July 1995 rules-funds with fewer than 200 members Application
91. Pre-1 July 1995 rules-funds with 200 or more members Application
92. Post-30 June 1995 rules-funds with more than 4, but fewer than 50, members Application
93. Post-30 June 1995 rules-funds with more than 49 members Application
94. Object of Part
95. Borrowing
96. Object of Part
97. Borrowing
98. Lending to unit-holders prohibited
99. Civil penalty provisions
100. Object of Part
101. Duty to establish arrangements for dealing with inquiries or complaints
102. Duty to seek information from investment manager
103. Duty to keep minutes and records
104. Duty to keep records of changes of trustees
105. Duty to keep reports
106. Duty to notify Commissioner of significant adverse events
107. Duty of trustee of employer-sponsored fund to establish procedure for appointing member representatives
108. Duty of trustee of employer-sponsored fund to establish procedure for appointing independent trustee or independent member of board of directors of corporate trustee
109. Investments of superannuation entity to be made on an arm's length basis
110. Object of Part
111. Accounting records
112. Accounts
113. Audit of accounts
114. Object of Part
115. Trustee of superannuation entity may maintain reserves
116. Agreement between trustee and investment manager
117. Circumstances in which amounts may be paid out of an employer-sponsored fund to an employer-sponsor Application-21 October 1992 to Royal Assent
118. Consents to appointments
119. Object of Part
120. Disqualified persons Individuals
121. Disqualified persons not to be trustees of superannuation entities
122. Investment manager must not appoint or engage custodian without the trustee's consent
123. Persons who may be appointed to be custodians of superannuation entities
124. Investment managers must be appointed in writing
125. Individuals not to be investment managers of superannuation entities
126. Disqualified persons not to be investment managers of superannuation entities
127. Non-compliance not to invalidate appointment or transaction
128. Object of Part
129. Obligations of actuaries and auditors-compliance When section applies
130. Obligations of actuaries and auditors-solvency When section applies
131. Auditors-disqualification orders Disqualification order
132. Object of Part
133. Suspension or removal of trustee of superannuation entity Suspension or removal
134. Commissioner to appoint acting trustee in cases of suspension or removal Suspension
135. Terms and conditions of appointment of acting trustee
136. Termination of appointment of acting trustee
137. Resignation of acting trustee
138. Property vesting orders
139. Powers of acting trustee
140. Acting trustee to notify appointment to beneficiaries
141. Commissioner may give directions to acting trustee
142. Commissioner may formulate a scheme for the winding-up or dissolution, or both, of a superannuation entity Schemes
143. Object of Part
144. Regulated acts
145. Fraudulently inducing a person to engage in a regulated act-criminal liability
146. Misleading conduct in connection with a regulated act-civil liability
147. Misleading conduct by trustees of entities-civil liability
148. Civil liability where section 146 or 147 contravened
149. Contravention of Part does not affect validity of issue of superannuation interest etc.
150. Object of Part
151. Contravention of Part does not affect validity of issue of superannuation interest etc.
152. Limitation on issuing, offering etc. superannuation interests in public offer entities
153. Trustee must not issue interests, or permit persons to become standard employer-sponsors, except pursuant to applications
154. Commission and brokerage
155. Fair dealing on issue or redemption of a superannuation interest
156. Civil liability where subsection 155(2) contravened
157. Information to be given before superannuation interests issued otherwise than to standard employer-sponsored member
158. Information to be given before persons become standard employer-sponsors
159. Regulations and determinations requiring the giving of information
160. Documents taken to contain information referred to
161. Regulated documents not to be false or misleading-criminal liability
162. Regulated documents not to be false or misleading-civil liability
163. Statements by experts
164. Order to stop contracts etc. for issue of superannuation interests in public offer entities
165. When a stop order is in force
166. Revocation of stop order
167. Effect of stop order
168. Situation to which Division applies-application money received but superannuation interest not issued immediately
169. Trustee to comply with requirements of the regulations in relation to the money
170. Situation to which Division applies-superannuation interest issued in certain circumstances
171. Governing rules taken to confer right to have interest redeemed
172. Consequences of contravening provisions taken to be included in governing rules
173. Object of Part
174. Superannuation interest means interest in public offer entity
175. Definitions
176. When information is generally available
177. When information has a material effect on price or value of superannuation interests
178. Information in possession of officer of body corporate
179. When a person contravenes the insider trading rules in relation to superannuation interests
180. Exception to insider trading rules-Chinese wall arrangements by bodies corporate
181. Exception to insider trading rules-knowledge of person's own intentions or activities
182. Exceptions to insider trading rules-special rules relating to bodies corporate
183. Exception to insider trading rules-officers or agents of bodies corporate
184. Offence of contravening the insider trading rules
185. Civil liability where plaintiff suffers loss or damage because of a contravention of the insider trading rules
186. Civil liability-trustee may recover price differential
187. Commissioner may bring an action in the name of a trustee
188. Special defence where information made known in a certain manner
189. Amounts recovered to be held on trust for certain interest-holders
190. Offset of amounts recovered in other proceedings
191. Special powers of Court
192. Object of Part
193. Civil penalty provisions
194. Person involved in contravening a provision taken to have contravened the provision
195. When a court is taken to find a person guilty of an offence
196. Court may make civil penalty orders
197. Who may apply for civil penalty order
198. Time limit for application
199. Application for civil penalty order is a civil proceeding
200. Enforcement of order to pay monetary penalty
201. Commissioner may require a person to give assistance in connection with application for civil penalty order
202. When contravention of civil penalty provisions is an offence
203. Application for civil penalty order precludes later criminal proceedings
204. When Division applies
205. Effect during criminal proceedings
206. Final outcome precluding applications for civil penalty order
207. Final outcome not precluding application for civil penalty order
208. After unsuccessful committal proceeding, court may preclude application for civil penalty order
209. Application for civil penalty order based on alternative verdict at jury trial
210. Application for civil penalty order based on alternative finding by court of summary jurisdiction
211. Application for civil penalty order based on alternative finding by appeal court
212. After setting aside declaration, court may preclude application for civil penalty order
213. On unsuccessful appeal against declaration, Court may make civil penalty orders
214. Appeals under this Division
215. On application for civil penalty order, Court may order compensation
216. Criminal court may order compensation
217. Enforcement of order under section 215 or 216
218. Recovery of profits, and compensation for loss, resulting from contravention
219. Effect of sections 215, 216 and 218
220. Certificates evidencing contravention
221. Relief from liability for contravention of civil penalty provision
222. Part does not limit power to award punitive damages
223. Object of Part
224. Definition of "fund"
225. Trustee to pay unclaimed money to the Commissioner Meaning of "unclaimed money"
226. Register of unclaimed money
227. Object of Part
228. Interpretation
229. Application for assistance
230. Minister may request additional information
231. Minister may grant financial assistance
232. Maximum amount of financial assistance
233. Financial assistance to be subject to conditions
234. Superannuation Protection Account
235. Minister to decide the source from which financial assistance is to be paid
236. Purposes of Account
237. Separate notional accounts to be kept within the Account
238. Financial assistance to be repaid in certain circumstances
239. Minister may remit liability
240. Repayable grant to have priority over other debts
241. Object of Part
242. Interpretation
243. Declaration of eligible funds
244. Rollover of benefits from superannuation fund
245. Trustee to give information to eligible rollover fund
246. Reports to include reports sent before commencement of Part
247. Notice to members and beneficiaries of circumstances in which benefits may be rolled-over
248. What happens if benefits are below minimum amount
249. Trustee of eligible rollover fund to notify Commissioner of receipt of payments Section applies to payments from other funds
250. Register of rolled-over benefits
251. Rights of beneficiary to rolled-over benefits
252. Claims to rolled-over benefits
253. Objects of Part
254. Information to be given to Commissioner
255. Commissioner may require production of books
256. Access to premises
257. Investigation of financial position of superannuation entity
258. Qualifications of investigator or investigators
259. Commissioner may veto appointment of investigator or investigators
260. Deadline for receipt of report
261. Contents of report etc.
262. Trustee must comply with this Division
263. Investigation of superannuation entity
264. Power of Commissioner to obtain information or freeze assets Commissioner may act to preserve values of interests
265. Inspectors
266. Delegation by inspector
267. Commissioner may exercise powers of inspector
268. Inspector may enter premises for purposes of an investigation
269. Inspector may require production of books
270. Powers of inspector to require assistance from, and examine, relevant persons
271. Application for warrant to seize books not produced
272. Grant of warrant Section applies if magistrate satisfied of certain things
273. Powers if books produced or seized Section applies if books produced, seized etc.
274. Powers if books not produced
275. Power to require person to identify property of superannuation entity
276. Application of Division
277. Requirements made of an examinee
278. Examination to be in private
279. Examinee's lawyer may attend
280. Record of examination
281. Giving copies of record to other persons Copies for proceedings
282. Copies given subject to conditions
283. Record to accompany report
284. Report of inspector
285. Persons to comply with requirements made under this Act
286. Concealing books relevant to investigation
287. Self-incrimination Self-incrimination not a reasonable excuse
288. Legal professional privilege
289. Powers of Court where non-compliance with this Act
290. Statements made at an examination: proceedings against examinee Admissibility of statements made at examination
291. Statements made at an examination: other proceedings Admissibility of absent witness evidence
292. Weight of evidence admitted under section 291
293. Objection to admission of statements made at examination Notice of intention to apply to admit evidence and statements
294. Copies of, or extracts from, certain books
295. Report under Division 6
296. Exceptions to admissibility of report
297. Material otherwise admissible
298. Commissioner may cause civil proceeding to be begun
299. Person complying with requirement not to incur liability to another person
300. Object of Part
301. Interpretation
302. False or misleading statements
303. Incorrectly keeping records etc.
304. Recklessly making false or misleading statements
305. Intentionally making false or misleading statements
306. Intentionally or recklessly incorrectly keeping records etc.
307. Incorrectly keeping records with intention of deceiving or misleading etc.
308. Falsifying or concealing identity with intention of deceiving or misleading etc.
309. Object of Part
310. Power to grant relief Court may relieve liability for misconduct
311. Power of Court to give directions with respect to meetings ordered by the Court
312. Irregularities Definitions
313. Power of Court to prohibit payment or transfer of money or property Court's power to protect interests of certain creditors etc.
314. Court may order the disclosure of information or the publication of advertisements-contravention of provisions relating to issue of superannuation interests etc.
315. Injunctions Restraining injunctions
316. Effect of sections 313, 314 and 315
317. Power of Court to punish for contempt of court
318. Court may resolve transitional difficulties
319. Object of Part
320. Power of Commissioner to intervene in proceedings
321. Civil proceedings not to be stayed
322. Standard of proof Where subsection (2) applies
323. Relief from civil liability for contravention of certain provisions Proceedings to which this section applies
324. Evidence of contravention
325. Vesting of property
326. Object of Part
327. Interpretation
328. Commissioner's powers of exemption-modifiable provisions
329. Commissioner's powers of exemption-temporarily modifiable provisions
330. Commissioner's powers of exemption-general issues
331. Enforcement of conditions to which exemption is subject
332. Commissioner's powers of modification-modifiable provisions
333. Commissioner's powers of modification-temporarily modifiable provisions
334. Commissioner's powers of modification-general issues
335. Revocation of exemptions and modifications
336. Publication of exemptions and modifications etc.
337. Object of Part
338. Conduct by directors, servants and agents State of mind of body corporate
339. Conviction does not relieve defendant from civil liability
340. Liability for damages
341. Civil immunity where defendant was complying with this Act
342. Pre-1 July 88 funding credits and debits
343. Rules against perpetuities not to apply to superannuation entity
344. Review of certain decisions Request for review
345. Statements to accompany notification of decisions
346. Secrecy Meaning of "this Act"
347. How information may be given to the Commissioner of Taxation
348. Commissioner may publish statistical information
349. This Act and the regulations have effect subject to the Crimes (Superannuation Benefits) Act 1989
350. Concurrent operation of State/Territory laws
351. Delegation
352. Annual reports
353. Regulations
354. Object of Part
355. Entity to which Division applies
356. Interpretation
357. Existing management company may give notice of retirement
358. Effect of notice under section 357
359. Action to be taken by existing trustee on receipt of notice under section 357
360. Commissioner to appoint new trustee if receives notice under subsection 359(2)
361. Effect of notice under subsection 359(2)
362. What happens if existing trustee fails to give a notice under subsection 359(2) or (3)
363. Existing trustee may give notice of retirement
364. Action to be taken by existing management company on receipt of notice under section 363
365. Commissioner to appoint new trustee
366. Effect of notice under section 363 on trustee
367. Effect of notice under section 363 on management company
368. Notices under sections 363 and 364 have no effect except as provided in this Division
369. What happens if existing management company fails to give a notice under subsection 364(2) or (3)
370. Existing management company ceases to hold office first
371. Existing trustee ceases to hold office first
372. Existing trustee cannot cease to hold office at same time as existing management company
373. Interpretation
374. Existing trustee taken to be an approved trustee
375. Application of section 153 during the transitional period
376. Regulations may modify application of Act and apply provisions of the Corporations Law etc.
377. New trustee to notify appointment to members
378. Civil immunity for actions under Division
379. Division has effect despite anything in any other Part of this Act etc.
380. Regulations may make other transitional provisions
381. Object of Part
382. Quotation of tax file number
383. Pre-1 July 1994 quotation of tax file number to be treated as if made under provisions commencing on 1 July 1994
384. Pre-1 July 1994 quotation of tax file number-request for quotation, or recording, of number not prohibited by the Taxation Administration Act 1953
385. Pre-1 July 1994 quotation of tax file number-objects of tax file number system
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