Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 18

18.(1) A superannuation fund is a public offer superannuation fund if:

   (a)  one of the following subparagraphs applies to the fund:

        (i)    it is a regulated superannuation fund that is not a
               standard employer-sponsored fund;

        (ii)   it is a standard employer-sponsored fund that has at least one
               member:

                (A)  who is not a standard employer-sponsored member; and

                (B)  who is not a member of a prescribed class;

        (iii)  it is a standard employer-sponsored fund in relation to which
               an election under subsection (2) has been made;

        (iv)   a declaration under subsection (6) (which allows for funds to
               be declared to be public offer superannuation funds) is in
               force in relation to the fund; and

   (b)  no declaration under subsection (7) (which allows for funds to be
        declared not to be public offer superannuation funds) is in force in
        relation to the fund. Election to be a
        public offer superannuation fund

(2) The trustee of a standard employer-sponsored fund may elect that the fund
is to be treated as a public offer superannuation fund. How an election is
made

(3) An election must be made by giving the Commissioner a written notice that
is:

   (a)  in the approved form; and

   (b)  under the common or official seal of the trustee. Trustee has power to
        make election despite anything in the governing rules

(4) The trustee has the power to make an election despite anything in the
governing rules of the fund. Election is irrevocable

(5) An election is irrevocable. Declaration that fund is a
public offer superannuation fund

(6) The Commissioner may, in writing, declare a superannuation fund to be a
public offer superannuation fund. Declaration that fund is not a
public offer superannuation fund

(7) The Commissioner may, in writing, declare a superannuation fund not to be
a public offer superannuation fund. Commencement of declaration

(8) A declaration comes into force when it is made, or, if a later time is
specified in the declaration as the time when it comes into force, it comes
into force at that later time. Cessation of declaration

(9) A declaration remains in force:

   (a)  if a time is specified in the declaration as the time when it stops
        being in force-until that time, or until the declaration is revoked,
        whichever occurs first; or

   (b)  otherwise-until the declaration is revoked. Revocation of declaration

(10) The Commissioner may, in writing, revoke a declaration. Commissioner must
have regard to guidelines when making or revoking a declaration

(11) When making or revoking a declaration, the Commissioner must have regard
to any written guidelines determined by the Commissioner under this
subsection. Copy of declaration or revocation to be given to trustee

(12) As soon as practicable after making or revoking a declaration, the
Commissioner must give the trustee of the superannuation fund concerned a copy
of the instrument making or revoking the declaration.