Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 43

43. An entity is a complying approved deposit fund in relation to a year of
income for the purposes of this Division if:

   (a)  at all times during the year of income when the entity was in
        existence, the entity was an approved deposit fund; and

   (b)  any of the following conditions is satisfied:

        (i)    the trustee did not contravene this Act or the regulations in
               relation to the entity in respect of the year of income;

        (ii)   both:

                (A)  the trustee contravened this Act or the regulations in
                     relation to the entity in respect of the year of income
                     on one or more occasions; and

                (B)  each contravention was rectified within a period of 30
                     days after the trustee became aware of the contravention
                     or within such further period as the Commissioner allows;

        (iii)  both:

                (A)  the trustee contravened this Act or the regulations in
                     relation to the entity in respect of the year of income
                     on one or more occasions; and

                (B)  the Commissioner is satisfied that the seriousness or
                     frequency, or both, of the contraventions does not
                     warrant the giving of a notice stating that the entity is
                     not a complying approved deposit fund in relation to the
                     year of income;

        (iv)   the Commissioner, after considering all relevant circumstances,
               thinks that a notice should be given stating that the entity is
               a complying approved deposit fund in relation to the
               year of income.