Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION INDUSTRY (SUPERVISION) AMENDMENT REGULATIONS 1999 (NO. 6) 1999 NO. 356

STATUTORY RULES No. 356

Issued by the authority of the Assistant Treasurer

Superannuation Industry (Supervision) Act 1993

Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 6)

The Superannuation Industry (Supervision) Act 1993 (the Act) and the Superannuation Industry (Supervision) Regulations 1994 (the Principal Regulations) provide for the regulation of self managed superannuation funds. The Act establishes a definition of a self managed superannuation fund comprising a number of basic conditions, including that no member of a self managed superannuation fund can be an employee of another member of the fund unless they are relatives. The Act established an extended meaning of the term employee for the purpose of this definition.

Section 353 of the Act provides that the Governor-General may make regulations for the purposes of the Act. Section 17 of the Act provides that, for the purposes of the definition of a self managed superannuation fund, a member of a fund is not taken to be an employee of a person belonging to a class specified in the regulations.

The regulations amend the Principal Regulations to specify a class of exempt person for the purpose of ensuring that a member of a self managed superannuation fund is not taken to be an employee of a person belonging to that specified class.

The regulations are described in detail in the attachment.

The regulations commence on gazettal.

ATTACHMENT

Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 6)

Regulation 1 - Name of Regulations

The amending regulations are the Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 6).

Regulation 2 - Commencement

The regulations commence on gazettal.

Regulation 3 - Amendment of Superannuation Industry (Supervision) Regulations 1994

The regulations amend the Superannuation Industry (Supervision) Regulations 1994 (the Principal Regulations).

SCHEDULE 1        AMENDMENTS

Item 1 - Definition of self managed superannuation fund - persons not taken to be employees

This item inserts new regulation 1.04AA in the Principal Regulations, to provide that persons who are exempt persons in relation to a member of a superannuation fund are a specified class of persons for the purposes of paragraph 17A(8)(b) of the Act. New regulation 1.04AA further provides that a person is an exempt person in relation to a member of a superannuation fund if the person is an employer-sponsor of the fund and the member is a director of the employer-sponsor.