Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION INDUSTRY (SUPERVISION) AMENDMENT REGULATIONS 2003 (NO. 2) 2003 NO. 170

STATUTORY RULES 2003 No. 170

Issued by authority of the Minister for Revenue and Assistant Treasurer

Subject - Superannuation Industry (Supervision) Act 1993

Superannuation Industry (Supervision) Amendment Regulations 2003 (No. 2)

Subsection 353(1) of the Superannuation Industry (Supervision) Act 1993 (the Act) provides that the Governor-General may make regulations prescribing matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

Section 13 of the Financial Sector (Collection of Data) Act 2001 (Data Act) allows the Australian Prudential Regulation Authority (APRA) to determine reporting standards for, and require provision of certain documents from, financial sector entities. On 1 July 2003, APRA determined new reporting standards for superannuation entities, with the exception of self managed superannuation funds. Determination of these reporting standards occurred on 1 July 2003 to take effect for the 2003-2004 financial year. This is the first determination of reporting standards that relate to superannuation entities made under the Data Act. Certain provisions in the Superannuation Industry (Supervision) Regulations 1994 became redundant as they are now determined by APRA in the 1 July 2003 reporting standards. The standards do not extend to self managed superannuation funds, as such funds are not regulated by APRA.

The regulations repealed those provisions.

Regulation 8.01A exempted certain kinds of superannuation entities in certain circumstances from the requirement to prepare a statement of cash flows. The regulation replaced this provision with an exemption provision that refers only to self managed superannuation funds.

Regulation 11.02 set deadlines for the lodgement of annual returns by non self managed superannuation entities. It has been repealed.

The content that has been omitted from regulations 8.01A and 11.02 is contained in the reporting standards that APRA determined on 1 July 2003.

The Act specifies no conditions needed to be met before the power to make the regulations was exercised.

The regulations commence on gazettal.

Authority:       Subsection 353(1) of the Superannuation Industry (Supervision) Act 1993.