Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) 1998 NO. 240

Statutory Rules 1998 No. 240

Issued by the Authority of the Treasurer

Superannuation Industry (Supervision) Act 1993

Superannuation Industry (Supervision) Regulations (Amendment)

Section 353 of the Superannuation Industry (Supervision) Act 1993 (the Act) provides that the GovernorGeneral may make regulations, not inconsistent with the Act, prescribing all matters required or permitted by the Act to be prescribed by regulations, or necessary or convenient to be prescribed by regulations, for carrying out or giving effect to the Act.

On 30 June 1998 a regulation was made which reduced the prescribed period from 6 months to 4 months that some superannuation entities have to lodge their annual returns with the Australian Prudential Regulation Authority (APRA) after each year of income. Since this time the Government has become aware that this reduced period may cause transitional problems for some funds, particularly in relation to the scheduling of audit processes.

The purpose of this regulation is to ensure that the prescribed period for lodgement of annual returns in 1998/99 to APRA is unchanged from the prescribed period for lodgement of annual returns in 1997/98 to the Insurance and Superannuation Commission. All superannuation entities, other than excluded funds or public offer entities which balance before 30 June 1999, will be given 6 months after the end of their year of income to lodge an annual return. Public offer superannuation entities, other than excluded funds, will be given 4 months after the end of their year of income to lodge an annual return (Regulation 3.1).

The regulation also provides for a reduction in the prescribed period for lodgement of annual returns from those entities which balance on or after 30 June 1999, consistent with the 30 June 1998 regulation. Trustees of all superannuation entities, other than excluded funds, will be required to lodge an annual return 4 months after the end of the year of income. This will ensure a more uniform period for the lodgement of annual returns for all APRA supervised funds (Regulation 3.1).

The prescribed period for excluded funds continues to be 9 months after the end of the year of income.

The regulation commences on gazettal.