Commonwealth Consolidated Acts Commonwealth Consolidated ActsA failure to comply with a provision of this Part does not affect the validity of an appointment or transaction.
Superannuation Industry (Supervision) Act 1993
No. 78, 1993
Compilation No. 126
Compilation date: 9 January 2025
Includes amendments: Act No. 67, 2024
This compilation is in 2 volumes
Endnotes
Each volume has its own contents
About this compilation
This compilation
This is a compilation of the Superannuation Industry (Supervision) Act 1993 that shows the text of the law as amended and in force on 9 January 2025 (the compilation date ).
The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self - repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 16--Actuaries and auditors of superannuation entities
Division 1--Object of Part
128 Object of Part
Division 1A--Approved SMSF auditors
Subdivision A--Registration of approved SMSF auditors
128A Application for registration as an approved SMSF auditor
128B Registration as an approved SMSF auditor
128C Competency examinations
128D Conditions on registration
128E Cancelling registration
Subdivision B--Obligations of approved SMSF auditors
128F Professional obligations of approved SMSF auditors
128G Annual statements
128H Notification of certain matters
Subdivision C--Registers
128J Register of Approved SMSF Auditors
128K Register of Disqualified SMSF Auditors
Subdivision D--Fees
128L Fees imposed under the Superannuation Auditor Registration Imposition Act 2012
128M Fees for inspection or search
Subdivision E--Miscellaneous
128N ASIC may disclose information to the Commissioner of Taxation
128P Commissioner of Taxation may refer matters to ASIC
128Q Competency standards
Division 2--Obligations of actuaries and auditors
129 Obligations of actuaries and auditors--compliance
129A Obligations of lead auditors--compliance
130 Obligations of actuaries and auditors--solvency
130AA Obligations of lead auditors--solvency
130A Auditor or actuary may give information to the Regulator
130B Self incrimination
130BA Auditor must notify the Regulator of attempts to unduly influence etc. the auditor etc.
130BAA Lead auditor--obligation to notify the Regulator of attempts to unduly influence etc. the auditor etc.
130BB Giving false or misleading information to auditor
130C Actuaries and auditors--failure to implement actuarial recommendations
130CA Lead auditors--failure to implement actuarial recommendations
Division 3--Disqualifying and removing actuaries and auditors
130D Court power of disqualification--auditor or actuary
130E Court power to revoke or vary a disqualification etc.
130EA Court power of disqualification--audit firm or audit company
130EB Court power to revoke or vary a disqualification etc.
130F Approved SMSF auditors--disqualification and suspension orders
131 Actuaries--disqualification orders
131AA APRA may direct removal of auditor or actuary
Division 4--Offences and failure to carry out duties etc.
131A The Regulator may refer matters to a professional association
131B Offence of holding oneself out as an actuary or auditor
131BA Misleading representations by disqualified firm or company
131C Disqualified persons not to be auditor or actuary of superannuation entities
131CA Disqualified firms and disqualified companies not to be an RSE auditor
131CB Members or employees of disqualified firms, and directors or employees of disqualified companies, not to be RSE auditors
Division 5--Special provisions relating to firms and companies
131CC Offences by members of a firm
131CD Criminal liability of a firm or company
Part 16A--APRA's powers to issue directions
Division 1--General powers to issue directions
131D APRA may give directions to an RSE licensee in relation to licensee's own conduct
131DA APRA may give directions in relation to the conduct of a connected entity of an RSE licensee
131DB Machinery provisions relating to directions under this Division
131DC Varying or revoking a direction under this Division
131DD Non - compliance with a direction
Division 2--Directions to relinquish control over an RSE licensee
131E Object of this Division
131EA Application of this Division
131EB Direction to relinquish control
131EC Meaning of practical control
131ED Consequences of a direction to relinquish control
131EE Interim orders
131EF Remedial orders
Division 3--Provisions relating to all directions under this Act
131F APRA may give more than one direction
131FA RSE licensee and connected entity have power to comply with a direction under this Act
131FB Protection from liability--general
131FC Protection from liability--directions
131FD Protection from liability--provisions do not limit each other
131FE Informing the Treasurer about issue and revocation of directions
Part 17--Suspension or removal of trustee of superannuation entity
132 Object of Part
133 Suspension or removal of trustee of superannuation entity
134 APRA to appoint acting trustee in cases of suspension or removal
135 Terms and conditions of appointment of acting trustee
136 Termination of appointment of acting trustee
137 Resignation of acting trustee
138 Property vesting orders
139 Powers of acting trustee
139A Acting trustee authorised to offer a MySuper product
139B Acting trustee authorised to operate an eligible rollover fund
140 Acting trustee to notify appointment to beneficiaries
141 The Regulator may give directions to acting trustee
141A Property vested in acting trustee--former trustee's obligations relating to books, identification of property and transfer of property
142 The Regulator may formulate a scheme for the winding - up or dissolution, or both, of a superannuation entity
Part 18--Amalgamation of funds
143 Object of Part
144 Benefits may be transferred to a new fund with APRA's approval etc.
145 Application for approval of transfer
146 Approval of transfer
147 Cessation of rights against transferor fund
Part 19--Public offer entities: provisions relating to superannuation interests
Division 1--Preliminary
151 Contravention of Part does not affect validity of issue of superannuation interest etc.
Division 2--Issuing, offering etc. superannuation interests in public offer entities
152 Limitation on issuing, offering etc. superannuation interests in public offer entities
154 Commission and brokerage
155 Fair dealing on issue or redemption of a superannuation interest
156 Civil liability where subsection 155(2) contravened
Part 20--Administrative directions and penalties for contraventions relating to self managed superannuation funds
Division 1--Object and scope of this Part
157 Object of this Part
158 Scope of this Part
Division 2--Directions
161 Approval of courses of education
162 Costs of course of education
163 Variation or revocation on Regulator's own initiative
164 Variation on request
165 Taxation objection
Division 3--Administrative penalties
166 Administrative penalties in relation to self managed superannuation funds
167 Administrative penalty and civil penalty
168 Penalty must not be reimbursed from fund
169 Joint and several liability of directors of corporate trustee liable to administrative penalty under section 166
Part 21--Civil and criminal consequences of contravening civil penalty provisions
Division 1--Preliminary
192 Object of Part
194 Person involved in contravening a provision taken to have contravened the provision
195 When a court is taken to find a person guilty of an offence
Division 2--Civil penalty orders
196 Court may make civil penalty orders
197 Who may apply for civil penalty order
198 Time limit for application
199 Application for civil penalty order is a civil proceeding
200 Enforcement of order to pay monetary penalty
201 The Regulator may require a person to give assistance in connection with application for civil penalty order
Division 3--Criminal proceedings
201A Criminal jurisdiction of the Federal Court of Australia in relation to certain indictable offences
202 When contravention of civil penalty provisions is an offence
203 Application for civil penalty order precludes later criminal proceedings
Division 4--Effect of criminal proceedings on application for civil penalty order
204 When Division applies
205 Effect during criminal proceedings
206 Final outcome precluding applications for civil penalty order
207 Final outcome not precluding application for civil penalty order
208 After unsuccessful committal proceeding, court may preclude application for civil penalty order
209 Application for civil penalty order based on alternative verdict at jury trial
210 Application for civil penalty order based on alternative finding by court of summary jurisdiction
211 Application for civil penalty order based on alternative finding by appeal court
212 After setting aside declaration, court may preclude application for civil penalty order
213 On unsuccessful appeal against declaration, Court may make civil penalty orders
214 Appeals under this Division
Division 5--Compensation for loss suffered by superannuation entity
215 On application for civil penalty order, Court may order compensation
216 Criminal court may order compensation
217 Enforcement of order under section 215 or 216
218 Recovery of profits, and compensation for loss, resulting from contravention
219 Effect of sections 215, 216 and 218
220 Certificates evidencing contravention
Division 6--Miscellaneous
220A Burden of proof--civil proceedings relating to duty to act in best financial interests of beneficiaries
221 Relief from liability for contravention of civil penalty provision
222 Part does not limit power to award punitive damages
Part 22--Infringement notices
Division 1--Overview
223 Simplified outline
223A Provisions subject to an infringement notice
223B Infringement officer
223C Chair of APRA may determine infringement officers
223D Relevant chief executive
Division 2--Infringement notices
224 When an infringement notice may be given
224A Matters to be included in an infringement notice
224B Extension of time to pay amount
224C Withdrawal of an infringement notice
224D Effect of payment of amount
224E Effect of this Part
Part 23--Financial assistance to certain funds
Division 1--Preliminary
227 Object of Part
228 Interpretation
229 Application for assistance
230 Minister may request additional information
230A APRA to advise Minister in relation to application for assistance
Division 2--Determination of applications for financial assistance
231 Minister may grant financial assistance
232 Maximum amount of financial assistance
233 Financial assistance to be subject to conditions
Division 3--Repayment of financial assistance
238 Financial assistance to be repaid in certain circumstances
239 Minister may remit liability
240 Repayable grant to have priority over other debts
Part 24--Eligible rollover funds
Division 1--Preliminary
241 Object of this Part
242 Interpretation
Division 2--Authority to operate an eligible rollover fund
Subdivision A--Applying for authority
242A Application for authority to operate an eligible rollover fund
242B Election to transfer amounts held in eligible rollover fund if authorisation cancelled
242C Election not to charge members of eligible rollover fund for payment of conflicted remuneration
242D APRA may request further information
242E Period for deciding applications for authority
Subdivision B--Authority
242F Authority to operate an eligible rollover fund
242G Notice of authority
242H APRA to give notice of refusal of authority
Subdivision C--Cancelling authority
242J Cancelling authority to operate eligible rollover fund
Subdivision D--Trustee obligations relating to eligible rollover funds
242K Additional obligations of a trustee in relation to an eligible rollover fund
242L Additional obligations of a director of a corporate trustee in relation to an eligible rollover fund
242M Contravention of section 242K or 242L
242N Governing rules void to the extent that they are inconsistent with obligations under section 242K or 242L
Subdivision E--Miscellaneous
242P Operating a fund as an eligible rollover fund when not authorised to do so
242Q Prudential standards dealing with amounts held in eligible rollover funds
242R No liability for giving effect to a section 242B election
Division 3--Facility to pay benefits to eligible rollover funds
243 Payment of benefits to eligible rollover fund
244 Operating standards for transferor funds--information and records
248 Claims for benefits
Part 24A--Transitional provisions relating to pre - 1 July 1995 automatic rollovers of benefits between funds
249 Object of Part
250 Definitions
251 Rights of beneficiary to rolled - over benefits
252 Claims to rolled - over benefits
Part 24B--Provisions relating to the administration by APRA and the Commissioner of Taxation of superannuation funds with no more than 6 members
Division 1--Monitoring of superannuation funds with no more than 6 members
252A APRA or Commissioner of Taxation may request certain information
Division 3--Transitional and savings provisions relating to the regulation of self managed superannuation funds by the Commissioner of Taxation
252D Definition
252E Instruments made or issued by APRA or by the Commissioner of Taxation
252F Obligations owed by or to APRA or the Commissioner of Taxation
252G Outstanding annual returns and amounts
252H Regulations
Part 25--Monitoring and investigation
Division 1--Preliminary
253 Objects of Part
253A Notices may be given to former relevant persons
Division 2--Monitoring
254 Information to be given on establishment of superannuation entity
254A Information to be given to Regulator
255 Regulator may require production of books
256 Access to premises
256A Alternative constitutional basis
Division 3--APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity
257 Investigation of financial position of superannuation entity
258 Qualifications of investigator or investigators
259 APRA may veto appointment of investigator or investigators
260 Deadline for receipt of report
261 Contents of report etc.
262 Trustee must comply with requirements
Division 3A--Regulator may accept and enforce undertakings
262A Acceptance and enforcement of undertakings
Division 4--Investigations by Regulator
263 Investigations of superannuation entities, approved SMSF auditors and the conduct of certain audits
264 Power of Regulator to obtain information or freeze assets
265 Inspectors
266 Delegation by inspector
267 Regulator may exercise powers of inspector
268 Inspector may enter premises for purposes of an investigation
269 Inspector may require production of books
270 Powers of inspector to require assistance from, and examine, current and former relevant persons and other persons
271 Application for warrant to seize books not produced
272 Grant of warrant
273 Powers if books produced or seized
274 Powers if books not produced
275 Power to require person to identify property of superannuation entity
Division 5--Examinations
276 Application of Division
277 Requirements made of an examinee
278 Examination to be in private
279 Examinee's lawyer may attend
280 Record of examination
281 Giving copies of record to other persons
282 Copies given subject to conditions
283 Record to accompany report
Division 6--Reports
284 Report of inspector
Division 7--Offences
285 Compliance with requirements made under this Act
286 Concealing books relevant to investigation
287 Self - incrimination
288 Legal professional privilege
289 Powers of Court where non - compliance with this Act
Division 8--Evidentiary use of certain material
290 Statements made at an examination: proceedings against examinee
291 Statements made at an examination: other proceedings
292 Weight of evidence admitted under section 291
293 Objection to admission of statements made at examination
294 Copies of, or extracts from, certain books
295 Report under Division 6
296 Exceptions to admissibility of report
297 Material otherwise admissible
Division 9--Miscellaneous
298 Regulator may cause civil proceeding to be begun
298A Authorisation of members of staff
299 Person complying with requirement not to incur liability to another person
Part 25A--Tax file numbers
Division 1--Quotation of employee's tax file number
299A Employee may quote to employer
299B Employer may inform trustee of tax file number
299C Employer must inform trustee of tax file number
299CA Use of tax file number to validate information
Division 2--Quotation, use and transfer of beneficiary's tax file number
299D Eligible superannuation entity or regulated exempt public sector superannuation scheme beneficiary, or applicant, may quote tax file number
299E Trustee may request beneficiary's or applicant's tax file number
299F Trustee must request person who is beneficiary at commencement to quote tax file number
299G Trustee must request person becoming beneficiary after commencement to quote tax file number
299H Use of tax file number for certain purposes--beneficiaries of eligible superannuation entities
299J Use of tax file number for certain purposes--beneficiaries of regulated exempt public sector superannuation scheme
299K Use of tax file number for certain purposes--applicants to become beneficiaries of eligible superannuation entities
299L Use of tax file number for certain purposes--applicants to become beneficiaries of regulated exempt public sector superannuation schemes
299LA Use of tax file number to locate amounts or for consolidation
299LB Use of tax file number to validate information
299M Trustee of eligible superannuation entity must inform RSA provider or other trustee of tax file number for certain purposes
299N Trustee of regulated exempt public sector superannuation scheme may inform RSA provider or other trustee of tax file number for certain purposes
299NA Portability forms
Division 3--Method of quotation of tax file numbers, including deemed quotation
299P Method of quoting tax file number
299Q Employee taken to have quoted to trustee where trustee informed by employer
299R Beneficiary or applicant taken to have quoted to RSA provider or trustee
299S Person claiming benefit taken to have quoted to trustee where he or she provided tax file number in connection with claim
299SA Beneficiary taken to have quoted where Commissioner gives notice
299T Beneficiary taken to have quoted if he or she quoted for other purposes
Division 3A--Commissioner of Taxation may issue notices about tax file numbers
299TA Effect of mistaken quotation of tax file number
299TB Effect of invalid quotation of tax file number
299TC Commissioner of Taxation may inform trustee of tax file number
299TD Validation notice--beneficiaries of eligible superannuation entities
299TE Validation notice--employees
299TF Commissioner of Taxation may provide electronic interface
Division 4--Provision of tax file numbers in forms etc.
299U Forms etc. may require tax file number
299V Failure to quote tax file number
Division 5--General
299W Definitions
299X State insurance
299Y Trustee of former regulated exempt public sector superannuation scheme to destroy records of tax file numbers
299Z Transitional provisions
Part 26--Offences relating to statements, records etc.
300 Object of Part
301 Interpretation
303 Incorrectly keeping records etc.
306 Incorrectly keeping or making records etc.
307 Incorrectly keeping records with intention of deceiving or misleading etc.
308 Falsifying or concealing identity with intention of deceiving or misleading etc.
Part 27--Powers of Court
309 Object of Part
310 Power to grant relief
311 Power of Court to give directions with respect to meetings ordered by the Court
312 Irregularities
313 Power of Court to prohibit payment or transfer of money or property
314 Court may order the disclosure of information or the publication of advertisements--contravention of provisions relating to issue of superannuation interests etc.
315 Injunctions
316 Effect of sections 313, 314 and 315
317 Power of Court to punish for contempt of court
318 Court may resolve transitional difficulties
Part 28--Proceedings
319 Object of Part
320 Power of Regulator to intervene in proceedings
321 Civil proceedings not to be stayed
322 Standard of proof
323 Relief from civil liability for contravention of certain provisions
324 Evidence of contravention
324A Time for instituting criminal proceedings
324B Instituting criminal proceedings
325 Vesting of property
Part 29--Exemptions and modifications
326 Object of Part
327 Interpretation
328 Regulator's powers of exemption--modifiable provisions
330 Regulator's powers of exemption--general issues
331 Enforcement of conditions to which exemption is subject
332 Regulator's powers of modification--modifiable provisions
334 Regulator's powers of modification--general issues
335 Variation and revocation of exemptions and modifications
336 Notice of exemptions and modifications
Part 29A--Protections in relation to information
336F Self - incrimination
Part 30--Miscellaneous
337 Object of Part
337A Trustee may give effect to award made under arbitration agreement
338 Conduct by directors, servants and agents
338A Liability of trustees required to ensure thing occurs
339 Conviction does not relieve defendant from civil liability
341 Civil immunity where defendant was complying with this Act
342 Pre - 1 July 88 funding credits and debits
343 Rules against perpetuities not to apply to superannuation entity
344 Review of certain decisions
345 Statements to accompany notification of decisions
347 How information may be given to the Commissioner of Taxation
347A The Regulator may collect statistical information
348 The Regulator may publish statistical information
348A Quarterly reports about superannuation
349 This Act and the regulations to be subject to certain superannuation orders
349A Payment out of a fund in accordance with the Bankruptcy Act 1966
349B Acquisition of property
350 Concurrent operation of State/Territory laws
353 Regulations
Part 32--Additional transitional provisions--tax file numbers
381 Object of Part
383 Pre - 1 July 1994 quotation of tax file number to be treated as if made under provisions commencing on 1 July 1994
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history