Taxation Laws Amendment (Superannuation) Act 1993 (7 of 1993)

PART 4   AMENDMENT OF THE OCCUPATIONAL SUPERANNUATION STANDARDS ACT 1987

Division 3   Amendments relating to the notification of breaches of superannuation fund conditions

47   Notices as to satisfaction of the superannuation fund conditions

Section 12 of the Principal Act is amended:

(a) by inserting in paragraph (3A)(a) "satisfied the following requirements" fter "trustee of the fund" (first occurring);

(b) by omitting subparagraph (3A)(a)(i) and substituting the following subparagraphs:

"(i) in any case-the trustee notified the breach to the Commissioner as soon as practicable after becoming aware of the breach;

(ia) if:

(A) the trustee's response to the breach is covered by regulations made for the purposes of this subparagraph; and

(B) the trustee is given a written notice under the regulations requesting the trustee to take all reasonable steps to notify the breach to all prescribed employer sponsors in relation to the fund; the trustee complied with the request;

(ib) if:

(A) the trustee's response to the breach is not covered by regulations made for the purposes of subparagraph (ia); and

(B) the trustee is not given a written waiver under the regulations from the requirements of this subparagraph;

the trustee took all reasonable steps to notify the breach to all prescribed employer sponsors in relation to the fund within the period specified in the regulations;";

by inserting in subparagraph (3A)(a)(ii) "in any case-the trustee" before "caused the breach".