PART 24B
-
PROVISIONS RELATING TO THE ADMINISTRATION BY APRA AND THE COMMISSIONER OF TAXATION OF SUPERANNUATION FUNDS WITH NO MORE THAN 6 MEMBERS
History
Pt 24B heading amended by No 47 of 2021, s 3 and Sch 1 item 32, by substituting
"
NO MORE THAN 6 MEMBERS
"
for
"
FEWER THAN 5 MEMBERS
"
, effective 1 July 2021.
Pt 24B inserted by No 121 of 1999, s 3 and Sch 1 item 56, effective 8 October 1999.
No 121 of 1999, Sch 1 contained the following transitional and saving provisions:
PART 3
-
TRANSITIONAL AND SAVING PROVISIONS
Transitional provision
-
no contravention of Act during transition period in certain circumstances
133(1)
Despite the amendments made by this Schedule, a person does not contravene this Act or the regulations in respect of conduct engaged in by the person in relation to a superannuation fund if:
(a)
immediately before the later of:
(i)
the beginning of the transition period; and
(ii)
the day on which this Act received the Royal Assent;
the superannuation fund was an excluded superannuation fund; and
(b)
the person engaged in the conduct during the transition period; and
(c)
the person engaged in the conduct at a time when the superannuation fund had fewer than 5 members, but was not a self managed superannuation fund; and
(d)
the person's engaging in the conduct would not have been a contravention of this Act or the regulations if the fund had been a self managed superannuation fund at the time the person engaged in the conduct.
133(2)
In this item:
excluded superannuation fund
has the meaning given by the
Superannuation Industry (Supervision) Act 1993
as in force immediately before the commencement of this item.
transition period
means the period:
(a)
beginning on 1 July 1999; and
(b)
ending at the end of 31 March 2000.
133(3)
In this item, a reference to engaging in conduct includes a reference to failing or refusing to engage in conduct.
Transitional provision relating to annual returns
-
application of amendments
134(1)
Subject to item 135, the amendments made by items 31 and 32 of Part 1 of this Schedule apply to the 1999-2000 year of income and later years of income.
134(2)
Despite items 31 and 32 of Part 1 of this Schedule, section 36 continues to apply to a return in respect of the 1998-99 year of income, as if the amendments made by those items had not been made.
Special rule in relation to 1999-2000 year of income
135(1)
If a superannuation fund was both:
(a)
a self managed superannuation fund at any time during the 1999-2000 year of income; and
(b)
a superannuation fund other than a self managed superannuation fund at another time during the 1999-2000 year of income;
the trustee of the fund is not required to submit an annual return for that year of income under both sections
36
and
36A
of the
Superannuation Industry (Supervision) Act 1993
.
135(2)
The trustee of the fund must submit an annual return under section
36
of that Act for the 1999-2000 year of income if:
(a)
where the superannuation fund ceased to exist during the year of income
-
the fund was not a self managed superannuation fund on the day on which it ceased to exist; or
(b)
otherwise
-
the fund was not a self managed superannuation fund on the last day of the year of income.
135(3)
The superannuation fund must submit an annual return under section
36A
of that Act for the 1999-2000 year of income if:
(a)
where the fund ceased to exist during the year of income
-
the fund was a self managed superannuation fund on the day on which it ceased to exist; or
(b)
otherwise
-
the fund was a self managed superannuation fund on the last day of the year of income.
Transfer of records
136(1)
The Treasurer may transfer from APRA to the Commissioner of Taxation records that relate to the functions of the Commissioner of Taxation.
136(2)
This item does not authorise the Commonwealth record to be transferred, or otherwise dealt with, except in accordance with the
Archives Act 1983
.
136(3)
In this item:
Commonwealth record
and
record
have the same meanings as in the
Archives Act 1983
.
Division 3
-
Transitional and savings provisions relating to the regulation of self managed superannuation funds by the Commissioner of Taxation
History
Div 3 inserted by No 121 of 1999, s 3 and Sch 1 item 56, effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt
24B
.
SECTION 252G
OUTSTANDING ANNUAL RETURNS AND AMOUNTS
252G(1)
Outstanding annual returns etc.
-
self managed funds.
If:
(a)
a superannuation fund was a self managed superannuation fund at either of the following times:
(i)
the end of the last day of a designated year of income; or
(ii)
if the fund ceased to exist during a designated year of income
-
the time at which the fund ceased to exist; and
(b)
at that time, a trustee of the fund was under an obligation to ensure that APRA is given an annual return in respect of a previous year of income, or any other report or information under this Act or the
Financial Sector (Collection of Data) Act 2001
;
each trustee of the fund is taken (subject to any later application of this section) to be under an obligation, beginning immediately after that time, to ensure that the annual return, report or information is given to the Commissioner of Taxation. The annual return, report or information is to be given in the approved form.
Note:
This provision only affects annual returns outstanding from years
before
the designated year of income. A trustee will still be required to submit a return under section
36A
for the designated year of income (and also under the
Financial Sector (Collection of Data) Act 2001
if the fund changed status during the designated year of income). Levy will be payable on lodgment of any such return.
History
S 252G(1) amended by No 53 of 2004, s 3 and Sch 2 items 244 to 248, by substituting ``, a trustee'' for ``, the trustee'' and substituting ``ensure that APRA is given'' for ``give to APRA'' in para (b), substituting ``each trustee of the fund is taken'' for ``the trustee of the fund is taken'', substituting ``ensure that the annual return, report or information is given'' for ``give the annual return, report or information'' and substituting ``A'' for ``The'' in the note, effective 1 July 2004.
S 252G(1) amended by No 121 of 2001, s 3 and Sch 2 items 141 and 142, by inserting ``or the
Financial Sector (Collection of Data) Act 2001
'' after ``Act'' in para (b) and substituting ``the
Financial Sector (Collection of Data) Act 2001
'' for ``section 36'' in note, effective 1 July 2002. For application provision see history note under s 36(1).
252G(2)
Outstanding annual returns etc.
-
other funds.
If:
(a)
a superannuation fund was a fund other than a self managed superannuation fund at either of the following times:
(i)
the end of the last day of a designated year of income; or
(ii)
if the fund ceased to exist during a designated year of income
-
the time at which the fund ceased to exist; and
(b)
at that time, a trustee of the fund was under an obligation to ensure that the Commissioner of Taxation is given an annual return in respect of a previous year of income, or any other report or information under this Act;
each trustee of the fund is taken (subject to any later application of this section) to be under an obligation, beginning immediately after that time, to ensure that the annual return, report or information is given to APRA. The annual return, report or information is to be given in the approved form.
Note:
This provision only affects annual returns outstanding from years
before
the designated year of income. A trustee will still be required to submit a return under the
Financial Sector (Collection of Data) Act 2001
for the designated year of income (and also under section
36A
if the fund changed status during the designated year of income). Levy will be payable on lodgment of any such return.
History
S 252G(2) amended by No 53 of 2004, s 3 and Sch 2 items 249 to 253, by substituting ``, a trustee'' for ``, the trustee'' and substituting ``ensure that the Commissioner of Taxation is given'' for ``give to the Commissioner of Taxation'' in para (b), substituting ``each trustee of the fund is taken'' for ``the trustee of the fund is taken'', substituting ``ensure that the annual return, report or information is given'' for ``give the annual return, report or information'' and substituting ``A'' for ``The'' in the note, effective 1 July 2004.
S 252G(2) amended by No 121 of 2001, s 3 and Sch 2 item 142A, by substituting ``the
Financial Sector (Collection of Data) Act 2001
'' for ``section 36'' in note, effective 1 July 2002. For application provision see history note under s 36(1).
252G(3)
Outstanding levy
-
self managed funds.
If:
(a)
a superannuation fund was a self managed superannuation fund at either of the following times:
(i)
the end of the last day of a designated year of income; or
(ii)
if the fund ceased to exist during a designated year of income
-
the time at which the fund ceased to exist; and
(b)
at that time, an amount was payable by the trustee, or the trustees, of the superannuation fund to APRA on behalf of the Commonwealth under a prescribed Act in respect of a previous year of income;
then:
(c)
the amount is taken (subject to any later application of this section) to be payable by the trustee, or the trustees, of the superannuation fund, immediately after the
[
sic] that time, to the Commissioner of Taxation on behalf of the Commonwealth; and
(d)
the Commissioner of Taxation has the same power to waive or remit the amount as APRA would have had if this subsection had not been enacted.
History
S 252G(3) amended by No 53 of 2004, s 3 and Sch 2 item 254, by inserting ``, or the trustees,'' after ``the trustee'' in para (b) and (c), effective 1 July 2004.
252G(4)
Outstanding levy
-
other funds.
If:
(a)
a superannuation fund was a fund other than a self managed superannuation fund at either of the following times:
(i)
the end of the last day of a designated year of income; or
(ii)
if the fund ceased to exist during a designated year of income
-
the time at which the fund ceased to exist; and
(b)
at that time, an amount was payable by the trustee, or the trustees, of the superannuation fund to the Commissioner of Taxation under a prescribed Act in respect of a previous year of income;
then:
(c)
the amount is taken (subject to any later application of this section) to be payable by the trustee, or the trustees, of the superannuation fund, immediately after that time, to APRA on behalf of the Commonwealth; and
(d)
APRA has the same power to waive or remit the amount as the Commissioner of Taxation would have had if this subsection had not been enacted.
History
S 252G(4) amended by No 53 of 2004, s 3 and Sch 2 item 254, by inserting ``, or the trustees,'' after ``the trustee'' in para (b) and (c), effective 1 July 2004.
252G(5)
Regulations.
The regulations may prescribe exceptions to the rules set out in subsections (1) to (4), including, but not limited to the following:
(a)
prescribing that, in specified circumstances, a trustee of a superannuation fund is taken to be under an obligation to give a return, report or information to APRA rather than to the Commissioner of Taxation, or to the Commissioner of Taxation rather than to APRA;
(b)
prescribing that, in specified circumstances, an amount is taken to be payable by a trustee of a superannuation fund to APRA rather than to the Commissioner of Taxation, or to the Commissioner of Taxation rather than to APRA.
History
S 252G(5) amended by No 53 of 2004, s 3 and Sch 2 item 255, by substituting ``a trustee'' for ``the trustee'' in paras (a) and (b), effective 1 July 2004.
252G(6)
Definitions.
In this section:
amount
means an amount of levy or an amount of late payment penalty.
designated year of income
means the 1999-2000 year of income or a later year of income.
prescribed Act
means the following:
(a)
the
Superannuation (Self Managed Superannuation Funds) Taxation Act 1987
;
(b)
the
Financial Institutions Supervisory Levies Collection Act 1998
;
(c)
any other Act prescribed by the regulations for the purposes of this paragraph.
History
S 252G inserted by No 121 of 1999, s 3 and Sch 1 item 56, effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt
24B
.
View history note
Hide history note