Superannuation Industry (Supervision) Act 1993
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Hide history notePt 2C inserted by No 162 of 2012, s 3 and Sch 1 item 9, effective 1 January 2013. No 162 of 2012 (as amended by No 61 of 2013), s 3 and Sch 1 Part 2 items 10 - 13 contain the following application provisions:
Part 2 - Application and transitional provisions
10 Definitions
10
In this Part:SG Act
means the Superannuation Guarantee (Administration) Act 1992 .SIS Act
11 Authority to offer a MySuper product given before 1 July 2013
means the Superannuation Industry (Supervision) Act 1993 .
11
If, before 1 July 2013, APRA authorises an RSE licensee to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product, that authority takes effect on 1 July 2013. 11A Enhanced trustee obligations - decisions made before 1 July 2013
Decision to give, or refuse to give, authority to offer a MySuper product
11A(1)
Subitem (2) applies if, before 1 July 2013, APRA makes a decision under section 29T of the SIS Act to give, or refuse to give, an RSE licensee authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product.
11A(2)
APRA ' s decision is not invalid merely because the enhanced trustee obligations do not commence until 1 July 2013, provided subitem (3) or (4) has been complied with.
11A(3)
If the decision is to give authority, APRA must be satisfied at the time it makes the decision that it is likely that on and after 1 July 2013:
(a) where the RSE licensee is a body corporate - the RSE licensee; or
(b) where the RSE licensee is made up of a group of individual trustees - each of those individual trustees;will comply with the enhanced trustee obligations for MySuper products that will come into force on that day.
11A(4)
If the decision is to refuse to give authority on the ground that:
(a) where the RSE licensee is a body corporate - the RSE licensee; or
(b) where the RSE licensee is made up of a group of individual trustees - each of those individual trustees;will not comply with the enhanced trustee obligations for MySuper products that will come into force on 1 July 2013, APRA must be satisfied at the time it makes the decision that it is not likely that the person will satisfy those obligations on and after 1 July 2013.
12 Applications for authority to offer a MySuper product for a large employerHistoryS 11A inserted by No 61 of 2013, s 3 and Sch 1 item 120, effective 26 June 2013.
12(1)
This item applies if:
(a) an RSE licensee makes an application to APRA before 1 July 2013 under section 29S of the SIS Act for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and
(b) the application is made on the basis that the class of interest is one in relation to which section 29TB of the SIS Act is satisfied.
12(2)
Section 29SB of the SIS Act (period for considering the application) applies as if:
(a) the application were received on 1 July 2013; and
(b) the references in paragraphs (1)(a) and (b) of that section to " 60 days " were instead references to " 120 days " .
12(3)
Sections 29WA and 29WB of the SIS Act (contributions in relation to which no election made) do not apply in relation to a contribution if:
(a) the contribution is made during the period in which APRA decides the application (see section 29SB of the SIS Act); and
(b) the contribution is paid into the class of beneficial interest to which the application relates.HistoryS 12(3) amended by No 61 of 2013, s 3 and Sch 1 item 121, by substituting " Sections 29WA and 29WB of the SIS Act (contributions in relation to which no election made) do not apply " for " Section 29WA of the SIS Act (contributions in relation to which no election made) does not apply " , effective 27 June 2013.
12(4)
On and after 1 January 2014, a contribution to the fund is taken to satisfy paragraph 32C(2)(c) of the SG Act (employer ' s superannuation guarantee obligation) if the contribution is made during the period in which APRA decides the application (see section 29SB of the SIS Act).
12(5)
If APRA refuses the application, then:
(a) a contribution to the fund made on or after 1 January 2014 is taken to satisfy paragraph 32C(2)(c) of the SG Act, provided it is made before the end of the grace period; and
(b) sections 29WA and 29WB of the SIS Act do not apply in relation to a contribution to the fund made on or after 1 January 2014, provided it is paid into the class of beneficial interest to which the application relates before the end of the grace period.HistoryS 12(5) amended by No 61 of 2013, s 3 and Sch 1 item 122, by substituting " sections 29WA and 29WB of the SIS Act do not apply " for " section 29WA of the SIS Act does not apply " in para (b), effective 27 June 2013.
12(6)
For the purposes of subitem (5), the grace period is a period of 3 months beginning on the day on which APRA refuses the application.
13 Contributions in relation to which no election made
13
Sections 29WA and 29WB of the SIS Act apply to contributions made to a regulated superannuation fund on or after 1 January 2014.HistoryS 13 amended by No 61 of 2013, s 3 and Sch 1 item 123, by substituting " Sections 29WA and 29WB of the SIS Act apply " for " Section 29WA of the SIS Act applies " , effective 27 June 2013.
Div 6 repealed by No 40 of 2019, s 3 and Sch 1 item 4, effective 6 April 2019.
Div 6 substituted by No 117 of 2012, s 3 and Sch 1 item 9, effective 1 July 2013. Former Div 6 is renumbered to Div 7 .
(Repealed by No 40 of 2019)
S 29VP repealed by No 40 of 2019, s 3 and Sch 1 item 4, effective 6 April 2019. S 29VP formerly read:
SECTION 29VP CONTRAVENTION OF SECTION 29VN
29VP(1)
A person must not contravene section 29VN.
29VP(2)
A contravention of subsection (1) is not an offence and a contravention of that subsection does not result in the invalidity of a transaction.
29VP(3)
A person who suffers loss or damage as a result of the conduct of another person that was engaged in in contravention of subsection (1) may recover the amount of the loss or damage by action against that other person or against any person involved in the contravention.
29VP(4)
An action under subsection (3) may be begun at any time within 6 years after the day on which the cause of action arose.
S 29VP substituted by No 61 of 2013, s 3 and Sch 1 item 43, effective 1 July 2013. S 29VP formerly read:
SECTION 29VP CONTRAVENTION OF SECTION 29VN OR 29VO
29VP(1)
A person must not contravene section 29VN or 29VO.
29VP(2)
A contravention of subsection (1) is not an offence and a contravention of that subsection does not result in the invalidity of a transaction.
29VP(3)
A person who suffers loss or damage as a result of the conduct of another person that was engaged in in contravention of subsection (1) may recover the amount of the loss or damage by action against that other person or against any person involved in the contravention.
29VP(4)
An action under subsection (3) may be begun at any time within 6 years after the day on which the cause of action arose.
S 29VP inserted by No 117 of 2012, s 3 and Sch 1 item 9, effective July 2013.
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