Superannuation Industry (Supervision) Act 1993
View history note
Hide history notePt 19 heading subsituted by No 123 of 2001, s 3 and Sch 1 item 328, effective 11 March 2002. The heading formerly read:
PART 19 - PUBLIC OFFER ENTITIES - PROVISIONS RELATING TO SUPERANNUATION INTERESTS AND DISCLOSURE OF INFORMATION
Div 6 repealed by No 123 of 2001, s 3 and Sch 1 item 333, effective 11 March 2002. Div 6 formerly read:
Division 6 - Cooling-off - redemption of interests
SECTION 170 SITUATION TO WHICH DIVISION APPLIES - SUPERANNUATION INTEREST ISSUED IN CERTAIN CIRCUMSTANCES
170
This Division applies if:
(a) a superannuation interest in a public offer entity, other than a pooled superannuation trust, is issued to a person (the ' applicant ' ) pursuant to an application made after the commencement of this section (other than an application under Part 24 ); and
(b) the interest is the first superannuation interest in the entity to be issued to the applicant pursuant to the application; and
(c) the applicant does not hold the interest as a standard employer-sponsored member of an employer-sponsored fund; and
(d) the applicant has not cancelled the contract for the issue of the interest under section 64 of the Insurance Contracts Act 1984 , and does not have the right to so cancel the contract; and
(e) the interest is not issued in circumstances specified in the regulations.SECTION 171 GOVERNING RULES TAKEN TO CONFER RIGHT TO HAVE INTEREST REDEEMEDHistoryS 170 amended by No 53 of 1995.
171(1)
The governing rules of the public offer entity are taken to include the provisions described in subsections (2) to (5).
171(2)
A provision that entitles the applicant, by written notice given to the trustee of the entity within 14 days after the issue of the interest, to request the trustee to redeem the interest.
171(3)
A provision that requires the trustee to comply with such a request by redeeming the interest, as soon as practicable after receiving the request, at a price (the ' redemption price ' ) calculated under the provisions of the governing rules relevant to the redemption of superannuation interests.
171(4)
A provision that requires the trustee to pay in respect of the redemption of the interest (in addition to the redemption price) the amount worked out as follows:
(a) work out the amount a person would have to pay, at the time of redemption, for the issue to the person of an interest in the entity of the same kind as that issued to the applicant: this amount is called the ' issue price ' ;
(b) if the redemption price was calculated taking into account tax (including, for example, stamp duty) that the trustee has paid, or is or may become liable to pay, because of the issue of the interest to the applicant - work out the amount by which the redemption price is less than it would have been if that tax had not been so taken into account: this amount is called the ' tax reduction ' ;
(c) if there is no tax reduction, the amount the trustee is liable to pay (in addition to the redemption price) is the amount (if any) by which the issue price exceeds the redemption price;
(d) if there is a tax reduction, the amount the trustee is liable to pay (in addition to the redemption price) is the amount (if any) by which the issue price, reduced by the amount of the tax reduction, exceeds the redemption price.HistoryS 171(4) amended by No 38 of 1999.
171(4A)
If:
(a) the public offer entity is a public offer superannuation fund or an approved deposit fund; and
(b) an amount (the relevant amount ) that constituted the whole or a part of the amount paid for the interest:
(i) was rolled over into the fund or was transferred to the fund from another superannuation fund or an approved deposit fund or RSA; and
(ii) was, under the regulations, a restricted non-preserved benefit or a preserved benefit;a provision that requires the trustee to pay to a superannuation fund, approved deposit fund or RSA nominated by the applicant so much of the amount payable in respect of the redemption of the interest as is related to the relevant amount.
HistoryS 171(4A) inserted by No 38 of 1999.
171(4B)
If:
(a) the public offer entity is a public offer superannuation fund or an approved deposit fund; and
(b) an amount (the relevant amount ) that constituted the whole or a part of the amount paid for the interest:
(i) was rolled over into the fund or was transferred to the fund from another superannuation fund or an approved deposit fund or RSA; and
(ii) was, under the regulations, an unrestricted non-preserved benefit;a provision that requires the trustee to pay so much of the amount payable in respect of the redemption of the interest as is related to the relevant amount to, or in accordance with the directions of, the applicant.
HistoryS 171(4B) inserted by No 38 of 1999.
171(4C)
If an amount (the relevant amount ) that constituted the whole or a part of the amount paid for the interest:
(a) was paid by the employer of the applicant; and
(b) was not so paid out of money payable by the employer to the applicant;a provision that requires the trustee to pay so much of the amount payable in respect of the redemption of the interest as is related to the relevant amount to, or in accordance with the directions of, the employer.
HistoryS 171(4C) inserted by No 38 of 1999.
171(4D)
A provision that requires the trustee, in cases not covered by subsection (4A), (4B) or (4C), to pay the amount payable in respect of the redemption of the interest to, or in accordance with the directions of, the applicant.HistoryS 171(4D) inserted by No 38 of 1999.
171(5)
A provision that prohibits the trustee from being indemnified out of the assets of the entity for an amount payable in respect of the redemption of the interest under the provision described in subsection (4).HistoryS 171(5) amended by No 38 of 1999.
171(5A)
A payment under a provision referred to in subsection (4A) or (4B) is taken to be the payment of a benefit.HistoryS 171(5A) inserted by No 38 of 1999.
171(5B)
A payment under a provision referred to in subsection (4C) or (4D) is not taken to be the payment of a benefit.HistoryS 171(5B) inserted by No 38 of 1999.
171(6)
The provision referred to in subsection (5) has effect in spite of section 56.
SECTION 172 CONSEQUENCES OF CONTRAVENING PROVISIONS TAKEN TO BE INCLUDED IN GOVERNING RULES
172(1)
A person must not contravene a provision taken to be included in the governing rules of a public offer entity under section 171.
172(2)
A contravention of subsection (1) is not an offence.
172(3)
A person who suffers loss or damage as a result of 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.
172(4)
An action under subsection (3) must be begun within 6 years after the day on which the cause of action arose.
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