Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act 2013 (61 of 2013)

Schedule 1   Amendments

Part 1   Amendments

First Home Saver Accounts Act 2008

26   Subsections 120(2) to (7)

Repeal the subsections, substitute:

(2) Treat the reference in paragraph 52(2)(b) of the Superannuation Industry (Supervision) Act 1993 to a "prudent superannuation trustee" as a reference to a prudent FHSA provider.

(3) After subparagraph 52(6)(a)(vii) of the Superannuation Industry (Supervision) Act 1993, insert the following subparagraph:

(viia) if the trustee holds an authorisation as an FHSA provider - the risk of capital losses in light of the purpose of the FHSA and the minimum term of the FHSA having regard to subparagraph 32(1)(c)(i) or (ii) of the First Home Saver Accounts Act 2008;

(4) Treat the reference in paragraph 52A(2)(b) of the Superannuation Industry (Supervision) Act 1993 to a "prudent superannuation entity director" as a reference to a prudent director of an FHSA provider.