Superannuation Industry (Supervision) Act 1993
View history note
Hide history notePt 5 has effect in relation to approved deposit funds and funds that seek or purport to be approved deposit funds, and their trustees, as if it were modified by inserting s 43A - see Temporary Modification Declaration No 12 under s 43A.
(Repealed by No 49 of 2019)
S 50 repealed by No 49 of 2019, s 3 and Sch 4 item 100, effective 1 July 2019. S 50 formerly read:
For the purposes of subsection 41(3), paragraph 42(1)(a) and subsection 45(2), if:
the fund is taken to be a regulated superannuation fund at all times during the pre-lodgment period. S 50(1) amended by No 53 of 2004, s 3 and Sch 2 items 52 to 54, by substituting
"
the trustee, or the trustees, of a superannuation fund have lodged or lodge
"
for
"
the trustee of a superannuation fund has lodged or lodges
"
in para (a), substituting
"
the Regulator is satisfied
"
for
"
the trustee satisfies the Regulator
"
in para (c) and substituting
"
the trustee, or the trustees, of the fund have
"
for
"
the trustee has
"
in para (d), effective 1 July 2004. S 50(1) amended by No 121 of 1999, s 3 and Sch 1 item 69, by substituting
"
the Regulator
"
for
"
APRA
"
(wherever occurring), effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B. S 50(1) amended by No 54 of 1998. S 50(1) and (2) substituted for s 50(1) to (4) by No 172 of 1997.
SECTION 50 TRANSITIONAL
-
LATE LODGMENT OF ELECTIONS BY TRUSTEES OF SUPERANNUATION FUNDS
50(1)
28 days late.
(a)
on a particular day (the
lodgment day
), the trustee, or the trustees, of a superannuation fund have lodged or lodge an election under section 19; and
(b)
the lodgment day was or is after 28 July 1994; and
(c)
the Regulator is satisfied that this subsection should apply in relation to the fund; and
(d)
the trustee, or the trustees, of the fund have complied with such requirements relating to notifying members of the fund about:
(i)
the delay in lodging the election; and
as are set out in regulations made for the purposes of this paragraph; and
(ii)
the reasons for the delay;
(e)
under the regulations, the fund is treated as if it had satisfied the transitional superannuation fund conditions at all times during the period (the
pre-lodgment period
):
(i)
beginning at the beginning of the fund
'
s 1994-95 year of income; and
(ii)
ending at the end of the lodgment day;
50(2)
For the purposes of this Part, if:
(a) a superannuation fund is wound up or terminated; and
(b) the winding up or termination is completed on a particular day (the termination day ); and
(c) the termination day is before a day named by the Regulator in a written notice given to a trustee of the fund for the purposes of this paragraph; and
(d) the trustee, or the trustees, of the fund told the Regulator in writing before the commencement of this subsection that they:
(i) did not intend to lodge an election under section 19 in respect of the fund; and
(ii) intended to take advantage of the subsection (4A) that, immediately before 1 July 1996, was taken to be inserted in this section by a declaration made under subsection 333(1); and
(e) the trustee, or the trustees, have complied with such requirements relating to notifying members and prospective members of the fund that:
(i) the fund would be wound up or terminated; and
as were set out in regulations made for the purposes of that subsection (4A); and
(ii) the trustee, or trustees, of the fund intended to take advantage of the subsection (4A) mentioned in subparagraph (d)(ii);
(f) as soon as practicable after the termination day, a trustee of the fund tells the Regulator in writing that the winding up or termination of the fund had been completed; and
(g) under the regulations, the fund is treated as if it had satisfied the transitional superannuation fund conditions at all times during the period (the pre-termination period ):
(i) beginning at the beginning of the fund ' s 1994-95 year of income; and
(ii) ending at the end of the termination day;
the fund is taken to have been a complying superannuation fund at all times during the pre-termination period.
S 50(2) amended by No 53 of 2004, s 3 and Sch 2 items 55 to 60, by substituting " a trustee " for " the trustee " in para (c), substituting " the trustee, or the trustees, of the fund " for " the trustee " and substituting " they " for " it " in para (d), substituting " the trustee, or the trustees, have " for " the trustee has " in para (e), substituting " the trustee, or trustees, of the fund " for " the trustee " in para (e)(ii) and substituting " a trustee of the fund " for " the trustee " in para (f), effective 1 July 2004.
S 50(2) amended by No 121 of 1999, s 3 and Sch 1 item 69, by substituting " the Regulator " for " APRA " (wherever occurring), effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B.
S 50(2) amended by No 54 of 1998.
S 50(1) and (2) substituted for s 50(1) to (4) by No 172 of 1997.
50(3)
(Omitted by No 172 of 1997)
S 50(1) and (2) substituted for s 50(1) to (4) by No 172 of 1997.
50(4)
(Omitted by No 172 of 1997)
S 50(1) and (2) substituted for s 50(1) to (4) by No 172 of 1997.
50(5) Regulations may apply OSS system.
Regulations made for the purposes of paragraph (1)(e) or (2)(g) may:
(a) confer functions or powers on the Regulator; and
(b) make provision for or in relation to a matter by applying, adopting or incorporating, with such modifications as are prescribed, the provisions, or the repealed provisions, of:
(i) the Occupational Superannuation Standards Act 1987 ; or
(including those provisions as they continue to apply, despite their repeal, because of the Occupational Superannuation Standards Amendment Act 1993 ).
(ii) regulations made for the purposes of section 7 of that Act;
S 50(5) amended by No 121 of 1999, s 3 and Sch 1 item 69, by substituting " the Regulator " for " APRA " (wherever occurring), effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B.
S 50(5) amended by No 54 of 1998 and No 172 of 1997.
Section 14 of the Legislation Act 2003
50(6)
Subsection (5) of this section does not limit the application of section 14 of the Legislation Act 2003 to regulations made for the purposes of this section.
S 50(6) amended by No 126 of 2015, s 3 and Sch 1 item 588, by substituting " Legislation Act 2003 " for " Legislative Instruments Act 2003 " , effective 5 March 2016.
S 50(6) amended by No 154 of 2007, s 3 and Sch 4 item 60, by substituting " 14 of the Legislative Instruments Act 2003 " for " 49A of the Acts Interpretation Act 1901 " , effective 24 September 2007.
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