Superannuation Industry (Supervision) Act 1993

Part 11A inserted by No 171 of 2012, s 3 and Sch 1 item 40, effective 1 January 2013. No 171 of 2012, s 3 and Sch 1 item 41 contains the following application provisions:

41 Application of general fees rules  
(1)
Subject to subitems (2) and (3), the amendment made by item 40 of this Schedule applies in relation to:

(a) fees charged, and costs passed on, to members of regulated superannuation funds and approved deposit funds on and after 1 July 2013; and

(b) costs attributed to classes of beneficial interest in a regulated superannuation fund on and after 1 July 2013.

(2)
The amendment made by item 40 of this Schedule does not apply to a fee charged, or a cost passed on, to a member of a regulated superannuation fund or an approved deposit fund to the extent that it relates to a life policy if:

(a) the life policy is one under which contributions and accumulated earnings may not be reduced by negative investment returns or any reduction in the value of assets in which the policy is invested; and

(b) the member was covered under the life policy immediately before 1 July 2013.

(3)
The amendment made by item 40 of this Schedule does not apply to a fee charged, or a cost passed on, to a member of a regulated superannuation fund or an approved deposit fund to the extent that it relates to an investment account contract if:

(a) the investment account contract is one under which the only beneficiaries are the member, and relatives and dependants of the member; and

(b) the investment account contract was in force immediately before 1 July 2013.

(4)
In this item:

investment account contract
has the same meaning as in the Life Insurance Act 1995 .

life policy
has the same meaning as in the Life Insurance Act 1995 .

S 99G(1) amended by No 64 of 2020, s 3 and Sch 3 item 52, by substituting para (b), effective 23 June 2020. Para (b) formerly read:

(b) on the last day of a year of income of the fund a member of the fund has an account balance with the fund that relates to the product that is less than $6,000.

S 99G inserted by No 16 of 2019, s 3 and Sch 1 item 18, effective 13 March 2019. No 16 of 2019, s 3 and Sch 1 item 19 and 20 contain the following application provisions:

Part 2 - Application provisions

SECTION 19 19 Application of this Schedule  
19
The amendments made by this Schedule apply to fees and other amounts in relation to years of income of a regulated superannuation fund ending on or after 1 July 2019. 20 Fee cap for transition years  
(1)
This item applies in relation to a year of income of a regulated superannuation fund if:

(a) the trustee, or trustees, of the fund offer a choice product or MySuper product; and

(b) on the last day of the year a member of the fund has an account balance with the fund that relates to the product that is less than $6,000; and

(c) the year is the first year of income of the fund to end on or after 1 July 2019; and

(d) the number of days in the year that occur on or after 1 July 2019 is fewer than 365.

(2)
Section 99G of the Superannuation Industry (Supervision) Act 1993 applies in relation to the year as if subsection (2) were omitted and replaced with:

(2)
If the member holds the product for the whole year, the trustee or trustees of the fund must not charge capped fees and costs to the member in relation to the product for the transition period the total combined amount of which exceeds the amount worked out as follows:

Fee cap percentage	×	Member ' s account balance for the product on the last day of the year	×	Number of days in the transition period
				365

where:

fee cap percentage
means the percentage prescribed under subsection (4).

member ' s account balance for the product on the last day of the year
means so much of the member ' s account balance with the fund on that day as relates to the product.

transition period
means the period beginning on 1 July 2019 and ending on the last day of the first year of income of the fund that ends on or after 1 July 2019.

(3)
Section 99G of the Superannuation Industry (Supervision) Act 1993 applies in relation to the year as if subsection (5) were omitted and replaced with:

(5)
If the member holds the product for only part of the year, the trustee or trustees of the fund must not charge capped fees and costs to the member in relation to the product for the transition period the total combined amount of which exceeds the amount worked out as follows:

Fee cap for the whole year	×	Number of days during the transition period on which member held the product
		Number of days in the transition period

where:

fee cap for the whole year
means the total combined amount of capped fees and costs that could be charged to the member in relation to the product for the transition period under subsection (2), if:

(a) the member held the product for the whole of the year; and

(b) so much of the member ' s account balance with the fund on the last day on which the member held the product during the year as relates to the product were the member ' s account balance for the product on the last day of the year.

transition period
means the period beginning on 1 July 2019 and ending on the last day of the first year of income of the fund that ends on or after 1 July 2019.