Superannuation Safety Amendment Act 2004 (53 of 2004)

Schedule 2   Clarification of the application of the law to groups of trustees

Superannuation Industry (Supervision) Act 1993

144   Subsection 106A(1)

Repeal the subsection, substitute:

Trustee's duty to notify Commissioner of Taxation

(1) If a trustee of a superannuation entity:

(a) has knowledge that the superannuation entity has ceased to be a self managed superannuation fund; or

(b) has knowledge that the superannuation entity has become a self managed superannuation fund since first becoming a superannuation entity;

the trustee must ensure that a written notice is given to the Commissioner of Taxation.

Note: A trustee of a fund that was already a self managed superannuation fund when a trustee, or the trustees, of the fund made an election under section 19 does not have to ensure that a notice is given to the Commissioner of Taxation at that time, because the fund became a self managed superannuation fund before (not since) becoming a superannuation entity.