Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 4) (239 of 1999)

Schedule 1   Amendments commencing on gazettal

Part 1   Major amendments

[15]   After regulation 11.07

insert

11.07A Operating standard - disclosure on change of status

(1) For subsection 31 (1) of the Act, the requirement in subregulation (3) is a standard applicable to the operation of a regulated superannuation fund.

(2) The standard applies to the trustee of a superannuation fund that:

(a) is a self managed superannuation fund and:

(i) ceases to be such a superannuation fund; or

(ii) ceases to exist; or

(b) is not a self managed superannuation fund and becomes such a superannuation fund.

(3) Within 21 days after the trustee first has knowledge of such a change, the trustee must tell the Commissioner of Taxation in writing:

(a) the fund's name; and

(b) its ABN (if any) or, if it has no ABN, its SFN (if any); and

(c) the name of an individual who is able to act as a contact person, and his or her telephone and facsimile numbers; and

(d) the date on which the change occurred; and

(e) if the fund has not ceased to exist - whether it has become a self managed superannuation fund; and

(f) if the fund has become a self managed superannuation fund:

(i) for any trustee of the fund that is an individual - his or her name, date of birth and sex; or

(ii) for any trustee that is a corporation - its name and its ABN (if any) or, if it has no ABN, its SFN (if any); and

(g) if the fund has not ceased to exist, but is not a self managed superannuation fund after the change - the trustee's name and its ABN (if any) or, if it has no ABN, its SFN (if any).

(4) In subregulation (3):

ABN , for an entity, means the Australian Business Number given to the entity under the A New Tax System (Australian Business Number) Act 1999.

SFN , for a superannuation fund, means the number assigned to the fund by APRA.