Superannuation Industry (Supervision) Act 1993

Div 3 heading substituted by No 154 of 2007, s 3 and Sch 2 item 19, effective 24 September 2007. The heading formerly read:

How financial assistance is to be paid

S 234 repealed by No 154 of 2007, s 3 and Sch 2 item 20, effective 24 September 2007. For application provision, see note under s 229(1) . S 234 formerly read:

SECTION 234 SUPERANNUATION PROTECTION ACCOUNT  
234(1)
There is continued in existence the Superannuation Protection Account.

Note:

The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999 .

234(2)
The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997 .

234(3)
So far as practicable, an amount standing to the credit of the Account that is not required for the purposes of making payments of financial assistance consequential on debits from the Account must be debited from the Account and invested under section 39 of the Financial Management and Accountability Act 1997 .

234(4)
If income is received by the Commonwealth from the investment of an amount standing to the credit of the Account, an amount equal to the income must be credited to the Account.

S 234 substituted by No 8 of 2005, s 3 and Sch 1 item 419, effective 22 February 2005.

Act No 8 of 2005, s 4, contained the following savings provision for amendments (including this amendment) in Part 2 of its first Schedule:

Saving of matters in Part 2 of Schedule 1

(1) If:

(a) a decision or action is taken or another thing is made, given or done; and

(b) the thing is taken, made, given or done under a provision of a Part 2 Act that had effect immediately before the commencement of this Act;

then the thing has the corresponding effect, for the purposes of the Part 2 Act as amended by this Act, as if it had been taken, made, given or done under the Part 2 Act as so amended.

(2) In this section:

Part 2 Act
means an Act that is amended by an item in Part 2 of Schedule 1.

S 234 formerly read:

SECTION 234 SUPERANNUATION PROTECTION RESERVE  
234(1)
This subsection establishes a reserve called the Superannuation Protection Reserve.

234(2)
The Reserve is a component of the Reserved Money Fund.

234(3)
So far as practicable, money in the Reserve that is not required for the purpose of making payments out of the Reserve must be invested under section 39 of the Financial Management and Accountability Act 1997 .

234(4)
If income is received by the Commonwealth from the investment of money from the Reserve, an amount equal to the income must be transferred to the Reserve from the Consolidated Revenue Fund.

S 234 substituted by No 152 of 1997, s 3 and Sch 2 item 1242, effective 1 January 1998. S 234 formerly read:

234(1)
An account called the Superannuation Protection Account is established.

234(2)
The Account is a trust account for the purposes of section 62A of the Audit Act 1901 .

234(3)
So far as practicable, money in the Account that is not required for the purpose of making payments out of the Account must be invested in accordance with section 62B of the Audit Act 1901 .

234(4)
There must be paid into the Account amounts equal to income derived from the investment of money in the Account.

234(5)
The Consolidated Revenue Fund is appropriated for the purposes of subsection (4).