Superannuation Legislation Amendment Act (No. 3) 1999 (121 of 1999)

Schedule 1   Amendment of the Superannuation Industry (Supervision) Act 1993 relating to self managed superannuation funds

Part 3   Transitional and saving provisions

133   Transitional provision - no contravention of Act during transition period in certain circumstances

(1) Despite the amendments made by this Schedule, a person does not contravene this Act or the regulations in respect of conduct engaged in by the person in relation to a superannuation fund if:

(a) immediately before the later of:

(i) the beginning of the transition period; and

(ii) the day on which this Act received the Royal Assent;

the superannuation fund was an excluded superannuation fund; and

(b) the person engaged in the conduct during the transition period; and

(c) the person engaged in the conduct at a time when the superannuation fund had fewer than 5 members, but was not a self managed superannuation fund; and

(d) the persons' engaging in the conduct would not have been a contravention of this Act or the regulations if the fund had been a self managed superannuation fund at the time the person engaged in the conduct.

(2) In this item:

excluded superannuation fund has the meaning given by the Superannuation Industry (Supervision) Act 1993 as in force immediately before the commencement of this item.

transition period means the period:

(a) beginning on 1 July 1999; and

(b) ending at the end of 31 March 2000.

(3) In this item, a reference to engaging in conduct includes a reference to failing or refusing to engage in conduct.