Superannuation Legislation Amendment Act (No. 4) 1999 (199 of 1999)

Schedule 1  

47   Application provisions

Amendments relating to the acquisition of assets

(1) The amendments made by items 10 and 11, 13 and 14 and 16 to 23 of this Schedule apply to the acquisition of an asset after the end of 11 August 1999 (the test time ), unless the asset was acquired under a contract entered into before the test time.

Amendments relating to the acquisition of assets - business real property

(2) The amendments made by items 12 and 15 of this Schedule apply to the acquisition of an asset after 7.30 pm by legal time in the Australian Capital Territory on 12 May 1998.

Amendments relating to in-house assets - basic rule

(3) Subject to Subdivision D of Division 1 of Part 8 of the Superannuation Industry (Supervision) Act 1993, as inserted by this Schedule, the amendments made by items 24 to 29, 32 to 36, and 44 to 46 of this Schedule apply to the following:

(a) making a loan or an investment after the test time;

(b) an asset subject to a lease or lease arrangement after the test time.

Amendment of subsections 71(2) and (3)

(4) The amendments made by items 30 and 31 of this Schedule apply to an agreement entered into after the test time, unless the agreement concerned is a contract entered into before the test time.

Amendment of sections 72 and 75

(5) The amendments made by items 37 to 43 of this Schedule apply to the assets of a superannuation fund after the test time.

Criminal and civil penalties only apply after commencement

(6) Despite the amendments made by this Schedule:

(a) a person is not guilty of an offence; and

(b) the consequences of contravening a civil penalty provision that are set out in Part 21 of the Superannuation Industry (Supervision) Act 1993 do not apply to a person;

in respect of conduct engaged in before the commencement of this Act, if the conduct would not have constituted an offence or contravention if those amendments had not been enacted.