Superannuation Industry (Supervision) Amendment Regulations 2011 (No. 1)

(83 of 2011)

Dated 2 June 2011

Superannuation Industry (Supervision) Act 1993

1   Name of Regulations

These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2011 (No. 1).

2   Commencement

These Regulations commence on the day after they are registered.

3   Amendment of Superannuation Industry (Supervision) Regulations 1994

3 Amendment of Superannuation Industry (Supervision) Regulations 1994

Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994.

Schedule 1   Amendment

[1]   Schedule 1A, clause 2

omit

clauses 3, 3A and 4,

insert

clauses 3, 3A, 3B and 4,

[2]   Schedule 1A, after clause 3A

insert

3B. For the financial year commencing on 1 July 2011, the minimum limit is 75% of the amount determined under the formula in clause 2.

[3]   Schedule 1AAB, clause 2

omit

clauses 3, 3A and 4,

insert

clauses 3, 3A, 3B and 4,

[4]   Schedule 1AAB, after clause 3A

insert

3B. For the financial year commencing on 1 July 2011, the minimum limit is 75% of the amount determined under the formula in clause 2.

[5]   Schedule 6, clause 9

omit

clause 10 applies.

insert

clause 10 or 11 applies.

[6]   Schedule 6, after clause 10

insert

11. For the financial year commencing on 1 July 2011, an amount is taken to have been determined in accordance with clause 1 if the amount is:

(a) not less than 67.5% of the amount determined in accordance with clause 1; and

(b) not greater than 110% of the amount determined in accordance with clause 1.

[7]   Schedule 7, clause 1

omit

clauses 3, 4 and 4A,

insert

clauses 3, 4, 4A and 4B,

[8]   Schedule 7, after clause 4A

insert

4B For the financial year commencing on 1 July 2011, the amount of payments is 75% of the amount worked out using the formula in clause 1.