Div 1A inserted by No 158 of 2012, s 3 and Sch 2 item 9, effective 31 January 2013. No 158 of 2012, s 3 and Sch 2 items 70
-
76 contain the following application provisions:
Part 3
-
Application and transitional provisions
Approved auditors of self managed superannuation funds
70(1)
If, immediately before 31 January 2013, a person was an approved auditor of a self managed superannuation fund, the
Superannuation Industry (Supervision) Act 1993
as amended by this Schedule applies in relation to the person as if the person became an approved SMSF auditor on 31 January 2013.
70(2)
Subitem (1) does not prevent the person applying, under section
128A
of that Act as so amended, for registration as an approved SMSF auditor.
70(3)
This item continues to apply to the person until:
(a)
registration of the person as an approved SMSF auditor under section
128B
of that Act as so amended takes effect; or
(b)
the end of 30 June 2013;
whichever happens earlier.
70(4)
While this item applies to the person, section
128J
of that Act as so amended does not require particulars relating to the person to be entered in the Register of Approved SMSF Auditors.
Applications before 1 July 2013 for registration as an approved SMSF auditor
71(1)
A person who, before 1 July 2013, applies for registration as an approved SMSF auditor is taken, in the circumstances prescribed by a regulation, to have met the one or more requirements of paragraph
128B(1)(a)
of the
Superannuation Industry (Supervision) Act 1993
, as amended by this Schedule, prescribed by that regulation.
71(2)
This item does not affect the operation of subsection
128B(2)
of that Act as so amended.
Approved auditors of superannuation entities that are not self managed superannuation funds
72(1)
The amendment made by item 5 of this Schedule does not affect the continuity of any regulations made for the purposes of the definition of
approved auditor
in subsection
10(1)
of the
Superannuation Industry (Supervision) Act 1993
that are in force immediately before this item commences.
72(2)
However, this item does not apply to the extent that those regulations apply to an auditor of a self managed superannuation fund.
Auditors previously disqualified under section 131
73(1)
If:
(a)
immediately before 31 January 2013, a person was a person in respect of whom an order (a
section 131 order
) is in force under section
131
of the
Superannuation Industry (Supervision) Act 1993
; and
(b)
immediately before the order came into force, the person was an approved auditor within the meaning of that Act;
on and after that day, the person is taken, for the purposes of that Act as amended by this Schedule, to be a person for whom an order (a
section 130F order
) disqualifying a person from being an approved SMSF auditor is in force under section
130F
.
73(2)
If:
(a)
before 31 January 2013, an application was made, as mentioned in subsection
131(6)
of the
Superannuation Industry (Supervision) Act 1993
, for the revocation of the section 131 order; and
(b)
a decision on the application was not made before that day;
on and after that day, an application is taken, for the purposes of that Act as amended by this Schedule, to have been made, as mentioned in subsection
130F(9)
of that Act as so amended, for the revocation of the section 130F order.
73(3)
If:
(a)
before 31 January 2013, a request was made, under subsection
344(1)
of the
Superannuation Industry (Supervision) Act 1993
, for reconsideration of a decision refusing to revoke the section 131 order; and
(b)
a decision on the request was not made before that day;
on and after that day, a request is taken, for the purposes of that Act as amended by this Schedule, to have been made, under subsection
344(1)
of that Act as so amended, for reconsideration of a decision refusing to revoke the section 130F order.
73(4)
If:
(a)
before 31 January 2013, an application was made, under subsection
344(8)
of the
Superannuation Industry (Supervision) Act 1993
, for review of a decision under subsection 344(4) of that Act relating to the section
131
order; and
(b)
a decision on the application was not made before that day;
on and after that day, an application is taken, for the purposes of that Act as amended by this Schedule, to have been made, under subsection
344(8)
of that Act as so amended, for review of a corresponding decision relating to the section
130F
order.
Enforcement of undertakings
74
If:
(a)
before 31 January 2013, the Commissioner of Taxation accepted an undertaking, under subsection
262A(1)
of the
Superannuation Industry (Supervision) Act 1993
, given by an approved auditor; and
(b)
the undertaking was still in force immediately before that day;
on and after that day, the undertaking is taken, for the purposes of that Act as amended by this Schedule, to have been accepted by ASIC under that subsection of that Act as so amended.
Inspectors
75
If a person was an inspector immediately before 31 January 2013, the person
'
s appointment as an inspector continues after that day as if it were an appointment for the purposes of the conduct of investigations, under Division
4
of Part
25
of the
Superannuation Industry (Supervision) Act 1993
as amended by this Schedule, in relation to:
(a)
the affairs of superannuation entities and approved SMSF auditors; and
(b)
the conduct of audits of self managed superannuation funds.
Regulations
76
The Governor-General may make regulations prescribing matters:
(a)
required or permitted by this Part to be prescribed; or
(b)
necessary or convenient to be prescribed for carrying out or giving effect to this Part.
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