Superannuation Industry (Supervision) Act 1993

PART 1 - PRELIMINARY

Division 2 - Interpretation

SECTION 19 REGULATED SUPERANNUATION FUND

19(1) Definition.

A regulated superannuation fund is a superannuation fund in respect of which subsections (2) to (4) have been complied with.

19(2) Fund must have a trustee.

The superannuation fund must have a trustee.

19(3) Trustee must be a constitutional corporation or fund must be a pension fund.

Either of the following must apply:

(a) the trustee of the fund must be a constitutional corporation pursuant to a requirement contained in the governing rules;

(b) the governing rules must provide that the sole or primary purpose of the fund is the provision of old-age pensions.

19(4) Election by trustee.

View history reference

The trustee or trustees must have given to the Commissioner of Taxation a written notice that is:

(a) in the approved form; and

(b) signed by the trustee or each trustee;

electing that this Act is to apply in relation to the fund.

Note:

The approved form of written notice may require the trustee or the trustees to set out the tax file number of the fund. See subsection 299U(1) .

View history note

19(4A)
(Repealed by No 135 of 2020)

View history note

19(5) Election is irrevocable.

An election made as mentioned in subsection (4) is irrevocable.

19(6) Trustee has power to make election despite anything in the governing rules etc.

The trustee or trustees have the power to make an election as mentioned in subsection (4) despite anything in the governing rules of the fund.

19(7)
(Repealed by No 49 of 2019)

View history note

History

S 19(7) repealed by No 49 of 2019, s 3 and Sch 4 item 96, effective 1 July 2019. S 19(7) formerly read:

19(7) Certain funds must become regulated superannuation funds.
If all of the following conditions are satisfied in relation to a superannuation fund at any time during the period beginning on the day on which this Act received the Royal Assent and ending at the end of the fund's 1993-94 year of income:

(a) the fund has a trustee;

(b) either:

(i) the trustee of the fund is a constitutional corporation; or

(ii) the governing rules of the fund provide that the sole or primary purpose of the fund is the provision of old-age pensions;

(c) the fund is not a public sector superannuation scheme;

(d) there is in force a notice under section 12 or 13 of the Occupational Superannuation Standards Act 1987 stating that the Commissioner is satisfied that the fund satisfied, or should be treated as if it had satisfied, the superannuation fund conditions in relation to a particular year of income;

(e) there is not in force a notice under section 12 or 13 of the Occupational Superannuation Standards Act 1987 stating that the Commissioner is not satisfied that the fund satisfied the superannuation fund conditions in relation to a year of income later than the year of income mentioned in paragraph (d);
the trustee of the fund must use its best endeavours to ensure that the fund becomes a regulated superannuation fund at or before the beginning of the fund's 1994-95 year of income.

19(8)
(Repealed by No 49 of 2019)

View history note

19(9) References to repealed provisions of OSSA.

A reference in this section to a provision of the Occupational Superannuation Standards Act 1987 includes a reference to the provision as it continues to apply, despite its repeal, because of the Occupational Superannuation Standards Amendment Act 1993 .

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