Superannuation Industry (Supervision) Act 1993

PART 1 - PRELIMINARY

Division 1 - Preliminary

SECTION 2 COMMENCEMENT

2(1) [Provisions commencing 30 November 1993]

Subject to this section, Parts 1 , 2 , 21 , 27 , 28 , 29 , 30 , 31 and 32 commence on the day on which this Act receives the Royal Assent.

2(2) [Provisions commencing 21 October 1992]

Part 1 (in so far as it relates to section 117 ) and section 117 are taken to have commenced on 21 October 1992.

2(3) [Provisions commencing 1 July 1994]

View history reference

Parts 18 , 19 , 20 , 23 and 24 and section 342 commence on 1 July 1994.

View history note

History

S 2(3) amended by No 128 of 1999, s 3 and Sch 1 item 44, by omitting ``22'' after ``Parts 18, 19, 20'', effective 13 October 1999.

No 128 of 1999 contained the following transitional and application provisions:

Part 3 - Transitional and application provisions
Interpretation
4(1)
Unless the contrary intention appears, expressions used in this Part that are also used in the Superannuation (Unclaimed Money and Lost Members) Act 1999 have the same meanings as in that Act.

4(2)
In this Part, unless the contrary intention appears:
New Act
means the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

Transitional - payments of unclaimed money to States and Territories etc
5(1)
If:

(a) a State or Territory does not have a law that satisfies the requirements of section 18 of the New Act; and

(b) at the commencement of the New Act, that State or Territory had a law that satisfied the requirements of section 84 of the RSA Act (as in force before that commencement) and subsections 225(9), (9A) and (9B) of the SIS Act (as then in force); and

(c) those provisions (as in force before that commencement) would, if they were in force after that commencement, require a superannuation provider:

(i) to provide particulars of unclaimed money; and

(ii) to pay an amount of unclaimed money;

to an authority of that State or Territory;

the provider must provide the particulars, and pay the amount, to the authority in accordance with those provisions instead of complying with sections 16 and 17 of the New Act.

5(2)
Subsection (1) ceases to have effect from the first half-year that starts after the end of the transition period.

5(3)
In subsection (2):
transition period
means the period of 2 years starting immediately after the commencement of the New Act.

Transitional - treatment of unclaimed money under the RSA Act and the SIS Act
6(1)
If particulars of unclaimed money have been provided, or unclaimed money has been paid, to the Commissioner in accordance with:

(a) Part 8 of the RSA Act; or

(b) Part 22 of the SIS Act;
those particulars are taken to have been provided, and that money is taken to have been paid, to the Commissioner in accordance with sections 16 and 17 of the New Act.

6(2)
If particulars of unclaimed money have been provided, or unclaimed money has been paid, to a State or Territory authority in accordance with:

(a) Part 8 of the RSA Act; or

(b) Part 22 of the SIS Act;
those particulars are taken to have been provided, and that money is taken to have been paid, to the State or Territory authority in accordance with section 18 of the New Act.

Transitional - treatment of particulars relating to lost members under the RSA Act and the SIS Act
7
If particulars relating to lost members have been provided to the Commissioner in accordance with:

(a) regulations under the RSA Act; or

(b) regulations under the SIS Act;
those particulars are taken to have been provided to the Commissioner in accordance with a scheme established by regulations in accordance with section 23 of the New Act.
Application of certain items of Schedule 1
8
Items 8, 10, 12, 13, 14, 34, 35, 39, 44, 45, 46, 47, 48, 49 and 73 of Schedule 1 do not apply in respect of the half-year in which the New Act receives the Royal Assent.

2(4) [Provisions commencing 1 December 1993]

The remaining provisions commence on 1 December 1993, but do not apply to a fund, scheme or trust in relation to a year of income of the fund, scheme or trust earlier than the 1994-95 year of income.

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