Superannuation Industry (Supervision) Act 1993

PART 1 - PRELIMINARY  

Division 1 - Preliminary  

SECTION 3   OBJECT OF ACT  

3(1)   Supervision of certain superannuation entities.  

View history reference

The main object of this Act is to make provision for the prudent management of certain superannuation funds, approved deposit funds and pooled superannuation trusts and for their supervision by APRA, ASIC and the Commissioner of Taxation.

 View history note

 Hide history note

History

S 3(1) amended by No 75 of 2012, s 3 and Sch 6 item 1, by inserting " main " , applicable in relation to salary or wages paid on or after 27 June 2013.

S 3(1) amended by No 121 of 1999, s 3 and Sch 1 item 1, by substituting ``APRA, ASIC and the Commissioner of Taxation'' for ``APRA and ASIC'', effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .

S 3(1) amended by No 54 of 1998.

3(2)   Basis for supervision.  

The basis for supervision is that those funds and trusts are subject to regulation under the Commonwealth's powers with respect to corporations or pensions (for example, because the trustee is a corporation). In return, the supervised funds and trusts may become eligible for concessional taxation treatment.

3(3)   Whole industry not covered.  

The Act does not regulate other entities engaged in the superannuation industry.

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.