Superannuation Industry (Supervision) Act 1993

PART 1 - PRELIMINARY

Division 1 - Preliminary

SECTION 4 SIMPLIFIED OUTLINE OF SUPERVISION RESPONSIBILITIES

Sections 5 and 6 set out the functions, powers and duties of APRA, ASIC and the Commissioner of Taxation in administering this Act.

APRA is generally responsible for prudential regulation and member outcomes. It is also generally responsible for licensing and supervision of RSE licensees.

ASIC is generally responsible for protecting consumers from harm, market integrity, disclosure and record keeping.

The Commissioner of Taxation is generally responsible for self managed superannuation funds, data and payment standards, tax file numbers and the compassionate release of superannuation amounts.

[ CCH Note: No 47 of 2021, s 3 and Sch 1 item 10 provides for the amendment of s 4 by substituting " no more than 6 members " for " fewer than 5 members " in table item dealing with Part No. 24B, column headed " Matter dealt with " , effective 1 July 2021. However, this amendment relates to former s 4, substituted with effect from 1 January 2021, and therefore cannot be applied.]

View history note

History

S 4 substituted by No 135 of 2020, s 3 and Sch 9 item 1, effective 1 January 2021. S 4 formerly read:

SECTION 4 SUMMARY OF PROVISIONS
4
The Act contains provisions dealing with the following matters:

Part
No. Matter dealt with

1 interpretation

2 (Repealed by No 53 of 2004)

2A licensing of trustees and groups of individual trustees

2B registrable superannuation entities

2C MySuper

3 operating standards for funds and trusts

3A Prudential standards concerning registrable superannuation entities

3B superannuation data and payment standards for funds and employers

4 accounts, audit and reporting obligations for superannuation entities

5 notices about complying fund status

6 governing rules of funds and trusts

7 rules applying only to regulated superannuation funds

8 in-house asset rules applying to regulated superannuation funds

9 equal representation of employers and members in relation to employer-sponsored funds

10 rules applying only to approved deposit funds

11 rules applying only to pooled superannuation trusts

11A General fees rules

12 statutory duties of trustees of superannuation entities

13 (Repealed by No 154 of 2007)

14 other provisions relating to funds and trusts

15 standards for trustees, custodians and investment managers of superannuation entities

16 actuaries and auditors of superannuation entities

16A APRA ' s powers to issue directions

17 suspension or removal of trustees of superannuation entities

18 amalgamation of funds

19 rules about dealing with superannuation interests in public offer entities

20 administrative directions and penalties for contraventions relating to self managed superannuation funds

21 civil and criminal consequences of serious breaches of the Act

22 infringement notices

23 financial assistance to funds that suffer loss as a result of fraud or theft

24 eligible rollover funds

24A transitional provisions relating to pre-1 July 1995 automatic rollovers of benefits between funds

24B the administration by APRA and the Commissioner of Taxation of superannuation funds with fewer than 5 members

25 monitoring and investigating superannuation entities

25A tax file numbers

26 offences relating to statements and records

27 powers of courts

28 judicial and other proceedings under the Act

29 exemption and modification provisions

29A protections in relation to information

29B (Repealed by No 2 of 2015)

30 miscellaneous provisions

31 (Repealed by No 154 of 2007)

32 additional transitional provisions relating to tax file numbers

33 additional transitional provisions relating to MySuper

34 additional transitional provisions relating to eligible rollover funds

S 4 amended by No 40 of 2019, s 3 and Sch 5 item 1, by inserting table item 16A, applicable to events that occur, and anything that a person does or fails to do, on or after 6 April 2019.

S 4 amended by No 5 of 2015, s 3 and Sch 1 items 39 and 40, by omitting " facility to pay benefits to " before " eligible rollover funds " from table item 24 and inserting table items 33 and 34, effective 25 March 2015.

S 4 amended by No 2 of 2015, s 3 and Sch 1 item 1, by repealing table item 29B, effective 25 February 2015. Table item 29B formerly read:

29B employers to give information about superannuation contributions

S 4 amended by No 11 of 2014, s 3 and Sch 2 item 1, by inserting table item 20, applicable to contraventions that occur on or after 1 July 2014.

S 4 amended by No 61 of 2013, s 3 and Sch 1 item 27, by inserting table item 22, effective 1 July 2013.

S 4 amended by No 75 of 2012, s 3 and Sch 6 item 2, by inserting table item 29B, applicable in relation to salary or wages paid on or after 27 June 2013.

S 4 amended by No 171 of 2012, s 3 and Sch 1 item 1, by inserting table item 11A, effective 1 January 2013.

S 4 amended by No 162 of 2012, s 3 and Sch 1 item 2, by inserting table item 2C, effective 1 January 2013. For application provisions see note under Part 2C heading.

S 4 amended by No 117 of 2012, s 3 and Sch 2 item 2, by inserting table item 3A, effective 9 September 2012.

S 4 amended by No 91 of 2012, s 3 and Sch 1 item 9, by inserting table item for Part 3B, effective 29 June 2012. For application provision, see note under Pt 3B heading.

S 4 amended by No 75 of 2012, s 3 and Sch 6 items 10 and 11, by inserting table item for Part 24B and Part 29A, effective 27 June 2012.

S 4 amended by No 154 of 2007, s 3 and Sch 3 items 4 and 5, by substituting the table item for Part 4 and repealing the table item for Part 13, effective 24 September 2007. The table items for Part 4 and Part 13 formerly read:

4 ... lodgment of annual returns by trustees of superannuation entities

13 ... accounts of superannuation entities

S 4 amended by No 154 of 2007, s 3 and Sch 1 item 136, by repealing the table item for Part 31, effective 24 September 2007. The table item for Part 31 formerly read:

31 ... transition to scheme provided for in the Act

S 4 amended by No 53 of 2004, s 3 and Sch 1 item 62, by repealing table item for Part 2, effective 1 July 2006. Table item for Part 2 formerly read:

2 ... approval of trustees

S 4 amended by No 53 of 2004, s 3 and Sch 1 items 1 and 2, by inserting Parts 2A and 2B and Part 18, effective 1 July 2004.

S 4 amended by No 123 of 2001, s 3 and Sch 1 items 282 to 284, by repealing the row relating to Part 18, omitting " and about the disclosure of information about such entities " at the end of the row relating to Part 19, and omitting the row relating to Part 20. Parts 18 and 20 formerly read:

18 ... false and misleading conduct in relation to superannuation interests

20 ... rules relating to insider trading of superannuation interests in public offer entities

S 4 amended by No 128 of 1999, s 3 and Sch 1 item 45, by repealing the row relating to Part 22, effective 13 October 1999. For transitional and application provisions, see the history note to S 2(3). Part 22 formerly read:

22 ... payment of unclaimed superannuation money to ASIC

S 4 amended by No 54 of 1998, No 76 of 1996 and No 53 of 1995.

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.

Part No.	*Matter dealt with*
1	interpretation
2	(Repealed by No 53 of 2004)
2A	licensing of trustees and groups of individual trustees
2B	registrable superannuation entities
2C	MySuper
3	operating standards for funds and trusts
3A	Prudential standards concerning registrable superannuation entities
3B	superannuation data and payment standards for funds and employers
4	accounts, audit and reporting obligations for superannuation entities
5	notices about complying fund status
6	governing rules of funds and trusts
7	rules applying only to regulated superannuation funds
8	in-house asset rules applying to regulated superannuation funds
9	equal representation of employers and members in relation to employer-sponsored funds
10	rules applying only to approved deposit funds
11	rules applying only to pooled superannuation trusts
11A	General fees rules
12	statutory duties of trustees of superannuation entities
13	(Repealed by No 154 of 2007)
14	other provisions relating to funds and trusts
15	standards for trustees, custodians and investment managers of superannuation entities
16	actuaries and auditors of superannuation entities
16A	APRA ' s powers to issue directions
17	suspension or removal of trustees of superannuation entities
18	amalgamation of funds
19	rules about dealing with superannuation interests in public offer entities
20	administrative directions and penalties for contraventions relating to self managed superannuation funds
21	civil and criminal consequences of serious breaches of the Act
22	infringement notices
23	financial assistance to funds that suffer loss as a result of fraud or theft
24	eligible rollover funds
24A	transitional provisions relating to pre-1 July 1995 automatic rollovers of benefits between funds
24B	the administration by APRA and the Commissioner of Taxation of superannuation funds with fewer than 5 members
25	monitoring and investigating superannuation entities
25A	tax file numbers
26	offences relating to statements and records
27	powers of courts
28	judicial and other proceedings under the Act
29	exemption and modification provisions
29A	protections in relation to information
29B	(Repealed by No 2 of 2015)
30	miscellaneous provisions
31	(Repealed by No 154 of 2007)
32	additional transitional provisions relating to tax file numbers
33	additional transitional provisions relating to MySuper
34	additional transitional provisions relating to eligible rollover funds