Superannuation Legislation Amendment (Simplification) Act 2007 (15 of 2007)

Schedule 3   Other amendments

Superannuation Industry (Supervision) Act 1993

54   After section 104

Insert:

104A Trustees etc. of self managed superannuation fund - recognition of obligations and responsibilities

(1) This section applies to a person if:

(a) he or she becomes, after 30 June 2007:

(i) the trustee of a self managed superannuation fund; or

(ii) a director of a body corporate that is the trustee of a self managed superannuation fund; or

(b) he or she is a trustee of such a fund or a director of such a body corporate, and another person becomes, after 30 June 2007, a trustee of the fund or a director of the body corporate.

(2) The person must:

(a) if paragraph (1)(a) applies - sign a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund (or as director of a body corporate that is such a trustee), no later than 21 days after becoming such a trustee or director; and

(b) if paragraph (1)(b) applies - ensure that the other person signs a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund (or as director of a body corporate that is such a trustee), within 21 days after becoming such a trustee or director; and

(c) ensure that the declaration is retained so long as it is relevant, and in any case for at least 10 years; and

(d) make the declaration available for inspection by a member of the staff of the Regulator if requested to do so by a member of that staff.

(3) A person is guilty of an offence if the person contravenes subsection (2). This is an offence of strict liability.

Maximum penalty: 50 penalty units.

Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2: For strict liability , see section 6.1 of the Criminal Code.