Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (154 of 2007)

Schedule 3   Accounts, reporting etc. obligations

Superannuation (Self Managed Superannuation Funds) Taxation Act 1987

14   Saving and application provisions

(1) If, immediately before the commencement of this Schedule:

(a) subsection 111(2); or

(b) subsection 112(4);

of the Superannuation Industry (Supervision) Act 1993 applied to the trustee of a superannuation entity in relation to the accounting records of the entity, that subsection continues to apply to the trustee in relation to the records despite the repeal of the subsection by this Schedule.

(2) If, before the commencement of this Schedule, an auditor had requested a trustee of a superannuation entity to give the auditor a document under subsection 113(1A) of the Superannuation Industry (Supervision) Act 1993 and the request had not been complied with, the trustee’s obligation under subsection 113(1A) to ensure that the document is given to the auditor continues to apply despite the repeal of the subsection by this Schedule.

(3) Sections 35B, 35C and 35D of the Superannuation Industry (Supervision) Act 1993 apply in relation to a superannuation entity in respect of the year of income in which those sections commence and each later year of income.