Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 4) (239 of 1999)

Schedule 1   Amendments commencing on gazettal

Part 1   Major amendments

[16]   After Division 13.1

insert

Division 13.1A Transitional arrangements arising out of the Superannuation Legislation Amendment Act (No. 3) 1999

13.10A Transitional arrangement - preserved OSS Act provisions

(1) In this regulation:

OSS Act means the Occupational Superannuation Standards Act 1987, as in force on 30 June 1994.

preserved OSS Act provisions means the following provisions of the OSS Act that, despite amendment or repeal by the Occupational Superannuation Standards Amendment Act 1993 (the Amendment Act ), have continued to apply under subsection 16 (1) of the Amendment Act:

(a) sections 4, 5, 6 and 6A;

(b) Part II;

(c) sections 10 to 15CA inclusive;

(d) Part IIIAA;

(e) the remaining provisions of the OSS Act in so far as they relate to any or all of the provisions mentioned in the preceding paragraphs of this definition.

superannuation standards officer has the meaning given by the OSS Act.

(2) If a preserved OSS Act provision provides that a thing must, or may, be done by the Insurance and Superannuation Commissioner, and the thing is to be done in respect of a self managed superannuation fund, the thing is validly done if done by the Commissioner of Taxation.

(3) If a preserved OSS Act provision provides that an action, must, or may, be taken in relation to the Insurance and Superannuation Commissioner and a superannuation fund, and the fund in relation to which the action is to be taken is a self managed superannuation fund, the action is validly taken if taken in relation to the fund and the Commissioner of Taxation.

(4) If a preserved OSS Act provision imposes an obligation on the Insurance and Superannuation Commissioner, and the obligation is to be carried out in relation to a self managed superannuation fund, the obligation is taken to be imposed on the Commissioner of Taxation, and may be carried out by a member of the Commissioner of Taxation's staff.

(5) If a preserved OSS Act provision grants an immunity or privilege to the Insurance and Superannuation Commissioner or a superannuation standards officer, the immunity or privilege is taken, in relation to a self managed superannuation fund, to be an immunity or privilege of the Commissioner of Taxation and a member of the Commissioner of Taxation's staff.

13.10B Outstanding annual returns

(1) This regulation applies to the trustee of a fund if subsection 252G (1) of the Act requires the trustee to give an annual return, a report, or information to the Commissioner of Taxation.

(2) Despite subsection 252G (1) of the Act, the trustee continues, until 30 June 2000, to be under an obligation to give the annual return, report or information to APRA rather than to the Commissioner.

13.10C Outstanding amounts

(1) This regulation applies to the trustee of a fund if subsection 252G (3) of the Act requires the trustee of the fund to pay an amount to the Commissioner of Taxation.

(2) Despite subsection 252G (3) of the Act, the trustee continues, until 30 June 2000, to be under an obligation to pay the amount to APRA rather than to the Commissioner.

13.10D Certain annual returns and amounts for
1999–2000 year of income

(1) This regulation is made for section 252H of the Act.

(2) If the trustee of a superannuation entity that was a self managed superannuation fund at any time during the 1999–2000 year of income of the entity gives an annual return for that year of income of the entity before 1 July 2000, and the Act requires the return to be given to the Commissioner of Taxation, the trustee is taken to have complied with the requirement if the trustee gives the return to APRA.

(3) If the trustee of a superannuation entity mentioned in subregulation (1) pays, under a prescribed Act, an amount before 1 July 2000 in respect of the 1999–2000 year of income of the entity, and the Act requires the amount to be paid to the Commissioner of Taxation, the trustee is taken to have complied with the requirement if the trustee pays the amount to APRA rather than to the Commissioner.

(4) In subregulation (3):

prescribed Act has the same meaning as in section 252G of the Act.

Part 2 Minor and formal amendments