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CO 13/1420 Orders/ASIC Class Orders as made
This class order provides temporary relief from regulation 7.9.20(2A) of the Corporations Regulations 2001, which requires that superannuation trustees separately report low income superannuation contributions in members' periodic statements. The instrument provides conditional exemption from complying with regulation 7.9.20(2A), subject to compliance with two options, which provide for an alternative method of disclosure.
Administered by: Treasury
Made 12 Nov 2013
Registered 15 Nov 2013
Tabled HR 19 Nov 2013
Tabled Senate 02 Dec 2013

 

Australian Securities and Investments Commission
Corporations Act 2001 — Subsection 1020F(1) — Exemption

 

 

Enabling legislation

 

1.       The Australian Securities and Investments Commission makes this instrument under subsection 1020F(1) of the Corporations Act 2001(the Act).

 

Title

 

2.       This instrument is ASIC Class Order [CO 13/1420].

 

Commencement

 

3.       This instrument commences on the day it is registered under the Legislative Instruments Act 2003.

 

Note:    An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, section 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.

 

Exemption

 

4.       A trustee of a regulated superannuation fund (other than a self-managed superannuation fund) is exempt from section 1017D of the Act to the extent that section requires the trustee to give a member of the fund a periodic statement that includes the details specified in subregulation 7.9.20(2A) of the Corporations Regulations 2001.

 

Conditions

 

5.       The trustee that is relying on this exemption must do one of the following:

 

(a)     both of the following:

 

(i)      in the periodic statement:

 

(A)    include the total of the amounts of the Government co-contributions and of low income superannuation contributions received during the reporting period to which the periodic statement relates; and

 

(B)    refer to the total amount as a “Government contribution”;

 

(ii)     in either the periodic statement or in a document accompanying it, include the following statements and information in close proximity to each other:

 

(A)    a statement to the effect that the amount of the “Government contribution” is the total of the amounts of Government co-contributions and of low income superannuation contributions received during the reporting period to which the periodic statement relates;

 

(B)    a statement to the effect that the trustee will, on request by a member, provide details of the separate amounts of the Government co-contributions and the low income superannuation contributions received during the reporting period;

 

(C)    a telephone number to enable the member to make a request free of charge or for no greater than the cost of a local call; or

 

(b)     both of the following:

 

(i)      in the periodic statement:

 

(A)    include the total of the amounts of the Government co-contributions and of low income superannuation contributions received during the reporting period; and

 

(B)    refer to the total amount as a “Co-contribution”;

 

(ii)     in either the periodic statement or in a document accompanying it, include the following statements and information in close proximity to each other and in a prominent position and style:

 

(A)    a statement to the effect that the amount of the “Co-contribution” is the total of the amounts of Government co-contributions and of low income superannuation contributions received during the reporting period to which the periodic statement relates;

 

(B)    a statement to the effect that the trustee will, on request by a member, provide details of the separate amounts of the Government co-contributions and the low income superannuation contributions received during the reporting period;

 

(C)    a telephone number to enable the member to make a request free of charge or for no greater than the cost of a local call.

 

Transitional

 

6.       This class order applies to reporting periods to which a periodic statement relates that end on or before 31 December 2014.

 

Interpretation

 

7.       In this instrument:

 

Government co-contribution has the same meaning as in the Superannuation (Government Co-contribution for Low Income Earners) Act 2003.

 

low income superannuation contribution has the same meaning as in the Superannuation (Government Co-contribution for Low Income Earners) Act 2003.

 

regulated superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

 

self-managed superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

 

 

 

 

Dated this 12th day of November 2013

 

 

 

 

Signed by Grant Moodie

as a delegate of the Australian Securities and Investments Commission