Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 13/1420]

Authoritative Version
CO 13/1420 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 14/1249]
Administered by: Treasury
Registered 15 Dec 2014
Start Date 12 Dec 2014
Date of repeal 23 Jul 2020
Repealed by ASIC Corporations (Amendment and Repeal) Instrument 2020/579

ASIC Class Order [CO 13/1420]

Interim relief from separately reporting low income superannuation contributions in members’ periodic statements

This instrument has effect under s1020F(1) of the Corporations Act 2001.

This compilation was prepared on 12 December 2014 taking into account amendments up to [CO 14/1249]. See the table at the end of this class order.

Prepared by the Australian Securities and Investments Commission.

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.    A 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 either a “Co-contribution” or “Government 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” or “Government co-contribution” (as applicable) 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 30 June 2015.

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.

 

 

Notes to ASIC Class Order [CO 13/1420]

Note 1

ASIC Class Order [CO 13/1420] (in force under s1020F(1) of the Corporations Act 2001) as shown in this compilation comprises that Class Order amended as indicated in the tables below.

Table of Instruments

Instrument number

Date of  FRLI registration

Date of commencement

Application, saving or transitional provisions

[CO 13/1420]

15/11/2013 (see F2013L01943)

15/11/2013

 

[CO 13/1473]

27/11/2013  (see F2013L01992)

27/11/2013

-

[CO 14/1249]

12/12/2014 (see F2014L01690)

12/12/2014

-

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected

How affected

Para 5..........................

Para 6..........................

am. [CO 13/1473]

am. [CO 14/1249]