Federal Register of Legislation - Australian Government

Primary content

Regulations as made
This instrument amends relevant provisions in the Superannuation Industry (Supervision) Regulations 1994 that refer to self managed superannuation funds (SMSFs) and small superannuation funds (SSFs) to ensure the provisions accord with the increased member limits of SMSFs and SSFs provided by the Treasury Laws Amendment (Self Managed Superannuation Funds) Act 2021.
Administered by: Treasury
Registered 25 Jun 2021
Tabling HistoryDate
Tabled HR03-Aug-2021
Tabled Senate03-Aug-2021
To be repealed 19 Oct 2021
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms of Australia

 

Treasury Laws Amendment (Self Managed Superannuation Funds) Regulations 2021

I, General the Honourable David Hurley AC DSC (Retd), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated 24 June 2021

David Hurley

Governor‑General

By His Excellency’s Command

Jane Hume

Minister for Superannuation, Financial Services and the Digital Economy

 

  

  


Contents

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

Schedule 1—Amendments                                                                                                                          2

Superannuation Industry (Supervision) Regulations 1994                                                           2

 


1  Name

                   This instrument is the Treasury Laws Amendment (Self Managed Superannuation Funds) Regulations 2021.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The later of:

(a) the day after this instrument is registered; and

(b) the day on which the Treasury Laws Amendment (Self Managed Superannuation Funds) Act 2021 commences.

1 July 2021

(paragraph (b) applies)

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under the Superannuation Industry (Supervision) Act 1993.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

  

Superannuation Industry (Supervision) Regulations 1994

1  Subregulation 3.05(2) (heading)

Omit “more than 4”, substitute “more than 6”.

2  Paragraph 3.05(2)(a)

Omit “at least 5”, substitute “more than 6”.

3  Subparagraph 3.05(3)(b)(i)

Omit “at least 5”, substitute “more than 6”.

4  Paragraph 3A.01(a)

Omit “fewer than 5 members”, substitute “no more than 6 members”.

5  Paragraph 3A.02(1)(b)

Omit “fewer than 5 members”, substitute “no more than 6 members”.

6  Regulation 4.02A (heading)

Omit “fewer than 5 members”, substitute “no more than 6 members”.

7  Regulation 4.02AA (heading)

Omit “fewer than 5 members”, substitute “no more than 6 members”.

8  Paragraph 4.02AA(1)(b)

Omit “fewer than 5 members”, substitute “no more than 6 members”.

9  Subregulation 4.03(1)

Omit “fewer than 5 members”, substitute “no more than 6 members”.

10  Paragraph 4.08A(2)(b)

Omit “more than 4”, substitute “more than 6”.

11  Subparagraph 7A.03G(2)(b)(i)

Omit “fewer than 5 members”, substitute “no more than 6 members”.

12  Subparagraph 7A.09(2)(b)(i)

Omit “fewer than 5 members”, substitute “no more than 6 members”.

13  Subparagraph 7A.17(4)(a)(i)

Omit “fewer than 5 members”, substitute “no more than 6 members”.

14  Subparagraph 7A.18(2)(b)(i)

Omit “fewer than 5 members”, substitute “no more than 6 members”.

15  Paragraph 13.22C(2)(a)

Omit “fewer than 5 members”, substitute “no more than 6 members”.

16  Paragraph 13.22D(1)(a)

Omit “5 or more”, substitute “more than 6”.