Superannuation Industry (Supervision) Regulations 1994

Statutory Rules 1994 No. 57 as amended

made under the

Superannuation Industry (Supervision) Act 1993

This compilation was prepared on 11 December 2012
taking into account amendments up to SLI 2012 No. 330

The text of any of those amendments not in force
on that date is appended in the Notes section

This document has been split into two volumes

Volume 1 contains Parts 1–13, and

Volume 2 contains the Schedules and the Notes

Each volume has its own Table of Contents

Prepared by the Office of Parliamentary Counsel, Canberra

Contents

Schedule 1AAA Approved auditors — professional organisations

Schedule 1AA

Part 1 Exempt public sector superannuation schemes (1994‑95 and 1995‑96 years of income)

Part 2 Exempt public sector superannuation schemes (1996‑97 year of income)

Part 3 Exempt public sector superannuation schemes (1997‑98 year of income and subsequent years of income)

Schedule 1A Payment limits for annuities and pensions with a commencement day before 1 January 2006

Schedule 1AAB Payment limits for annuities and pensions with a commencement day on and after 1 January 2006

Schedule 1B Pension valuation factors

Schedule 1 Conditions of release of benefits

Part 1 Regulated superannuation funds

Part 2 Approved deposit funds

Schedule 2 Modifications of the OSS laws in relation to preserved benefits in regulated superannuation funds

Part 1 Modifications of the Occupational Superannuation Standards Act 1987

Part 2 Modifications of the Occupational Superannuation Standards Regulations

Schedule 2A Request to transfer whole balance of superannuation benefits between funds form

Schedule 3 Prescribed form of advertisement of scheme for winding‑up or dissolution

Schedule 4 Approved bodies

Schedule 6 Payments for market linked income streams

Schedule 7 Minimum payment amount for a superannuation income stream

Notes  

Schedule 1AAA Approved auditors — professional organisations

(subregulation 1.04 (2))

 

 

Item

Professional Organisation

Manner of Association

1.

CPA Australia Limited

Member

2.

The Institute of Chartered Accountants in Australia

Member

3.

National Institute of Accountants

Member

4.

Association of Taxation and Management Accountants

Member or Fellow

5.

National Tax and Accountants Association Ltd

Fellow

6.

SMSF Professionals’ Association of Australia Limited

SMSF Specialist Auditor

Schedule 1AA  

(subregulation 1.04 (4A))

Part 1 Exempt public sector superannuation schemes (1994‑95 and 1995‑96 years of income)

Commonwealth

 Schemes established by or operated under:

  Defence Act 1903

  Defence Force Retirement and Death Benefits Act 1973

  Governor‑General Act 1974

  Judges’ Pensions Act 1968

  Parliamentary Contributory Superannuation Act 1948

New South Wales

 Schemes established by or operated under:

  First State Superannuation Act 1992

  Judges’ Pensions Act 1953

Local Government and other Authorities (Superannuation) Act 1927

  New South Wales Retirement Benefits Act 1972

  Parliamentary Contributory Superannuation Act 1971

  Police Regulation (Superannuation) Act 1906

  Public Authorities Superannuation Act 1985

  Public Sector Executives Superannuation Act 1989

State Authorities Non‑contributory Superannuation Act 1987

  State Authorities Superannuation Act 1987

  State Public Service Superannuation Act 1985

  Superannuation Act 1916

  Superannuation Administration Act 1991

  Transport Employees Retirement Benefits Act 1967

Victoria

 Schemes established by or operated under:

  Attorney‑General and Solicitor General Act 1972

  Coal Mines (Pensions) Act 1958

  Constitution Act 1975

  County Court Act 1958

  Judicial Remuneration Tribunal Act 1995

  Justices Act 1958

  Magistrates Courts Act 1989

  Magistrates (Summary Proceedings) Act 1975

  Mint Act 1958

  Ombudsman Act 1973

  Public Prosecutions Act 1994

  Supreme Court Act 1986

 Schemes established under trust deeds:

  City of Melbourne Superannuation Fund

  County Court Associates Superannuation Scheme

  Emergency Services Superannuation Scheme

  Gas and Fuel Superannuation Fund

  Holmesglen Construction Superannuation Plan

  Hospitals Superannuation Fund

  Local Authorities Superannuation Fund

Melbourne Water Corporation Employees’ Superannuation Fund

  Parliamentary Contributory Superannuation Fund

  Pharmaceutical Organisations Superannuation Fund

  Port of Geelong Authority Superannuation Fund

  Port of Melbourne Authority Superannuation Scheme

  State Casual Employees Superannuation Fund

  State Employees Retirement Benefits Fund

  State Superannuation Fund

  Supreme Court Associates Superannuation Scheme

  Transport Superannuation Fund

  Victorian Electricity Industry Superannuation Fund

  Victorian Superannuation Fund

  Zoological Board of Victoria Superannuation Fund

Queensland

 Schemes established by or operated under:

  Fire Service Act 1990

  Governors’ Pensions Act 1977

  Judges (Pensions and Long Leave) Act 1957

  Parliamentary Contributory Superannuation Act 1970

  Police Superannuation Act 1974

  State Service Superannuation Act 1972

Superannuation (Government and Other Employees) Act 1988 

  Superannuation (State Public Sector) Act 1990

South Australia

 Schemes established by or operated under:

  Electricity Corporations Act 1994

  Governors’ Pensions Act 1976

  Judges’ Pensions Act 1971

  Parliamentary Superannuation Act 1974

  Police Superannuation Act 1990

  Southern State Superannuation Act 1994

  Superannuation Act 1988

  Superannuation (Benefit Scheme) Act 1992

 Schemes established under trust deeds

Lyell McEwen Health Service Incorporated Superannuation Fund

  Police Occupational Superannuation Scheme

Western Australia

 Schemes established by or operated under:

  Government Employees Superannuation Act 1987

  Judges’ Salaries and Pensions Act 1950

  Parliamentary Superannuation Act 1970

  Superannuation and Family Benefits Act 1938

Tasmania

 Schemes established by or operated under:

  Judges’ Contributory Pensions Act 1968

  Parliamentary Retiring Benefits Act 1985

  Parliamentary Superannuation Act 1973

  Retirement Benefits Act 1993

  Solicitor‑General Act 1983

Australian Capital Territory

 Schemes established by or operated under:

Superannuation (Legislative Assembly Members) Act 1991

Northern Territory

 Schemes established by or operated under:

  Administrators Pension Act 1981

  Legislative Assembly Members’ Superannuation Act 1979

  Superannuation Act 1986

  Supreme Court (Judges Pensions) Act 1980

 Schemes established under trust deeds or other means

  Northern Territory Police Supplementary Benefit Scheme

Northern Territory Supplementary Superannuation Scheme

Part 2 Exempt public sector superannuation schemes (1996‑97 year of income)

Commonwealth

 Schemes established by or operated under:

  Defence Act 1903

  Defence Force Retirement and Death Benefits Act 1973

  Governor‑General Act 1974

  Judges’ Pensions Act 1968

  Parliamentary Contributory Superannuation Act 1948

New South Wales

 Schemes established by or operated under:

  First State Superannuation Act 1992

  Judges’ Pensions Act 1953

Local Government and Other Authorities (Superannuation)  Act 1927

  New South Wales Retirement Benefits Act 1972

  Parliamentary Contributory Superannuation Act 1971

  Police Regulation (Superannuation) Act 1906

  Public Authorities Superannuation Act 1985

  Public Sector Executives Superannuation Act 1989

State Authorities Non‑contributory Superannuation Act 1987

  State Authorities Superannuation Act 1987

  State Public Service Superannuation Act 1985

  Superannuation Act 1916

  Superannuation Administration Act 1996

  Transport Employees Retirement Benefits Act 1967

Victoria

 Schemes established by or operated under:

  Attorney General and Solicitor General Act 1972

  Coal Mines (Pensions) Act 1958

  Constitution Act 1975

  County Court Act 1958

  County Court (Jurisdictions) Act 1968

  Emergency Services Superannuation Act 1986

  Hospitals Superannuation Act 1988

  Justices Act 1958

  Local Authorities Superannuation Act 1988

  Magistrates (Summary Proceedings) Act 1975

  Mint Act 1958

  Ombudsman Act 1973

  Parliamentary Salaries and Superannuation Act 1968

  Port of Geelong Authority Act 1958

  Port of Melbourne Authority Act 1958

  Public Prosecutions Act 1994

  Public Sector Superannuation (Administration) Act 1993

  State Superannuation Act 1988

  Supreme Court Act 1986

Queensland

  Government Officers’ Superannuation Scheme (GoSuper)

  Governors’ Pension Scheme

  Judges Pension Scheme

  Parliamentary Contributory Superannuation Fund

  Police Superannuation Fund (Police Super)

  Queensland Fire Service Superannuation Plan

  State Service Superannuation Fund (State Super)

South Australia

 Schemes established by or operated under:

  Electricity Corporations Act 1994

  Governors’ Pensions Act 1976

  Judges’ Pensions Act 1971

  Parliamentary Superannuation Act 1974

  Police Superannuation Act 1990

  Southern State Superannuation Act 1994

  Superannuation Act 1988

  Superannuation (Benefit Scheme) Act 1992

 Schemes established by or under trust deeds

Lyell McEwen Health Service Incorporated Superannuation Fund

  Police Occupational Superannuation Scheme

Western Australia

 Schemes established by or operated under:

  Government Employees Superannuation Act 1987

  Judges’ Salaries and Pensions Act 1950

  Parliamentary Superannuation Act 1970

  Superannuation and Family Benefits Act 1938

Tasmania

 Schemes established by or operated under:

  Governor of Tasmania Act 1982

  Judges’ Contributory Pensions Act 1968

  Parliamentary Retiring Benefits Act 1985

  Parliamentary Superannuation Act 1973

  Retirement Benefits Act 1993

  Solicitor‑General Act 1983

Australian Capital Territory

 Schemes established by or operated under:

 Superannuation (Legislative Assembly Members) Act 1991

Northern Territory

 Schemes established by or operated under:

  Administrators Pension Act 1981

  Legislative Assembly Members’ Superannuation Act 1979

  Superannuation Act 1986

  Supreme Court (Judges Pensions) Act 1980

 Other schemes

Northern Territory Police Supplementary Benefit Scheme

Northern Territory Supplementary Superannuation Scheme

Part 3 Exempt public sector superannuation schemes (1997‑98 year of income and subsequent years of income)

Commonwealth

 Schemes established by or operated under:

  Defence Act 1903

  Defence Force Retirement and Death Benefits Act 1973

  Defence Forces Retirement Benefits Act 1948

  Federal Magistrates Act 1999

  Governor‑General Act 1974

  Judges’ Pensions Act 1968

  Papua New Guinea (Staffing Assistance) Act 1973

  Parliamentary Contributory Superannuation Act 1948

  Superannuation Act 1922

New South Wales

 Schemes established by or operated under:

  Judges’ Pensions Act 1953

Local Government and Other Authorities (Superannuation)  Act 1927

  New South Wales Retirement Benefits Act 1972

  Parliamentary Contributory Superannuation Act 1971

  Police Regulation (Superannuation) Act 1906

  Public Authorities Superannuation Act 1985

 State Authorities Non‑contributory Superannuation Act 1987

  State Authorities Superannuation Act 1987

  State Public Service Superannuation Act 1985

  Superannuation Act 1916

  Superannuation Administration Act 1996

  Transport Employees Retirement Benefits Act 1967

Victoria

 Schemes established by or operated under:

  Attorney General and Solicitor General Act 1972

  Constitution Act 1975

  County Court Act 1958

  Emergency Services Superannuation Act 1986

  Magistrates’ Court Act 1989

  Ombudsman Act 1973

  Parliamentary Salaries and Superannuation Act 1968

  Public Prosecutions Act 1994

  State Employees Retirement Benefits Act 1979

  State Superannuation Act 1988

  Supreme Court Act 1986

  Transport Superannuation Act 1988

Queensland

  Governors’ Pension Scheme

  Judges Pension Scheme

South Australia

 Schemes established by or operated under:

  Electricity Corporations Act 1994

  Governors’ Pensions Act 1976

  Judges’ Pensions Act 1971

  Parliamentary Superannuation Act 1974

  Police Superannuation Act 1990

   Southern State Superannuation Act 2009

  Superannuation Act 1988

Western Australia

 Schemes established by or operated under:

  Judges’ Salaries and Pensions Act 1950

  Parliamentary Superannuation Act 1970

  State Superannuation Act 2000

  Superannuation and Family Benefits Act 1938

Tasmania

 Schemes established by or operated under:

  Governor of Tasmania Act 1982

  Judges’ Contributory Pensions Act 1968

  Parliamentary Retiring Benefits Act 1985

  Parliamentary Superannuation Act 1973

  Retirement Benefits Act 1993

  Solicitor‑General Act 1983

Australian Capital Territory

 Schemes established by or operated under:

  Legislative Assembly (Members’ Superannuation) Act 1991

  Supreme Court Act 1933

Northern Territory

 Schemes established by or operated under:

  Administrators Pension Act 1981

  Legislative Assembly Members’ Superannuation Act 1979

  Superannuation Act 1986

  Supreme Court (Judges Pensions) Act 1980

 Other schemes

  Northern Territory Police Supplementary Benefit Scheme

Northern Territory Supplementary Superannuation Scheme

Schedule 1A Payment limits for annuities and pensions with a commencement day before 1 January 2006

(subregulations 1.05 (4) and 1.06 (4))

 

1.  Subject to clauses 3, 4 and 5, the maximum limits mentioned in paragraph 1.05 (4) (f) or 1.06 (4) (e) are determined under the formula:

where:

AB means the amount of the annuity account balance, or pension account balance, as the case requires:

 (a) on 1 July in the financial year in which the payments are made; or

 (b) if that year is the year in which the annuity payments, or pension payments, commence — on the commencement day; and

PVF means the maximum pension valuation factor set out in Column 3 in the Table in this Schedule in relation to the item in the Table that represents the age of the beneficiary on:

 (a) 1 July in the financial year in which the payments are made; or

 (b) if that is the year in which the annuity payments, or pension payments, commence — the commencement day.

2.  Subject to clauses 3, 3A, 3B and 4, the minimum limits mentioned in paragraph 1.05 (4) (f) or 1.06 (4) (e) are determined under the formula:

where:

AB means the amount of the annuity account balance, or pension account balance, as the case requires:

 (a) on 1 July in the financial year in which the payments are made; or

 (b) if that year is the year in which the annuity payments, or pension payments, commence — on the commencement day; and

PVF means the minimum pension valuation factor set out in Column 4 in the Table to this Schedule in relation to the item in the Table that represents the age of the beneficiary on:

 (a) 1 July in the financial year in which the payments are made; or

 (b) if that is the year in which the annuity payments, or pension payments, commence — the commencement day.

3.  For a calculation of the maximum or minimum limit in the year in which the commencement day of the pension or annuity occurs if that day is a day other than 1 July, the appropriate value set out in Column 3 or Column 4 must be applied proportionally to the number of days in the financial year that include and follow the commencement day.

3A.  For the financial years commencing on 1 July 2008, 1 July 2009 and 1 July 2010, the minimum limit is half of the amount determined under the formula in clause 2.

3B. For the financial years commencing on 1 July 2011 and 1 July 2012, the minimum limit is 75% of the amount determined under the formula in clause 2.

4.  An amount determined under the formula in clause 1 or clause 2, is rounded to the nearest 10 whole dollars.

Table

 

Column 1

Column 2

Column 3

Column 4

Item

Age of Beneficiary

Maximum Pension Valuation Factor

Minimum Pension Valuation Factor

1

20 or less

10

28.6

2

21

10

28.5

3

22

10

28.3

4

23

10

28.1

5

24

10

28.0

6

25

10

27.8

7

26

10

27.6

8

27

10

27.5

9

28

10

27.3

10

29

10

27.1

11

30

10

26.9

12

31

10

26.7

13

32

10

26.5

14

33

10

26.3

15

34

10

26.0

16

35

10

25.8

17

36

10

25.6

18

37

10

25.3

19

38

10

25.1

20

39

10

24.8

21

40

10

24.6

22

41

10

24.3

23

42

10

24.0

24

43

10

23.7

25

44

10

23.4

26

45

10

23.1

27

46

10

22.8

28

47

10

22.5

29

48

10

22.2

30

49

10

21.9

31

50

9.9

21.5

32

51

9.9

21.2

33

52

9.8

20.9

34

53

9.7

20.5

35

54

9.7

20.1

36

55

9.6

19.8

37

56

9.5

19.4

38

57

9.4

19.0

39

58

9.3

18.6

40

59

9.1

18.2

41

60

9.0

17.8

42

61

8.9

17.4

43

62

8.7

17.0

44

63

8.5

16.6

45

64

8.3

16.2

46

65

8.1

15.7

47

66

7.9

15.3

48

67

7.6

14.9

49

68

7.3

14.4

50

69

7.0

14.0

51

70

6.6

13.5

52

71

6.2

13.1

53

72

5.8

12.6

54

73

5.4

12.2

55

74

4.8

11.7

56

75

4.3

11.3

57

76

3.7

10.8

58

77

3.0

10.4

59

78

2.2

10.0

60

79

1.4

9.5

61

80

1

9.1

62

81

1

8.7

63

82

1

8.3

64

83

1

7.9

65

84

1

7.5

66

85

1

7.1

67

86

1

6.8

68

87

1

6.4

69

88

1

6.1

70

89

1

5.8

71

90

1

5.5

72

91

1

5.3

73

92

1

5.0

74

93

1

4.8

75

94

1

4.6

76

95

1

4.4

77

96

1

4.2

78

97

1

4.0

79

98

1

3.8

80

99

1

3.7

81

100 or more

1

3.5

Example

Iva Fortune, who turns 60 on 5 September 1994, invests $100,000 in an allocated pension fund on 1 October 1994. The date of the first payment to Ms Fortune is 1 January 1995.

Assume a fund earning rate of 7%.

1994/95: The maximum and minimum payments for 1994/95 are based on:

 (a) the account balance on the day of purchase; and

 (b) the beneficiary’s age of 60 on the day of purchase:

(maximum limit, rounded to $8,310)

(minimum limit, rounded to $4,200)

Assume that total payments to Ms Fortune at 30 June 1995 are $6,000.

1995/96: The maximum and minimum payments for the year 1995/96 are based on:

 (a) the account balance on 1 July 1995 which is $99,145 (residue $94,000 + interest of $5,145); and

 (b) the beneficiary’s age of 60 on 1 July 1995:

(maximum limit, rounded to $11,020)

(minimum limit, rounded to $5,570)

5. In a year in which a PVF of 1 is used in calculating the maximum limit under clause 1, payment of the full account balance may be made at any time during the year.

 

 

Schedule 1AAB Payment limits for annuities and pensions with a commencement day on and after 1 January 2006

(subregulations 1.05 (4) and 1.06 (4))

 

1. Subject to clauses 3, 4 and 5, the maximum limits mentioned in paragraph 1.05 (4) (f) or 1.06 (4) (e) are determined under the formula:

where:

AB means the amount of the annuity account balance, or pension account balance, as the case requires:

 (a) on 1 July in the financial year in which the payments are made; or

 (b) if that year is the year in which the annuity payments, or pension payments, commence — on the commencement day.

PVF means the maximum pension valuation factor set out in Column 3 of the Table in this Schedule in relation to the item in the Table that represents the age of the beneficiary on:

 (a) 1 July in the financial year in which the payments are made; or

 (b) if that is the year in which the annuity payments, or pension payments, commence — the commencement day.

2. Subject to clauses 3, 3A, 3B and 4, the minimum limits mentioned in paragraph 1.05 (4) (f) or 1.06 (4) (e) are determined under the formula:

where:

AB means the amount of the annuity account balance, or pension account balance, as the case requires:

 (a) on 1 July in the financial year in which the payments are made; or

 (b) if that year is the year in which the annuity payments, or pension payments, commence — on the commencement day.

PVF means the minimum pension valuation factor set out in Column 4 of the Table in this Schedule in relation to the item in the Table that represents the age of the beneficiary on:

 (a) 1 July in the financial year in which the payments are made; or

 (b) if that is the year in which the annuity payments, or pension payments, commence — the commencement day.

3. For a calculation of the maximum or minimum limit in the year in which the commencement day of the pension or annuity occurs if that day is a day other than 1 July, the appropriate value set out in Column 3 or Column 4 of the Table in this Schedule as the case requires, must be applied proportionally to the number of days in the financial year that include and follow the commencement day.

3A.  For the financial years commencing on 1 July 2008, 1 July 2009 and 1 July 2010, the minimum limit is half of the amount determined under the formula in clause 2.

3B. For the financial years commencing on 1 July 2011 and 1 July 2012, the minimum limit is 75% of the amount determined under the formula in clause 2.

4. An amount determined under the formula in clause 1 or clause 2, is rounded to the nearest 10 whole dollars.

5. In a year in which a PVF of 1 is used in calculating the maximum limit under clause 1, payment of the full account balance may be made at any time during the year.

Table

Column 1

Column 2

Column 3

Column 4

Item

Age of Beneficiary

Maximum Pension Valuation Factor

Minimum Pension Valuation Factor

1

20 or less

12.0

29.2

2

21

12.0

29.0

3

22

12.0

28.9

4

23

12.0

28.7

5

24

12.0

28.6

6

25

12.0

28.4

7

26

12.0

28.3

8

27

12.0

28.1

9

28

12.0

27.9

10

29

12.0

27.8

11

30

12.0

27.6

12

31

12.0

27.4

13

32

12.0

27.2

14

33

12.0

27.0

15

34

12.0

26.8

16

35

12.0

26.6

17

36

12.0

26.4

18

37

12.0

26.2

19

38

12.0

26.0

20

39

12.0

25.8

21

40

12.0

25.5

22

41

12.0

25.3

23

42

12.0

25.0

24

43

12.0

24.8

25

44

12.0

24.5

26

45

12.0

24.2

27

46

12.0

24.0

28

47

12.0

23.7

29

48

12.0

23.4

30

49

12.0

23.1

31

50

12.0

22.8

32

51

11.9

22.5

33

52

11.8

22.2

34

53

11.8

21.8

35

54

11.7

21.5

36

55

11.5

21.1

37

56

11.4

20.8

38

57

11.3

20.4

39

58

11.2

20.1

40

59

11.0

19.7

41

60

10.9

19.3

42

61

10.7

18.9

43

62

10.5

18.5

44

63

10.3

18.1

45

64

10.1

17.7

46

65

9.9

17.3

47

66

9.6

16.8

48

67

9.3

16.4

49

68

9.1

16.0

50

69

8.7

15.5

51

70

8.4

15.1

52

71

8.0

14.6

53

72

7.6

14.2

54

73

7.2

13.7

55

74

6.7

13.3

56

75

6.2

12.8

57

76

5.7

12.3

58

77

5.1

11.9

59

78

4.5

11.4

60

79

3.8

10.9

61

80

3.1

10.5

62

81

2.3

10.0

63

82

1.4

9.6

64

83

1

9.1

65

84

1

8.7

66

85

1

8.3

67

86

1

7.9

68

87

1

7.5

69

88

1

7.2

70

89

1

6.9

71

90

1

6.6

72

91

1

6.3

73

92

1

6.0

74

93

1

5.8

75

94

1

5.5

76

95

1

5.3

77

96

1

5.1

78

97

1

4.9

79

98

1

4.7

80

99

1

4.5

81

100 or more

1

4.4

Example

Clive Long, who turns 65 on 8 February 2006, invests $100,000 in an allocated pension fund on 1 March 2006. The date of the first payment to Mr Long is 1 April 2006.

2005/06: The maximum and minimum payments for 2005/06 are based on:

(a) the account balance on the day of purchase; and

(b) the beneficiary’s age of 65 on the day of purchase:

(maximum limit, rounded to $3,380)

(minimum limit, rounded to $1,930)

Assume that total payments to Mr Long at 30 June 2006 are $3,000.

2006/07: The maximum and minimum payments for 2006/07 are based on:

(a) the account balance on 1 July 2006 which is $99,300 (residue $97,000 + earnings of $2,300); and

(b) the beneficiary’s age of 65 on 1 July 2006:

(maximum limit, rounded to $10,030)

(minimum limit, rounded to $5,740)

Schedule 1B Pension valuation factors

(paragraph 1.06 (6) (g) and subregulation 1.08 (1))

 

1.  The pension valuation factor for:

 (a) a pension that is to be indexed at a rate greater than 8% each year; or

 (b) a pension that is included in a class of pensions that are to be indexed at a rate that is greater than 8% each year;

is the factor determined in writing by the Regulator, on a case‑by‑case basis, in relation to that pension or class of pensions.

2.  The pension valuation factor for any other pension is the factor applicable to the pension under the following tables.

3.  A reference in the tables to Age is a reference to the age of the recipient on the commencement day of the relevant pension. If the age of a person on that day falls between 2 of the ages specified in a table, the pension valuation factor is to be determined by reference to the factors specified under the next greater age group in the table.

4.  If a pension has no reversion, the pension valuation factor for the pension is to be the relevant factor specified in the relevant table in the Below 50% group.

5.  If the rules of a superannuation fund provide that a pension is indexed to movements in salary, the pension valuation factor for the pension is the relevant factor specified in the table relating to an indexation rate of 8%.

6.  If a pension is indexed by reference to movements in a price index published by the Australian Statistician, the pension valuation factor for the pension is the relevant factor applicable under the table into which the standard indexation rate falls.

7.  Subject to clause 8, if the governing rules of a superannuation fund provide for a pension to be indexed at the discretion of the trustees of the fund, the pension valuation factor is to be determined as if the indexation rate were a rate worked out by:

 (a) adding together the indexation rates determined by the trustees for pensions of same kind as that pension in respect of each year in the period of 5 years of which the year of income in which the pension commences to be paid is the last year; and

 (b) dividing the result by 5.

8.  If a superannuation fund to which clause 7 applies has been in existence, or making pension payments, for less than a continuous period of 5 years, the pension valuation factor is to be the relevant factor specified in the table that relates to the standard indexation rate.

Tables

Indexation rate of 8%

 

Reversion

Age next birthday of recipient on commencement day of pension

 

20

21

26

31

36

41

46

51

56

61

66

71

76

81

 

or

to

to

to

to

to

to

to

to

to

to

to

to

or

 

less

25

30

35

40

45

50

55

60

65

70

75

80

more

Below 50%

33

31

29

27

25

23

21

18

16

14

12

10

9

9

50%‑75%

34

33

31

29

27

25

22

20

18

15

13

11

10

9

Above 75%

35

34

32

30

28

26

24

21

19

16

14

12

10

10

Indexation rate of at least 7% but less than 8%

 

Reversion

Age next birthday of recipient on commencement day of pension

 

20

21

26

31

36

41

46

51

56

61

66

71

76

81

 

or

to

to

to

to

to

to

to

to

to

to

to

to

or

 

less

25

30

35

40

45

50

55

60

65

70

75

80

more

Below 50%

26

25

24

23

21

20

18

16

14

13

11

10

9

8

50%‑75%

27

26

25

24

23

21

19

18

16

14

12

10

9

9

Above 75%

28

27

26

25

24

22

20

19

17

15

13

11

10

9

 

Indexation rate of least 6% but less than 7%

 

Reversion

Age next birthday of recipient on commencement day of pension

 

20

21

26

31

36

41

46

51

56

61

66

71

76

81

 

or

to

to

to

to

to

to

to

to

to

to

to

to

or

 

less

25

30

35

40

45

50

55

60

65

70

75

80

more

Below 50%

22

21

20

19

18

17

16

14

13

12

10

9

8

8

50%‑75%

22

22

21

20

19

18

17

16

14

13

11

10

9

8

Above 75%

23

22

22

21

20

19

18

16

15

13

12

10

9

8

 

Indexation rate of at least 5% but less than 6%

 

Reversion

Age next birthday of recipient on commencement day of pension

 

20

21

26

31

36

41

46

51

56

61

66

71

76

81

 

or

to

to

to

to

to

to

to

to

to

to

to

to

or

 

less

25

30

35

40

45

50

55

60

65

70

75

80

more

Below 50%

18

18

17

17

16

15

14

13

12

11

10

9

8

8

50%‑75%

19

18

18

17

17

16

15

14

13

12

10

9

8

8

Above 75%

19

19

18

18

17

17

16

15

13

12

11

9

8

8

 

Indexation rate of at least 4% but less than 5%

 

Reversion

Age next birthday of recipient on commencement day of pension

 

20

21

26

31

36

41

46

51

56

61

66

71

76

81

 

or

to

to

to

to

to

to

to

to

to

to

to

to

or

 

less

25

30

35

40

45

50

55

60

65

70

75

80

more

Below 50%

16

15

15

15

14

13

13

12

11

10

9

8

8

7

50%‑75%

16

16

15

15

15

14

13

13

12

11

10

9

8

7

Above 75%

16

16

16

15

15

15

14

13

12

11

10

9

8

7

 

Indexation rate of at least 3% but less than 4%

 

Reversion

Age next birthday of recipient on commencement day of pension

 

20

21

26

31

36

41

46

51

56

61

66

71

76

81

 

or

to

to

to

to

to

to

to

to

to

to

to

to

or

 

less

25

30

35

40

45

50

55

60

65

70

75

80

more

Below 50%

14

14

13

13

13

12

11

11

10

9

8

8

7

7

50%‑75%

14

14

14

13

13

13

12

11

11

10

9

8

7

7

Above 75%

14

14

14

14

13

13

12

12

11

10

9

8

8

7

 

Indexation rate of at least 2% but less than 3%

 

Reversion

Age next birthday of recipient on commencement day of pension

 

20

21

26

31

36

41

46

51

56

61

66

71

76

81

 

or

to

to

to

to

to

to

to

to

to

to

to

to

or

 

less

25

30

35

40

45

50

55

60

65

70

75

80

more

Below 50%

12

12

12

12

11

11

10

10

9

9

8

7

7

7

50%‑75%

12

12

12

12

12

11

11

10

10

9

8

8

7

7

Above 75%

12

12

12

12

12

12

11

11

10

9

9

8

7

7

 

Indexation rate of at least 1% but less than 2%

 

Reversion

Age next birthday of recipient on commencement day of pension

 

20

21

26

31

36

41

46

51

56

61

66

71

76

81

 

or

to

to

to

to

to

to

to

to

to

to

to

to

or

 

less

25

30

35

40

45

50

55

60

65

70

75

80

more

Below 50%

11

11

11

11

10

10

10

10

9

8

7

7

7

6

50%‑75%

11

11

11

11

11

10

10

10

9

8

8

7

7

6

Above 75%

11

11

11

11

11

10

10

10

9

9

8

7

7

6

 

Indexation rate less that 1%

 

Reversion

Age next birthday of recipient on commencement day of pension

 

20

21

26

31

36

41

46

51

56

61

66

71

76

81

 

or

to

to

to

to

to

to

to

to

to

to

to

to

or

 

less

25

30

35

40

45

50

55

60

65

70

75

80

more

Below 50%

10

10

10

10

9

9

9

8

8

8

7

7

6

6

50%‑75%

10

10

10

10

10

9

9

9

8

8

7

7

6

6

Above 75%

10

10

10

10

10

10

9

9

9

8

8

7

7

6

Schedule 1 Conditions of release of benefits

(Subregulations 1.03AB (2) and 6.01 (2), regulation 6.01A, paragraphs 6.15A (1) (a) and (b), (2) (b), (3) (b), (4) (c) and (5) (c), subparagraph 6.16 (3) (b) (ii) and paragraphs 6.18 (3) (a), 6.19 (3) (a), 6.23 (3) (a) and 7A.01A (a) and (c))

Part 1 Regulated superannuation funds

 

Column 1

Column 2

Column 3

Item

Conditions of release

Cashing restrictions

101

Retirement

Nil

102

Death

Nil

102A

Terminal medical condition

Nil

103

Permanent incapacity

Nil

103A

Former temporary resident to whom regulation 6.20A or 6.20B applies, requesting in writing the release of his or her benefits

Amount that is at least the amount of the temporary resident’s withdrawal benefit in the fund, paid:

 (a) as a single lump sum; or

 

 

 (b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits — in a way that ensures that the amount is cashed

103B

The trustee is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 for the person’s superannuation interest in the fund

Amount that the trustee is required to pay to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 for the person’s superannuation interest in the fund, paid as a lump sum to the Commissioner

104

Termination of gainful employment with a standard employer‑sponsor of the regulated superannuation fund on or after 1 July 1997 (where the member’s preserved benefits in the fund at the time of the termination are less than $200)

Nil

105

Severe financial hardship

For a person taken to be in severe financial hardship under paragraph 6.01 (5) (a) — in each 12 month period (beginning on the date of first payment), a single lump sum not less than $1,000 (except if the amount of the person’s preserved benefits and restricted non‑preserved benefits is less than that amount) and not more than $10,000

 

 

For a person taken to be in severe financial hardship under paragraph 6.01 (5) (b) — Nil.

106

Attaining age 65

Nil

107

Compassionate ground

 

A single lump sum, not exceeding an amount determined, in writing, by the Regulator, being an amount that:

 

 

 (a) taking account of the ground and of the person’s financial capacity, is reasonably required; and

 

 

 (b) in the case of the ground mentioned in paragraph 6.19A (1) (b) — in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of:

 (i) 3 months’ repayments; and

 (ii) 12 months’ interest on the outstanding balance of the loan

108

Termination of gainful employment with an employer who had, or any of whose associates had, at any time, contributed to the regulated superannuation fund in relation to the member

1. Preserved benefits: Non‑commutable life pension or non‑commutable life annuity

2. Restricted non‑preserved benefits:
Nil

109

Temporary incapacity

A non‑commutable income stream cashed from the regulated superannuation fund for:

 

 

 (a) the purpose of continuing (in whole or part) the gain or reward which the member was receiving before the temporary incapacity; and

 

 

 (b) a period not exceeding the period of incapacity from employment of the kind engaged in immediately before the temporary incapacity

110

Attaining preservation age

Any of the following:

 (a) a transition to retirement income stream;

 (b) a non‑commutable allocated annuity;

 (c) a non‑commutable allocated pension;

 (d) a non‑commutable annuity;

 (e) a non‑commutable pension

111

Being a lost member who is found, and the value of whose benefit in the fund, when released, is less than $200

Nil

112

Either:

 (a) a person gives a release authority to a superannuation provider under subsection 292‑410 (1) of the Income Tax Assessment Act 1997; or

 (b) the Commissioner of Taxation gives a release authority to a superannuation provider under subsection 292‑410 (4) of the Income Tax Assessment Act 1997

Restrictions contained in subsections 292‑415 (1) and (2) of the Income Tax Assessment Act 1997

112A

The Commissioner of Taxation issues a release authority to a superannuation provider under subsection 292‑420 (1) of the Income Tax Assessment Act 1997

Restrictions contained in subsections 292‑420 (4), (5) and (7) of the Income Tax Assessment Act 1997

113

A person gives a transitional release authority to a superannuation provider under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997

Restrictions contained in subsections 292‑80C (1) and (2) of the Income Tax (Transitional Provisions) Act 1997

114

Any other condition, if expressed to be a condition of release, in an approval under subparagraph 62 (1) (b) (v) of the Act

Restrictions expressed in the approval to be cashing restrictions applying to the condition of release

Part 2 Approved deposit funds

 

Column 1

Column 2

Column 3

Item no.

Conditions of release

Cashing restrictions

201

Retirement

Nil

202

Death

Nil

202A

Terminal medical condition

Nil

203

Permanent incapacity

Nil

204

Former temporary resident to whom regulation 6.24A applies, requesting in writing the release of his or her benefits

Amount that is at least the amount of the temporary resident’s withdrawal benefit in the fund, paid:

 

 

 (a) as a single lump sum; or

 (b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits — in a way that ensures that the amount is cashed

204A

The trustee is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 for the person’s superannuation interest in the fund

Amount that the trustee is required to pay to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 for the person’s superannuation interest in the fund, paid as a lump sum to the Commissioner

205

Severe financial hardship

For a person taken to be in severe financial hardship under paragraph 6.01 (5) (a) — in each 12 month period (beginning on the date of first payment), a single lump sum not less than $1,000 (except if the amount of the person’s preserved benefits and restricted non‑preserved benefits is less than that amount) and not more than $10,000

 

 

For a person taken to be in severe financial hardship under paragraph 6.01 (5) (b) — Nil

206

Attaining age 65

Nil

207

Compassionate ground

 

A single lump sum, not exceeding an amount determined, in writing, by APRA, being an amount that:

 

 

 (a) taking account of the ground and of the person’s financial capacity, is reasonably required; and

 

 

 (b) in the case of the ground mentioned in paragraph 6.19A (1) (b) — in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of:

 (i) 3 months’ repayments; and

 

 

 (ii) 12 months’ interest on the outstanding balance of the loan

208

Attaining preservation age

Any of the following:

 (a) a transition to retirement income stream;

 

 

 (b) a non‑commutable allocated annuity;

 (c) a non‑commutable allocated pension;

 (d) a non‑commutable annuity;

 (e) a non‑commutable pension

209

Either:

 (a) a person gives a release authority to a superannuation provider under subsection 292‑410 (1) of the Income Tax Assessment Act 1997; or

 (b) the Commissioner of Taxation gives a release authority to a superannuation provider under subsection 292‑410 (4) of the Income Tax Assessment Act 1997

Restrictions contained in subsections 292‑415 (1) and (2) of the Income Tax Assessment Act 1997

209A

The Commissioner of Taxation issues a release authority to a superannuation provider under subsection 292‑420 (1) of the Income Tax Assessment Act 1997

Restrictions contained in subsections 292‑420 (4), (5) and (7) of the Income Tax Assessment Act 1997

210

A person gives a transitional release authority to a superannuation provider under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997

Restrictions contained in subsections 292‑80C (1) and (2) of the Income Tax (Transitional Provisions) Act 1997

211

Being a lost member who is found, and the value of whose benefit in the fund, when released, is less than $200

Nil

Note   The definitions set out in subregulation 6.01 (2) apply, unless they are in material or expressed not to apply, to Schedule 1; see that subregulation.

Schedule 2 Modifications of the OSS laws in relation to preserved benefits in regulated superannuation funds

(subregulation 6.02 (2))

Part 1 Modifications of the Occupational Superannuation Standards Act 1987

101. Section 7 (Operating standards for superannuation funds)

101.1  After subsection 7 (3), insert:

 ‘(4) Despite any other provision of this Act, superannuation funds must comply with the standards prescribed for the purposes of this section.’.

Part 2 Modifications of the Occupational Superannuation Standards Regulations

201. Regulation 3 (Interpretation)

201.1  Paragraph 3 (2) (a):

  Omit the paragraph.

201A. Regulation 8 (Vesting standards)

201A.1 After subregulation 8 (1A), insert:

 ‘(1B) Paragraph (1A) (a) does not apply in relation to contributions made in accordance with a prescribed agreement or award’ 

202. Regulation 9 (Preservation standards)

201.1A Subparagraph 9 (1) (a) (i):

Omit ‘subject to regulation 10,’.

202.1 Paragraph 9 (1) (b):

After ‘the fund’, insert ‘before the commencement day’.

202.2 Paragraph 9 (1) (c):

Omit the paragraph, substitute:

 ‘(c) member‑financed benefits must be preserved if they arise from contributions made by a member to a superannuation fund during any period during which the member did not have employer support in the fund, being a period that:

 (i) commenced on or after 13 March 1989 (in the case of a private sector fund) or 1 July 1990 (in the case of a public sector fund); and

 (ii) ended before the commencement day;

 ‘(d) member‑financed benefits must be preserved if they arise from contributions (other than undeducted contributions) made to a superannuation fund in relation to the member on or after the commencement day;

 ‘(e) benefits must be preserved if they arise from payments from the Superannuation Holding Accounts Special Account;

 ‘(f) benefits must be preserved if they arise from eligible spouse contributions within the meaning of section 159TC of the Tax Act;

 ‘(g) benefits must be preserved if they arise from a capital gains tax exempt component rolled over to the fund because of subsection 160ZZPZF (1), 160ZZPZH (7) or 160ZZPZI (5) of the Tax Act.’.

202.3 Subregulation 9 (3):

 After ‘arising’, insert ‘before the commencement day,’.

202.4 Add at the end:

 ‘(5) In paragraphs (1) (b), (c) and (d) and subregulation (3):

commencement day has the same meaning as in Part 6 of the Superannuation Industry (Supervision) Regulations.

undeducted contributions has the same meaning as in Part 6 of the Superannuation Industry (Supervision) Regulations.’

202A. New regulation 10A

202A.1  After regulation 10, insert:

10A. Preservation standard — interaction of subparagraph 9 (1) (a) (i) and regulation 10

‘Where, apart from this regulations, a fund must preserve, in respect of a member:

 (a) the amount of benefits in compliance with subparagraph 9 (1) (a) (i); and

 (b) an amount of benefits in compliance with regulation 10;

it is sufficient compliance with those provisions if the fund preserves the greater of those amounts.’.

203. Regulation 11 (Preservation and portability standards)

203.1  Omit the regulation.

204. Regulation 12 (Preservation standards not to apply in certain cases)

204.1 Omit the regulation.

Schedule 2A Request to transfer whole balance of superannuation benefits between funds form

(regulation 6.34)

 

js6676-03-2007_w_B5-1 

 

js6676-03-2007_w_B5-2 

 

 

 

 

 

 

 

 

 

 

 

js6676-03-2007_w_B5-3 

Schedule 3 Prescribed form of advertisement of scheme for winding‑up or dissolution

(regulation 13.20)

 

Scheme for [insert ‘Winding‑up’, ‘Dissolution’ or both] of [insert name of superannuation entity]

Acting under subsection 142 (1) of the Superannuation Industry (Supervision) Act 1993, [insert name of Regulator] has formulated a scheme for the [insert ‘Winding‑up’, ‘Dissolution’ or both] of [insert name of superannuation entity].

Summary of scheme:

[Set out a summary of the scheme].

The trustee of [insert name of superannuation entity] has been notified in writing of the scheme.

Any person whose interests are affected by the scheme may obtain a copy of the scheme from the offices of [insert name of Regulator] listed below.

[Insert details of the Regulator’s offices].

Schedule 4 Approved bodies

(subregulation 13.15A (2), definition of approved body)

 

 

Item

Body

 1

ASX Clear Pty Limited

 2

ASX Limited

 5

ASX Clear (Futures) Pty Limited

 6

Australian Securities Exchange Limited

 7

American Stock Exchange Inc

 8

The Amsterdam Stock Exchange

 9

Belgium Futures and Options Exchange (BELFOX)

 10

Board of Trade of the City of Chicago (CBOT)

 11

Board of Trade of Kansas City, Missouri, Inc. (KCBT)

 12

Bolsa de Derivados do Porto (The Portuguese Futures and Options Exchange) (BDP)

 13

Bolsa de Mercadorias & Futuros (Commodities & Futures Exchange, Brazil) (BM & F)

 14

Cantor Financial Futures Exchange (CFFE)

 15

Chicago Mercantile Exchange (CME)

 16

Coffee, Sugar and Cocoa Exchange, Inc. (CSCE)

 17

Commodity Exchange Inc. (COMEX)

 18

Copenhagen Stock Exchange (including FUTOP Clearing Centre (FUTOP))

 19

Eurex Deutschland

 20

Eurex Zurich

 21

European Options Exchange (EOE)

 22

Financial Futures Exchange Barcelona (MEFF‑RF)

 23

Financial Futures Exchange Madrid (MEFF‑RV)

 24

Financiele Termijnmarkt Amsterdam N.V. (Financial Futures Market Amsterdam) (FTA)

 25

Frankfurt Stock Exchange

 26

Helsinki Securities and Derivatives Exchange, Clearing House Limited

 27

Hong Kong Futures Exchange Ltd (HKFE)

 28

The International Petroleum Exchange of London Ltd. (IPE)

 29

The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited

 30

Italian Futures Exchange (MIF)

 31

Italian Stock Exchange

 32

Korea Futures Exchange (KOFEX)

 33

Korea Stock Exchange (KSE)

 34

Kuala Lumpur Commodity Exchange (KLCE)

 35

Kuala Lumpur Options and Financial Futures Exchange (KLOFFE)

 36

The London International Financial Futures Exchange Ltd. (LIFFE)

 37

The London Securities and Derivatives Exchange Limited (OMLX)

 38

Malaysia Monetary Exchange (MME)

 39

Marché à Terme International de France (The French International Futures Market) (MATIF)

 40

Marché des Options Négociables de Paris (Paris Traded Options Market) (MONEP)

 41

Mercados de Futuros Financieros, SA (Spanish Financial Futures Market) (MEFFSA)

 42

The Metal Market and Exchange Company Ltd. (London Metal Exchange) (LME)

 43

Mid America Commodity Exchange (MIDAM)

 44

Milan Stock Exchange

 45

Minneapolis Grain Exchange (MGE)

 46

The Montreal Exchange (ME)

 47

NASDAQ National Market

 48

New York Cotton Exchange (NCE)

 49

New York Futures Exchange, Inc. (NYFE)

 50

New York Mercantile Exchange (NYMEX)

 51

New York Stock Exchange Inc

 52

New Zealand Futures & Options Exchange Ltd. (NZFOE)

 53

New Zealand Stock Exchange

 54

OM Stockholm AB (OMS)

 55

Osaka Securities Exchange (OSE)

 56

Oslo Stock Exchange (OSLO)

 57

Paris Bourse

 58

Philadelphia Stock Exchange (PHLX)

 59

Philadelphia Board of Trade (PBOT)

 60

Singapore Commodity Exchange Limited (SICOM)

 61

Singapore Exchange (SGX)

 62

South African Futures Exchange (SAFEX)

 63

The Stock Exchange of Hong Kong Limited

 64

Tokyo Commodity Exchange for Industry (TOCOM)

 65

Tokyo Grain Exchange (TGE)

 66

Tokyo International Futures Exchange (TIFFE)

 67

Tokyo Stock Exchange (TSE)

 68

The Toronto Futures Exchange (TFE)

 69

Toronto Stock Exchange

 70

The Winnipeg Commodity Exchange (WCE)

 71

Wiener Börse AG

 72

Zurich Stock Exchange

 73

A body that performs clearing house functions in relation to a body mentioned in items 5 to 59 (the second body) in accordance with the rules of the second body or a law of the country where the second body is situated.

Schedule 6 Payments for market linked income streams

(subregulations 1.05 (10) and 1.06 (8))

 

1.  Subject to the following clauses, the total amount of the payments mentioned in paragraph 1.05 (10) (b) or 1.06 (8) (b) is determined using the formula:

where:

AB means the amount of the market linked annuity account balance, or market linked pension account balance, as the case requires:

 (a) on 1 July in the financial year in which the payment is made; or

 (b) if that year is the year in which the market linked annuity or pension commences — on the commencement day.

PF means the payment factor set out in Column 3 in the Table in relation to the item in the Table that represents the term of the market linked annuity or pension remaining, expressed in whole years in accordance with clause 5, on:

 (a) 1 July in the financial year in which the payment is made; or

 (b) if that is the year in which the annuity or pension commences — the commencement day.

2.  Payment of the account balance is sufficient to meet the payment for the financial year if, during the year, the account balance becomes less than the lesser of the following amounts:

 (a) the amount determined under clause 1;

 (b) the balance of the amount determined under clause 1 that remains to be paid for the year.

3.  If, in the final year of the annuity or pension, after payment of the amount determined under clause 1, there is a residual balance in the account — payment of the account balance must be made within 28 days after:

 (a) the end of the term of the annuity or pension; or

 (b) if a period is chosen under clause 7 — the end of that period.

4.  An amount determined under the formula in clause 1 is rounded to the nearest 10 whole dollars.

5.  For clause 1, the remaining term of a market linked annuity or pension is rounded as follows:

 (a) if the commencement day of the market linked annuity or pension is on or after 1 January in a financial year — rounded up to the nearest whole year;

 (b) if the commencement day of the market linked annuity or pension is on or before 31 December in a financial year — rounded down to the nearest whole year.

6.  If the commencement day of the pension or annuity is a day other than 1 July — the appropriate factor set out in Column 3 of the Table must be applied proportionally to the number of days in the financial year that include and follow the commencement day in that financial year.

7.  If, on 1 July in a financial year (current year):

 (a) the payment factor that applies to an account balance for a market linked annuity or pension is 1.00; and

 (b) the payment factor that applied on 1 July in the previous financial year was not 1.00;

payments made in respect of the current year and the period after (if any) are taken to be determined in accordance with clause 1 if they comply with the following conditions:

 (c) payment of the account balance over one of the following periods:

 (i) if the remaining term of the annuity or pension is greater than 12 months — that period;

 (ii) 12 months;

 (d) if payments are made in accordance with paragraph (c) — the provider has no obligation to make any other payment that, but for this clause, would have been determined on 1 July in the subsequent financial year.

8. An amount is taken to have been determined in accordance with clause 1 of this Schedule if the amount is:

 (a) not less than the amount determined in accordance with clause 1 of this Schedule, less 10 per cent of that amount; and

 (b) not greater than the amount determined in accordance with clause 1 of this Schedule, plus 10 per cent of that amount.

9. Clause 8 does not apply if clause 10 or 11 applies.

10. For the financial years commencing on 1 July 2008, 1 July 2009 and 1 July 2010, an amount is taken to have been determined in accordance with clause 1 if the amount is:

 (a) not less than 45% of the amount determined in accordance with clause 1; and

 (b) not greater than 110% of the amount determined in accordance with clause 1.

11. For the financial years commencing on 1 July 2011 and 1 July 2012, an amount is taken to have been determined in accordance with clause 1 if the amount is:

 (a) not less than 67.5% of the amount determined in accordance with clause 1; and

 (b) not greater than 110% of the amount determined in accordance with clause 1.

 

Table

Item

Term of annuity or pension remaining rounded in whole years

Payment Factor

1

70 or more

26.00

2

69

25.91

3

68

25.82

4

67

25.72

5

66

25.62

6

65

25.52

7

64

25.41

8

63

25.30

9

62

25.19

10

61

25.07

11

60

24.94

12

59

24.82

13

58

24.69

14

57

24.55

15

56

24.41

16

55

24.26

17

54

24.11

18

53

23.96

19

52

23.80

20

51

23.63

21

50

23.46

22

49

23.28

23

48

23.09

24

47

22.90

25

46

22.70

26

45

22.50

27

44

22.28

28

43

22.06

29

42

21.83

30

41

21.60

31

40

21.36

32

39

21.10

33

38

20.84

34

37

20.57

35

36

20.29

36

35

20.00

37

34

19.70

38

33

19.39

39

32

19.07

40

31

18.74

41

30

18.39

42

29

18.04

43

28

17.67

44

27

17.29

45

26

16.89

46

25

16.48

47

24

16.06

48

23

15.62

49

22

15.17

50

21

14.70

51

20

14.21

52

19

13.71

Item

Term of annuity or pension remaining rounded in whole years

Payment Factor

53

18

13.19

54

17

12.65

55

16

12.09

56

15

11.52

57

14

10.92

58

13

10.30

59

12

9.66

60

11

9.00

61

10

8.32

62

9

7.61

63

8

6.87

64

7

6.11

65

6

5.33

66

5

4.52

67

4

3.67

68

3

2.80

69

2

1.90

70

1 or less

1.00

 

Schedule 7 Minimum payment amount for a superannuation income stream

(paragraph 1.05 (11A) (a), subparagraph 1.05 (11A) (b) (i), paragraph 1.06 (9A) (a), subparagraph 1.06 (9A) (b) (i) and regulation 1.07D)

1 (1) Subject to clauses 3, 4, 4A and 4B, the amount of payments mentioned in paragraph 1.05 (11A) (a) or 1.06 (9A) (a) is the amount worked out using the formula:

 (2) In subclause (1):

account balance means:

 (a) the amount of the annuity or pension account balance:

 (i) on 1 July in the financial year in which the payment is made; or

 (ii) if that year is the year in which the annuity or pension payments commence — on the commencement day; or

 (b) if the amount of the annuity or pension account balance under paragraph (a) is less than the withdrawal benefit to which the beneficiary would be entitled if the annuity or pension were to be fully commuted — the amount of the withdrawal benefit.

percentage factor means the percentage factor specified in the item in the table that applies to the beneficiary because of the beneficiary’s age on:

 (a) 1 July in the financial year in which the payment is made; or

 (b) if that is the year in which the annuity or pension payments commence — the commencement day.

2 (1) The amount of payments mentioned in

 (a) subparagraph 1.05 (11A) (b) (i) and sub‑subparagraph 1.05 (11A) (b) (ii) (D); and

 (b) subparagraph 1.06 (9A) (b) (i) and sub‑subparagraph 1.06 (9A) (b) (ii) (C);

is the amount worked out using the formula:

 (2) In subclause (1):

purchase price means the total amount paid as consideration to purchase the income stream.

percentage factor means the percentage factor specified in the item in the table that applies to the beneficiary because of the beneficiary’s age on:

 (a) the commencement day; or

 (b) the anniversary of the commencement day.

3 For the determination of the minimum total payment in the year in which the commencement day of the annuity or pension occurs, if that day is a day other than 1 July, the applicable value specified in column 3 of the table must be applied proportionally to the number of days in the financial year that include and follow the commencement day.

4 If the commencement day of the annuity or pension is on or after 1 June in a financial year, no payment is required to be made for that financial year.

4A For the financial years commencing on 1 July 2008, 1 July 2009 and 1 July 2010, the amount of payments is half of the amount worked out using the formula in clause 1.

4B For the financial years commencing on 1 July 2011 and 1 July 2012, the amount of payments is 75% of the amount worked out using the formula in clause 1.

5 An amount determined under this Schedule is to be rounded to the nearest 10 whole dollars. If the amount ends in an exact 5 dollars, it is to be rounded up to the next 10 whole dollars.

Table

 

Item

Age of Beneficiary

Percentage factor

1

Under 65

4

2

65 – 74

5

3

75 – 79

6

4

80 – 84

7

5

85 – 89

9

6

90 – 94

11

7

95 or more

14

 

Notes to the Superannuation Industry (Supervision) Regulations 1994

Note 1

The Superannuation Industry (Supervision) Regulations 1994 (in force under the Superannuation Industry (Supervision) Act 1993) as shown in this compilation comprise Statutory Rules 1994 No. 57 amended as indicated in the Tables below.

The Superannuation Industry (Supervision) Regulations 1994 were amended by the Taxation Laws Amendment Act (No. 2) 1995 (Act No. 169, 1995). The amendments are incorporated in this compilation. For application, saving or transitional provisions relating to the amendments see Schedule 7 (item 3) of the abovementioned Act.

The Superannuation Industry (Supervision) Regulations 1994 were modified by Modification Declaration Nos. 10, 23, 24 and 26. The modifications are not incorporated in this compilation. For the text of the modifications, see Table B.

On 6 September 2005, Modification Declaration Nos. 4, 7, 11, 14, 18 and 21 were revoked by the Revocation of Modification Declarations (see F2005L02475).

The Superannuation Industry (Supervision) Regulations 1994 were modified by Modification Declaration No. 2 of 2006 (see F2006L02132) and No. 3 of 2006 (see F2006L02152). The modifications are not incorporated in this compilation. For the text of the modifications, see Table B.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

 

Table of Instruments

Year and
number

Date of notification
in Gazette or FRLI registration

Date of
commencement

Application, saving or
transitional provisions

1994 No. 57

11 Mar 1994

Div. 2.2 (rr. 2.08–2.11), Subdiv. 2.8.2 (rr. 2.52, 2.53), rr. 3.10–3.12, Div. 6.5 (r. 6.30), Parts 9 and 10 (rr. 9.01–10.06),
r. 11.08 and Part 12
(rr. 12.01–12.20): 1 July 1994
Remainder: 11 Mar 1994

 

1994 No. 189

16 June 1994

R. 4: 1 July 1994
Remainder: 16 June 1994

—

1994 No. 432

23 Dec 1994

23 Dec 1994

—

1995 No. 47

23 Mar 1995

23 Mar 1995

—

1995 No. 64

5 Apr 1995

Rr. 8, 18, 20, 21 and 23: 1 July 1995
Remainder: 5 Apr 1995

—

1995 No. 142

15 June 1995

1 July 1995

—

1995 No. 158

29 June 1995

1 July 1995

—

1995 No. 159

29 June 1995

Rr. 22 and 25: 29 June 1995
Remainder: 1 July 1995

—

1995 No. 240

11 Aug 1995

11 Aug 1995

—

1995 No. 293

10 Oct 1995

10 Oct 1995

R. 3

1995 No. 384

6 Dec 1995

R. 5: 1 July 1996
Remainder: 6 Dec 1995

—

1995 No. 430

22 Dec 1995

Rr. 4 and 5: 9 Jan 1996 (see r. 1)
Remainder: 22 Dec 1995

—

1996 No. 44

17 Apr 1996

17 Apr 1996

—

1996 No. 57

15 May 1996

15 May 1996

—

1996 No. 122

28 June 1996

28 June 1996

—

1996 No. 344

24 Dec 1996

30 Dec 1996

Rr. 13 and 14

1997 No. 69

26 Mar 1997

26 Mar 1997

—

1997 No. 117

29 May 1997

Rr. 9.5, 10.5 and 15.1: 1 Oct 1997
Remainder: 1 July 1997

R. 57

1997 No. 152

26 June 1997

1 July 1997

R. 6

1997 No. 153

26 June 1997

1 July 1997

R. 5

1997 No. 221

27 Aug 1997

27 Aug 1997

—

1997 No. 243

10 Sept 1997

10 Sept 1997

—

1997 No. 293

16 Oct 1997

16 Oct 1997

—

1997 No. 309

5 Nov 1997

5 Nov 1997

—

1997 No. 343

9 Dec 1997

9 Dec 1997

R. 5

1997 No. 415

24 Dec 1997

24 Dec 1997

R. 3

1998 No. 76

5 May 1998

5 May 1998

—

1998 No. 83

5 May 1998

R. 15: 1 Nov 1998
Remainder: 5 May 1998

—

1998 No. 108

27 May 1998

27 May 1998

—

1998 No. 175

30 June 1998

30 June 1998

—

1998 No. 177

30 June 1998

R. 4: 1 July 1998
Remainder: 1 Jan 1998

—

1998 No. 193

30 June 1998

1 July 1998

—

1998 No. 240

22 July 1998

22 July 1998

—

1998 No. 312

19 Nov 1998

19 Nov 1998

R. 4

1999 No. 14

11 Feb 1999

11 Feb 1999

—

1999 No. 31

2 Mar 1999

2 Mar 1999

—

1999 No. 115

17 June 1999

Schedule 2: 28 June 1999 (see r. 2 (2))
Schedule 3: 1 July 1999
Remainder: 17 June 1999

—

1999 No. 239

20 Oct 1999

Schedule 2: 1 Nov 1999
Schedule 3: 1 July 2000
Remainder: 20 Oct 1999

R. 4

1999 No. 317

15 Dec 1999

15 Dec 1999

—

1999 No. 356

22 Dec 1999

22 Dec 1999

—

2000 No. 119

15 June 2000

15 June 2000

—

2000 No. 151

28 June 2000

28 June 2000

—

2000 No. 185

12 July 2000

12 July 2000

R. 4

2000 No. 280

18 Oct 2000

1 July 2000

—

2000 No. 281

18 Oct 2000

Rr. 1–3: 18 Oct 2000
Remainder: 1 July 1999

—

2001 No. 37

1 Mar 2001

1 Mar 2001

—

2001 No. 352

21 Dec 2001

21 Dec 2001

R. 4

2001 No. 353

21 Dec 2001

28 Dec 2002

—

2002 No. 21

21 Feb 2002

11 Mar 2002 (see r. 2 and Gazette 2001, No. GN42)

—

2002 No. 91

9 May 2002

1 July 2002

—

2002 No. 150

27 June 2002

1 July 2002

—

2002 No. 171

3 July 2002

3 July 2002

—

2002 No. 200

29 Aug 2002

29 Aug 2002

—

2002 No. 353

20 Dec 2002

28 Dec 2002 (see r. 2)

—

2003 No. 42

27 Mar 2003

27 Mar 2003

—

2003 No. 170

2 July 2003

2 July 2003

—

2003 No. 171

2 July 2003

1 Oct 2003

R. 4

2003 No. 196

31 July 2003

(a)

—

2003 No. 251

10 Oct 2003

1 July 2004

—

2004 No. 12

20 Feb 2004

20 Feb 2004

—

2004 No. 84

12 May 2004

12 May 2004

—

2004 No. 113

3 June 2004

Rr. 1–3 and Schedule 1: 1 July 2004
Remainder: 1 July 2006

—

2004 No. 148

25 June 2004

Rr. 1–3 and Schedule 1: 1 July 2004
Schedule 2: 1 Sept 2004
Remainder: 20 Sept 2004

—

2004 No. 152

25 June 2004

25 June 2004

—

2004 No. 153

25 June 2004

Rr. 1–3 and Schedule 1: 25 June 2004
Remainder: 1 July 2004

—

2004 No. 154

25 June 2004

1 July 2004

—

2004 No. 155

25 June 2004

25 June 2004

—

2004 No. 249

12 Aug 2004

20 Sept 2004

—

2004 No. 349

8 Dec 2004

1 July 2004

—

2004 No. 404

23 Dec 2004

Rr. 1–3 and Schedule 1: 1 Oct 2003
Remainder: 20 Sept 2004

—

2005 No. 34

14 Mar 2005 (see F2005L00635)

1 July 2005

—

2005 No. 56

4 Apr 2005 (see F2005L00729)

1 July 2005

—

2005 No. 142

16 June 2005 (see F2005L01457)

1 July 2005

—

2005 No. 143

17 June 2005 (see F2005L01452)

18 June 2005

—

2005 No. 218

7 Oct 2005 (see F2005L02918)

Rr. 1–3 and Schedule 1 [items 33–38]: 8 Oct 2005

—

2005 No. 261

14 Nov 2005 (see F2005L03446)

15 Nov 2005

—

2005 No. 332

20 Dec 2005 (see F2005L03987)

Rr. 1–3 and Schedule 1: 21 Dec 2005
Remainder: 1 July 2006

—

2005 No. 333

20 Dec 2005 (see F2005L04028)

Rr. 1–3 and Schedule 1: 21 Dec 2005
Remainder: 1 Jan 2006

—

2005 No. 334

20 Dec 2005 (see F2005L04025)

Rr. 1–3 and Schedule 1: 21 Dec 2005
Remainder: 1 Jan 2006

—

2005 No. 335

20 Dec 2005 (see F2005L04047)

21 Dec 2005

R. 4

2006 No. 189

17 July 2006 (see F2006L02318)

18 July 2006

—

2007 No. 74

2 Apr 2007 (see
F2007L00820)

Rr. 1–3 and Schedule 1:
3 Apr 2007
R. 4 and Schedule 2:
5 Apr 2007
Remainder: 1 July 2007

—

2007 No. 105

27 Apr 2007 (see F2007L01127)

1 July 2007

—

2007 No. 204

29 June 2007 (see F2007L01891)

1 July 2007

—

2007 No. 331

28 Sept 2007 (see F2007L03806)

29 Sept 2007

—

2007 No. 343

8 Oct 2007 (see F2007L03906)

Rr. 1–3 and Schedule 1:
24 Sept 2007 (see r. 2 (a))
Schedule 2: 25 Sept 2008 (see r. 2 (b))

—

as amended by

 

 

 

2008 No. 133

25 June 2008 (see F2008L02174)

4 Oct 2007

—

2008 No. 9

15 Feb 2008 (see F2008L00373)

16 Feb 2008

—

2008 No. 134

25 June 2008 (see F2008L02173)

4 Oct 2007

R. 2 (2)
[see Table A]

2008 No. 171

8 Aug 2008 (see F2008L02956)

9 Aug 2008

—

2008 No. 282

17 Dec 2008 (see F2008L04665)

Rr. 1–3 and Schedule 1:
18 Dec 2008 (see r. 2 (a) and F2008L04636)
R. 4 and Schedule 2:
1 Apr 2009
R. 5 and Schedule 3:
1 July 2009

—

2009 No. 15

6 Feb 2009 (see  F2009L00258)

Rr. 1–3 and Schedule 1:
7 Feb 2009
R. 4 and Schedule 2:
1 Apr 2009

—

2009 No. 46

16 Mar 2009 (see F2009L00983)

17 Mar 2009

—

2009 No. 71

1 May 2009 (see F2009L01485)

2 May 2009

—

2009 No. 106

5 June 2009 (see F2009L02156)

6 June 2009

—

2009 No. 295

2 Nov 2009 (see F2009L04000)

3 Nov 2009

—

2009 No. 389

16 Dec 2009 (see F2009L04513)

17 Dec 2009

—

2010 No. 4

11 Feb 2010 (see F2010L00299)

1 July 2007

—

2010 No. 187

30 June 2010 (see F2010L01814)

1 July 2010

—

2010 No. 237

21 July 2010 (see F2010L02058)

22 July 2010

—

2011 No. 83

3 June 2011 (see F2011L00936)

4 June 2011

—

2011 No. 130

30 June 2011 (see F2011L01360)

1 July 2011

—

2011 No. 146

8 Aug 2011 (see F2011L01613)

9 Aug 2011

—

2011 No. 193

21 Oct 2011 (see F2011L02103)

31 Oct 2011

—

2011 No. 278

9 Dec 2011 (see F2011L02615)

1 Jan 2012 (see r. 2)

—

2012 No. 2

13 Feb 2012 (see F2012L00273)

14 Feb 2012

—

2012 No. 183

6 Aug 2012 (see F2012L01654)

7 Aug 2012

—

2012 No. 203

20 Aug 2012 (see F2012L01710)

21 Aug 2012

—

2012 No. 316

10 Dec 2012 (see F2012L02386)

11 Dec 2012

—

2012 No. 317

11 Dec 2012 (see F2012L02407)

Ss. 1–4 and Schedule 1: 29 Nov 2012 (see s. 2 (a))
Schedule 2: (see s. 2 (b) and Note 2)

—

2012 No. 330

11 Dec 2012 (see F2012L02408)

(see s. 2 and Note 3)

—

(a) The Superannuation Industry (Supervision) Amendment Regulations 2003 (No. 4) was to commence on 1 July 2004 but was disallowed by the Senate on 18 September 2003.

Table of Amendments

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

Provision affected

How affected

Part 1

 

R. 1.01................

rs. 1998 No. 312

R. 1.03................

am. 1994 No. 189; 1995 Nos. 64, 159 and 384; 1996 No. 344; 1997 Nos. 117, 293 and 309; 1998 Nos. 83, 193 and 312; 1999 Nos. 14 and 239; 2000 No. 280; 2001 No. 353; 2002 Nos. 150 and 353; 2003 No. 251; 2004 Nos. 12, 148, 153 and 249; 2005 Nos. 218 and 334; 2007 Nos. 74 and 343; 2008 No. 171; 2009 No. 71

R. 1.03A...............

ad. 1995 No. 64

 

am. 1995 No. 159; 1997 No. 117; 1999 Nos. 14 and 239; 2007 No. 74; 2012 No. 316

Note to r. 1.03A (3)........

am. 1999 Nos. 14 and 317

 

rs. 2002 No. 200

R. 1.03AA..............

ad. 2001 No. 353

 

am. 2002 No. 353; 2003 No. 251

R. 1.03AB..............

ad. 2002 No. 353

R. 1.03B...............

ad. 2003 No. 251

R. 1.04................

am. 1994 No. 432; 1995 Nos. 240 and 430; 1996 Nos. 122 and 344; 1997 No. 117; 1998 Nos. 83 and 193; 1999 No. 239; 2000 Nos. 185 and 280; 2001 No. 352; 2007 Nos. 74 and 343; 2011 No. 146

Note 1 to r. 1.04 (5).......

ad. 2000 No. 280

Note 2 to r. 1.04 (5).......

ad. 2000 No. 280

Notes to r. 1.04 (8)........

rep. 2000 No. 280

R. 1.04AAAA............

ad. 2005 No. 261

R. 1.04AAA.............

ad. 2001 No. 353

 

am. 2002 No. 353; 2004 Nos. 113 and 153; 2005 No. 332

R. 1.04A...............

ad. 1999 No. 239

R. 1.04AA..............

ad. 1999 No. 356

 

am. 2000 No. 119

Part 1A

 

Part 1A................

ad. 1994 No. 189

Division 1A.1

 

R. 105A................

ad. 2009 No. 106

R. 1.05................

ad. 1994 No. 189

 

am. 1997 No. 309; 1998 Nos. 193 and 312; 2002 No. 150; 2003 No. 171; 2004 Nos. 148, 249 and 404; 2005 Nos. 332 and 333; 2007 Nos. 74, 105 and 204; 2008 No. 282; 2009 No. 106; 2010 No. 4

R. 1.06................

ad. 1994 No. 189

 

am. 1997 No. 309; 1998 Nos. 193 and 312; 1999 No. 239; 2001 No. 353; 2002 Nos. 150 and 353; 2003 No. 171; 2004 Nos. 148, 249 and 404; 2005 No. 333; 2007 No. 74; 2007 Nos. 74, 105 and 204; 2008
No. 282; 2009 No. 106

R. 1.07................

ad. 1994 No. 189

R. 1.07A...............

ad. 2003 No. 171

 

am. 2004 No. 404; 2005 No. 333; 2007 Nos. 74 and 105; 2009 No. 106

R. 1.07B...............

ad. 2003 No. 171

 

am. 2007 No. 74; 2010 No. 4

R. 1.07C...............

ad. 2004 No. 148

 

am. 2004 No. 404; 2007 No. 74; 2009 No. 106; 2010 No. 4

R. 1.07D...............

ad. 2007 No. 74

 

am. 2009 No. 106

Division 1A.2

 

R. 1.08................

ad. 1994 No. 189

 

am. 1997 No. 309; 1998 No. 193; 1999 No. 239; 2002 No. 353; 2007 No. 74

Part 2

 

Heading to Part 2.........

rs. 2002 No. 21

Division 2.1

 

R. 2.01................

am. 1997 Nos. 117 and 309; 1998 No. 193; 1999 Nos. 115 and 239; 2002 No. 21

R. 2.03................

am. 1994 No. 189; 2002 No. 21

R. 2.04................

am. 1999 No. 14; 2002 Nos. 21 and 171

R. 2.05................

am. 1995 Nos. 64 and 384; 1997 No. 117; 1999 No. 14; 2001 No. 353

 

rep. 2002 No. 21

 

ad. 2002 No. 171

 

am. 2002 No. 353

Rr. 2.06, 2.07............

rep. 2002 No. 21

Division 2.2.............

rep. 2002 No. 21

R. 2.08................

rs. 1995 No. 159

 

am. 1997 No. 117; 1998 No. 83

 

rep. 2002 No. 21

Notes to r. 2.08..........

am. 1995 No. 159

 

rep. 2002 No. 21

Note 2 to r. 2.08..........

rs. 1998 No. 83

 

rep. 2002 No. 21

Note 4 to r. 2.08..........

rs. 1997 No. 117

 

rep. 2002 No. 21

R. 2.09................

am. 1995 No. 159

 

rep. 2002 No. 21

R. 2.10................

am. 1995 No. 159; 1997 No. 117; 1999 No. 239

 

rep. 2002 No. 21

R. 2.11................

am. 1995 No. 159; 1999 No. 239

 

rep. 2002 No. 21

Heading to r. 2.11A.......

am. 1997 No. 117

 

rep. 2002 No. 21

R. 2.11A...............

ad. 1995 No. 159

 

am. 1997 No. 117; 1999 No. 14

 

rep. 2002 No. 21

Div. 2.3 of Part 2.........

rep. 2002 No. 21

R. 2.12................

am. 1995 No. 159; 1997 No. 117; 1999 No. 14

 

rep. 2002 No. 21

R. 2.13................

am. 1995 No. 64

 

rep. 2002 No. 21

R. 2.14................

am. 1995 No. 64; 1999 No. 14

 

rep. 2002 No. 21

R. 2.14A...............

ad. 1997 No. 117

 

rep. 2002 No. 21

R. 2.15................

rep. 2002 No. 21

R. 2.16................

am. 1995 No. 159; 1997 No. 117; 1999 No. 239

 

rep. 2002 No. 21

R. 2.16A...............

ad. 1997 No. 117

 

rep. 2002 No. 21

Division 2.4

 

Subdivision 2.4.1

 

R. 2.17................

am. 2002 Nos. 21 and 171

R. 2.18................

am. 1995 No. 159; 1999 No. 239; 2002 No. 21

R. 2.19................

am. 1998 No. 193

 

rep. 2002 No. 21

Rr. 2.20, 2.21............

rep. 2002 No. 21

Subdiv. 2.4.2 of Div. 2.4....

rep. 2002 No. 21

R. 2.22................

am. 1997 No. 117

 

rep. 2002 No. 21

R. 2.23................

am. 1995 Nos. 158 and 159; 1997 No. 117; 1999 No. 239

 

rep. 2002 No. 21

R. 2.24................

am. 1997 Nos. 117 and 309; 1999 No. 239

 

rep. 2002 No. 21

Rr. 2.24A, 2.24B.........

ad. 1997 No. 117

 

rep. 2002 No. 21

R. 2.24C...............

ad. 1999 No. 115

 

rep. 2002 No. 21

R. 2.25................

am. 1997 No. 309

 

rep. 2002 No. 21

R. 2.26................

rep. 2002 No. 21

R. 2.26A...............

ad. 1995 No. 64

 

am. 1997 No. 309

 

rep. 2002 No. 21

R. 2.26B...............

ad. 1995 No. 64

 

am. 1995 No. 159

 

rep. 2002 No. 21

Subdivision 2.4.3

 

Heading to Subdiv. 2.4.3....

rs. 2002 No. 21

R. 2.27................

rep. 2002 No. 21

R. 2.28................

am. 1997 No. 117

 

rep. 2002 No. 21

R. 2.29................

am. 1995 Nos. 158 and 293; 1997 No. 309; 1998 Nos. 83 and 193

 

rs. 2002 No. 21

Division 2.5

 

Div. 2.5 of Part 2.........

rep. 2002 No. 21

 

ad. 2002 No. 171

Heading to r. 2.30.........

rs. 1999 No. 239

 

rep. 2002 No. 21

 

ad. 2002 No. 171

R. 2.30................

am. 1997 No. 309; 1999 No. 239

 

rep. 2002 No. 21

 

ad. 2002 No. 171

R. 2.31................

rs. 1998 No. 108

 

rep. 2002 No. 21

 

ad. 2002 No. 171

R. 2.32................

am. 1995 No. 159

 

rep. 2002 No. 21

 

ad. 2002 No. 171

R. 2.33................

am. 1995 No. 158

 

rep. 2002 No. 21

 

ad. 2002 No. 171

Rr. 2.34, 2.35............

rep. 2002 No. 21

R. 2.36................

am. 1995 No. 158; 1997 No. 117; 1998 No. 193; 1999 Nos. 14 and 239

 

rep. 2002 No. 21

R. 2.36A...............

ad. 1995 No. 159

 

am. 1997 No. 117; 1999 No. 14

 

rep. 2002 No. 21

Division 2.5A

 

Div. 2.5A of Part 2........

ad. 2001 No. 353

R. 2.36B...............

ad. 2001 No. 353

R. 2.36C...............

ad. 2001 No. 353

 

am. 2002 No. 353

R. 2.36D...............

ad. 2001 No. 353

 

am. 2002 No. 353

R. 2.36E...............

ad. 2002 No. 353

 

am. 2004 No. 153

Div. 2.6 of Part 2.........

rep. 2002 No. 21

Rr. 2.37–2.39............

rep. 2002 No. 21

R. 2.40................

am. 1997 No. 117

 

rep. 2002 No. 21

R. 2.41................

am. 1998 No. 83; 1999 No. 239

 

rep. 2002 No. 21

Heading to Div. 2.6A.......

am. 1998 No. 83
rep. 2002 No. 21

Div. 2.6A of Part 2........

ad. 1997 No. 117
rep. 2002 No. 21

R. 2.41A...............

am. 1998 No. 83

 

rep. 2002 No. 21

R. 2.41B...............

rs. 1998 No. 83

 

rep. 2002 No. 21

Div. 2.7 of Part 2.........

rep. 2002 No. 21

R. 2.42................

am. 1995 Nos. 64 and 159

 

rep. 2002 No. 21

R. 2.43................

am. 1995 No. 158

 

rep. 2002 No. 21

R. 2.44................

rep. 2002 No. 21

R. 2.45................

am. 1997 No. 117

 

rep. 2002 No. 21

R. 2.46................

am. 1995 No. 158; 1997 No. 117; 1999 No. 239

 

rep. 2002 No. 21

R. 2.47................

am. 1997 No. 309; 1999 No. 239

 

rep. 2002 No. 21

R. 2.48................

am. 1997 No. 117; 1999 No. 14

 

rep. 2002 No. 21

R. 2.48A...............

ad. 1995 No. 64

 

am. 1997 No. 309

 

rep. 2002 No. 21

Div. 2.7A of Part 2........

ad. 1995 No. 64
rep. 2002 No. 21

Rr. 2.48B, 2.48C.........

ad. 1995 No. 64

 

rep. 2002 No. 21

Div. 2.8 of Part 2.........

rep. 2002 No. 21

Rr. 2.49–2.54............

rep. 2002 No. 21

R. 2.55................

am. 1998 No. 193

 

rep. 2002 No. 21

Rr. 2.56–2.63............

rep. 2002 No. 21

R. 2.64................

am. 1998 No. 193

 

rep. 2002 No. 21

Rr. 2.65–2.67............

rep. 2002 No. 21

Part 3

 

R. 3.01................

rs. 1994 No. 432

 

am. 1995 No. 430

 

rs. 1997 No. 293

 

am. 2001 No. 353; 2002 Nos. 150 and 353; 2004 No. 153; 2005 No. 334

Heading to r. 3.02........

am. 1997 No. 69

R. 3.02................

am. 1997 No. 69

 

rep. 2004 No. 113

R. 3.03................

am. Act No. 169, 1995; 2004 No. 113

 

rep. 2004 No. 113

R. 3.04A...............

ad. 1994 No. 432

R. 3.09A...............

ad. 1995 No. 159

 

rs. 1999 No. 14

 

rep. 2002 No. 21

R. 3.09B...............

ad. 1995 No. 159

 

rep. 2002 No. 21

R. 3.10................

am. 1994 No. 189; 1995 No. 158; 1998 No. 193; 2002 No. 21

R. 3.10A...............

ad. 1999 No. 14

 

rep. 2002 No. 21

R. 3.11................

rs. 2002 No. 21

R. 3.12................

am. 1999 No. 115

 

rep. 2002 No. 21

R. 3.13................

ad. 1995 No. 159

 

rep. 2002 No. 21

Part 3A

 

Part 3A................

ad. 2004 No. 113

Division 3A.1

 

R. 3A.01...............

ad. 2004 No. 113

R. 3A.02...............

ad. 2004 No. 113

R. 3A.03...............

ad. 2004 No. 113

Note to r. 3A.03 (2)........

am. 2005 No. 335

R. 3A.03A..............

ad. 2005 No. 335

Division 3A.2

 

R. 3A.04...............

ad. 2004 No. 113

 

am. 2005 No. 335

Division 3A.3

 

Div. 3A.3 of Part 3A.......

ad. 2004 No. 154

R. 3A.05...............

ad. 2004 No. 154

 

am. 2005 No. 335

R. 3A.06...............

ad. 2004 No. 154

Division 3A.4

 

Div. 3A.4 of Part 3A.......

ad. 2008 No. 171

R. 3A.07...............

ad. 2008 No. 171

Part 3B

 

Part 3B................

ad. 2012 No. 317

R. 3B.01...............

ad. 2012 No. 317

R. 3B.02...............

ad. 2012 No. 317

R. 3B.03...............

ad. 2012 No. 317

Part 4

 

Division 4.1

 

R. 4.01................

am. 2002 No. 21

Note to r. 4.02...........

ad. 2011 No. 146

R. 4.03................

am. 1994 No. 189; 1999 No. 239

R. 4.04................

am. 1994 No. 189; 1999 No. 239

R. 4.05................

am. 1994 No. 189; 1999 No. 239

Division 4.1A

 

Div. 4.1A of Part 4........

ad. 2004 No. 113

R. 4.07A...............

ad. 2004 No. 113

R. 4.07B...............

ad. 2004 No. 113

Division 4.2

 

R. 4.08................

am. 1998 No. 83

R. 4.08A...............

ad. 2001 No. 37

R. 4.09................

am. 1994 No. 189; 1995 No. 384

 

am. 2012 No. 183

R. 4.09A...............

ad. 2012 No. 183

R. 4.10................

am. 1998 No. 193; 1999 No. 239

R. 4.10A...............

ad. 2004 No. 113

 

am. 2004 No. 113

R. 4.11................

am. 1998 No. 193

R. 4.11A...............

ad. 2004 No. 113

 

am. 2004 No. 113

R. 4.12................

ad. 1995 No. 142

 

am. 1997 No. 117; 1998 No. 193; 1999 Nos. 14 and 239

R. 4.13................

ad. 1995 No. 158

 

am. 2001 No. 353

R. 4.14................

ad. 2004 No. 113

R. 4.15................

ad. 2004 No. 113

R. 4.16................

ad. 2004 No. 113

R. 4.17................

ad. 2004 No. 113

Part 4A................

ad. 2002 No. 150

 

rep. 2004 No. 148

Rr. 4A.01–4A.04.........

ad. 2002 No. 150

 

rep. 2004 No. 148

R. 4A.05...............

ad. 2002 No. 150

 

am. 2002 No. 353

 

rep. 2004 No. 148

R. 4A.06...............

ad. 2002 No. 150

 

rep. 2004 No. 148

R. 4A.07...............

ad. 2002 No. 150

 

rep. 2004 No. 148

Part 5

 

Heading to Part 5.........

rs. 1995 No. 64

Division 5.1

 

R. 5.01................

am. 1994 No. 57; 1995 Nos. 159 and 384; 1997 Nos. 117 and 309; 1998 Nos. 83 and 193; 1999 No. 14; 2002 No. 200; 2004 Nos. 12 and 152; 2005 No. 218; 2007 No.74; 2008 No. 282

R. 5.01A...............

ad. 1994 No. 189

 

am. 1997 No. 309

R. 5.01B...............

ad. 1995 No. 64

R. 5.02................

am. 1995 Nos. 47 and 64; 2001 No. 353

R. 5.02A...............

ad. 1995 No. 159

R. 5.02B...............

ad. 1997 No. 309

R. 5.02C...............

ad. 1997 No. 309

R. 5.03................

am. 1994 No. 189; 1995 No. 64; 1998 No. 175

Division 5.2

 

R. 5.04................

am. 2001 No. 353; 2004 Nos. 12 and 84; 2007 No. 105

R. 5.06................

am. 1997 No. 117; 2005 No. 334

R. 5.06A...............

ad. 1997 No. 117

R. 5.06B...............

ad. 2001 No. 353

Division 5.3

 

R. 5.08................

am. 2004 No. 84; 2005 No. 334; 2011 No. 146

Div. 5.4 of Part 5.........

ad. 1995 No. 47
rep. 1999 No. 14

R. 5.09................

ad. 1995 No. 47

 

am. 1995 No. 159

 

rep. 1999 No. 14

R. 5.10................

ad. 1995 No. 47

 

rep. 1999 No. 14

R. 5.11................

ad. 1995 No. 64

 

rep. 1999 No. 14

Division 5.5

 

R. 5.12................

ad. 1995 No. 64

 

am. 2002 No. 21

R. 5.13................

ad. 1995 No. 64

 

rs. 1995 No. 159

R. 5.14................

ad. 1995 No. 64

 

am. 1995 Nos. 159 and 384

R. 5.15................

ad. 1995 No. 64

 

am. 2002 No. 21

R. 5.15A...............

ad. 1995 No. 159

 

rep. 2002 No. 200

R. 5.15B...............

ad. 1995 No. 159

R. 5.15C...............

ad. 1995 No. 384

R. 5.15D...............

ad. 1995 No. 384

R. 5.16................

ad. 1995 No. 64

 

am. 1999 No. 115

R. 5.17................

ad. 1995 No. 64

 

am. 1995 Nos. 159 and 384; 1997 No. 117; 1998
No. 193; 1999 No. 317; 2002 Nos. 21 and 200

R. 5.18................

ad. 1995 No. 64

 

am. 1995 No. 159

Division 5.6

 

Div. 5.6 of Part 5.........

ad. 1995 No. 159

R. 5.19................

ad. 1995 No. 159

R. 5.20................

ad. 1995 No. 159

R. 5.21................

ad. 1995 No. 159

 

am. 2002 No. 21

R. 5.22................

ad. 1995 No. 159

 

am. 2002 No. 200

R. 5.23................

ad. 1995 No. 159

R. 5.24................

ad. 1995 No. 159

Part 6

 

Division 6.1

 

Subdivision 6.1.1

 

R. 6.01................

am. 1994 No. 189; 1995 No. 64; 1996 Nos. 57 and 344; 1997 Nos. 117, 293 and 343; 1998 Nos. 83, 175 and 177; 2002 Nos. 91 and 200; 2003 No. 42; 2005 Nos. 56 and 334; 2007 No. 74; 2008 Nos. 9 and 282; 2009 No. 15; 2010 No. 187

R. 6.01A...............

ad. 2008 No. 9

R. 6.01B...............

ad. 2008 No. 282

 

am. 2009 No. 15; 2012 No. 203

Subdivision 6.1.2

 

R. 6.02................

am. 1995 No. 159; 1997 Nos. 117, 152 and 153

 

rs. 1998 No. 175

R. 6.03................

am. 1998 No. 175

R. 6.04................

am. 1996 Nos. 57 and 344

 

rep. 1998 No. 175

R. 6.04A...............

ad. 1997 No. 117

 

rep. 1998 No. 175

R. 6.06................

am. 1994 No. 189; 1998 No. 175

Subdivision 6.1.3

 

R. 6.07................

am. 1997 No. 117

 

rs. 1998 No. 175

 

am. 1999 No. 14

R. 6.08................

am. 1994 No. 189; 1997 No. 117

 

rs. 1998 No. 175

 

am. 1999 No. 14; 2007 No. 74

R. 6.09................

am. 1996 Nos. 57 and 344; 1997 No. 117

 

rs. 1998 No. 175

R. 6.09A...............

ad. 1997 No. 117

 

rep. 1998 No. 175

Subdivision 6.1.4

 

R. 6.10................

am. 1994 No. 189; 1997 Nos. 117 and 293; 1998 No. 175; 2004 No. 148; 2007 No. 74

R. 6.11................

am. 1994 No. 189; 1997 Nos. 117 and 293; 1998 No. 175; 2004 No. 148; 2007 No. 74

R. 6.13................

rs. 1994 No. 189

Subdivision 6.1.5

 

R. 6.14................

am. 1998 No. 175

R. 6.15................

rs. 2005 No. 334

R. 6.15A...............

ad. 1998 No. 83

 

am. 2000 No. 281; 2005 No. 333; 2007 No. 204

R. 6.16................

am. 1997 No. 117; 1998 Nos. 83 and 175

R. 6.16A...............

ad. 1998 No. 175

Division 6.2

 

R. 6.17................

am. 1995 No. 159; 2001 No. 353; 2002 No. 21; 2003 No. 251; 2004 No. 153; 2005 Nos. 332 and 334; 2011 No. 146

R. 6.17A...............

ad. 1999 No. 115

 

am. 2001 No. 353; 2004 No. 153

R. 6.17AA..............

ad. 2002 No. 353

R. 6.17B...............

ad. 1999 No. 115

R. 6.17C...............

ad. 2007 No. 74

Division 6.3

 

Subdivision 6.3.1

 

R. 6.18................

am. 1998 No. 175; 2007 No. 74

Note to r. 6.18 (1).........

ad. 2008 No. 282

R. 6.19................

am. 1998 No. 175; 2007 No. 74

Note to r. 6.19 (1).........

ad. 2008 No. 282

R. 6.19A...............

ad. 1997 No. 152

 

am. 1997 No. 309; 1998 No. 193; 1999 No. 239

R. 6.20................

am. 1994 No. 189; 2007 No. 74

R. 6.20A...............

ad. 2002 No. 91

 

am. 2003 Nos. 42 and 251; 2008 No. 282; 2009 No. 15

Note to r. 6.20A (5)........

rs. 2007 No. 74; 2008 No. 282

R. 6.20B...............

ad. 2002 No. 91

 

am. 2003 Nos. 42 and 251; 2008 No. 282; 2009 No. 15

Note to r. 6.20B (4)........

rs. 2007 No. 74

Heading to r. 6.20C.......

rs. 2009 No. 15

R. 6.20C...............

ad. 2008 No. 282

 

am. 2009 No. 15

R. 6.21................

am. 1994 No. 189; 1997 No. 117; 1998 Nos. 83 and 175; 1999 No. 14; 2002 No. 150; 2004 Nos. 148 and 349; 2007 No. 74

R. 6.22................

am. 1994 No. 189; 1997 No. 117; 2001 No. 353;
2007 No. 74; 2008 No. 282; 2009 No. 15; 2011 No. 146; 2012 No. 203

R. 6.22A...............

ad. 1994 No. 189

R. 6.22B...............

ad. 1997 No. 117

 

am. 1998 No. 193; 1999 No. 239

Subdivision 6.3.2

 

R. 6.23................

am. 1998 No. 175

Note to r. 6.23 (1).........

ad. 2008 No. 282

R. 6.24A...............

ad. 2002 No. 91

 

am. 2003 No. 42; 2008 No. 282; 2009 No. 15

Note to r. 6.24A (5)........

rs. 2007 No. 74; 2008 No. 282

R. 6.24B...............

ad. 2008 No. 282

Heading to r. 6.24B.......

rs. 2009 No. 15

R. 6.24B...............

am. 2009 No. 15

R. 6.25................

am. 1994 No. 189; 1997 No. 117; 1998 No. 83; 1999 No. 14; 2007 No. 74

R. 6.26................

am. 2001 No. 353; 2007 No. 74; 2008 No. 282; 2009 No. 15; 2012 No. 203

R. 6.27................

rs. 2007 No. 74

 

am. 2008 No. 282; 2012 No. 203

R. 6.27A...............

ad. 1994 No. 189

Division 6.4

 

Heading to Div. 6.4
of Part 6

rs. 2003 No. 251

Note to Heading to
Div. 6.4 of Part 6

rs. 1995 No. 159

Heading to r. 6.27B.......

rs. 1998 No. 193

R. 6.27B...............

ad. 1997 No. 117

 

am. 1998 No. 193; 1999 No. 239

R. 6.28................

rs. 1995 No. 142

 

am. 1997 No. 117; 1999 No. 14; 2002 No. 21; 2004 No. 113

Note to 6.28 (2)..........

rep. 2004 No. 113

Heading to r. 6.29........

am. 1997 No. 117

R. 6.29................

rs. 1995 No. 142

 

am. 1995 No. 159; 1997 No. 117; 1999 No. 14; 2002 No. 21; 2004 No. 113

Note to 6.29 (2)..........

rep. 2004 No. 113

Div. 6.4A of Part 6........

ad. 1995 No. 159
rep. 1999 No. 14

Rr. 6.29A, 6.29B.........

ad. 1995 No. 159

 

rep. 1999 No. 14

Division 6.5

 

Div. 6.5 of Part 6.........

rs. 2003 No. 251

R. 6.30................

am. 1994 No. 189; 1995 No. 64

 

rs. 2003 No. 251

 

am. 2004 No. 153; 2005 No. 142

R. 6.31................

ad. 2003 No. 251

 

am. 2007 No. 74

Heading to r. 6.31 (1)......

ad. 2007 No. 74

R. 6.32................

ad. 2003 No. 251

R. 6.33................

ad. 2003 No. 251

 

am. 2007 No. 74

R. 6.34................

ad. 2003 No. 251

 

rs. 2007 No. 74

R. 6.35................

ad. 2003 No. 251

R. 6.36................

ad. 2003 No. 251

R. 6.37................

ad. 2003 No. 251

R. 6.38................

ad. 2003 No. 251

Division 6.6

 

Div. 6.6 of Part 6.........

ad. 2003 No. 251

R. 6.39................

ad. 2003 No. 251

Division 6.7

 

Div. 6.7 of Part 6.........

ad. 2005 No. 334

R. 6.40................

ad. 2005 No. 334

 

am. 2006 No. 189; 2007 No. 74

Heading to 6.41..........

rs. 2006 No. 189

R. 6.41................

ad. 2005 No. 334

 

am. 2006 No. 189; 2007 Nos. 74 and 204

R. 6.42................

ad. 2005 No. 334

 

am. 2006 No. 189; 2007 No. 74

R. 6.43................

ad. 2005 No. 334

R. 6.44................

ad. 2005 No. 334

 

am. 2006 No. 189

Note to r. 6.44 (4).........

rs. 2007 No. 74

R. 6.45................

ad. 2005 No. 334

 

am. 2006 No. 189; 2007 No. 74

R. 6.46................

ad. 2005 No. 334

Division 6.8

 

Div. 6.8 of Part 6.........

ad. 2011 No. 278

R. 6.47................

ad. 2011 No. 278

R. 6.48................

ad. 2011 No. 278

R. 6.49................

ad. 2011 No. 278

R. 6.50................

ad. 2011 No. 278

Part 7

 

Division 7.1

 

Heading to Div. 7.1
of Part 7

ad. 2004 No. 84

R. 7.01................

am. 2002 No. 150; 2004 Nos. 84 and 148; 2007 No. 74

Note to r. 7.01...........

ad. 2007 No. 74

Heading to r. 7.02........

rs. 2004 No. 84

R. 7.02................

rs. 1997 No. 117

 

am. 2004 No. 84

Note to r. 7.02...........

rep. 1997 No. 117

R. 7.03................

am. 2004 No. 84

R. 7.03A...............

ad. 2004 No. 113

 

am. 2004 No. 113

R. 7.04................

am. 1994 No. 432; 1997 Nos. 117 and 293; 2001 No. 353; 2002 No. 150; 2004 Nos. 12 and 148; 2007 No. 74

 

rs. 2007 No. 74

 

am. 2007 No. 204; 2008 No.171

R. 7.04A...............

ad. 2007 No. 204

R. 7.05................

am. 1994 No. 432; 1997 Nos. 117 and 293; 2002 No. 150; 2004 Nos. 12 and 148

 

rs. 2007 No. 74

Division 7.2

 

Div. 7.2 of Part 7.........

ad. 2004 No. 84

R. 7.06................

ad. 2004 No. 84

 

am. 2007 No. 105

R. 7.07................

ad. 2004 No. 84

 

am. 2007 No. 105

R. 7.08................

ad. 2004 No. 84

 

rs. 2007 No. 105

Division 7.3

 

R. 7.09................

ad. 2007 No. 105

R. 7.10................

ad. 2007 No. 105

R. 7.11................

ad. 2007 No. 105

Part 7A

 

Part 7A................

ad. 2001 No. 353

Division 7A.1

 

R. 7A.01...............

ad. 2001 No. 353

R. 7A.01A..............

ad. 2004 No. 153

R. 7A.02...............

ad. 2001 No. 353

R. 7A.03...............

ad. 2001 No. 353

 

am. 2002 No. 353

Note to r. 7A.03..........

rs. 2002 No. 353

Division 7A.1A

 

Heading to Div. 7A.1A
of Part 7A

rs. 2004 No. 153

R. 7A.03A..............

ad. 2002 No. 353

 

am. 2004 Nos. 148 and 153

R. 7A.03B..............

ad. 2002 No. 353

 

am. 2004 Nos. 148 and 153; 2005 No. 332

R. 7A.03C..............

ad. 2002 No. 353

R. 7A.03D..............

ad. 2002 No. 353

R. 7A.03E..............

ad. 2002 No. 353

 

am. 2004 No. 148

 

rs. 2004 No. 153

R. 7A.03F..............

ad. 2002 No. 353

R. 7A.03G..............

ad. 2002 No. 353

 

am. 2004 No. 153

R. 7A.03H..............

ad. 2002 No. 353

 

am. 2004 No. 153; 2005 No. 332

R. 7A.03I...............

ad. 2002 No. 353

 

am. 2004 No. 153

R. 7A.03J..............

ad. 2002 No. 353

R. 7A.03K..............

ad. 2002 No. 353

Division 7A.2

 

R. 7A.04...............

ad. 2001 No. 353

 

am. 2002 No. 353; 2004 Nos. 148 and 153

R. 7A.05...............

ad. 2001 No. 353

R. 7A.06...............

ad. 2001 No. 353

R. 7A.07...............

ad. 2001 No. 353

 

am. 2002 No. 353; 2004 Nos. 148 and 153

R. 7A.08...............

ad. 2001 No. 353

R. 7A.09...............

ad. 2001 No. 353

 

am. 2002 No. 353; 2004 No. 153

R. 7A.10...............

ad. 2001 No. 353

 

am. 2004 No. 153

R. 7A.11...............

ad. 2001 No. 353

 

am. 2002 No. 353; 2004 Nos. 148 and 153

R. 7A.12...............

ad. 2001 No. 353

 

am. 2002 No. 353; 2004 No. 153

R. 7A.13...............

ad. 2001 No. 353

 

am. 2002 No. 353; 2004 Nos. 148 and 153

Division 7A.3

 

R. 7A.14...............

ad. 2001 No. 353

 

am. 2002 No. 353; 2004 No. 153; 2007 No. 74

R. 7A.15...............

ad. 2001 No. 353

 

rep. 2004 No. 153

R. 7A.16...............

ad. 2001 No. 353

 

am. 2002 No. 353; 2004 Nos. 148 and 153

R. 7A.17...............

ad. 2001 No. 353

 

am. 2002 No. 353; 2004 Nos. 148 and 153

R. 7A.18...............

ad. 2001 No. 353

 

am. 2002 No. 353; 2004 Nos. 148 and 153

Division 7A.4

 

R. 7A.19...............

ad. 2002 No. 353

R. 7A.20...............

ad. 2002 No. 353

R. 7A.21...............

ad. 2002 No. 353

R. 7A.22...............

ad. 2002 No. 353

Part 8

 

R. 8.01................

am. 1998 No. 108; 2007 No. 343

R. 8.01A...............

ad. 1996 No. 44

 

am. 1999 No. 239

 

rs. 2003 No. 170

 

rep. 2007 No. 343

R. 8.02................

am. 2007 No. 343

R. 8.02A...............

ad. 2007 No. 343

 

rs. 2008 No. 134

R. 8.02B...............

ad. 2012 No. 183

R. 8.03................

rs. 1995 No. 430

 

am. 1999 Nos. 31 and 239; 2001 No. 37; 2002 No. 200; 2007 No. 343; 2008 No. 134

R. 8.04................

ad. 2007 No. 343

Part 9

 

Division 9.2

 

R. 9.02A...............

ad. 2001 No. 353

Division 9.2A

 

Div. 9.2A of Part 9........

ad. 2004 No. 84

R. 9.04A...............

ad. 2004 No. 84

R. 9.04B...............

ad. 2004 No. 84

R. 9.04C...............

ad. 2004 No. 84

R. 9.04D...............

ad. 2004 No. 84

Division 9.2B

 

Div. 9.2B of Part 9........

ad. 2004 No. 84

R. 9.04E...............

ad. 2004 Nos. 84

 

am. 2004 No. 148; 2007 No. 74

R. 9.04F...............

ad. 2004 No. 84

R. 9.04G...............

ad. 2004 No. 84

R. 9.04H...............

ad. 2004 No. 84

R. 9.04I................

ad. 2004 No. 84

 

am. 2004 No. 155; 2005 No. 143

Division 9.3

 

R. 9.05................

am. 2009 No. 295

R. 9.06................

am. 2004 No. 113

R. 9.09................

am. 2004 No. 113

R. 9.15................

am. 2001 No. 353

R. 9.19................

am. 1998 No. 193; 1999 No. 239

Division 9.4

 

R. 9.23................

am. 1998 No. 193; 1999 No. 239

Heading to r. 9.24.........

am. 1999 No. 239

R. 9.24................

am. 1998 No. 193; 1999 No. 239

Division 9.5

 

R. 9.27................

am. 1994 No. 189; 2001 No. 353

R. 9.29................

am. 2004 No. 113

Division 9.6

 

R. 9.35................

am. 2001 No. 353

R. 9.36................

am. 1994 No. 189

Division 9.7

 

R. 9.43................

am. 1998 No. 193; 1999 No. 239

Heading to r. 9.44.........

am. 1999 No. 239

R. 9.44................

am. 1998 No. 193; 1999 No. 239

Part 10

 

Heading to Part 10........

rs. 1995 No. 159

Division 10.1

 

R. 10.01...............

rs. 1995 No. 159

 

am. 1998 No. 193

Division 10.2

 

R. 10.02...............

rep. 1995 No. 64

 

ad. 1995 No. 159

R. 10.03...............

rs. 1995 No. 159

 

am. 2001 No. 353

R. 10.04...............

rep. 1995 No. 159

R. 10.04A..............

ad. 1994 No. 432

 

rep. 1995 No. 159

R. 10.05...............

rep. 1995 No. 64

Division 10.3

 

R. 10.06...............

rs. 1995 No. 64

 

am. 1995 No. 159; 1997 No. 117; 2004 No. 113; 2005 No. 218

R. 10.07...............

ad. 2004 No. 113

 

am. 2004 No. 113; 2005 No. 218

Part 11

 

Heading to Part 11........

am. 1998 No. 193

R. 11.01...............

am. 1998 No. 193

Heading to r. 11.02........

rs. 1999 No. 239

 

rep. 2003 No. 239

R. 11.02...............

am. 1998 Nos. 193 and 240; 1999 Nos. 31 and 239

 

rep. 2003 No. 170

Note to r. 11.02..........

ad. 1999 No. 239

 

rep. 2003 No. 170

R. 11.02A..............

ad. 1999 No. 239

Heading to r. 11.03........

am. 1999 No. 239

R. 11.03...............

am. 1998 No. 193

R. 11.04...............

am. 1999 No. 239; 2007 No. 343

R. 11.05...............

am. 2007 No. 343

R. 11.06...............

am. 2007 No. 343

R. 11.06A..............

ad. 1999 No. 239

Heading to r. 11.07........

rs. 2007 No. 74

R. 11.07...............

am. 1998 No. 193; 1999 No. 239; 2007 Nos. 74 and
343

R. 11.07AA.............

ad. 2007 No. 74

R. 11.07A..............

ad. 1999 No. 239

 

am. 2007 Nos. 74 and 343

R. 11.08...............

rs. 1995 No. 64

 

am. 1995 Nos. 159 and 384; 1998 No. 193

 

rep. 1999 No. 317

Part 11A

 

Part 11A...............

ad. 2004 No. 113

R. 11A.01..............

ad. 2004 No. 113

R. 11A.02..............

ad. 2004 No. 113

 

am. 2007 No. 343

R. 11A.03..............

ad. 2004 No. 113

 

am. 2007 No. 343

R. 11A.04..............

ad. 2004 No. 113

 

am. 2007 No. 343

Part 12

 

R. 12.01...............

am. 1994 No. 432; 1996 No. 344; 1998 No. 193; 2007 No. 74

R. 12.05...............

am. 1998 No. 193

R. 12.06...............

am. 1998 No. 193

R. 12.08...............

am. 1994 No. 432

 

rs. 1995 No. 430

 

am. 1998 No. 193

R. 12.10...............

am. 2007 No. 74

R. 12.11...............

am. 1994 No. 432; 1998 No. 193; 2007 No. 74

R. 12.12...............

am. 1998 No. 193; 2007 No. 74

R. 12.13...............

am. 1998 No. 193; 2007 No. 74

R. 12.14...............

am. 1998 No. 193

R. 12.15...............

am. 1998 No. 193; 2007 No. 74

Rr. 12.16–12.18..........

rep. 1996 No. 344

Part 13

 

Div. 13.1 of Part 13.......

rep. 2007 No. 343

Heading to Subdiv. 13.1.1...

rs. 1994 No. 189

 

rep. 2007 No. 343

R. 13.01...............

am. 1994 No. 189

 

rep. 2007 No. 343

Heading to Subdiv. 13.1.1A..

ad. 1994 No. 189

 

rep. 2007 No. 343

Subdiv. 13.1.2 of Div. 13.1..

rep. 1997 No. 117

R. 13.02...............

rep. 2007 No. 343

R. 13.03...............

rep. 2007 No. 343

R. 13.04...............

rep. 1997 No. 117

Subdiv. 13.1.3 of Div. 13.1..

ad. 1994 No. 189

 

rep. 2007 No. 343

R. 13.05...............

ad. 1994 No. 189

 

am. 2007 No. 343

Subdiv. 13.1.4 of Div 13.1...

ad. 1994 No. 189

 

rep. 2007 No. 343

R. 13.06...............

ad. 1994 No. 189

 

rep. 2007 No. 343

R. 13.07...............

ad. 1994 No. 189

 

am. 2002 No. 21

 

rep. 2007 No. 343

R. 13.08...............

ad. 1994 No. 189

 

rep. 2007 No. 343

R. 13.09...............

ad. 1994 No. 189

 

am. 1998 No. 193

 

rep. 2007 No. 343

R. 13.10...............

ad. 1994 No. 189

 

rep. 2007 No. 343

Division 13.1A

 

Div. 13.1A of Part 13......

ad. 1999 No. 239

R. 13.10A..............

ad. 1999 No. 239

R. 13.10B..............

ad. 1999 No. 239

R. 13.10C..............

ad. 1999 No. 239

R. 13.10D..............

ad. 1999 No. 239

Division 13.2

 

R. 13.11...............

am. 1994 Nos. 189 and 432

R. 13.13...............

am. 1994 No. 189; 2001 No. 353; 2009 No. 295

R. 13.14...............

am. 1998 No. 83

R. 13.15A..............

ad. 1998 No. 83

 

am. 2002 No. 21; 2004 No. 113

R. 13.16...............

am. 1994 No. 189; 1995 No. 158; 1997 No. 221; 1998 No. 193; 1999 No. 239; 2001 No. 353; 2002 No. 353; 2004 No. 12; 2005 No. 332; 2008 No. 282; 2009 No. 15

R. 13.17...............

rs. 1994 No. 189

 

am. 1994 No. 432; 1998 No. 193; 1999 No. 115; 2007 No. 343

R. 13.17A..............

ad. 1994 No. 189

 

am. 1994 No. 432; 1998 No. 193; 1999 No. 115; 2002 No. 150; 2007 No. 343

R. 13.17AA.............

ad. 1994 No. 432

 

am. 1998 No. 193; 2007 No. 343

R. 13.17B..............

ad. 1994 No. 189

R. 13.17C..............

ad. 1995 No. 159

Division 13.3

 

R. 13.18AA.............

ad. 2011 No. 130

R. 13.18A..............

ad. 2005 No. 34

R. 13.19...............

am. Act No. 169, 1995

R. 13.19A..............

ad. 2008 No. 171

Rr. 13.22A, 13.22B........

ad. 1997 No. 243

 

rep. 1998 No. 193

R. 13.22C..............

ad. 1997 No. 243

 

am. 1998 No. 76

 

rep. 1998 No. 193

Division 13.3A

 

Div. 13.3A of Part 13......

ad. 2000 No. 151

R. 13.22A..............

ad. 2000 No. 151

R. 13.22B..............

ad. 2000 No. 151

R. 13.22C..............

ad. 2000 No. 151

R. 13.22D..............

ad. 2000 No. 151

Division 13.5

 

Div. 13.5 of Part 13.......

ad. 1996 No. 344

R. 13.24...............

ad. 1996 No. 344

 

am. 1998 No. 193

R. 13.25...............

ad. 1996 No. 344

 

am. 1997 No. 117; 1998 No. 193

R. 13.26...............

ad. 1996 No. 344

 

am. 1998 No. 193

Schedule 1AAA

 

Schedule 1AAA..........

ad. 1995 No. 430

 

am. 2007 No. 74; 2009 No. 389

Schedule 1AA

 

Schedule 1AA...........

ad. 1995 No. 240

 

am. 1996 No. 122; 1998 No. 83; 2002 No. 150; 2007 Nos. 105 and 331; 2009 No. 295; 2011 No. 146

Schedule 1A

 

Heading to Schedule 1A....

rs. 2005 No. 333

Schedule 1A............

ad. 1994 No. 189

 

am. 2003 No. 171; 2005 No. 333; 2009 Nos. 46 and
106; 2010 No. 237; 2011 No. 83; 2012 No. 2

Schedule 1AAB

 

Schedule 1AAB..........

ad. 2005 No. 333

 

am. 2009 Nos. 46 and 106; 2010 No. 237; 2011 No. 83; 2012 No. 2

Schedule 1B

 

Schedule 1B............

ad. 1994 No. 189

 

am. 1995 No. 158; 1998 No. 193; 1999 No. 239

Schedule 1

 

Heading to Schedule 1.....

rs. 2007 No. 74; 2008 No. 9

Schedule 1.............

am. 1994 No. 189; 1997 Nos. 152, 153, 343 and 415; 1998 No. 193; 1999 No. 239; 2002 No. 91; 2005 No. 56; 2007 No. 74; 2008 Nos. 9 and 282; 2009 No. 15; 2012 No. 203

Schedule 1A............

ad. 2002 No. 91

Renumbered
Schedule 1AB

2002 No. 200
am. 2005 No. 334

 

rep. 2008 No. 282

Schedule 2

 

Heading to Schedule 2.....

am. 1995 No. 159

Schedule 2.............

am. 1994 No. 189; 1997 No. 293; 2005 No. 218

Schedule 2A

 

Schedule 2A............

ad. 2007 No. 74

Schedule 3

 

Schedule 3.............

am. 1998 No. 193; 1999 No. 239

Schedule 4

 

Schedule 4.............

ad. 2002 No. 21

 

am. 2011 No. 193

Schedule 5.............

ad. 2004 No. 113

 

rep. 2004 No. 113

Schedule 6

 

Schedule 6.............

ad. 2004 No. 148

 

am. 2005 No. 333; 2009 Nos. 46 and 106; 2010 No. 237; 2011 No. 83; 2012 No. 2

Schedule 7

 

Schedule 7.............

ad. 2007 No. 74

 

am. 2009 Nos. 46 and 106; 2010 No. 237; 2011 No. 83; 2012 No. 2

Note 2

Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 5) (2012 No. 317)

The following amendments commence on 1 July 2013:

Schedule 2

[1] Regulations 6.32 to 6.34

substitute

6.32 Superannuation data and payment matters

  For subsection 34K (1) of the Act, regulations 6.33 to 6.38 prescribe matters to be complied with.

6.33 Request for rollover or transfer of withdrawal benefit

 (1) A member of a regulated superannuation fund or approved deposit fund (the transferring fund) may request, in writing, that the whole or a part of the member’s withdrawal benefit in the transferring fund be rolled over or transferred to any of the following (the receiving fund):

 (a) a regulated superannuation fund;

 (b) an approved deposit fund;

 (c) an RSA provider.

Note   A member may also request that his or her withdrawal benefit be rolled over or transferred to an EPSSS.

 (2) If the receiving fund is not a self managed superannuation fund, the member:

 (a) may make the request to the transferring fund or the receiving fund; and

 (b) if the request is to rollover or transfer an amount that is the whole of the member’s withdrawal benefit—may use the form specified in Schedule 2A to make the request.

 (3) If the receiving fund is a self managed superannuation fund, the member:

 (a) must make the request to the transferring fund; and

 (b) if the request is to rollover or transfer an amount that is the whole of the member’s withdrawal benefit—may use the form specified in Schedule 2B to make the request.

Note   The forms in Schedules 2A and 2B deal with information about tax file numbers that is required in accordance with Part 25A of the Act, and approvals under that Part.

6.33A Action by receiving fund on receipt of request

 (1) This regulation applies to the trustee of a fund (the receiving fund) if the receiving fund receives a written request from a member to rollover or transfer the whole or part of the member’s withdrawal benefit from a regulated superannuation fund, approved deposit fund or RSA provider (the transferring fund) to the receiving fund.             

 (2) The trustee must tell the transferring fund about the request and give the following details to the transferring fund:

 (a) the member’s full name;

 (b) the member’s date of birth;

 (c) the member’s sex;

 (d) the member’s residential address;

 (e) the member’s membership number, or account number, with the transferring fund;

 (f) the receiving fund’s name and ABN;

 (g) the receiving fund’s unique superannuation identifier for the rollover or transfer;

 (h) the transferring fund’s name and ABN;

 (i) the transferring fund’s unique superannuation identifier for the rollover or transfer.

 (3) However, subsection (2) does not apply if the trustee does not have all of the details mentioned in subsection (2).

 (4) The trustee must also tell the transferring fund:

 (a) whether the request is to rollover or transfer the whole or a part of the member’s withdrawal benefit; and

 (b) if the request is to rollover or transfer a part of the member’s withdrawal benefit—the amount to be rolled over or transferred.

 (5) The trustee must also give the tax file number to the transferring fund, unless, before the rollover or transfer, the member gives the trustee a written statement requesting the trustee not to inform any RSA provider or any other trustee of the member’s tax file number.

Note   Standards made under subsection 34K (3) of the Act may set out how the information in subregulations (2) and (4) is to be given to the transferring fund (for example, electronically), and may set out additional information that must be given.

 (6) Before the trustee gives the information to the transferring fund, the trustee must reasonably believe that the member:

 (a) is aware that the member may ask the trustee of the transferring fund for information that the member reasonably requires for the purpose of understanding any benefit entitlements that the member may have, including:

 (i) information about any fees or charges that may apply to the proposed rollover or transfer; and

 (ii) information about the effect of the proposed rollover or transfer on any benefit entitlements the member may have; and

 (b) either:

 (i) has obtained any information the member reasonably requires; or

 (ii) does not require such information. 

Note   Under section 1017C of the Corporations Act 2001, a trustee of a fund must, on request by a member of the fund, give the member the information and documents mentioned in subsections 1017C (3) and (5). See also regulations 7.9.02, 7.9.45 and 7.9.47 of the Corporations Regulations 2001.

6.33B Transferring fund must electronically receive request

 (1) This regulation applies to a regulated superannuation fund or approved deposit fund (the transferring fund) if a member of the fund makes a request for the whole or part of the member’s withdrawal benefit in the transferring fund to be rolled over or transferred to another regulated superannuation fund, approved deposit fund or RSA provider (the receiving fund).

 (2) The transferring fund must be able to electronically receive information in relation to the rollover or transfer sent to the transferring fund:

 (a) by the receiving fund, in accordance with regulation 6.33A and any applicable Standards made under subsection 34K (3) of the Act; or

 (b) by the receiving fund in accordance with any applicable Standards made under subsection 45B (3) of the RSA Act; or

 (c) by the member, in accordance with any Standards made under subsection 34K (3) of the Act or subsection 45B (3) of the RSA Act that apply in relation to requests for rollovers or transfers of withdrawal benefits; or

 (d) by the Commissioner of Taxation under regulation 6A.03.

6.33C Trustee may request information if not provided

 (1) Subregulation (2) applies if:

 (a) a trustee of a regulated superannuation fund or approved deposit fund (the transferring fund) receives:

 (i) a request to roll over or transfer a member’s withdrawal benefit to another regulated superannuation fund or approved deposit fund, an RSA provider or an EPSSS; or

 (ii) the information mentioned in subregulation 6.33A (2) from a receiving fund; and

 (b) the request is to rollover or transfer the whole of the member’s withdrawal benefit; and

 (c) the trustee requires further information in order to process the request; and

 (d) one of the following applies:

 (i) for a request to rollover or transfer to a self managed superannuation fund—the further information is mandatory information in the form in Schedule 2B;

 (ii) in any other case—the further information is mandatory information in the form in Schedule 2A.

Note   If a request does not include all of the mandatory information in the form in Schedule 2A or 2B (whether or not the request is made using the form) the trustee may still roll over or transfer the amount without asking for the rest of the mandatory information.

 (2) The trustee must ask the member for the mandatory information not later than 5 business days after receiving the request.

 (3) If:

 (a) a trustee of a transferring fund receives:

 (i) a request to roll over or transfer a member’s withdrawal benefit to another regulated superannuation fund or approved deposit fund, an RSA provider or an EPSSS; or

 (ii) the information mentioned in subregulation 6.33A (2) from a receiving fund; and

 (b) the request is to rollover or transfer part of the member’s withdrawal benefit; and

 (c) the trustee requires further information that is necessary to process the request;

the trustee must ask the member for the information not later than 5 business days after receiving the request.

 (4) If the trustee does not receive the information requested in subregulation (2) or (3) not later than 10 business days after making the request, the trustee must make reasonable further inquiries of the member to obtain the information.

6.33D Validation of member’s details by transferring fund

 (1) Subregulation (2) applies to the trustee of a regulated superannuation fund or approved deposit fund (the transferring fund) if:

 (a) the transferring fund receives:

 (i) a request under regulation 6.33 to rollover or transfer the whole or a part of a member’s withdrawal benefit from the transferring fund to another regulated superannuation fund (other than a self managed superannuation fund) or approved deposit fund, or an RSA provider; or

 (ii) a request to rollover or transfer the whole or a part of a member’s withdrawal benefit from the transferring fund to an EPSSS; and

 (b) the request was not given to the trustee by the Commissioner of Taxation; and

 (c) the transferring fund has the member’s tax file number.

 (2) The trustee of the transferring fund must ask the Commissioner of Taxation, using an electronic interface provided by the Commissioner, for a notice under subsection 299TD (2) of the Act in relation to the member.

 (3) However, subregulation (2) does not apply if the Commissioner has previously given the trustee a notice under subsection 299TD (2) of the Act stating that the Commissioner was able to validate the member’s information given by the trustee.

 (4) The trustee may ask the member for any proof of identity information on the form in Schedule 2B that the trustee reasonably requires to process the request if:

 (a) the Commissioner of Taxation gives the trustee a notice under subsection 299TD (2) of the Act stating that the Commissioner is not able to validate the information mentioned in subsection (2); or

 (b) the trustee does not have the member’s tax file number.

 (5) The trustee must ask for the proof of identity information under subregulation (4) not later than:

 (a) for a trustee to whom paragraph (4) (a) applies—5 business days after receiving the Commissioner’s notice; and

 (b) for a trustee to whom paragraph (4) (b) applies—5 days after receiving the request to rollover or transfer the whole or a part of the member’s withdrawal benefit.

 (6) If the trustee does not receive the information requested under subregulation (4) not later than 10 business days after making the request, the trustee must make reasonable further inquiries of the member to obtain the information.

6.33E Verification of self managed superannuation fund and member’s details             

 (1) This regulation applies to the trustee of a regulated superannuation fund or approved deposit fund (the transferring fund) if the transferring fund receives a request under regulation 6.33 to rollover or transfer the whole or a part of a member’s withdrawal benefit from the transferring fund to a self managed superannuation fund (the receiving fund).

 (2) The trustee of the transferring fund must:

 (a) use an electronic service provided by the Australian government to verify:

 (i) the ABN and name of the receiving fund; and

 (ii) that the receiving fund is a regulated superannuation fund; and

 (b) use an electronic service provided by the Commissioner of Taxation to validate that the member is a member of the receiving fund.

 (3) If the trustee is unable to verify the information mentioned in paragraph (2) (a) or is unable to validate the information mentioned in paragraph (2) (b), using the electronic service, the trustee must ask the member for written evidence to verify:

 (a) the name of the receiving fund; and

 (b) that the receiving fund is a regulated superannuation fund; and

 (c) that the member is a member of the receiving fund.

 (4) The trustee must ask for the evidence under subregulation (3) not later than 5 business days after the trustee has been unable to verify or validate the information under subsection (2).

 (5) If the trustee does not receive the evidence requested under subregulation (4) within 10 business days after making the request the trustee must make reasonable further inquiries of the member to obtain the information.

6.34 Rollover or transfer of withdrawal benefit

Application of regulation 

 (1) This regulation applies to the trustee of a regulated superannuation fund or approved deposit fund (the transferring fund) if:

 (a) the transferring fund receives a request to rollover or transfer the whole or part of a member’s withdrawal benefit from the transferring fund to another regulated superannuation fund or approved deposit fund, an RSA provider or an EPSSS (the receiving fund); and

 (b) for a request to rollover or transfer the whole of member’s withdrawal benefit—the transferring fund receives all information that is mandatory information in the form in Schedule 2A (if the receiving fund is not a self managed superannuation fund) or Schedule 2B (in any other case); and

 (c) for a request for rollover or transfer part of the member’s withdrawal benefit—the transferring fund receives:

 (i) the information that would be required by the form specified in Schedule 2A (if the receiving fund is not a self managed superannuation fund) or Schedule 2B (in any other case); and

 (ii) any other information that is reasonably required by the trustee of the fund to give effect to the rollover or transfer; and

 (d) for a request to which paragraph 6.33D (4) (a) or (b) applies—the trustee has received sufficient information, following a request under subregulation 6.33D (4), to reasonably enable the trustee to give effect to the rollover or transfer; and

 (e) for a request to which subregulation 6.33E (3) applies, the trustee has received sufficient information, following a request under subregulation 6.33E (4), to reasonably enable the trustee to give effect to the rollover or transfer.

Note for paragraph (a)   The request could come from the member, the receiving fund or the Commissioner of Taxation.

Trustee must rollover or transfer

 (2) Subject to regulations 6.35 and 6.38, the trustee must roll over or transfer the amount in accordance with the request.

Note   Standards made under subsection 34K (3) of the Act may set out how the amount is to be rolled over or transferred, and information that must accompany the rollover or transfer.             

 (3) The trustee must assign a payment reference number to the rollover or transfer, and include the payment reference number in the rollover or transfer.

 (4) The payment reference number must be unique to:

 (a) the rollover or transfer; or

 (b) a number of rollovers or transfers made together on the same day by the transferring fund.

Note   Standards made under subsection 34K (3) of the Act may set out how the payment reference number is to be determined.               

 (5) Before the trustee rolls over or transfers the amount, the trustee must, unless the trustee received the request from the receiving fund under regulation 6.33A or the Commissioner for Taxation under Part 6A, reasonably believe that the member:             

 (a) is aware that the member may ask the trustee for information that the member reasonably requires for the purpose of understanding any benefit entitlements that the member may have, including:

 (i) information about any fees or charges that may apply to the proposed rollover or transfer; and

 (ii) information about the effect of the proposed rollover or transfer on any benefit entitlements the member may have; and

 (b) either:

 (i) has obtained any information the member reasonably requires; or

 (ii) does not require such information.

Note   Under section 1017C of the Corporations Act 2001, a trustee of a fund must, on request by a member of the fund, give the member the information and documents mentioned in subsections 1017C (3) and (5). See also regulations 7.9.02, 7.9.45, and 7.9.47 of the Corporations Regulations 2001.

6.34A Timeframes for rollovers and transfers 

 (1) This regulation applies if a trustee of a transferring fund is required to rollover or transfer an amount to a receiving fund under regulation 6.34.

Timeframe—standard

 (2) Subject to subregulations (3) to (6), a trustee required to roll over or transfer an amount under subregulation 6.34 (2) must do so as soon as practicable, but in any case not later than 3 business days after:

 (a) the trustee received the rollover or transfer request; or

 (b) if the trustee seeks further information under regulation 6.33C or subregulation 6.33D (4) or 6.33E (3)—the date the trustee receives the information; or

 (c) if there is a suspension or variation under regulation 6.36 or 6.37—the end of the period of the suspension or variation.

Timeframe—non-standard

 (3) If the receiving fund is unable to receive the rollover or transfer in accordance with any applicable Standards made under subsection 34K (3) of the Act or subsection 45B (3) of the RSA Act, the trustee is required, subject to subregulations (4) to (6), to rollover or transfer the amount as soon as practicable, but in any case not later than 30 days after:

  (a) the trustee received the rollover or transfer request; or

 (b) if the trustee seeks further information under regulation 6.33C or subregulation 6.33D (4) or 6.33E (3)—the date the trustee receives the information; or

 (c) if there is a suspension or variation under regulation 6.36 or 6.37—the end of the period of the suspension or variation.

 (4) If, on or after 1 July 2007, a member makes an investment choice under regulation 4.02:

 (a) the trustee is not required to rollover or transfer the amount within the period mentioned in subregulation (2) if:

 (i) the trustee takes steps to redeem the investment as soon as practicable but in any case not later than
3 business days; and

 (ii) the rollover or transfer is made as soon as practicable, and in any event not later than
3 business days, after the trustee receives the proceeds of the redemption; but

 (b) the trustee must rollover or transfer the amount as soon as practicable and in any case not later than 30 days after:

 (i) the trustee received the request; or

 (ii) if the trustee seeks further information under regulation 6.33C, or subregulation 6.33D (4) or 6.33E (3)—the time the trustee receives the information; or

 (iii) if there is a suspension or variation under regulation 6.36 or 6.37—the end of the period of the suspension or variation.

Timeframe—illiquid investments

 (5) For an investment made before 1 July 2007, the trustee is not required to rollover or transfer the amount within the period mentioned in subregulation (2), (3) or (4) if:

 (a) any part of the member’s interest was an illiquid investment immediately before 1 July 2007; and

 (b) the trustee informed the member, before 1 July 2008, of the nature of the illiquid investment, the impact of the investment on the portability of the member’s interest, and the period within which the investment can be rolled over to another fund.

 (6) If, on or after 1 July 2007, a member makes an investment choice under regulation 4.02, the trustee is not required to rollover or transfer the amount within the period mentioned in subregulation (2), (3) or (4) if:

 (a) for an investment choice made before 1 July 2013 where the investment strategy chosen is an illiquid investment—the trustee, before the member made the investment choice:

 (i) informed the member of the effect of subregulation 6.34 (5) of these Regulations as in force immediately before 1 July 2013, and of the maximum period in which a transfer was required to be effected under that subregulation; and

 (ii) informed the member of the reasons why the investment is illiquid; and

 (iii) obtained written consent that the member understands and accepts that a period longer than
30 days is required (in respect of the whole or part of the requested transfer amount) because of the illiquid nature of the investment; or

 (b) for an investment choice made on or after 1 July 2013, where the investment strategy chosen is an illiquid investment—the trustee has, before the member made the investment choice:

 (i) informed the member of the effect of paragraph 6.34A (4) (b) and of the maximum period in which a transfer is required to be effected under that paragraph; and

 (ii) informed the member of the reasons why the investment is illiquid; and

 (iii) obtained written consent that the member understands and accepts that a period longer than
30 days is required (in respect of the whole or part of the requested transfer amount) because of the illiquid nature of the investment.

Note   The trustee may effect a rollover or transfer in more than 1 transaction to ensure that only the illiquid investment is rolled over or transferred outside the 3 day period.

6.34B Member details for rollover or transfer

 (1) A trustee of a transferring fund who rolls over or transfers the whole or part of a member’s withdrawal benefit under regulation 6.34 to a regulated superannuation fund, approved deposit fund or RSA provider (the receiving fund) must give the following information to the receiving fund in relation to the rollover or transfer:

 (a) the member’s full name;

 (b) the member’s date of birth;

 (c) the member’s sex;

 (d) the member’s residential address;

 (e) the payment reference number included with the rollover or transfer.

Note   See section 299M of the Act for requirements relating to the provision of the member’s tax file number.

 (2) However, the trustee is not required to give the information to the receiving fund if the member has not given the information to the transferring fund.

 (3) The trustee must give the information to the receiving fund on the same day as the trustee makes the rollover or transfer.

Note   Standards made under subsection 34K (3) of the Act may set out how the information in subregulation (1) is to be given to the receiving fund (for example, electronically), and may require additional information to be given.

6.34C Receiving fund must electronically receive information and payment

 (1) This regulation applies to a regulated superannuation fund or approved deposit fund (the receiving fund) if:

 (a) another regulated superannuation fund or approved deposit fund, or an RSA provider (the transferring fund) gives to the receiving fund in relation to a rollover or transfer:

 (i) the information mentioned in subregulation 6.34B (1); and

 (ii) a payment of the whole or a part of a member’s withdrawal benefit being rolled over or transferred to the receiving fund; and

 (b) the information is given, and the payment made, in accordance with the applicable Standards (if any) made under subsection 34K (3) of the Act or subsection 45B (3) of the RSA Act.

 (2) The receiving fund must be able to receive the information and payment electronically.

Note   Standards made under subsection 34K (3) may set out additional requirements for how the fund is to receive the information and payment.

6.34D Receiving fund must allocate amount to member

 (1) This regulation applies to the trustee of a regulated superannuation fund or approved deposit fund (the receiving fund) if:

 (a) the receiving fund receives a rollover or transfer of an amount that is the whole or a part of a member’s withdrawal benefit from:

 (i) a regulated superannuation fund or approved deposit fund; or

 (ii) an RSA provider; or

 (iii) the Commissioner of Taxation; and

 (b) for a rollover or transfer received from a regulated superannuation fund or approved deposit fund (the transferring fund):

 (i) the transferring fund made the rollover or transfer in accordance with any applicable Standards specified under subsection 34K (3) of the Act; and

 (ii) the information required by subregulation 6.34B (1), and any applicable Standards specified under subsection 34K (3) of the Act, was sent in relation to the rollover or transfer; and

 (iii) the information was sent in the way required by any applicable Standards made under subsection 34K (3) of the Act; and

 (c) for a rollover or transfer received from the Commissioner of Taxation—the Commissioner made the rollover or transfer in accordance with any applicable Standards specified under subsection 34K (3) of the Act that would apply if the rollover or transfer were being made by a regulated superannuation fund or approved deposit fund; and

 (d) for a rollover or transfer received from an RSA provider:

 (i) the RSA provider made the rollover or transfer in accordance with any applicable Standards specified under subsection 45B (3) of the RSA Act; and

 (ii) the information required by any applicable Standards made under subsection 45B (3) of the RSA Act, was sent in relation to the rollover or transfer; and

 (iii) the information was sent in the way required by any applicable Standards made under subsection 45B (3) of the RSA Act.

 (2) If the receiving fund accepts the rollover or transfer, and receives it in accordance with any applicable Standards made under subsection 34K (3) of the Act, the receiving fund must allocate the amount transferred or rolled over to the member’s account as soon as possible, but in any case not later than 3 business days after the receiving fund has received:

 (a) the rollover or transfer of the amount; and

 (b) either:

 (i) the information mentioned in subparagraph (1) (b) (ii), sent in accordance with any applicable Standards made under subsection 34K (3) of the Act; or

 (ii) the information mentioned in subparagraph (1) (d) (ii), sent in accordance with any applicable Standards made under subsection 45B (3) of the RSA Act.

[2] Paragraph 6A.03 (2) (b)

omit

[3] Paragraph 6A.03 (2) (c)

renumber as paragraph 6A.03 (2) (b)

[4] Division 7.2, heading

substitute

Division 7.2 Contributions to be allocated to members

[5] Regulations 7.06 to 7.08

substitute

Subdivision 7.2.1 Superannuation data and payment matters

7.07 Superannuation data and payment matters

  For subsection 34K (1) of the Act, regulations 7.07A to 7.07H prescribe matters to be complied with.

7.07AA Application

 (1) This regulation is made for subitem 20 (6) of Part 4 of Schedule 1 to the Superannuation Legislation Amendment (Stronger Super) Act 2012 (the amending Act).

 (2) This subdivision applies in relation to a medium to large employer on 1 July 2014 in relation to conduct that occurs on or after 1 July 2014.

 (3) This subdivision applies in relation to a small employer on 1 July 2015 in relation to conduct that occurs on or after 1 July 2015.

 (4) In this regulation:

medium to large employer has the meaning given by subitem 20 (4) of Part 4 of Schedule 1 to the amending Act.

small employer has the meaning given by subitem 20 (4) of Part 4 of Schedule 1 to the amending Act.

7.07A Initial registration of employee

 (1) This regulation applies to an employer if:

 (a) the employer makes a contribution for an employee
to a regulated superannuation fund on or after the commencement of Part 3B; and

 (b) the employer has not previously made a contribution to the fund for the employee; and

 (c) the contribution is not to:

 (i) a self managed superannuation fund; or

 (ii) a fund chosen by the employee.

 (2) The employer must, before or on the same day as the employer makes the first contribution, give the following information to the fund:

 (a) the employee’s full name;

 (b) the employee’s date of birth;

 (c) the employee’s tax file number;

 (d) the employee’s sex;

 (e) the employee’s residential address.

 (3) However, subregulation (2) does not apply if the employer has made reasonable efforts to get the information from the employee but has been unable to do so.

Note   Standards made under subsection 34K (3) of the Act may set out how the information in subregulation (2) is to be given to the fund (for example, electronically), and may set out additional information that must be given.

7.07B Validation of initial registration information

 (1) This regulation applies to the trustee of a regulated superannuation fund, other than a self managed superannuation fund, if:

 (a) the fund receives the following information for a member from an employer in accordance with regulation 7.07A:

 (i) full name;

 (ii) tax file number;

 (iii) date of birth; and

 (b) the information is given to the fund in the way required by any applicable Standards made under subsection 34K (3) of the Act.

 (2) The trustee must ask the Commissioner of Taxation, using an electronic interface provided by the Commissioner, for a notice under subsection 299TD (2) of the Act in relation to the member.

 (3) However, subregulation (2) does not apply if the Commissioner has previously given the trustee a notice under subsection 299TD (2) of the Act stating that the Commissioner was able to validate the member’s information given by the trustee.

 (4) The trustee must make the request not later than 3 business days after receiving the information.

7.07C Trustee may give membership or account number to Commissioner of Taxation

  The trustee of a regulated superannuation fund may give the Commissioner of Taxation the membership number, or account number, for a member of the fund.

7.07D Invalid initial registration information

 (1) This regulation applies to the trustee of a regulated superannuation fund, other than a self managed superannuation fund, if the Commissioner of Taxation gives the trustee a notice under subsection 299TD (2) of the Act stating that the Commissioner is not able to validate the information given to the Commissioner by the trustee under regulation 7.07B.

 (2) The trustee must, not later than 5 business days after receiving the Commissioner’s notice, ask the employer to confirm the following information for the member:

 (a) full name;

 (b) tax file number;

 (c) date of birth;

 (d) residential address.

 (3) If an employer receives a request from a trustee under subregulation (2), the employer must make all reasonable efforts to give the trustee the complete or correct information for the employee not later than 10 business days after receiving the request.

7.07E Employee details for contribution

 (1) This regulation applies to an employer who makes a contribution for an employee to a regulated superannuation fund, unless:

 (a) the fund is a self managed superannuation fund; and

 (b) the employer is a related party of the fund.

 (2) The employer must give the following information to the fund in relation to the contribution:

 (a) the employee’s full name;

 (b) the employee’s residential address;

 (c) the employee’s tax file number;

 (d) the employee’s telephone number. 

 (3) However, the employer is not required to give the information mentioned in subregulation (2) to the fund if:

 (a) the employee has not given the information to the employer, and              the employer has made reasonable efforts to obtain the information from the employee; or

 (b) the fund is a self managed superannuation fund and the employer is a related party of the fund.

 (4) The employer must give the information to the fund on the same day as the employer makes the contribution to the fund.

Note   Standards made under subsection 34K (3) of the Act may set out how the information in subregulation (2) is to be given to the fund, additional information that must be given, and how the contribution must be made.

 (5) The employer must assign a payment reference number to the contribution and include the payment reference number with the contribution.

 (6) The payment reference number must be unique to:

 (a) the contribution; or

 (b) a number of contributions made together on the same day by the employer.

Note   Standards made under subsection 34K (3) of the Act may set out how the payment reference number is to be determined.

7.07F Superannuation fund must electronically receive contributions and information

 (1) This regulation applies from 1 July 2014 to a regulated superannuation fund if:

 (a) any of the following is sent to the fund by an employer:

 (i) the information mentioned in subregulation 7.07A (2);

 (ii) a contribution and the information mentioned in subregulation 7.07E (2);

 (iii) any other information relating to a contribution; and

 (b) the information is sent to the fund on or after 1 July 2014; and

 (c) the information is, or the information and contribution are, sent to the fund in accordance with any applicable Standards made under subsection 34K (3) of the Act.

 (2) However, this regulation does not apply if the fund is a self managed superannuation fund and the employer is a related party of the fund.

 (3) The fund must be able to receive the information, or the information and contribution, electronically.

Note   Standards made under subsection 34K (3) of the Act may set out additional requirements for how the information and contribution are to be received by the fund.

7.07G Incomplete contribution information

 (1) This regulation applies to the trustee of a regulated superannuation fund, other than a self managed superannuation fund, if:

 (a) the fund receives a contribution from an employer for a member of the fund; and

 (b) either or both of the following applies:

 (i) the contribution is the first contribution received by the fund for the member from the employer, and the employer, before or with the contribution, did not provide any of the information mentioned in subregulation 7.07A (2);

 (ii) the contribution is not accompanied by all of the information mentioned in subregulation 7.07E (2); and

 (c) the contribution is not being made to a defined benefit interest.

 (2) The trustee must, not later than 5 business days after receiving the information, ask the employer to give the trustee the correct and complete information mentioned in subregulation 7.07A (2) or 7.07E (2) for the member.

 (3) If an employer receives a request from a trustee under subregulation (2), the employer must make all reasonable efforts to give the trustee the complete or correct information for the member not later than 10 business days after receiving the request.

 (4) If the trustee is still unable to allocate the contribution to a member, the trustee must refund the contribution to the employer not later than 20 business days after receiving the contribution.

 (5) If a contribution is refunded under subregulation (4), the contribution is taken not to have been made to the fund by the employer.

7.07H Contributions to be allocated to member

 (1) This regulation applies to the trustee of a superannuation fund, other than a self managed superannuation fund, if:

 (a) all of the following apply:

 (i) the fund receives a contribution from an employer for a member;

 (ii) the contribution is not required to be allocated in accordance with regulation 292‑170.03 of the Income Tax Assessment Regulations 1997;

 (iii) the contribution was made in accordance with any applicable Standards made under subsection 34K (3) of the Act;

 (iv) the information mentioned in subregulation 7.07E (2) for the employee was given by the employer to the fund;

 (v) the information was given in accordance with any applicable Standards made under subsection 34K (3) of the Act; or

 (b) both of the following apply:

 (i) the fund receives a contribution from the Commissioner of Taxation for a member;

 (ii) the Commissioner made the contribution in accordance with any applicable Standards specified under subsection 34K (3) of the Act that would apply if the contribution were being made by an employer.

 (2) If the trustee accepts the contribution, and receives it in accordance with any applicable Standards made under subsection 34K (3) of the Act, the trustee must allocate the contribution to the member as soon as practicable, but in any case not later than 3 business days after both the contribution and the information mentioned in subregulation 7.07E (2) have been received by the trustee.

Note   Regulation 7.08 provides an operating standard for the allocation of contributions to which this regulation and subregulation 7.07G (4) do not apply.

Subdivision 7.2.2 Operating standards

7.07J Application

 (1) This regulation is made for subitem 20 (6) of Part 4 of Schedule 1 to the Superannuation Legislation Amendment (Stronger Super) Act 2012 (the amending Act).

 (2) Regulations 7.07 and 7.08, as in force immediately before 1 July 2013, apply in relation to contributions made by a medium to large employer before 1 July 2014.             

 (3) Regulations 7.07 and 7.08, as in force immediately before 1 July 2013, apply in relation to contributions made by a small employer before 1 July 2015.

 (4) In this regulation:

medium to large employer has the meaning given by subitem 20 (4) of Part 4 of Schedule 1 to the amending Act.

small employer has the meaning given by subitem 20 (4) of Part 4 of Schedule 1 to the amending Act.

7.08 Contributions to be allocated to members

 (1) This regulation applies to the trustee of a regulated superannuation fund if:

 (a) the trustee receives a contribution in a month; and

 (b) regulation 7.07H and subregulation 7.07G (4) do not apply to the trustee in relation to the contribution; and

 (c) the trustee is not required to allocate the contribution in accordance with regulation 292‑170.03 of the Income Tax Assessment Regulations 1997.

 (2) For subsection 31 (1) of the Act, the trustee must allocate the contribution to a member of the fund:

 (a) not later than 28 days after the end of the month; or

 (b) if it is not reasonably practicable to allocate the contribution to the member of the fund not later than 28 days after the end of the month—within such longer period as is reasonable in the circumstances.

[6] Schedule 2A

substitute

Schedule 2A Request form for transfer of whole balance of superannuation benefits to fund other than self managed superannuation fund

(regulation 6.33)

Schedule 2B Request form for transfer of whole balance of superannuation benefits to self managed superannuation fund

(regulation 6.33)

As at 11 December 2012 the amendments are not incorporated in this compilation.

Note 3

Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 6) (2012 No. 330)

The following amendments commence on 31 January 2013:

Schedule 1

[1] Subregulation 1.03 (1)

insert

registered company auditor has the same meaning as in section 9 of the Corporations Act 2001.

[2] Subregulation 1.04 (2)

substitute

Approved auditor

 (2) For the purposes of paragraph (b) of the definition of approved auditor in subsection 10 (1) of the Act, the following class of persons is specified, namely individuals each of whom is:

 (a) registered, or taken to be registered, as an auditor under Division 2 of Part 9.2 of the Corporations Act 2001; or

 (b) the Auditor-General of the Commonwealth, a State or a Territory, or a delegate of the Auditor-General.

[3] After Part 9

insert

Part 9A Approved SMSF auditors

9A.01 Qualifications

 (1) For subparagraph 128B (1) (a) (i) of the Act, each of the following subregulations sets out a qualification.

 (2) A degree, diploma or certificate in accounting of not less than 3 years, which includes a course in audit, from either of the following bodies (a relevant body):

 (a) a university mentioned in Part 1 of the table in regulation 9.2.02 of the Corporations Regulations 2001;

 (b) the institution mentioned in Part 2 of the table in regulation 9.2.02 of the Corporations Regulations 2001.

 (3) Both:

 (a) a degree, diploma or certificate in accounting of not less than 3 years, which does not include a course in audit, from a relevant body; and

 (b) satisfactory completion of a course in audit (a relevant course) mentioned in regulation 9A.02.

 (4) Both:

 (a) a degree, diploma or certificate in accounting of not less than 3 years, which does not include a course in audit, from a relevant body; and

 (b) satisfactory completion of the self managed superannuation fund specialist auditor program conducted by the SMSF Professionals’ Association of Australia Limited.

 (5) A qualification or combination of qualifications which the Regulator regards as equivalent to the degree, diploma or certificate mentioned in subregulation (2), (3) or (4).

Note   The applicant need only have a qualification mentioned in subregulation 9A.01 (2), (3), (4) or (5).

9A.02 Relevant courses

  For paragraph 9A.01 (3) (b), the relevant courses are:

 (a) the following courses conducted by the Institute of Chartered Accountants in Australia:

 (i) Audit and Assurance in the CA Program;

 (ii) Financial Reporting and Assurance in the CA Program;

 (iii) Accounting 2 in the Professional Year Program;

 (iv) Audit and EDP Module in the Professional Year Program;

 (v) an audit module in the Professional Year Program conducted before 1986 that is equivalent to a course mentioned in subparagraph (i), (ii), (iii) or (iv); and

 (b) the following courses in the CPA Program conducted by CPA Australia:

 (i) Assurance Services and Auditing;

 (ii) Advanced Audit and Assurance; and

 (c) the following courses conducted by, or on behalf of, the Institute of Public Accountants:

 (i) Issues in Auditing and Professional Practice in the Graduate Certificate in Professional Accounting, offered by the University of New England in conjunction with the Institute of Public Accountants;

 (ii) Issues in Auditing and Professional Practice in the Degree of Master of Commerce (Professional Accounting), offered by the University of New England in conjunction with the Institute of Public Accountants.

9A.03 Practical experience

  For subparagraph 128B (1) (a) (ii) of the Act, each of the following is practical experience:

 (a) at least 300 hours of work auditing self managed superannuation funds under the direction of an approved SMSF auditor in the 3 years immediately before applying to be an approved SMSF auditor;

 (b) practical experience that the Regulator regards as equivalent to the practical experience mentioned in paragraph (a).

Note   The applicant need only have the practical experience mentioned in paragraph 9A.03 (a) or (b).

9A.04 Continuing professional development requirements

 (1) For paragraph 128F (a) of the Act, the requirements in this regulation form the continuing professional development requirement.

 (2) The approved SMSF auditor must undertake at least 120 hours of continuing professional development every 3 years.

 (3) The development must:

 (a) include 30 hours of development about superannuation at least 8 hours of which is development about auditing of self managed superannuation funds; and

 (b) be development that could reasonably be expected to enhance an approved SMSF auditor’s technical skills or professional service delivery.

 (4) The approved SMSF auditor must keep a written record of the development undertaken by the approved SMSF auditor for at least 3 years after the end of the financial year in which the development occurred.

9A.05 Professional indemnity requirements

 (1) For paragraph 128F (b) of the Act, each of the following subregulations sets out a level of professional indemnity insurance.

 (2) The level that is set under a limitation of liability scheme provided by a professional organisation mentioned in Schedule 1AAA.

 (3) The level that:

 (a) is adequate to ensure that the amount of coverage in relation to a single claim or in aggregate is at least $500,000; and

 (b) is adequate because other terms of the policy will indemnify the auditor against civil liability that may arise from an act, error or omission in connection with audits of self managed superannuation funds.

Note   The applicant need only have the level of professional indemnity insurance mentioned in subregulation 9A.05 (2) or (3).

9A.06 Auditor independence requirements

  For paragraph 128F (d) of the Act, the auditor independence requirements produced by the Accounting Professional and Ethical Standards Board Limited and set out in the APES 110 Code of Ethics for Professional Accountants are prescribed for all approved SMSF auditors.

Note   At the commencement of this regulation, a copy of the APES 110 Code of Ethics for Professional Accountants was available at www.apesb.org.au.

9A.07 When fees must be paid

  For subsection 128L (3) of the Act, the table sets out when fees imposed under the Superannuation Auditor Registration Imposition Act 2012 are due and payable.

Item

A fee payable for ...

is due and payable ...

1

applying for registration as an approved SMSF auditor

when the application is submitted

2

undertaking a competency examination in accordance with section 128C of the Act

when applying to sit the examination

3

giving to the Regulator a statement under section 128G of the Act

when the statement is submitted

4

giving to the Regulator a statement under section 128G of the Act within 1 month after it fell due (in addition to the fee payable because of item 3)

when the statement is submitted

5

giving to the Regulator a statement under section 128G of the Act more than 1 month after it fell due (in addition to the fee payable because of item 3)

when the statement is submitted

6

giving to the Regulator particulars under section 128H of the Act within 1 month after they fell due

when the particulars are submitted

7

giving to the Regulator particulars under section 128H of the Act more than 1 month after they fell due

when the particulars are submitted

8

inspecting or searching a register that the Regulator keeps under Division 1A of the Act

when the request is made

[4] After Part 13

insert

Part 14 Transitional arrangements

Division 14.1 Transitional arrangements arising out of Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012

14.01 Definition

  In this Part:

sign off, in relation to an audit (an SMSF audit) of a superannuation entity that is a self managed superannuation fund, means the action that occurs when an auditor gives a report of the kind mentioned in subsection 35C (1) of the Act to each trustee of the entity for subsection 35C (6) of the Act.

14.02 Applications before 1 July 2013 as an approved SMSF auditor

  For item 71 of the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012, the table sets out the prescribed circumstances.

Item

Prescribed circumstance

Requirement of paragraph 128B (1) (a) of the Act taken to have been met

1

An approved auditor has signed off on an SMSF audit in the 12 months immediately before applying for registration as an approved SMSF auditor under section 128A of the Act

subparagraph 128B (1) (a) (ii)

2

An approved auditor has signed off on at least 20 SMSF audits in the 12 months immediately before applying for registration as an approved SMSF auditor under section 128A of the Act

subparagraph 128B (1) (a) (iii)

3

An approved auditor is a registered company auditor at the time of making an application under section 128A of the Act

subparagraphs 128B (1) (a) (ii) and (iii)

[5] Schedule 1AAA, table, item 3

omit

National Institute of Accountants

insert

Institute of Public Accountants

As at 11 December 2012 the amendments are not incorporated in this compilation.

Table A Application, saving or transitional provisions

Statutory Rules 1995 No. 293

3 Application

3.1 The amendment made by regulation 2 applies in relation to the reporting period of a fund or sub‑plan, as the case requires, for the 1995‑96 financial year and each succeeding reporting period.

 

Statutory Rules 1996 No. 344

13 Application of amendments — reconsideration and review of decisions

13.1 The amendments of the Superannuation Industry (Supervision) Regulations made by regulations 3, and 8 to 12, of these regulations apply in relation to decisions of the Insurance and Superannuation Commissioner (other than decisions made under regulation 12.17 of the Superannuation Industry (Supervision) Regulations as in force at any time before 30 December 1996) made on and after 30 December 1996.

14 Transitional — approved auditors

14.1 Despite regulations 8.03 and 11.02 of the Superannuation Industry (Supervision) Regulations, the date by which:

 (a) a report mentioned in subsection 113 (4) of the Superannuation Industry (Supervision) Act 1993 must be given; or

 (b) an annual return mentioned in subsection 36 (1) of that Act must be lodged;

is 31 March 1997 in the case of a report or annual return that:

 (c) relates to a superannuation entity (other than an excluded fund or a public offer entity) in respect of which an auditor is, not later than 31 January 1997, granted an approval under subregulation 1.04 (2A) of the Superannuation Industry (Supervision) Regulations (as amended by these regulations); and

 (d) relates to the year of income of that superannuation entity that ended on 30 June 1996.

 

Statutory Rules 1997 No. 117

57 Transitional

57.1 The amendment of the Superannuation Industry (Supervision) Regulations made by regulation 56 of these regulations applies in relation to requests made by a person under subregulation 13.25 (1) of the Superannuation Industry (Supervision) Regulations that are received by the Commissioner on or after 1 July 1997.

 

Statutory Rules 1997 No. 152

6 Transitional

6.1 An application to the Commissioner, before 1 July 1997, for a determination that benefits be provided for the member on compassionate grounds, must, if it is an application capable of being dealt with, be dealt with by the Commissioner as if the amendments of the Superannuation Industry (Supervision) Regulations made by subregulations 3.1, 4.1, 5.2 and 5.4 had not occurred.

6.2 An application to the Commissioner, before 1 July 1997, for a determination under subregulation 6.01 (5) of the Superannuation Industry (Supervision) Regulations as in force immediately before the commencement of these regulations, must be dealt with by the Commissioner as if the amendments of the Superannuation Industry (Supervision) Regulations made by subregulations 3.1, 3.2, 5.1 and 5.3 had not occurred.

 

Statutory Rules 1997 No. 153

5 Transitional

5.1 A written request to a trustee, before 1 July 1997, for release of benefits on the ground of permanent departure from Australia, as defined in subregulation 6.01 (2) of the Superannuation Industry (Supervision) Regulations as in force immediately before the commencement of these regulations, must be dealt with by the trustee as if the amendments of the Superannuation Industry (Supervision) Regulations made by regulations 3 and 4 had not occurred.

 

Statutory Rules 1997 No. 343

5 Application

5.1 The amendments made by regulation 2 and subregulation 4.2 do not apply in relation to an application made to a trustee before the commencement of these regulations.

5.2 The insertion of item 103A by subregulation 4.1 does not limit the operation of regulation 5 of Statutory Rules 1997 No. 153.

 

Statutory Rules 1997 No. 415

3 Application

3.1 Subregulation 2.1 does not limit the operation of regulation 5 of Statutory Rules 1997 No. 153.

3.2 Subregulation 2.2 does not apply in relation to an application made to a trustee before the commencement of these regulations.

 

Statutory Rules 1998 No. 312

4 Application

 The amendments made by items 2, 3, 4, 5, 6, 7, 8, 9 and 12 of Schedule 1 apply to:

 (a) a benefit in the nature of an annuity that arises under a contract under which the payment of the purchase price was completed on or after 20 September 1998; or

 (b) a benefit in the nature of a pension to which the primary beneficiary became entitled, on or after 20 September 1998, under rules that provide that the commencement day is the day when the primary beneficiary became entitled to the benefit.

 

Statutory Rules 1999 No. 239

4 Transitional

 The amendment of paragraphs 8.03 (a) and (b) of the Superannuation Industry (Supervision) Regulations 1994 by Schedule 1 do not have effect in relation to a year of income of a superannuation entity before the 1999‑2000 year of income of the entity.

 

Statutory Rules 2000 No. 185

4 Transitional

 (1) This regulation applies to a unit trust that, immediately before the commencement of these Regulations, was a pooled superannuation trust.

 (2) On the commencement of these Regulations, the unit trust continues to be a pooled superannuation trust.

 (3) Subregulation (2) ceases to apply to the unit trust immediately after the time of lodgment, in accordance with subsection 36 (1) of the Superannuation Industry (Supervision) Act 1993, of the first return in relation to the unit trust after the commencement of these Regulations.

 

Statutory Rules 2001 No. 352

4 Transitional

 (1) This regulation applies to a trust:

 (a) in relation to which the time of lodgment was before commencement of these Regulations; and

 (b) the trustee of which did not give confirmation by the time of lodgment; and

 (c) the trustee of which either:

 (i) gave APRA before the commencement of these Regulations a purported confirmation, even though the time for doing so had passed; or

 (ii) gives confirmation by the time allowed under sub‑subparagraph 1.04 (5) (c) (iii) (B) of the SIS Regulations (as amended by these Regulations).

 (2) The trust is taken to be a trust in relation to which the circumstance mentioned in subparagraph 1.04 (5) (c) (iii) of the SIS Regulations applies from:

 (a) for a trust mentioned in subparagraph (1) (c) (i) — the commencement of these Regulations; or

 (b) for a trust mentioned in subparagraph (1) (c) (ii) — the day confirmation is given.

 (3) In addition, the trust is taken to have been a trust in relation to which the circumstance mentioned in subparagraph 1.04 (5) (c) (iii) of the SIS Regulations applied between the time of lodgment and:

 (a) for a trust mentioned in subparagraph (1) (c) (i) — the commencement of these Regulations; or

 (b) for a trust mentioned in subparagraph (1) (c) (ii) — the day confirmation is given.

 (4) The trustee of a trust may give APRA a notice, in writing, that the trust does not wish subregulation (3) to apply to the trust.

 (5) A notice under subregulation (4) must be given:

 (a) for a trust mentioned in subparagraph (1) (c) (i) — within 3 months after commencement of these Regulations; or

 (b) for a trust mentioned in subparagraph (1) (c) (ii) — when confirmation is given.

 (6) A notice under subregulation (4) is irrevocable.

 (7) In this regulation:

  confirmation means the confirmation mentioned in subparagraphs 1.04 (5) (c) (i) to (iv) of the SIS Regulations.

  SIS Regulations means the Superannuation Industry (Supervision) Regulations 1994.

  time of lodgment means the time of lodgment mentioned in subparagraph 1.04 (5) (c) (iii) of the SIS Regulations.

 

Statutory Rules 2003 No. 171

4 Transitional

  The amendments made by Schedule 1 apply to an annuity or a pension with a commencement date on or after 1 October 2003.

 

Select Legislative Instrument 2005 No. 335

4 Transitional

 (1) The amendment made by item [3] of Schedule 1 applies in relation to an application for an RSE licence made on or after the day on which these Regulations commence.

Note   An application made by an applicant that has been examined using AASB 1017, and on which a decision has been made, before the day on which these Regulations commence, will not be re‑examined using AASB 124.

 

Select Legislative Instrument 2008 No. 134

2 Commencement

 (2) However, for the period starting on 4 October 2007 and ending immediately before the day on which these Regulations are registered, the amendment made by item [1] of Schedule 1 does not apply to the extent to which:

 (a) the rights of a person (other than the Commonwealth or an authority of the Commonwealth) as at the day on which these Regulations are registered would be affected so as to disadvantage that person; or

 (b) liabilities would be imposed on a person (other than the Commonwealth or an authority of the Commonwealth) in respect of anything done or omitted to be done before the day on which these Regulations are registered.

 

 

Table B Modifications

 

MODIFICATION DECLARATION No 10

I, Frederick George Herbert Pooley, Insurance and Superannuation Commissioner, under section 332 of the Superannuation Industry (Supervision) Act 1993 (the “Act”), DECLARE that:

[Note: For modifications of the Act see the Superannuation Industry (Supervision) Act 1993]

2.  Part 4 of the Superannuation Industry (Supervision) Regulations is to have effect, in relation to regulated superannuation funds, and their trustees, as if it were modified by inserting after regulation 4.08 the following:

 “Operating standard ‑ member representation in certain regulated superannuation funds in relation to which a declaration under subsection 18(7) of the Act is in force

 Operating standard

4.08A. (1) For the purposes of subsection 31(1) of the Act, the standard stated in subregulation (2) is applicable to the operation of regulated superannuation funds.

 Arrangement for member representation

 (2) A regulated superannuation fund:

(a) that is not a standard employer‑sponsored fund; and

(b) that has more than 4 members; and

(c) in relation to which a declaration under subsection 18(7) (which allows for funds to be declared not to be public offer funds) is in force;

must have in place an arrangement in relation to the management and control of the fund that:

(d) has been agreed to by a majority of the members of the fund; and

(e) is approved by the Commissioner in writing.

 Imposing conditions on, and revoking, paragraph (2)(e) approvals

 (3) An approval mentioned in paragraph (2)(e):

(a) is subject to any conditions specified in the instrument of approval; and

(b) may be revoked by the Commissioner by written notice given to the holder of the approval.

 Varying the conditions of paragraph (2)(e) approvals

(4) The Commissioner may vary the conditions of an approval mentioned in paragraph (2)(e) by written notice given to the holder of the approval.

 Transitional

(5) A fund has 90 days from the time when subregulation (2) first applies to it to comply with that subregulation.

 Commissioner must have regard to guidelines when deciding whether to approve an arrangement

 (6) When deciding whether or not to approve an arrangement under paragraph (2)(e), the Commissioner must have regard to any written guidelines determined by the Commissioner under this subregulation.

 This regulation does not apply if acting trustee appointed

 (7) This regulation does not apply to a fund if the fund has an acting trustee appointed under Part 17 of the Act. ”

This declaration is taken to have commenced to have effect on 1 July 1995.

Dated 14 July 1995

F G H Pooley
Commissioner

 

MODIFICATION DECLARATION No 23

I, Thomas Karp, a delegate of the Australian Prudential Regulation Authority, under section 332 of the Superannuation Industry (Supervision) Act 1993 (the “Act”), DECLARE that:

1. Regulations 2.29, 5.08, 7.03, 9.08, 9.09, 9.17, 9.23, 9.24, 9.25, 9.29 and 9.30 of the Superannuation Industry (Supervision) Regulations (the “Regulations”), (being operating standards for the purposes of Part 3 of the Act); and

2. Regulations 1.03, 5.01, 5.04, 7.05, 9.01, 9.05, 9.06, 9.07, 9.10, 9.11, 9.12, 9.13, 9.14, 9.16, 9.18, 9.19, 9.20, 9.21, 9.22, 9.26, 9.27, 9.28 and 9.31, but only to the extent that they were made for the purposes of Part 3 of the Act,

shall have effect, in relation to trustees and members of superannuation entities (other than public sector superannuation schemes), as if the following regulations were modified:

a. By omitting the definition of “defined benefit fund” in subregulation 1.03(1) and substituting:

“ “defined benefit fund” means:

(a) a public sector superannuation scheme that:

(i) is a regulated superannuation fund; and

(ii) has at least 1 defined benefit member; or

(b) a regulated superannuation fund (other than a public sector superannuation scheme) that has at least 1 defined benefit member;”

b. By omitting the definition of “defined benefit member” in subregulation 1.03(1) and substituting:

“ “defined benefit member” means a member (which, in this definition, has the same meaning as “member” in subregulation 2.01(2)):

(a) entitled, on retirement or termination of his or her employment, to be paid a benefit defined, wholly or in part, by reference to either or both of the following:

(i) the amount of:

(A) the member’s salary at a particular date, being the date of the termination of the member’s employment or of the member’s retirement or an earlier date; or

(B) the member’s salary averaged over a period before retirement; or

(ii) a specified amount; or

(b) for the purposes of determining the meaning of “defined benefit fund” in regulations 2.29, 5.01, 5.04 and 7.05, Divisions 9.3 and 9.4 of Part 9, and regulations 9.26, 9.27, 9.28, 9.29, 9.29A and 9.30, who is being paid a defined benefit pension;”

c. By inserting the following definition into subregulation 1.03(1):

“ “defined benefit pension” means a pension under section 10 of the Act other than:

(a) a pension wholly determined by reference to policies of life assurance purchased or obtained by the trustee of a regulated superannuation fund solely for the purposes of providing benefits to members of that fund; or

(b) a pension that is provided under rules to which subregulation 1.06(4) applies (an allocated pension);”

d. By inserting the following definition into regulation 9.01:

“ “defined benefit sub‑fund” means a segment of a regulated superannuation fund (other than a public sector superannuation scheme) that has the following characteristics:

(a) the segment has at least 1 defined benefit member who is being paid a defined benefit pension from the fund; and

(b) the segment has separately identifiable assets and separately identifiable beneficiaries; and

(c) each beneficial interest in the segment is an interest only in the assets of the segment and not in any other assets of the regulated superannuation fund; and

(d) there is no transfer of assets, benefits or money between the segment and any other part of the regulated superannuation fund without a transfer of a corresponding beneficial interest; and

(e) the insurance and administration costs of the segment are attributable only to that segment.

[Note: Paragraph (c) of this definition does not prevent a beneficiary having more than one beneficial interest in one segment or more than one beneficial interest in one regulated superannuation fund.]”

e. By inserting after “regulation 9.29” in the definition of “valuation date” in regulation 9.27:

“ or regulation 9.29A”

f. By inserting after “regulations 9.29” in regulation 9.28:

“ , 9.29A”

g. By adding after regulation 9.29:

“9.29A(1) From the date of commencement of this Modification Declaration:

(a) regulation 9.29 ceases to apply to trustees of defined benefit funds which have at least 1 defined benefit member who is being paid a defined benefit pension from the fund; and

(b) those trustees are required to comply with subregulations (2) and (3).

9.29A(2) Subject to subregulation (3), a trustee of a defined benefit fund which has at least 1 defined benefit member who is being paid a defined benefit pension from the fund, must require an actuarial investigation to be made in relation to the fund:

First actuarial investigation after the commencement of this Modification Declaration

(a) if that fund is paying a defined benefit pension immediately before the commencement of this Modification Declaration, then:

(i) in the case of a fund in respect of which an actuarial investigation under regulation 9.29 has been made, as at the date at which the next actuarial investigation would have been required under regulation 9.29, had regulation 9.29 not ceased to apply under paragraph 9.29A(1)(a); and

(ii) in all other cases, as at a date not later than 30 June 1999; and

(b) if that fund first pays a defined benefit pension after the commencement of this Modification Declaration:

(i) as at a date not later than 1 year; or

(ii) where that fund is not an excluded fund[[1]], as at a date otherwise determined in writing (if any) by the Chief Executive Officer of[[2]] APRA in relation to the particular fund, which is not less than 1 year and not more than 3 years;

after the commencement day of that defined benefit pension;

Second and further actuarial investigations after the commencement of this Modification Declaration

and, in all cases, further regular actuarial investigations must be made:

(c) for a regulated superannuation fund which has at least 1 defined benefit member who is being paid a defined benefit pension from the fund and which is not an excluded fund[[3]], as at a date:

(i) not later than 1 year; or

(ii) otherwise determined in writing (if any) by the Chief Executive Officer of[[4]] APRA in relation to the particular fund which is not less than 1 year and not more than 3 years; and

(d) in all other cases, as at a date not later than 1 year;

after the date on which the last actuarial investigation was made.

9.29A(3) With respect to a regulated superannuation fund which has a defined benefit sub‑fund, subregulation (2):

(a) applies to the defined benefit sub‑fund; and

(b) does not apply to require actuarial investigation in accordance with subregulation (2) into other segments of that regulated superannuation fund, unless those other segments are also defined benefit sub‑funds.”

h. By inserting after “regulation 9.29” in subregulation 9.30(1):

“ or regulation 9.29A”

i. By inserting after paragraph 9.31(1)(b):

“ (ba) for a regulated superannuation fund which has at least 1 defined benefit member who is being paid a defined benefit pension from the fund, a statement of the actuary’s opinion on whether, at the valuation date, there is a reasonable[[5]] degree of probability that the fund will be able to pay the pension as required under the fund’s governing rules; and”.

This declaration commences to have effect on the date that it is signed.

Dated 12  January 1999

(signed)

Tom Karp
Executive General Manager
Insurance and Superannuation Division

 

 

 

AMENDMENT OF

MODIFICATION DECLARATION No 23

 

 

 

I, Graeme John Thompson, Chief Executive Officer of, and a delegate of, the Australian Prudential Regulation Authority, under subsection 33(3) of the Acts Interpretation Act 1901 and section 332 of the Superannuation Industry (Supervision) Act 1993 (the Act), AMEND modification declaration number 23, which was made on 12 January 1999:

 

 

a.  By omitting “is not an excluded fund” from subparagraph 9.29A(2)(b)(ii) and paragraph 9.29A(2)(c) of the Superannuation Industry (Supervision) Regulations 1994 (the SIS Regulations) (which were added by Part g of modification declaration number 23) and substituting “has five or more members”; and

 

 

b.  By omitting “reasonable” from paragraph 9.31(1)(ba) of the SIS Regulations (which was added by Part i of modification declaration number 23) and substituting “high”.

 

 

This declaration commences to have effect on the day it is published in the Gazette.

 

 

Dated 18 October 2000

 

SIGNED

Graeme Thompson

Chief Executive Officer

 

 

AMENDMENT OF

MODIFICATION DECLARATION No 23

 

 

 

I, Graeme John Thompson, Chief Executive Officer of, and a delegate of, the Australian Prudential Regulation Authority, under subsection 33(3) of the Acts Interpretation Act 1901 and section 332 of the Superannuation Industry (Supervision) Act 1993, AMEND modification declaration number 23, which was made on 12 January 1999 by omitting all references to “the Chief Executive Officer of”, wherever it appears.

 

 

This amendment is in addition to the amendment of modification declaration number 23 dated 18 October 2000.

 

 

This declaration commences to have effect on the day it is published in the Gazette.

 

 

Dated 25 January 2001

 

[signed]

Graeme Thompson

Chief Executive Officer

 

 

MODIFICATION DECLARATION No 24

 

I, Brandon Khoo, a delegate of APRA under section 332 of the Act, DECLARE that subregulations 6.21(1) and 6.21(1A) of the Regulations are to have effect in relation to trustees and members of superannuation entities as if they were modified by inserting after subregulation 6.21(1A):

 

“(1B) During the period 1 July 2004 to 30 June 2005, the benefits of a member (including a member’s post‑65 employer‑financed benefits) are not required to be cashed in accordance with paragraph 6.21(1)(a) or 6.21(1A)(a).

 

(1C) A trustee’s failure to cash a member’s benefits (including a member’s post‑65 employer‑financed benefits) in accordance with paragraph 6.21(1)(a) or 6.21(1A)(a) during the period 1 July 2004 to the date of commencement of Modification Declaration No 24 is not a breach of those paragraphs.”

 

This Declaration commences on the date it is signed.

 

 

Dated 2 May 2005

 

 

 

[signed]

Brandon Khoo

Executive General Manager

Specialised Institutions Division

Interpretation

 

In this Declaration

 

Act means the Superannuation Industry (Supervision) Act 1993

APRA means the Australian Prudential Regulation Authority

Regulations means the Superannuation Industry (Supervision) Regulations 1994

 

 

MODIFICATION DECLARATION NO 26

I, Wayne Stephen Byres, a delegate of the Australian Prudential Regulation Authority, make this Modification Declaration under section 332 of the Superannuation Industry (Supervision) Act 1993.

 

 

 

Dated 22 July 2005

 

 

 

[Signed]

 

Wayne Byres

Executive General Manager

Diversified Institutions Division

 

1 Name of Modification Declaration

 This Modification Declaration is called Modification Declaration No 26.

 

2 Commencement

 This Modification Declaration is taken to have commenced on 12 May 2004.

 

3 Modifications

 The Superannuation Industry (Supervision) Regulations 1994 have effect, in relation to superannuation entities and their trustees, as if they were modified as specified in the Schedule.

 

Schedule   Modifications

 

 Add after subregulation 5.08(2):

 

 (2A) Subregulation (1) does not apply in relation to an amount of minimum benefits of a member (the forfeited member) in an accumulation fund (the forfeiting fund) that is not a self managed superannuation fund if all the following conditions are satisfied:

  1. The amount is attributable only to non‑mandated employer contributions that were made, for the benefit of the forfeited member, to:

   (a) the forfeiting fund; or

   (b) another regulated superannuation fund (other than a self managed superannuation fund) of which the forfeited member was a member and in which the forfeited member did not have a defined benefit interest.

  2. The forfeited member’s entitlement to the amount is subject to certain minimum service provisions (the applicable minimum service provisions) that are contained in one or more of the following:

  (a) the governing rules of the forfeiting fund;

  (b) a written agreement between the forfeited member and the forfeited member’s employer;

  (c) an award relating to the forfeited member’s conditions of employment;

  (d) a certified agreement relating to the forfeited member’s conditions of employment.

      Note: Some of the applicable minimum service provisions may be contained in one of the documents mentioned in paragraphs (a) to (d) while others may be contained in another of those documents.

  3. The forfeited member failed to satisfy the minimum service requirement contained in the applicable minimum service provisions.

  4. As a result of that failure, the forfeited member lost their entitlement to the amount.

  5. Either:

   (a) the applicable minimum service provisions applied to the forfeited member during the whole of the period (the post‑11 May 2004 period) from 11 May 2004 to the occurrence of the forfeiting event; or

   (b) the applicable minimum service provisions applied to the forfeited member during the latter part of the post‑11 May 2004 period and predecessor minimum service provisions applied to the member during the rest of the post‑11 May 2004 period.

  6. If paragraph (b) of condition 5 applies – the trustee of the forfeiting fund is satisfied, on reasonable grounds, that the applicable minimum service provisions are not more unfavourable to the forfeited member than the predecessor minimum service provisions.

      Note: An example of the applicable minimum service provisions being more unfavourable to the forfeited member than the predecessor minimum service provisions is where the predecessor minimum service provisions specify a minimum service period of 10 years while the applicable minimum service provisions specify a minimum service period of 12 years.

  7. If any of the applicable minimum service provisions are contained in the governing rules of the forfeiting fund – the trustee of the forfeiting fund believes, on reasonable grounds, that the provisions, or their effect, were disclosed to the forfeited member in accordance with applicable disclosure requirements imposed by or under the Act or the Corporations Act 2001.

  8. The contributions mentioned in condition 1 were required to be made by:

   (a) the applicable minimum service provisions; or

   (b) predecessor minimum service provisions.

     Note 1: Note the use of the term required in condition 8.  If, under the applicable minimum service provisions or predecessor minimum service provisions, the employer merely has a discretion to make non‑mandated employer contributions to the fund for the benefit of the forfeited member, but is not obliged to make the contributions, the exception in subregulation (2A) will not apply to the minimum benefits financed by such discretionary contributions.

     Note 2: If a member loses their entitlement to an amount of benefits in the manner described in subregulation (2A), the amount cannot be paid out to the employer unless the payment complies with section 117 of the Act.

 

 (2B) In this regulation:

  applicable minimum service provisions has the meaning given in subregulation (2A).

  award means an award relating to conditions of employment which is made by an employment tribunal under a law of the Commonwealth, a State or a Territory.

  certified agreement means an agreement relating to conditions of employment which is certified by an employment tribunal under a law of the Commonwealth, a State or a Territory.

  employment tribunal means a tribunal or body having authority under a law of the Commonwealth, a State or a Territory to make an award or to certify an agreement relating to conditions of employment.

  forfeited member has the meaning given in subregulation (2A).

  forfeiting event, in relation to the forfeited member, means the event (involving ceasing to be an employee or member) which results in the forfeited member failing to satisfy the minimum service requirement in the applicable minimum service provisions, and consequently losing their entitlement to the amount of minimum benefits mentioned in subregulation (2A).

  forfeiting fund has the meaning given in subregulation (2A).

  minimum service provisions has the meaning given in subregulation (2C).

  minimum service requirement has the meaning given in subregulation (2C).

  non‑mandated employer contributions means employer contributions other than mandated employer contributions.

  predecessor minimum service provisions has the meaning given in subregulation (2D).

 

 (2C) In this regulation, minimum service provisions means provisions that satisfy all the following conditions:

  1. The provisions are contained in one or more of the following:

  (a) the governing rules of a regulated superannuation fund (other than a self managed superannuation fund);

  (b) a written agreement between a member of the fund and the member’s employer;

  (c) an award relating to the member’s conditions of employment;

  (d) a certified agreement relating to the member’s conditions of employment.

      Note: Some of the minimum service provisions may be contained in one of the documents mentioned in paragraphs (a) to (d) while others may be contained in another of those documents.

  2. The provisions require the member’s employer to make non‑mandated employer contributions to the fund for the benefit of the member.

  3. The provisions make the member’s entitlement to the benefits that are attributable to those non‑mandated employer contributions conditional or contingent on the member satisfying a stipulation (a minimum service requirement) contained in the provisions that the member be, for a specified minimum period (a minimum service period):

  (a) an employee (or a particular class or category of employee) of the employer; or

  (b) an employee (or a particular class or category of employee) of a person (a previous employer) who previously carried on the business of the employer; or

  (c) an employee (or a particular class or category of employee) of a related body corporate (a related employer) of the employer or a previous employer; or

  (d) a member (or a particular class or category of member) of the fund; or

  (e) a member (or a particular class or category of member) of another regulated superannuation fund (other than a self managed superannuation fund) to which the employer, a previous employer or a related employer made contributions for the benefit of the member.

      Note: The minimum service requirement may require the member to belong to only one of the categories mentioned in paragraphs (a) to (e), or to only some of those categories.  For example, a given minimum service requirement may require the member to be an employee of either the employer or a related employer for a minimum of 10 years.

    Also, a minimum service requirement may permit the member to be in different categories during different parts of the minimum service period (as long as the member is in one or other of those categories at all times during that period).

 

 (2D) In this regulation, predecessor minimum service provisions, in relation to the applicable minimum service provisions, means:

  (a) an earlier version of the applicable minimum service provisions, which applied to the forfeited member when they were a member of the forfeiting fund; or

  (b) other minimum service provisions, which applied to the forfeited member when they were a member of another regulated superannuation fund (other than a self managed superannuation fund) from which they were subsequently transferred to the forfeiting fund.

 

 

Superannuation Industry (Supervision) modification declaration No. 1 of 2006

Superannuation Industry (Supervision) Act 1993

I, Thomas Karp, a delegate of APRA, under section 332 of the Superannuation Industry Supervision (Act) 1993 (the Act), DECLARE that Division 6.7 of the Regulations has effect as if it were modified in the manner specified in the attached Schedule.

 

This declaration comes into force upon registration of this instrument on the Federal Register of Legislative Instruments.

 

Dated  28 April 2006

 

[Signed]
 

Thomas Karp

Executive General Manager

Supervisory Support Division

Interpretation

In this instrument

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.

Regulations means the Superannuation Industry (Supervision) Regulations 1994.

 

Note 1              This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003 (the LIA) (see section 5 and Item 15 of section 7 of the LIA). Under section 56 of the LIA, the obligation under section 336 of the Act, to publish this exemption in the Gazette, is satisfied by its registration on the Federal Register of Legislative Instruments.

 

Note 2              Under paragraph (zb) of the definition of reviewable decision in subsection 10(1) of the Act, the decision to make this declaration is a reviewable decision. If you are dissatisfied with this decision, you may request APRA to reconsider it in accordance with subsection 344(1) of the Act. The request for reconsideration must be made in writing, must set out the reasons for making the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows. If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.

 

Note 3 The address where the request for reconsideration referred to in this instrument may be given to APRA, is Level 26, 400 George Street, Sydney, NSW.

 

 

Schedule - the manner in which the specified modifiable provisions are modified

 

1. Division 6.7 is modified by including, after subregulation 6.42(2):

 

 6.42A   Transitional arrangements for splittable contributions

 

 1. Subject to subregulation (2), if a regulated superannuation fund (the receiving fund) receives before 1 July 2006 an amount rolled over or transferred by another regulated superannuation fund (the transferring fund), and that amount includes an amount that was a splittable contribution in the transferring fund, the amount that was a splittable contribution is taken to be a splittable contribution in the receiving fund.

2. Subregulation (1) does not apply where:

(a) the transferring fund is a self managed superannuation fund; or

(b) the amount is rolled over or transferred pursuant to regulation 6.45; or

(c) the trustee of a transferring fund has given effect to an application under subregulation 6.44(1) from the member in respect of whom the rollover or transfer was received.

 

 

 

Superannuation Industry (Supervision) modification declaration No. 2 of 2006

Superannuation Industry (Supervision) Act 1993

I, Thomas Karp, a delegate of APRA, under section 332 of the Superannuation Industry (Supervision) Act 1993 (the Act), DECLARE that regulation 4.16 of the Regulations has effect as if it were modified as specified in the attached Schedule.

 

The declaration comes into force upon registration on the Federal Register of Legislative Instruments and ceases to have effect on 1 July 2007.

 

Dated   29 June 2006      

 

[signed]

 

………………………

Thomas Karp

Executive General Manager

Supervisory Support Division

Interpretation

In this Notice

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.

Regulations means the Superannuation Industry (Supervision) Regulations 1994.

 

Note 1              This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003 (the LIA) (see section 5 and Item 15 of section 7 of the LIA). Under section 56 of the LIA, the obligation under section 336 of the Act, to publish this exemption in the Gazette, is satisfied by its registration on the Federal Register of Legislative Instruments.

Note 2 Under paragraph (zb) of the definition of reviewable decision in subsection 10(1) of the Act, the decision to make this declaration is a reviewable decision. If you are dissatisfied with this decision, you may request APRA to reconsider it in accordance with subsection 344(1) of the Act. The request for reconsideration must be made in writing, must set out the reasons for making the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows.  If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Administrative Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.

Note 3 The address where the request for reconsideration referred to in this instrument may be given to APRA, is Level 26, 400 George Street, Sydney, NSW 2000.

 

 

Schedule — the class of persons to whom this declaration applies

 

All RSE licensees

 

Schedule — the manner in which the specified modifiable provision is modified 

 

Regulation 4.16 of the Regulations is modified by including, after subregulation 4.16(6):

 

(6A) However, subregulation (6) does not apply to a material outsourcing agreement between an RSE licensee of a registrable superannuation entity and a custodian to the extent that:

(a) the agreement or arrangement is between the custodian and another service provider that is a sub‑custodian; and

(b) the material outsourcing agreement contains a provision that the custodian accepts responsibility for liability arising from the failure of  the sub‑custodian to exercise reasonable care in the custody of the assets of the registrable superannuation entity.

(6B) For the purposes of subregulation (6A), the liability of a custodian to an RSE licensee must not be dependent upon any recovery of losses by the custodian from the sub‑custodian.

(6C) For the purposes of subregulations (6A) and (6B), a sub‑custodian means a person (other than an RSE licensee of a registrable superannuation entity or a securities depository) who, under a written contract with a custodian, holds assets of a registrable superannuation entity.

(6D) For the purposes of subregulation (6C), securities depository means a book‑entry or other settlement system or clearing house or agency through which a custodian or a sub‑custodian may transfer, settle, clear, deposit or maintain securities, whether in certificated or uncertificated form, and includes any services provided by any network service provider or carriers or settlement banks used by a settlement system or clearing house or agency.

 

 

Superannuation Industry (Supervision) modification declaration No. 3 of 2006

Superannuation Industry (Supervision) Act 1993

 

I, Thomas Karp, a delegate of APRA, under section 332 of the Superannuation Industry (Supervision) Act 1993 (the Act), DECLARE that regulation 6.21 of the Regulations has effect  in relation to the class of persons described in the attached Schedule, as if it were modified in the manner specified in the attached Schedule.

 

The declaration comes into force upon registration on the Federal Register of Legislative Instruments and ceases to have effect on 1 July 2007.

Dated   29 June 2006      

 

[signed]

 

………………………

Thomas Karp

Executive General Manager

Supervisory Support Division

 

Interpretation

 

In this instrument

 

APRA means the Australian Prudential Regulation Authority.

 

Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.

 

Regulations means the Superannuation Industry (Supervision) Regulations 1994.

\

Note 1 This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003 (the LIA) (see section 5 and Item 15 of section 7 of the LIA). Under section 56 of the LIA, the obligation under section 336 of the Act, to publish this exemption in the Gazette, is satisfied by its registration on the Federal Register of Legislative Instruments. 

 

Note 2  Under paragraph (zb) of the definition of reviewable decision in subsection 10(1) of the Act, the decision to make this declaration is a reviewable decision. If you are dissatisfied with this decision, you may request APRA to reconsider it in accordance with subsection 344(1) of the Act. The request for reconsideration must be made in writing, must set out the reasons for making the

request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows. If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.

 

Note 3 The address where the request for reconsideration referred to in this instrument may be given to APRA, is Level 26, 400 George Street, Sydney, NSW 2000.

 

 

 

Schedule — the class of persons to whom this declaration applies

 

Trustees of regulated superannuation funds

 

Schedule — the manner in which the specified modifiable provisions are modified

 

Regulation 6.21 is to have effect in relation to trustees and members of superannuation entities as if it was modified, by inserting after subregulation 6.21(1C)

(as inserted by Modification Declaration No 24):

 

“6.21(1D) During the period 10 May 2006 to 30 June 2007:

 

(i) a member’s benefits in a regulated superannuation fund (other than the member’s post‑65 employer‑financed benefits) are not required to be cashed in accordance with paragraphs 6.21(1)(a), 6.21(1)(b) or 6.21(1) (c); and

 

(ii) a member’s post‑65 employer‑financed benefits are not required to be cashed in accordance with paragraphs 6.21(1A)(a) or 6.21(1A)(b).

 

6.21 (1E) The cashing of a member’s benefits (including the member’s post‑65 employer‑financed benefits) by a trustee during the period 10 May 2006 to the date of registration of this modification declaration is not a breach of regulation 6.21 as modified.

 

 

 

Superannuation Industry (Supervision) modification declaration No. 1 of 2007

Superannuation Industry (Supervision) Act 1993

I, Thomas Karp, a delegate of APRA, under section 332 of the Superannuation Industry (Supervision) Act 1993 (the Act), DECLARE that regulation 4.16 of the Regulations has effect in relation to the class of persons described in the attached Schedule, as if it were modified in the manner specified in the attached Schedule.

This declaration comes into force on 1 July 2007.

Dated  28 June 2007

[Signed]

 

Thomas Karp

Executive General Manager

Supervisory Support Division

 

Interpretation     Document ID: 129791

In this instrument

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.

Regulations means the Superannuation Industry (Supervision) Regulations 1999.

Note 1 This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003 (the LIA) (see section 5 and Item 15 of section 7 of the LIA). Under section 56 of the LIA, the obligation  under section 336 of the Act, to publish this exemption in the Gazette, is satisfied by its registration on the Federal Register of Legislative Instruments.

Note 2  Under paragraph (zb) of the definition of reviewable decision in subsection 10(1) of the Act, the decision to make this declaration is a reviewable decision. If you are dissatisfied with this decision, you may request APRA to reconsider it in accordance with subsection 344(1) of the Act. The request for reconsideration must be made in writing, must set out the reasons for making the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows. If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.

Note 3 The address where the request for reconsideration referred to in this instrument may be given to APRA, is Level 26, 400 George Street, Sydney, NSW 2000.

 

 

Schedule ‑ the class of persons to whom this declaration applies

 

Schedule ‑ the class of persons to whom this declaration applies

 

All RSE Licensees

 

Schedule – the manner in which the specified modifiable provisions are modified

Regulation 4.16 of the Regulations is modified by including, after subregulation 4.16(6):

(6A)  Subregulation (6) does not apply to a material outsourcing agreement between an RSE licensee of a registrable superannuation entity and a custodian, to the extent that:

(a) the agreement or arrangement is between:

            (i) the custodian and a sub‑custodian; or

(ii) a sub‑custodian and another sub‑custodian; and

 

(b) the material outsourcing agreement contains a provision that the custodian accepts responsibility for any liability arising from the failure of any sub‑custodian to exercise reasonable care in the custody of the assets of the registrable superannuation entity.

 

(6B)  For the purposes of subregulation (6A), the liability of a custodian to an RSE licensee must not be dependent upon any recovery of losses by the custodian from any sub‑custodian.

(6C)  For the purposes of subregulations (6A) and (6B), a sub‑custodian means a person (other than an RSE licensee of a registrable superannuation entity or a securities depository) who, under a written contract with a custodian or another sub‑custodian, performs any custodial function, in relation to the assets of a registrable superannuation entity, that the custodian is required to perform under a written contract with the RSE licensee of the registrable superannuation entity.

(6D)  For the purposes of subregulation (6C), securities depository means a book‑entry or other settlement system or clearing house or agency through which a custodian or a sub‑custodian may transfer, settle, clear, deposit or maintain securities, whether in certificated or uncertificated form, and includes any services provided by any network service provider or carriers or settlement banks used by a settlement system or clearing house or agency.

 

 

 

Superannuation Industry (Supervision) modification declaration No. 2 of 2007

Superannuation Industry (Supervision) Act 1993

I, Thomas Karp, a delegate of APRA, under section 332 of the Superannuation Industry (Supervision) Act 1993 (the Act), DECLARE that 7.04 of the Regulations has effect in relation to the class of persons described in the attached Schedule, as if it were modified in the manner specified in the attached Schedule.

This declaration comes into force upon registration of this instrument on the Federal Register of Legislative Instruments.

Dated  31 July 2007

[Signed]

Thomas Karp

Executive General Manager

Supervisory Support Division

Interpretation     Document ID: 147630

In this instrument

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.

Regulations means the Superannuation Industry (Supervision) Regulations 1994.

Note 1   This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003 (the LIA)  (see section 5 and Item 15 of section 7 of the LIA). Under section 56 of the LIA, the obligation under section 336 of the Act, to publish this exemption in the Gazette, is satisfied by its registration on the Federal Register of Legislative Instruments.

Note 2   Under paragraph (zb) of the definition of reviewable decision in subsection 10(1) of the Act, the decision to make this declaration is a reviewable decision. If you are dissatisfied with this decision, you may request APRA to reconsider it in accordance with subsection 344(1) of the Act. The request for reconsideration must be made in writing, must set out the reasons for making the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows. If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.

Note 3   The address where the request for reconsideration referred to in this instrument may be given to APRA, is Level 26, 400 George Street, Sydney, NSW 2000.

 

 

Schedule ‑ the class of persons to whom this declaration applies

All RSE Licensees

 

Schedule ‑ the manner in which the specified modifiable provisions are modified

 

Regulation 7.04 of the Regulations is modified by replacing subparagraph (4)(a)(i) with:

 

for an amount received in a manner that is inconsistent with subregulation (2):

 (A) the member's tax file number is quoted (for superannuation purposes) within 30 days of this amount being received by the trustee of the fund; or

 (B) the member’s only interest in the fund is a risk insurance interest and, by 31 December 2007:

 I. the member's tax file number is quoted (for superannuation purposes); or

 II the trustee of the fund returns the amount received to the entity or person that paid the amount; or

 

 

 

Superannuation Industry (Supervision) modification declaration No. 3 of 2007

Superannuation Industry (Supervision) Act 1993

I, Wayne Byres, a delegate of APRA, under section 332 of the Superannuation Industry (Supervision) Act 1993 (the Act), DECLARE that subregulation 7.04(4) of the Regulations has effect in relation to the class of persons described in the attached Schedule, as if it were modified in the manner specified in the attached Schedule.

This declaration comes into force upon registration of this instrument on the Federal Register of Legislative Instruments.

 

Dated  19 November 2007

 

 

[Signed]

 

Wayne Byres

Executive General Manager

Diversified Institutions Division

Interpretation     Document ID: 150538

In this instrument

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.

Regulations means the Superannuation Industry (Supervision) Regulations 1994.

Note 1   This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003 (the LIA) (see section 5 and Item 15 of section 7 of the LIA). Under section 56 of the LIA, the obligation under section 336 of the Act, to publish this exemption in the Gazette, is satisfied by its registration on the Federal Register of Legislative Instruments.

Note 2   Under paragraph (zb) of the definition of reviewable decision in subsection 10(1) of the Act, the decision to make this declaration is a reviewable decision. If you are dissatisfied with this decision, you may request APRA to reconsider it in accordance with subsection 344(1) of the Act. The request forreconsideration must be made in writing, must set out the reasons for making the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows. If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.

Note 3   The address where the request for reconsideration referred to in this instrument may be given toAPRA, is Level 26, 400 George Street, Sydney NSW 2000.

 

 

Schedule ‑ the class of persons to whom this declaration applies

All RSE licensees

 

 

 

Schedule ‑ the manner in which the specified modifiable provisions are modified

Subregulation 7.04(4) of the Regulations, as modified by Modification Declaration No.2 of 2007, is modified by inserting at the end of paragraph (a):

 

 “(C) the amount was a government co‑contribution payment in respect of a member contribution, where the member contribution was made prior to 1 July 2007; or”

 

 

 

Superannuation Industry (Supervision) modification declaration No. 1 of 2008

 

Superannuation Industry (Supervision) Act 1993

I, Keith Chapman, a delegate of APRA, under section 332 of the Superannuation Industry (Supervision) Act 1993 (the Act), DECLARE that regulation 9.09(2) of the Regulations has effect in relation to the class of persons described in the attached Schedule, as if it were modified in the manner specified in the attached Schedule.

 

This declaration comes into force upon registration of this instrument on the Federal Register of Legislative Instruments.

 

Dated 21 November 2008

 

[Signed]

 

 

Keith Chapman

Executive General Manager

Supervisory Support Division

Interpretation Document ID: 165599

In this instrument

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.

Regulations means the Superannuation Industry (Supervision) Regulations 1994.

Note 1              This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003 (the LIA) (see section 5 and Item 15 of section 7 of the LIA).

 

 

Schedule - the class of persons to whom this declaration applies

 

All RSE Licensees

 

Schedule - the manner in which the specified modifiable provisions are modified

 

Subregulation 9.09(2) of the SIS Regulations is modified by omitting subregulation 9.09(2) and substituting:

 

 

9.09(2) The trustee of the fund must, as soon as practicable, give a copy of a certificate obtained under this regulation to each employer-sponsor who has contributed, is contributing, or has the obligation to contribute, to the fund in respect of one or more defined benefit members of the fund.

 

 

[[1]] Note: Modification Declaration No. 23 was amended and the amendment notified in Gazette No. GN 42, 25 October 2000.

[[2]] Note: Modification Declaration No. 23 was amended and the amendment notified in Gazette No. GN 4, 31 January 2001.

[[3]] Note: Modification Declaration No. 23 was amended and the amendment notified in Gazette No. GN 42, 25 October 2000.

[[4]] Note: Modification Declaration No. 23 was amended and the amendment notified in Gazette No. GN 4, 31 January 2001.

[[5]] Note: Modification Declaration No. 23 was amended and the amendment notified in Gazette No. GN 42, 25 October 2000.