Prescribed operating standards must be complied with
34 Prescribed operating standards must be complied with
Standards must be complied with
Each trustee of a superannuation entity must ensure that the prescribed standards applicable to the operation of the entity are complied with at all times.
Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund.
Offence
A person who intentionally or recklessly contravenes subsection (1) commits an offence punishable on conviction by a fine not exceeding 100 penalty units.
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Standards relating to record keeping obligations
If standards are prescribed by the regulations for the purposes of paragraph 31(2)(n), 32(2)(g) or 33(2)(e), each trustee of a superannuation entity must ensure that those standards are, when applied to the operation of the entity, complied with at all times.
Penalty: 50 penalty units.
Subsection (2A) is an offence of strict liability.
Validity of transaction not affected by contravention
A contravention of subsection (1) or (2A) does not affect the validity of a transaction.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
- Superannuation Industry (Supervision) Regulations 1994 · under s 353
15 more instruments made under this Act are listed on the Act’s overview.
This Act’s bill:Second reading speech
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