Superannuation Industry (Supervision) Act 1993

A trustee of a fund may apply to APRA for a pre‑1 July 88 funding credit.

If an application is made for a pre‑1 July 88 funding credit, APRA must give a written notice to the applicant granting a pre‑1 July 88 funding credit of a specified amount if APRA is satisfied that:

the amount consists of, or is the total of, amounts that, under the regulations, are treated as pre‑1 July 88 funding amounts; and

paragraph 23(jaa) or section 23FC of the Income Tax Assessment Act, as in force immediately before the commencement of the Taxation Laws Amendment Act (No. 2) 1989, would have applied to the fund in relation to the 1987‑88 year of income, if the amendments made by that last‑mentioned Act had not been made.

An application:

must be in the approved form; and

must be made on or before the day ascertained in accordance with the regulations; and

must contain such information relating to the fund as is required by the form to be provided; and

must be accompanied by:

such certificates and other documents as the form requires; and

the prescribed application fee.

If:

a prescribed event has occurred (whether before or after the commencement of this section) in relation to a fund, being an event that relates to:

the membership of the fund; or

benefits provided by the fund; and

a trustee of the fund fails to notify APRA of the event within the time and in the manner prescribed;

Regulations made for the purposes of paragraph (4)(b) may:

require a notification to be accompanied by such information as is prescribed; and

enable APRA to grant an extension of time for lodging a notification.

If:

an event prescribed for the purposes of paragraph (4)(a) has occurred (whether before or after the commencement of this section) in relation to a fund; and

a trustee of the fund notifies APRA of the event as and when required by regulations made for the purposes of paragraph (4)(b); and

APRA is satisfied that, in accordance with the regulations, a pre‑1 July 88 funding debit of a particular amount should arise in relation to the fund;

The regulations may make provision for and in relation to the transfer of pre‑1 July 88 funding credits between funds.

Without limiting the generality of subsection (7), the regulations made for the purposes of that subsection must make provision for:

the giving by APRA of a notice approving the transfer of a pre‑1 July 88 funding credit of a fund to another fund; and

the revocation of such a notice; and

requiring notification of such a revocation and of the reasons for the revocation.

If:

APRA has, under subsection (2) or (6), given a notice to a trustee of a fund; and

APRA, after considering information that was not previously considered by APRA, ceases to be satisfied as mentioned in the subsection concerned;

If APRA refuses an application under subsection (1), APRA must give written notice to the applicant of the refusal.

A notice under subsection (9) or (10) must set out the reasons for the revocation or refusal, as the case requires.

APRA must give to the Commissioner of Taxation particulars of all notices given under this section or under regulations made for the purposes of subsection (7).

In this section: