Superannuation Industry (Supervision) Act 1993

1

Part 2A, to the extent it is not covered by item 2 of this table

licensing of RSE licensees

APRA

2

Section 29JCA

false representation about RSE status

both APRA and ASIC

3

Part 2B, to the extent it is not covered by item 4 of this table

registrable superannuation entities

APRA

4

Sections 29P to 29QC

obligations of RSE licensees

ASIC

5

Part 2C, to the extent it is not covered by item 6 of this table

MySuper

APRA

6

Subsection 29SAA(3)

MySuper notice requirements

ASIC

7

Part 3, to the extent it is not covered by item 7A, 8 or 9 of this table

operating standards

(a) ASIC, to the extent the provisions relate to disclosure or record‑keeping (see subsection (2)); and

(b) subject to paragraph (a), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(c) APRA, to the remaining extent

7A

Subsection 34(2A)

offence for breaching standards relating to record keeping obligations

both APRA and ASIC

8

Division 3 of Part 3

portability forms

the Commissioner of Taxation

9

Regulations made under Part 3

release on compassionate grounds

the Commissioner of Taxation, to the extent that the regulations relate to the making and notification of determinations that an amount of benefits in a superannuation entity may be released on compassionate grounds

10

Part 3A

prudential standards

APRA

11

Part 3B, to the extent it is not covered by item 12 or 13 of this table

superannuation data and payment

APRA

12

Divisions 1 and 4 of Part 3B

superannuation data and payment

the Commissioner of Taxation

13

Division 2 of Part 3B

compliance with superannuation data and payment regulations and standards

(a) the Commissioner of Taxation, to the extent the provisions relate to any of the following:

(i) employers;

(ii) payments and information given to the Commissioner of Taxation;

(iii) self managed superannuation funds; and

(b) APRA, to the remaining extent

14

Part 4

accounts, audit and reporting obligations for superannuation entities

(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(b) APRA, to the remaining extent

15

Part 5, to the extent it is not covered by item 16 of this table

notices about complying fund status

(a) the Commissioner of Taxation, to the extent the provisions do any of the following:

(i) relate to self managed superannuation funds;

(ii) require or permit the Commissioner of Taxation to do something; and

(b) APRA, to the remaining extent

16

Sections 40 and 41

notices about complying superannuation fund status

(a) in relation to an entity that is a self managed superannuation fund on the last day of the most recently ended year of income—the Commissioner of Taxation; and

(b) in relation to an entity that is not a self managed superannuation fund on the last day of the most recently ended year of income—APRA; and

(c) subject to paragraphs (a) and (b), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(d) APRA, to the remaining extent

17

Part 6, to the extent it is not covered by items 18 to 21 of this table

governing rules of superannuation entities

(a) ASIC, to the extent the provisions relate to disclosure or record‑keeping (see subsection (2)); and

(b) subject to paragraph (a), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(c) APRA, to the remaining extent

18

Sections 52, 52A and 54B

covenants and consequences of breaching covenants

both APRA and ASIC

19

Sections 52B and 52C

covenants of SMSFs

the Commissioner of Taxation

20

Section 54A

prescribed covenants

(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(b) both APRA and ASIC, to the remaining extent

21

Section 60A

dismissal of trustee of public offer entity

APRA

21A

Part 6A, to the extent it is not covered by item 21B, 21C or 21D of this table

annual performance assessments

(a) ASIC, to the extent the provisions relate to disclosure or record‑keeping (see subsection (2)); and

(b) APRA, to the remaining extent

21B

Section 60E

annual performance assessments—trustee to notify beneficiaries of fail assessment

both APRA and ASIC

21C

Subsection 60F(2)

annual performance assessments—consequence of 2 consecutive fail assessments

both APRA and ASIC

21D

Subsections 60J(4), (5) and (6)

formulas for ranking products—making information available on website

the Commissioner of Taxation

22

Part 7, to the extent it is not covered by items 23 to 26 of this table

regulated superannuation funds

(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(b) APRA, to the remaining extent

23

Sections 62 and 68

sole purpose test;

victimisation of trustees

(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(b) both APRA and ASIC, to the remaining extent

25

Section 68A

use of goods or services to influence employers

ASIC

26

Section 68B

promotion of illegal early release schemes

(a) the Commissioner of Taxation, to the extent the provision relates to self managed superannuation funds; and

(b) ASIC, to the remaining extent

27

Part 8

in‑house asset rules

(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(b) APRA, to the remaining extent

28

Part 9

equal representation of employers and members—employer‑sponsored funds

APRA

29

Part 10

approved deposit funds

APRA

30

Part 11

pooled superannuation trusts

APRA

31

Part 11A, to the extent it is not covered by item 32 of this table

general fees rules

APRA

32

Sections 99F and 99FA

cost of financial product advice

ASIC

33

Part 12, to the extent it is not covered by items 34 to 36 of this table

duties of trustees and investment managers

(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(b) APRA, to the remaining extent

34

Sections 101 and 103

dispute resolution systems;

duty to keep minutes and records

(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(b) ASIC, to the remaining extent

35

Section 105

duty to keep reports

(a) ASIC, to the extent the provision relates to disclosure or record‑keeping (see subsection (2)); and

(b) subject to paragraph (a), the Commissioner of Taxation, to the extent the provision relates to self managed superannuation funds; and

(c) APRA, to the remaining extent

36

Section 108A

duty to identify multiple accounts

both APRA and ASIC

37

Part 14

other provisions applying to superannuation entities

(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(b) APRA, to the remaining extent

38

Part 15, to the extent it is not covered by item 39 of this table

standards for trustees, custodians and investment managers

(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(b) APRA, to the remaining extent

39

Section 126K

disqualified persons

(a) the Commissioner of Taxation, to the extent the provision relates to self managed superannuation funds; and

(b) both APRA and ASIC, to the remaining extent

40

Part 16, to the extent it is not covered by items 41 to 43A of this table

actuaries and auditors

(a) ASIC, to the extent the provisions relate to auditors of self managed superannuation funds; and

(b) subject to paragraph (a), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(c) APRA, to the remaining extent

41

Section 128N

actuaries and auditors—ASIC may disclose information

ASIC

42

Section 128P

actuaries and auditors—Commissioner of Taxation may refer matter to ASIC

the Commissioner of Taxation

43

Division 2 of Part 16

actuaries and auditors—obligations

(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(b) APRA, to the remaining extent

43A

Sections 130D and 130E

disqualifying and removing actuaries and auditors

(a) both APRA and ASIC, to the extent the provisions relate to auditors; and

(b) APRA, to the extent the provisions relate to actuaries

44

Part 16A

APRA’s powers to issue directions

APRA

45

Part 17, to the extent it is not covered by item 46 of this table

suspension or removal of trustee

(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(b) APRA, to the remaining extent

46

Section 140

notice by acting trustee

APRA

47

Part 18

amalgamation of funds

APRA

48

Part 19

public offer entities

ASIC

49

Part 20

contraventions relating to SMSFs

the Commissioner of Taxation

50

Part 21

civil and criminal consequences of contravening civil penalty provisions

(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(b) both APRA and ASIC, to the extent the provisions relate to, or are being applied for the purposes of, a provision administered by both those bodies; and

(c) ASIC, to the extent the provisions relate to, or are being applied for the purposes of, a provision administered by ASIC; and

(d) APRA, to the remaining extent

51

Part 22

infringement notices

APRA

52

Part 23

financial assistance

APRA

53

Part 24, to the extent it is not covered by item 54 of this table

eligible rollover funds

(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(b) APRA, to the remaining extent

54

sections 242K, 242L and 242M

obligations relating to eligible rollover funds

both APRA and ASIC

55

Part 24A

pre‑1 July 1995 transitional provisions

APRA

56

Part 24B

small funds

as provided by the provisions of Part 24B

57

Part 25, to the extent it is not covered by item 58 of this table

monitoring and investigation

see section 5

58

Division 3 of Part 25

monitoring and investigation—APRA requirements

APRA

59

Part 25A, to the extent it is not covered by item 60 of this table

tax file numbers

(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and

(b) APRA, to the remaining extent

60

Divisions 1 and 3A of Part 25A, section 299NA and subsection 299U(2A)

tax file numbers

the Commissioner of Taxation

61

Part 32

transitional provisions for tax file numbers

APRA