Superannuation Industry (Supervision) Regulations 1994

The purpose of this regulation is to prescribe matters for the purposes of various definitions in section 10 of the Act.

For paragraph 10(1A)(b) of the Act, subregulations (3) and (3A) set out circumstances in which a member of a superannuation fund is to be taken to be a defined benefit member for section 20B, Part 2C or Part 6A of the Act.

A circumstance is that the member:

is a member of the scheme established under the Military Superannuation and Benefits Act 1991 (the military superannuation scheme); or

holds an interest, as a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975, in the military superannuation scheme; or

has a preserved benefit in the military superannuation scheme; or

has an ancillary account in the military superannuation scheme; or

both:

is a member of the scheme established under the Defence Force Retirement and Death Benefits Act 1973; and

has an ancillary account in the military superannuation scheme.

A circumstance is that the member:

holds an interest, as a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975, in a superannuation scheme established under the Superannuation Act 1976 or the Superannuation Act 1990; or

has made an election under section 137 of the Superannuation Act 1976; or

is a preserved benefit member within the meaning of the Public Sector Superannuation Scheme Trust Deed, as in force from time to time; or

has either of the following in the scheme established under the Superannuation (State Public Sector) Act 1990 (Qld):

a capital guaranteed interest in a voluntary preservation plan;

a deferred retirement benefit amount; or

both:

is covered by the Crown Employees (Fire and Rescue NSW Firefighting Staff Death and Disability) Award 2012 (the 2012 award) or by an award that replaces the 2012 award (a successor award); and

would be entitled, on the occurrence of an event mentioned in any of the following clauses, to a pension or lump sum mentioned in that clause:

clause 7 of the 2012 award, or an equivalent clause of a successor award;

clause 8 of the 2012 award, or an equivalent clause of a successor award;

clause 10 of the 2012 award, or an equivalent clause of a successor award;

clause 11 of the 2012 award, or an equivalent clause of a successor award.

For the purposes of paragraph (b) of the definition of excluded approved deposit fund in section 10 of the Act, the following condition is specified, namely, that the fund must be:

a fund established before 1 July 1994; or

a fund that was established on or after 1 July 1994 using eligible termination payments (within the meaning of the Tax Act as in force when the fund was established) of the fund’s beneficiary that had an initial value of at least $400 000; or

a fund that is established after 1 July 2007 using a superannuation lump sum or an employment termination payment (within the meaning of the 1997 Tax Act) of the fund’s beneficiary that had an initial value of at least $400 000.

For the purposes of the definition of exempt public sector superannuation scheme in section 10 of the Act the schemes listed in Schedule 1AA are specified.

A scheme that is listed, or established by or operated under legislation that is listed, in Schedule 1AA ceases to be an exempt public sector superannuation scheme at the time it is registered as a registrable superannuation entity under Division 2 of Part 2B of the Act.

If a scheme listed in Schedule 1AA is re‑named, the reference to that scheme includes the scheme as so re‑named.

Subregulation (4A) has effect in relation to a scheme specified in Part 1 of Schedule 1AA in respect of the 1994–95 and 1995–96 years of income of that scheme.

Subregulation (4A) applies in relation to a scheme specified in Part 2 of Schedule 1AA during the 1996‑97 year of income of that scheme.

Subregulation (4A) applies in relation to a scheme specified in Part 3 of Schedule 1AA during the 1997‑1998 year of income, and subsequent years of income, of that scheme.

For the purposes of paragraph (b) of the definition of pooled superannuation trust in section 10 of the Act, the definition applies to a unit trust that is:

used only for investing the following kinds of assets:

assets of a regulated superannuation fund;

assets of an approved deposit fund;

assets of a PST;

complying superannuation assets of a life insurance company within the meaning of the 1997 Tax Act;

segregated exempt assets of a life insurance company within the meaning of the 1997 Tax Act; and

PST is defined in regulation 1.03 to mean a pooled superannuation trust.

Complying superannuation asset, life insurance company and segregated exempt assets are defined in subsection 995‑1(1) of the 1997 Tax Act.

a resident unit trust within the meaning of section 102Q of the Tax Act; and

a trust in relation to which each of the following circumstances applies:

the trustee has confirmed in writing an intention to have the trust treated as a PST;

the confirmation was given to APRA, in the approved form, and signed and dated by the trustee;

the confirmation was given not later than:

the time of lodgment, in accordance with subsection 36(1) of the Act, of the first return in relation to the trust after 12 July 2000 (the time of lodgment); or

such later time as allowed, in writing, by APRA, either generally or in a particular case and whether allowed before or after the time of lodgment;

the confirmation has not been withdrawn.

The trustee of a unit trust may confirm an intention under paragraph (5)(c) despite anything in the governing rules of the unit trust.

The trustee of a unit trust mentioned in subregulation (6) must inform APRA in writing as soon as practicable after the unit trust ceases to be a PST because paragraph (5)(a) or (b) ceases to apply to the trust.

The trustee may withdraw the confirmation of an intention under paragraph (5)(c) by giving to APRA a notice of the withdrawal that is signed and dated by the trustee.