Self managed superannuation funds—persons not taken to be employees (Act s 17A(8))
1.04AA Self managed superannuation funds—persons not taken to be employees (Act s 17A(8))
For the purposes of paragraph 17A(8)(b) of the Act, a class of persons is a specified class if it comprises persons each of whom is, in relation to a member of a superannuation fund, an exempt person mentioned in subregulation (2).
A person is an exempt person in relation to a member of a superannuation fund if:
the person is an employer‑sponsor of the fund; and
the member is a director of the employer‑sponsor.
For the purposes of paragraph 17A(8)(b) of the Act, a class of persons is a specified class if it comprises persons each of whom is a member of a superannuation fund in relation to which the following circumstances exist:
the person is the employer, but not a relative, of a member of the fund (the employee);
another member is the employer, and a relative, of that employee.
This Act’s bill:Explanatory statement
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