Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 40

Notice about complying fund status

  (1)   The Regulator may give a written notice to a trustee of an entity stating:

  (a)   whether the entity is or is not a complying superannuation fund; or

  (b)   whether the entity is or is not a complying approved deposit fund; or

  (c)   whether the entity is or is not a pooled superannuation trust;

as the case may be, in relation to a year of income specified in the notice.

Reasons

  (2)   If the Regulator gives a notice to a trustee of an entity stating that:

  (a)   the entity is not a complying superannuation fund; or

  (b)   the entity is not a complying approved deposit fund; or

  (c)   the entity is not a pooled superannuation trust;

as the case may be, in relation to a year of income, the notice must set out the reasons why the Regulator so stated.

Commissioner of Taxation to be told about notice

  (3)   When the APRA gives a notice under this section, APRA must give particulars of the notice to the Commissioner of Taxation.

Note:   A statement of the tax file number of the entity may accompany the particulars of the notice. See subsection   299U(3).

Revocation

  (4)   If:

  (a)   the Regulator gives a notice under this section (the original notice ) to a trustee of an entity stating that:

  (i)   the entity is a complying superannuation fund; or

  (ii)   the entity is a complying approved deposit fund; or

  (iii)   the entity is a pooled superannuation trust;

    as the case may be, in relation to a year of income; and

  (b)   the Regulator subsequently gives a notice under this section (the second notice ) to a trustee of the entity stating that:

  (i)   the entity is not a complying superannuation fund; or

  (ii)   the entity is not a complying approved deposit fund; or

  (iii)   the entity is not a pooled superannuation trust;

    as the case may be, in relation to the year of income;

the second notice is taken to revoke the original notice.

Note:   Because "the Regulator" is whichever of APRA or the Commissioner of Taxation is administering this provision in respect of a fund, a notice given by one of those Regulators could revoke a notice given by the other Regulator. This might happen if a fund became, or stopped being, a self managed superannuation fund after the first notice was given.