Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 49

Superannuation funds--positive

  (1)   For the purposes of paragraph   41(2)(b) and this Division, if:

  (a)   a notice under repealed section   12 or 13 of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is satisfied that:

  (i)   a fund satisfied the superannuation fund conditions in relation to a year of income; or

  (ii)   a fund should be treated as if it had satisfied the superannuation fund conditions in relation to a year of income; and

  (b)   the year of income is the 1993 - 94 year of income or an earlier year of income;

the notice has effect as if it were a notice under section   40 stating that the fund is a complying superannuation fund in relation to the year of income.

ADFs--positive

  (2)   For the purposes of paragraph   41(2)(b) and this Division, if:

  (a)   a notice under repealed section   14 or 15 of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is satisfied that:

  (i)   a fund satisfied the approved deposit fund conditions in relation to a year of income; or

  (ii)   a fund should be treated as if it had satisfied the approved deposit fund conditions in relation to a year of income; and

  (b)   the year of income is the 1993 - 94 year of income or an earlier year of income;

the notice has effect as if it were a notice under section   40 stating that the fund is a complying approved deposit fund in relation to the year of income.

PSTs--positive

  (3)   For the purposes of paragraph   41(2)(b) and this Division, if:

  (a)   a notice under repealed section   15B or 15C of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is satisfied that:

  (i)   a trust satisfied the pooled superannuation trust conditions in relation to a year of income; or

  (ii)   a trust should be treated as if it had satisfied the pooled superannuation trust conditions in relation to a year of income; and

  (b)   the year of income is the 1993 - 94 year of income or an earlier year of income;

the notice has effect as if it were a notice under section   40 stating that the trust is a pooled superannuation trust in relation to the year of income.

Superannuation funds--negative

  (4)   For the purposes of paragraph   41(2)(b) and this Division, if:

  (a)   a notice under the repealed section   12 or 13 of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is not satisfied that a fund satisfied the superannuation fund conditions in relation to a year of income; and

  (b)   the year of income is the 1993 - 94 year of income or an earlier year of income;

the notice has effect as if it were a notice under section   40 stating that the fund is not a complying superannuation fund in relation to the year of income.

ADFs--negative

  (5)   For the purposes of paragraph   41(2)(b) and this Division, if:

  (a)   a notice under the repealed section   14 or 15 of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is not satisfied that a fund satisfied the approved deposit fund conditions in relation to a year of income; and

  (b)   the year of income is the 1993 - 94 year of income or an earlier year of income;

the notice has effect as if it were a notice under section   40 stating that the fund is not a complying approved deposit fund in relation to the year of income.

PSTs--negative

  (6)   For the purposes of paragraph   41(2)(b) and this Division, if:

  (a)   a notice under the repealed section   15B or 15C of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is not satisfied that a trust satisfied the pooled superannuation trust conditions in relation to a year of income; and

  (b)   the year of income is the 1993 - 94 year of income or an earlier year of income;

the notice has effect as if it were a notice under section   40 stating that the trust is not a pooled superannuation trust in relation to the year of income.

OSSA--continued operation

  (7)   A reference in this section to a provision of the Occupational Superannuation Standards Act 1987 includes a reference to that provision as it continues to apply, despite its repeal, because of the Occupational Superannuation Standards Amendment Act 1993 .