ASIC Corporations (Intra-Fund Transfers) Instrument 2026/688

The instrument rests on a small number of defined concepts and statutory linkages. The operative definitions and legal relationships are set out in Part 1 (s3-s6) and elaborated in the inserted subsection in s8.

Intra‑fund transfer. The instrument defines "intra‑fund transfer" twice: once in the general definitions (s6) and again within the inserted subsection 1019A(1B) (s8(1B)). Both formulations identify two scenarios. First, a transfer that is a disposal of an interest in the fund coupled with the acquisition of an interest in the fund of a different class in substitution for the interest disposed of (s6; s8(1B)(a)). Second, any circumstance where a person’s membership of the fund in relation to a financial product or a sub‑plan changes to membership in relation to another financial product or sub‑plan (s6; s8(1B)(b)). The duplication ensures the term is defined both for the instrument’s preliminary material and for the specific modification to Part 7.9.

RSE licence. The instrument uses the term "RSE licence" and defines it in the inserted subsection as a licence granted under section 29D of the Superannuation Industry (Supervision) Act 1993 (s8(1B)). The instrument requires that the trustee hold an RSE licence that is subject to particular conditions; it does not confer or vary that licence itself (s8(1A)(a)).

Modification/exemption mechanics. Relief from application form and cooling‑off requirements is achieved by two coordinated mechanisms. Section 7 exempts trustees from complying with s1016A when issuing a superannuation product in the course of an intra‑fund transfer in the circumstances specified in the notionally inserted subsection 1019A(1A) (s7). Section 8 then sets out the detailed conditions under which the Division in Part 7.9 does not apply, by treating the Division as if subsection (1A) had been inserted (s8(1A)).

Cumulative conditions. The relief is conditional and cumulative. The inserted subsection lists a sequence of requirements (s8(1A)(a)-(d)(iii)). They require: the trustee’s RSE licence be subject to specified conditions about governing rules and consent (s8(1A)(a)); the governing rules contain the required consent provision (s8(1A)(b)); the trustee has not obtained the member’s consent (s8(1A)(c)); and the trustee has taken "all reasonable steps" to satisfy the licence condition in relation to the transfer and to ensure either a class‑wide simultaneous disposal/substitution or a mass‑change with no return to the original product, and that notice and a PDS are provided at least 30 days before issue (s8(1A)(d)(i)-(iii)).

Disclosure preserved. Although the instrument removes the application form requirement (s7) and treats the cooling‑off Division as not applying (s8(1A)), it preserves a prior disclosure obligation: at least 30 days before issue the member must be given a notice in accordance with s1017B and a Product Disclosure Statement (s8(1A)(d)(iii)(A)-(B)). That condition is expressed in mandatory terms, forming part of the cumulative conditions for relief.

Temporal and repeal dimensions. The instrument commences the day after registration (s2). It contains an explicit sunset: repeal at the start of 1 April 2031 (s9). It also expressly repeals the prior 2016 ASIC instrument in full (Schedule 1).

Regulatory linkages. The instrument is made under subsection 1020F(1) of the Corporations Act (s3) and works by inserting and relying on provisions and references in the Corporations Act (s7; s8). It cross‑references s1016A and s1017B of the Corporations Act and s29D of the Superannuation Industry (Supervision) Act 1993 via the RSE licence definition (s7; s8(1B)).

Those are the main concepts and how they interlock to allow trustees to avoid certain application form and cooling‑off obligations where a tightly specified set of conditions is satisfied.

Directly affected parties are identified in the instrument’s operative clauses and definitions.

Trustees of regulated superannuation funds. The instrument’s relief is expressly framed for "a trustee of a regulated superannuation fund" (s7; s8(1A)). Trustees face both a potential reduction in compliance obligations (exemption from s1016A and from the Division in Part 7.9 where conditions are met) and new conditional duties to ensure the RSE licence conditions, governing‑rule provisions and disclosure obligations are satisfied (s8(1A)(a)-(d)).

Members of regulated superannuation funds. The member whose interest is subject to an intra‑fund transfer is directly affected. The instrument treats an issue of a superannuation product to a member in the course of an intra‑fund transfer as potentially outside the cooling‑off Division and not requiring the application form in s1016A (s7; s8(1A)). The member remains entitled to receive the s1017B notice and a Product Disclosure Statement at least 30 days prior to the issue (s8(1A)(d)(iii)), but otherwise the statutory cooling‑off and application form protections in Part 7.9 will not apply if all conditions are met.

Holders of RSE licences. The instrument requires that the trustee’s RSE licence be subject to particular conditions (s8(1A)(a)). That imposes an effect on the licencing apparatus and therefore on the holder of the RSE licence, i.e. the trustee. The instrument does not itself modify licences; it requires that any applicable licence be subject to the described conditions for the exemption to be available.

Funds’ governing rules. Governing rules of funds must contain a specified provision about transfers and member consent (s8(1A)(a)(i); s8(1A)(b)). Consequently, those who draft and amend governing rules (trustees, advisers and fund lawyers) are affected because rules must be in that prescribed form for relief to apply.

ASIC and delegated decision maker. The instrument is made by an ASIC delegate under s1020F(1) of the Corporations Act (s3) and therefore changes the regulatory framework for how ASIC’s delegated instruments operate in the intra‑fund transfer context.

Entities relying on the earlier 2016 instrument. The instrument repeals the 2016 instrument in full (Schedule 1). Any party that previously relied on the 2016 instrument for relief regarding intra‑fund transfers or accrued default amounts will need to consider the repeal and any transitional implications created by this instrument (Schedule 1).

Other regulated actors. The definition of "RSE licence" references s29D of the Superannuation Industry (Supervision) Act 1993 (s8(1B)). While the SIS Act and its administration are outside this instrument, the instruments’ reliance on RSE licences means regulators and advisers working across the Corporations Act/SIS Act boundary will need to ensure the licence conditions and governing rules are aligned.

Indirectly affected parties include administrators, product issuers, compliance officers and counsel who must implement the 30‑day disclosure timeline and demonstrate that trustees have taken "all reasonable steps" to satisfy the instrument’s conditions (s8(1A)(d)). Those parties will bear the operational and record‑keeping consequences of the timing, mass‑transfer and simultaneous‑substitution requirements.

The instrument both removes certain duties and imposes new conditional duties. Its operative sections identify rights that trustees may exercise and duties they must discharge to secure the relief.

Duties removed (in specified circumstances). Where the conditions in the inserted subsection 1019A(1A) are satisfied, trustees do not have to comply with s1016A (the application form requirement) when issuing a superannuation product in the course of an intra‑fund transfer (s7). Further, Part 7.9 is treated as if the Division does not apply to such an issue when all conditions are met, effectively removing statutory cooling‑off protections for that issue (s8(1A)). Those removals are conditional and apply only when each clause in subsection (1A) is satisfied.

Duties retained or imposed. The instrument creates or confirms several duties for trustees as cumulative preconditions to relief:

• Licence‑condition duty: The trustee must hold an RSE licence that is subject to conditions to the effect set out in s8(1A)(a). Those conditions require the governing rules to contain a consent provision that prevents benefits being transferred by intra‑fund transfer without member consent unless either the destination plan confers equivalent rights or the transfer could lawfully have been made without consent in the absence of the licence condition, and that the trustee must not transfer benefits unless the member consents or the transfer falls within those exceptions (s8(1A)(a)(i)-(ii)). The instrument therefore presupposes licence conditions as a precondition to relief.

• Governing‑rule duty: The governing rules of the fund must contain the specified provision described above (s8(1A)(b)). This is a structural duty on the content of the plan’s rules.

• Consent‑related duty statement: The relief applies only where the trustee has not obtained the member’s consent to the intra‑fund transfer (s8(1A)(c)). This is notable because the licence and rules language otherwise focuses on consent or defined exceptions; the relief is therefore fashioned to cover transfers without consent only where the other safeguards apply.

• "All reasonable steps" diligence duty: The trustee must have taken all reasonable steps to ensure the licence condition has been satisfied in relation to the intra‑fund transfer, and to ensure either (A) class‑wide disposal/substitution at substantially the same time with no further interests issued, or (B) where the transfer is not by disposal/substitution, a simultaneous mass migration with no person subsequently becoming a member in relation to the original product or sub‑plan (s8(1A)(d)(i)-(ii)). This imposes an objective‑worded evidentiary standard on trustees.

• Prior disclosure duty: At least 30 days before the superannuation product is issued in the course of the intra‑fund transfer, the person must be given a notice in accordance with s1017B and a Product Disclosure Statement for the product (s8(1A)(d)(iii)(A)-(B)). That provides a timing and content duty linked to existing disclosure provisions.

Rights conferred. The primary right conferred on trustees is conditional relief from the application form and cooling‑off requirements for intra‑fund transfers where all conditions are met (s7; s8(1A)). Trustees therefore gain discretion to effect certain intra‑fund transfers without triggering the application form and cooling‑off obligations, provided the trustee has the RSE licence subject to the specified conditions, the fund’s governing rules contain the required provision, prior disclosure is given at least 30 days in advance, and the trustee can demonstrate that it took all reasonable steps to meet the prescribed substitution or migration timing constraints (s8(1A)).

Member rights preserved. Members retain the right to receive the s1017B notice and a Product Disclosure Statement at least 30 days prior to issue (s8(1A)(d)(iii)). Additionally, because the governing rules required by the licence condition must prevent transfer without consent unless specific exceptions apply, members retain a substantive protection in the rules in relation to consent‑based transfers except where the exceptions apply (s8(1A)(a)(i)).

Regulatory duties and discretion. The instrument implies a regulatory role for the licencing regime: relief depends on the RSE licence being subject to specified conditions. The instrument itself does not set out how those licence conditions are to be imposed or enforced, but it makes relief contingent on their existence and satisfaction (s8(1A)(a); s8(1A)(d)(i)).

Record‑keeping and evidence duties. Because relief depends on the trustee having "taken all reasonable steps" to satisfy particular factual predicates and on providing notice and a PDS at least 30 days before issue, trustees will need to create and retain evidence to demonstrate compliance with those duties (s8(1A)(d)).

In short, the instrument replaces a default application form/cooling‑off regime for intra‑fund transfers with a conditional framework that removes those obligations when trustees meet a bundle of licence, rules, timing, simultaneity and disclosure duties.

The instrument does not itself introduce new criminal or civil penalties, nor does it specify a bespoke enforcement scheme within its text. It operates by modifying the application of existing statutory provisions in the Corporations Act and by conditioning relief on licence and governing‑rule requirements. The enforcement implications therefore flow from existing statutory regimes rather than from new sanctioning clauses in the instrument.

Absence of express penalties in instrument. The instrument contains no new penalty provisions. It provides exemptions and treats Part 7.9 as if a new subsection were inserted; it does not set out infringement notices or civil penalty items itself (see generally s7-s9 and the inserted 1019A(1A)). Consequently, contraventions of the conditions described will not be punished under this instrument by any novel sanction it creates.

Enforcement via existing law. Because the instrument modifies the operation of the Corporations Act (notionally inserting subsection 1019A(1A)), any non‑compliance with the Corporations Act or with licence conditions would be assessed under the Act and the applicable licencing regime. The instrument defines "RSE licence" to be a licence granted under s29D of the Superannuation Industry (Supervision) Act 1993 (s8(1B)), so licence conditions and enforcement mechanisms from the SIS Act/licencing regime and any related Corporations Act provisions remain relevant. The instrument does not specify whether breaches of the licence‑condition requirements for relief would themselves attract particular penalties; it simply conditions relief on those licence conditions being in place and being satisfied (s8(1A)(a); s8(1A)(d)(i)).

Regulatory oversight and conditionality. The instrument makes the availability of relief contingent on the trustee having an RSE licence that is subject to particular conditions (s8(1A)(a)). That creates a point at which the regulator’s licensing and conditions regime becomes the trigger for whether the exemption applies. In practice, enforcement of licence conditions and the wider supervisory framework determine whether a trustee lawfully relied on the exemption. The instrument itself does not articulate how regulators will verify compliance with the "all reasonable steps" standard or with the simultaneity/no‑subsequent‑reinstatement constraints (s8(1A)(d)(i)-(ii)).

Dispute and redress pathways not set out here. The instrument does not specify private rights of action, standing for members to challenge a transfer, or express remedies for members where the cooling‑off Division has been displaced. The instrument simply changes the statutory application of the Division. Any member claims or enforcement actions would therefore proceed, if available, under existing statutory remedies, contractual rights under the fund’s governing rules, or other applicable law. The instrument itself contains no litigation roadmap or administrative enforcement mechanism.

Temporal enforcement considerations. The instrument is time‑limited, scheduled for repeal at the start of 1 April 2031 (s9). Enforcement of actions taken under the instrument’s relief would interact with that temporal boundary; the instrument does not say whether actions executed under its relief survive repeal for enforcement or challenge after repeal. Practitioners will need to consider that the instrument’s repeal date may affect transitional or retrospective enforcement questions, but the instrument itself is silent on those points.

In short, enforcement and penalties rely on existing statutory and licencing regimes rather than on provisions inside the instrument. The instrument conditions relief on licence and rule‑based compliance and on demonstrable "all reasonable steps" diligence and disclosure; failure to meet those conditions will mean the statutory protections in Part 7.9 (application forms and cooling‑off) continue to apply rather than the instrument producing a new standalone penalty framework.

This instrument is operative by reference and modification of existing provisions in the Corporations Act 2001 and by explicit reference to the Superannuation Industry (Supervision) Act 1993. Its practical effect depends on interaction with those regimes.

Corporations Act 2001. The instrument is made under subsection 1020F(1) of the Corporations Act (s3). It directly modifies how Part 7.9 of the Corporations Act applies by notionally inserting a new subsection 1019A(1A) that removes the operation of the Division in specified intra‑fund transfer circumstances (s8). It also exempts trustees from the application form provision in s1016A in those circumstances (s7). The instrument therefore alters the application of the Corporations Act rather than creating an independent parallel regime.

References within the Corporations Act. The instrument explicitly references and tabulates the existing sections it varies: s1016A (application forms), s1017B (notice requirements), and Part 7.9 generally (cooling‑off and related provisions) (s7; s8(1A)(d)(iii)). The requirement that members be given a s1017B notice and a Product Disclosure Statement engages pre‑existing disclosure obligations within Part 7.9.

Superannuation Industry (Supervision) Act 1993. The instrument defines "RSE licence" as a licence granted under s29D of the SIS Act (s8(1B)). Consequently, the instrument’s conditionality links back to the licensing regime under the SIS Act: the trustee must hold an RSE licence subject to the specified licence conditions. The instrument does not itself vary the SIS Act or grant licences, but it makes relief contingent on the licence‑condition framework that exists under the SIS Act.

Governing rules and contractual law. The instrument requires particular wording to be present in the fund’s governing rules , namely, a consent prohibition with specified exceptions , as a condition of relief (s8(1A)(a)(i); s8(1A)(b)). That intersects with fund governance and contractual law: trustees must ensure that the rules admit the specified provision, which changes (or confirms) the contractual matrix governing membership rights and the trustee’s powers to transfer benefits.

Regulatory licencing and conditions. The instrument presupposes that RSE licences may be subject to conditions and that those conditions can include requirements about governing rules and transfer practices (s8(1A)(a)). How those licence conditions are imposed and enforced will be determined by the SIS Act licencing framework and regulator practice. The instrument does not itself create licence powers but relies on the existence and operation of those powers.

Interaction with prior ASIC instruments. The instrument repeals ASIC Corporations (Superannuation: Accrued Default Amount and Intra‑Fund Transfers) Instrument 2016/64 in full (Schedule 1). Where market participants had been relying on that 2016 instrument, they must transition to the new framework set out here. The instrument does not set out transitional arrangements; it simply repeals the 2016 instrument (Schedule 1).

Preservation of disclosure obligations. The requirement that a s1017B notice and a PDS be provided at least 30 days before issue (s8(1A)(d)(iii)) explicitly links the exemption to existing disclosure statutes. Thus, while the instrument disapplies some protections, it anchors the exemption within the existing disclosure architecture of the Corporations Act.

Temporal interplay. The instrument commences the day after registration (s2) and is repealed at the start of 1 April 2031 (s9). Any interactions with other laws therefore operate within that temporal window. The instrument does not specify transitional provisions or savings for actions taken under the prior 2016 instrument, other than the express repeal. Any transitional legal questions would need to be determined from the text of the repealing and replaced instruments and the general law.

In sum, the instrument does not stand alone; it modifies the Corporations Act’s application, depends on RSE licences under the SIS Act, requires particular governing‑rule content, and repeals an earlier ASIC instrument. Practitioners must evaluate actions under this instrument in the context of the Corporations Act, the SIS Act licence framework, fund rules and the repealed 2016 instrument.

This instrument is self‑contained and minimal in its amendment history within the text provided. The instrument records the following formal chronological and amendment facts.

Creation and authority. The instrument was made by an ASIC delegate, Pippa Lane (s3 header), under subsection 1020F(1) of the Corporations Act 2001 (s3). The date shown on the instrument is 17 March 2026 (front matter).

Commencement. The instrument commences on the day after it is registered on the Federal Register of Legislation (s2). The instrument contains a register note pointing to www.legislation.gov.au (s2, note).

Notional insertion. The instrument expressly notes that subsection 1019A(1A) is "notionally inserted into the Act" by this instrument (s7, note). That indicates its mechanism is to modify the application of the Corporations Act by treating the new subsection as if it existed in the Act.

Repeal of prior instrument. Schedule 1 contains an express repeal: the whole of ASIC Corporations (Superannuation: Accrued Default Amount and Intra‑Fund Transfers) Instrument 2016/64 is repealed (Schedule 1, item 1). The instrument thus replaces that 2016 instrument entirely.

Sunset. The instrument specifies an automatic repeal at the start of 1 April 2031 (s9). That creates an express sunset; the instrument therefore has an intended finite operational life of a little under five years from its 2026 date.

No further amendments recorded. Within the text provided, there are no amendments, variations, or schedules that further modify this instrument after its making. The instrument itself reads as a stand‑alone instrument that introduces the conditional relief described and repeals the 2016 instrument.

No transitional amendments specified. The instrument does not include transitional or savings provisions concerning actions taken under the repealed 2016 instrument or actions taken between the instrument’s registration and its commencement. Practitioners must therefore look to general legislative practice or other instruments for transitional arrangements; none are set out here.

In short, the amendment history recorded within the instrument comprises: made under s1020F(1) (s3); registered and commencing the day after registration (s2); repeal of the 2016 instrument (Schedule 1); and scheduled repeal on 1 April 2031 (s9). The instrument does not itself record any earlier amendments or subsequent revocations beyond those items.

The instrument text contains no references to litigation, cases, judicial interpretations, or reviews. It does not cite any judicial decisions, nor does it record past legal challenges to the prior 2016 instrument or to any provision of the Corporations Act or SIS Act. The Schedule repealing the 2016 instrument likewise contains no litigation history or transitional court rulings.

Because the instrument is an administrative legislative instrument created under subsection 1020F(1) of the Corporations Act (s3) and because the text does not mention any litigation, there is no litigation history to summarise from the source. Any court challenges or litigated interpretations that arise after the instrument’s commencement would not be reflected in the instrument text itself.

Practitioners seeking case law or judicial treatment relevant to the matters covered by this instrument (for example, how courts interpret "all reasonable steps", the scope of intra‑fund transfers, or interplay between Part 7.9 and governing rules) must look to external case law and judicial decisions. Those sources are outside the scope of the instrument text and therefore are not cited or summarised here.

In short, within the instrument there is no litigation history, and nothing in the instrument’s text names or references any cases.

This instrument contains a number of features that can produce unintended operational or legal traps if not carefully managed. The points below are grounded in the instrument’s text.

Relief is conditional and cumulative. The exemption from s1016A and from the cooling‑off Division applies only where every element of the inserted s1019A(1A) is satisfied (s7; s8(1A)). Failure to meet any single condition means the statutory protections remain in force. Trustees must therefore avoid assuming the relief applies and should document satisfaction of each condition.

The instrument applies when the trustee has not obtained member consent. The instrument requires that the trustee has not obtained the member’s consent to the intra‑fund transfer (s8(1A)(c)). That is potentially counterintuitive: the instrument’s licence and rule provisions otherwise emphasise consent as a protection, but the relief is intended to cover circumstances where the trustee proceeds without consent only if other protective conditions are met. If a trustee has obtained consent, the interaction between that fact and the exemption structure would need careful consideration, but the instrument’s relief is expressly conditional on the trustee not having obtained the member’s consent (s8(1A)(c)).

Licence conditions must exist to enable relief. The trustee’s RSE licence must be subject to the precise conditions described (s8(1A)(a)). The instrument does not itself create or impose those licence conditions; it merely requires that the trustee hold an RSE licence subject to them. If the licence is not so conditioned, relief is not available. Trustees cannot unilaterally rely on the exemption without the relevant licence condition being in place.

Governing‑rule wording required. The governing rules must contain the specified consent provision (s8(1A)(b)). If fund rules are inconsistent or omit that wording, the trustee cannot rely on the exemption. Amendment of rules may be required, which may itself be subject to separate procedural, member consent or regulatory constraints not addressed in the instrument.

"All reasonable steps" is an evidentiary standard. The instrument requires the trustee to have taken "all reasonable steps" to ensure the licence condition is satisfied and to achieve the simultaneity/no‑reinstatement conditions (s8(1A)(d)(i)-(ii)). That phrase requires evidence of diligence. The instrument does not define the term or give examples. Trustees must therefore collect contemporaneous records and be prepared to demonstrate the reasonableness of their steps.

Simultaneity/no further interests issued requirement. One pathway to relief requires that each interest in the class immediately before disposal is disposed of and substituted "at substantially the same time" and that no further interests in that class are issued (s8(1A)(d)(ii)(A)). The alternative pathway for non‑disposal transfers requires that each person who has a membership of the original product or sub‑plan changes at substantially the same time and that no person subsequently becomes a member of the original product or sub‑plan (s8(1A)(d)(ii)(B)). Those timing and "no subsequent membership" constraints are strict on their face; operational coordination issues or inadvertent late issuances could defeat the exemption.

30‑day disclosure timing is mandatory. The instrument requires the s1017B notice and a Product Disclosure Statement to be provided at least 30 days before the product is issued (s8(1A)(d)(iii)). A failure in timing (for example, delayed delivery of a PDS) would mean the disclosure condition is not satisfied and the exemption would not apply.

Reversal risk on procedural errors. Because relief depends on meeting a suite of conditions, a procedural or administrative failure (incorrect rule wording, incomplete licence condition, untimely PDS delivery, failure to evidence "all reasonable steps") could result in the issue being treated as subject to the standard application form and cooling‑off Division requirements. Trustees must not assume relief applies without documentary evidence.

Interplay with the repeal of the 2016 instrument. The instrument repeals the 2016 ASIC instrument in full (Schedule 1). Any reliance on the 2016 instrument should be revisited; the instrument does not set out transitional arrangements or savings in the text provided. Parties who had structured conduct under the 2016 instrument need to check whether their conduct remains compliant under the new framework.

Temporal limitation and sunset. The instrument itself is time‑limited and will be repealed at the start of 1 April 2031 (s9). Trustees and advisers must factor this into long‑term operational planning.

No new penalty provisions in the instrument. The instrument does not state specific penalty consequences for failing to comply with the conditions; however, failure to meet the conditions means statutory protections in Part 7.9 apply. Trustees should therefore not treat the absence of instrument‑level sanctions as removing exposure to enforcement under the Corporations Act or licence‑condition mechanisms.

Notionally inserted subsection. The instrument treats subsection 1019A(1A) as notionally inserted into the Act (s7, note). Practitioners should ensure they read the Corporations Act together with this instrument and not assume the Act itself contains the text absent the instrument: the instrument modifies application by treating the subsection as inserted for the Division’s purposes.

In short, small operational failings, imprecise timing, missing licence conditions or rule wording, or lack of documentary evidence of "all reasonable steps" can all cause the exemption to be unavailable. Trustees should approach the exemption as conditional and document compliance for each element set out in s8(1A).

The instrument sets out specific, cumulative conditions that trustees must satisfy to rely on the exemption. Compliance requires both substantive changes (licence conditions; governing‑rule provisions) and operational processes (simultaneity, timing, disclosure, record‑keeping). Below are concrete steps drawn directly from the instrument’s text.

1. Confirm RSE licence status and conditions (s8(1A)(a), s8(1B)). The trustee must ensure it holds an RSE licence that is subject to the specific conditions described in s8(1A)(a). Those licence conditions must, at minimum, require that the fund’s governing rules contain the prescribed consent provision and that the trustee not transfer benefits by intra‑fund transfer unless member consent is obtained or the transfer falls within the stated exceptions (s8(1A)(a)(i)-(ii)). Trustees should verify, in writing, that their RSE licence contains those conditions before attempting to rely on the exemption.

2. Ensure governing rules contain the required provision (s8(1A)(a)(i); s8(1A)(b)). The governing rules must include the explicit provision preventing benefit transfers without member consent unless one of the two exceptions applies (destination confers equivalent rights; or the transfer could lawfully be made without consent absent the licence condition). If the current rules lack that provision, trustees must take whatever formal steps the rules and applicable law require to amend them so that they contain the prescribed wording.

3. Confirm the consent status (s8(1A)(c)). The relief is available only where the trustee has not obtained the member’s consent to the intra‑fund transfer. Trustees must document the member’s consent status and ensure their reliance on the exemption is consistent with that fact.

4. Take and evidence "all reasonable steps" (s8(1A)(d)(i)). The trustee must have taken "all reasonable steps" to ensure the licence condition has been satisfied in relation to the intra‑fund transfer. That means contemporaneous documentation of the steps taken to effect or confirm licence conditions and rule alignment. Prepare checklists, correspondence with the licencing authority (if applicable), and governance minutes showing active steps to satisfy licence conditions.

5. Achieve and document simultaneity/no‑reinstatement (s8(1A)(d)(ii)). One of two factual pathways must be met:

   • Disposal/substitution route (s8(1A)(d)(ii)(A)): Each interest in the relevant class that exists immediately before the disposal must be disposed of and substituted at substantially the same time, and no further interests in that class can be issued. Trustees must coordinate timing, prepare transaction schedules, and retain records showing the timing and that no later issuances occurred.

   • Mass migration route (s8(1A)(d)(ii)(B)): Where the transfer is not by disposal/substitution, each person who has membership in relation to the original product or sub‑plan must change to membership of another product or sub‑plan at substantially the same time, and no person must subsequently become a member in relation to the original product or sub‑plan. Trustees must design migration processes that achieve simultaneous conversion and ensure mechanisms do not permit return to the original product. Document roll‑out schedules and participant lists.

   In both routes, the phrase "substantially the same time" is operative; trustees should plan for tight synchronisation and keep timestamped records of transactions and membership changes.

6. Provide prior disclosure at least 30 days before issue (s8(1A)(d)(iii)). At least 30 days prior to issuing the replacement superannuation product, provide each affected person with:

   • A notice in accordance with s1017B of the Corporations Act (s8(1A)(d)(iii)(A)); and
   • A Product Disclosure Statement for the product (s8(1A)(d)(iii)(B)).

   Ensure methods of delivery and timing create evidence of the 30‑day lead time. Retain delivery confirmations and content versions of the PDS and s1017B notice.

7. Maintain contemporaneous governance records. Trustees should prepare board/executive minutes, compliance attestations and legal opinions documenting the basis on which they believe all conditions are met. Because the instrument requires "all reasonable steps", contemporaneous records are the primary method of evidence.

8. Coordinate rule, licence and operational actions. The exemption depends on the intersection of licence conditions, governing rules and operational simultaneity. Establish a cross‑functional project plan involving legal, compliance, operations and the licencing liaison to sequence rule amendments, licence condition confirmation, member notifications and the actual transfers.

9. Review reliance on the repealed 2016 instrument (Schedule 1). If prior actions were taken relying on the 2016 ASIC instrument, reassess those actions in light of its repeal. The instrument repeals the 2016 instrument in full; trustees should ensure no residual reliance remains and that any ongoing schemes comply with the new framework.

10. Monitor temporal limits. The instrument commences the day after registration (s2) and is repealed at the start of 1 April 2031 (s9). Trustees planning transfers near or after the repeal date should consider that the exemption will not be available beyond the instrument’s life. Keep calendar triggers and internal alerts to ensure no transfer is planned to rely on the instrument beyond its repeal.

11. Legal certainty and regulatory contact. Because the instrument makes relief contingent on licence conditions, trustees should confirm with their regulator (or obtain definitive written confirmation) that their RSE licence is subject to the required conditions, or seek the imposition of such conditions if necessary. Document any regulatory communications that confirm the licence condition status.

12. Prepare for enforcement scrutiny. Although the instrument does not create new penalties, trustees should expect that any reliance on the exemption may be reviewed by regulators. Maintain disclosure and evidence demonstrating that the s1017B notice and the PDS were provided at least 30 days before issue and that the "all reasonable steps" standard was met.

By following these concrete steps aligned to the statutory text , securing the RSE licence conditions, ensuring required governing‑rule wording, coordinating simultaneous substitutions or mass migrations, providing the 30‑day notice and PDS, and keeping contemporaneous evidence of "all reasonable steps" , trustees place themselves in a position to rely on the exemption set out in this instrument.