Superannuation Industry (Supervision) Act 1993

Core definitions appear in section 10. An RSE licensee is a constitutional corporation, body corporate or group of individual trustees holding an RSE licence granted under section 29D. A registrable superannuation entity is a regulated superannuation fund, approved deposit fund or pooled superannuation trust, but not a self managed superannuation fund. A MySuper product is a class of beneficial interest authorised under section 29T. A choice product is a class of beneficial interest that is not a defined benefit class or a MySuper product. A self managed superannuation fund is defined by reference to member limits of no more than six members, trustee-member overlap, employment restrictions and remuneration limits, with an extended meaning for sections 5, 6, 42, 42A and Part 20. A regulated superannuation fund requires a trustee that is a constitutional corporation or whose sole or primary purpose is old-age pensions, together with a section 19(4) election. A public offer entity includes public offer superannuation funds, non-excluded approved deposit funds and pooled superannuation trusts. An approved deposit fund is an indefinitely continuing fund maintained by an RSE licensee that is a constitutional corporation solely for approved purposes. A pooled superannuation trust is a unit trust with a constitutional corporation trustee meeting the regulatory definition. Employer-sponsor and employer-sponsored fund are defined in section 16. A disqualified person is defined in section 120. An accrued default amount is defined in section 20B by reference to absence of investment direction or default option status, with exclusions for MySuper products, defined benefit members, eligible rollover funds and specified life policies or pensions. A regulatory provision for Part 5 purposes includes this Act and regulations, the Financial Sector (Collection of Data) Act 2001, the Financial Accountability Regime Act 2023, specified Taxation Administration Act 1953 provisions for SMSFs and listed Corporations Act 2001 provisions under section 38A. Governing rules of registrable superannuation entities are taken to contain the covenants in section 52(2), covering honesty, care and skill of a prudent superannuation trustee, best financial interests of beneficiaries including third-party payments, conflict management prioritising beneficiaries and compliance with prudential standards, fairness between and within classes, separate assets, no hindering of contracts, prudential reserve strategy and beneficiary access to prescribed information. Investment strategy, insurance strategy, risk management and retirement income strategy covenants appear in sections 52(6) to 52(8B) and 52AA. Directors of corporate trustees are subject to parallel covenants in section 52A(2). SMSF covenants appear in section 52B(2). Additional covenants may be prescribed under section 54A. Insurance restrictions apply to choice products and MySuper products for low-balance accounts under section 68AAB and members under 25 under section 68AAC, with exceptions for defined benefit members, certain ADF Super members, employer-sponsor contribution exceptions under section 68AAE and dangerous occupation exceptions under section 68AAF. Section 68AA requires MySuper members to receive permanent incapacity and death benefits provided by insurance, subject to election and conditions. In-house asset rules are in Part 8, with associates defined in sections 70B to 70E. Equal representation rules are in Part 9 (sections 89 to 93A). Borrowing prohibitions for approved deposit funds and pooled superannuation trusts are in sections 95 and 97. General fees rules prohibit entry and exit fees other than buy-sell spreads and impose cost-recovery and attribution requirements under sections 99B to 99G.

The Act affects RSE licensees, trustees (individual, corporate or groups) of regulated superannuation funds, approved deposit funds and pooled superannuation trusts, self managed superannuation funds, directors of corporate trustees, investment managers, custodians, actuaries, auditors including approved SMSF auditors, employers including contributing employers and employer-sponsors, members and beneficiaries, and persons promoting schemes or supplying goods or services to influence fund choice under section 68A. It applies to constitutional corporations and binds the Crown in all capacities under sections 7 to 9A. SMSFs are subject to distinct rules in multiple provisions, including sections 35AE to 35D, 42A, 52B, 52C, 68AAD and Part 20. Public offer entities are subject to additional requirements under sections 60A, 91, 93 and Part 19. The provisions affect trustees of regulated superannuation funds, approved deposit funds and pooled superannuation trusts including RSE licensees and SMSF trustees, directors of corporate trustees, responsible officers, employers and employer-sponsors, members and beneficiaries, investment managers, custodians, auditors and actuaries, and the regulators with APRA handling prudential and licensing matters, ASIC handling consumer protection and disclosure, and the Commissioner of Taxation handling SMSFs and data standards under section 6. Sub-funds with separately identifiable assets and beneficiaries are treated as regulated superannuation funds for Part 8 under section 69A. Funds with no more than six members receive specific treatment or exclusions in various provisions, including insurance restrictions under section 68AAD and annual outcomes assessments under section 52(9). Large employer MySuper products under section 29TB and exempt public sector schemes receive specific treatment.

Each trustee of a regulated superannuation fund must ensure no insurance benefit is provided under a choice product or MySuper product for low-balance accounts under section 68AAB(1) or members under 25 under section 68AAC(1), subject to written elections and exceptions. Elections given to an original fund continue for successor funds where equivalent rights are conferred and trustees agree before transfer under sections 68AAB(3A) and 68AAC(3A). Section 68AA requires provision of permanent incapacity and death benefits to MySuper members by insurance, with member election rights and reasonable conditions. Trustees must not use goods or services to influence employers’ choice of fund under section 68A. Promotion of illegal early release schemes is prohibited under section 68B. RSE licensees must appoint eligible auditors and actuaries meeting prudential standards and not disqualified under section 130D or 130EA under sections 35AC(2) to 35AC(2A) and 35AD(2), ensure they perform required functions, and terminate appointments on loss of eligibility under sections 35AC(6) to 35AC(7) and 35AD(6). SMSF trustees must maintain accounting records for at least five years, prepare financial statements and operating statements, appoint approved SMSF auditors, and lodge annual returns under sections 35AE to 35D. Registrable superannuation entity trustees must maintain records for at least seven years, notify APRA of record locations, and respond to auditor document requests under sections 35A and 35AB. Governing rules must not permit death benefit cashing inconsistent with section 31 standards under section 55A and are void to the extent they preclude voting by directors or individual trustees on fund matters under sections 68C and 68D, subject to material interest and conflict exceptions. Trustees must comply with covenants in sections 52, 52A, 52B and 52C, formulate and review investment, insurance, risk management and retirement income strategies, and conduct annual outcomes assessments for funds with more than six members under section 52(9) to 52(14). Equal representation must be maintained under Part 9, with 90-day vacancy grace periods under section 89(3). Trustees must establish rules for identifying and merging multiple accounts under section 108A. Investment must occur on arm’s length terms under section 109. Regulators may issue notices on complying status under section 40, with entities required to meet residency, no-contravention or culpability tests under sections 42, 42A, 43 and 44. RSE licensees must hold annual members’ meetings under section 29P and comply with MySuper characteristics and charging rules under sections 29TC and 29V to 29VD. Trustees must notify significant adverse events under section 106 and changes in SMSF status under section 106A. Trustees of funds authorised under section 29TB must direct contributions without member investment directions into the large employer MySuper product under section 29WB(2), with writing and record-keeping requirements under subsections (4) and (5). Trustees must ensure compliance with prescribed operating standards at all times under section 34, prudential standards under section 34C, and data and payment standards under sections 34M and 34N. Trustees must not lend money or give financial assistance to members or relatives under section 65(1), must not intentionally acquire assets from related parties except in permitted cases under section 66(1) to 66(2B), and must not borrow except in limited circumstances under sections 67 to 67A. Trustees must take reasonable steps to comply with historical cost and market value ratios for in-house assets under sections 74 to 75 and 80 to 83, and must not engage in schemes to artificially reduce the market value ratio under section 85. Standard employer-sponsored funds must comply with basic equal representation rules under sections 89 to 93. Trustees must not pay amounts out of standard employer-sponsored funds to standard employer-sponsors except for reasonable services or under procedures under section 117(3) to 117(5). Individuals and bodies corporate must not act as trustees, investment managers, custodians or responsible officers if disqualified under section 126K. Employers must remit salary or wage deductions to the fund within 28 days after month-end under section 64(2) to 64(2A). Trustees must keep accounting records for at least seven years for registrable entities or five years for self-managed superannuation funds, retain minutes and records of trustee changes for 10 years, notify significant adverse events immediately, and ensure arm’s length investments under sections 35A, 103, 104, 106 and 109. Beneficiaries hold rights to prescribed information and documents under section 52B(2)(h), recovery of loss or damage from covenant breaches under section 55 with a six-year limitation generally, and participation in annual members’ meetings under section 29P.

Contraventions of covenants in sections 52 and 52A are civil penalty provisions under section 54B. Sections 68A(1) and 68A(3), 68B(1), 95(5), 97(1), 98, 106 and 109 are civil penalty provisions under section 193. Intentional or reckless breaches of operating standards are offences under section 34. Strict liability offences apply to record-keeping under sections 34(2A) to 34(2B), 35A(7), 35AE(4), 35B(6), 35C(4) and 35D(5), auditor appointment failures under section 35C(3), and other provisions with penalties of 25 to 100 penalty units. Disqualified persons acting as trustees, investment managers or custodians commit offences carrying imprisonment for two years or 60 penalty units under section 126K(1) to 126K(6), with strict liability elements. Failure to notify disqualification is a strict liability offence of 50 penalty units under section 126K(7) to 126K(8). Infringement notices may be issued for strict liability contraventions under Part 22, sections 34R, 34U to 34W, with payment discharging liability and preventing prosecution. Part 21 provides for civil and criminal consequences, including recovery of loss or damage within six years under section 55. Administrative penalties apply under section 166 for SMSFs. Contravention of section 68(1) victimisation carries imprisonment for two years. Contravention of section 29J acting without RSE licence carries imprisonment for two years or 120 penalty units. Strict liability offences include 20 penalty units for contravention of data and payment standards under sections 34M to 34N, 25 penalty units for failure to give prescribed information under section 34Z(3), 50 penalty units for various record-keeping, notification and appointment failures under sections 35A(7), 35AB(3), 35AE(4), 35C(4) and 35D(5), 60 penalty units for false representation as RSE licensee under section 29JCA and certain disqualification offences under section 126K, and 400 penalty units per day for holding a controlling stake without approval under section 29JCB. The Federal Court may disqualify individuals on application by the Regulator where satisfied of contraventions or that the person is not fit and proper and disqualification is justified under section 126H(1) to 126H(5), with revocation or variation available under section 126J. The Regulator may issue directions under sections 34P and 34Q, with 50 penalty units strict liability for non-compliance. Contraventions generally do not affect validity of transactions under sections 34(3), 63(8), 109(3) and 127.

The Act applies despite any provision in governing rules and extends to external Territories under sections 7 to 9A. Chapter 2 of the Criminal Code except Part 2.5 applies to offences under section 9A. Complying status under Part 5 determines treatment under the Income Tax Assessment Act 1997 under sections 45 to 48. RSE licensee law includes specified Corporations Act 2001 provisions under section 10. Section 52(4) provides that conflicts override Corporations Act Part 2D.1 and PGPA Act duties. AFCA scheme membership is required under section 101, with exemptions where Corporations Act obligations exist. Data and payment standards interact with the Retirement Savings Accounts Act 1997. Prudential standards may elaborate on covenants but are of no effect to the extent they conflict with the Act or regulations under section 34D. Non-compliance with Part 15 does not affect appointment or transaction validity under section 127. The Act interacts with the Superannuation Guarantee (Administration) Act 1992 through modified employee and employer definitions in section 68(9) and choice of fund requirements noted in section 68A. It interacts with the Corporations Act 2001 on Chapter 2M audit and reporting requirements in sections 35A and 35AC, financial services licensing consultation in sections 29EA and 29GA, regulatory provisions in section 38A, and conflicted remuneration rules in section 99FA. It interacts with the Income Tax Assessment Act 1997 and 1936 on complying status for tax purposes under sections 45 to 48, definitions of Australia, member and resident in section 20A(2), and life policy and investment account contract in section 20B(4). It interacts with the Financial Sector (Collection of Data) Act 2001 on reporting documents in section 35A and regulatory provisions in section 38A. It interacts with the Financial Accountability Regime Act 2023 on regulatory provisions in section 38A. It interacts with the Life Insurance Act 1995 on definitions in section 20B(4). It interacts with the Work Health and Safety Act 2011 on emergency services worker definition in section 68AAF. It interacts with the Taxation Administration Act 1953 on administrative penalties and returns. Prudential standards may elaborate on covenants or other provisions but cannot conflict with the Act under section 34D. Operating standards may elaborate on covenants but have no effect to the extent they conflict under section 33A. General law conflict rules do not apply where acquisition complies with the Act and covenants under section 58B. Provisions limiting service providers or investments to particular persons are void under section 58A. Covenants in section 52A override conflicting obligations under Part 2D.1 of the Corporations Act 2001 or Subdivision A of Division 3 of Part 2-2 of the Public Governance, Performance and Accountability Act 2013 under section 52A(3). Indemnification provisions override Corporations Act section 241 under section 57(4). Retirement income definitions include age pension under the Social Security Act 1991 under section 52AA(5). MySuper contribution directions interact with the Superannuation Guarantee (Administration) Act 1992. Section 6 administration table cross-references the Financial Sector (Collection of Data) Act 2001, Financial Accountability Regime Act 2023, Taxation Administration Act 1953 Schedule 1 section 284-75, and Corporations Act Chapter 2M and Part 7.7A. The Family Law Act 1975 governs Part VIIIB and VIIIC relationship breakdown transfers under sections 66(2B) and 71EA. The Australian Prudential Regulation Authority Act 1998 section 56(3) provides secrecy exceptions for ranking information under section 60J. The Administrative Review Tribunal Act 2024 is overridden in disqualification proceedings under section 126L(5). The Crimes Act 1914 section 19B and Part VIIC apply to convictions and disclosure under section 120(3) to 120(4). The Acts Interpretation Act 1901 section 33(3) applies to variation of standards under section 34K(4). The Legislation Act 2003 section 14(2) is overridden for incorporation of instruments under section 34K(8).

Sections 68AAB and 68AAC apply on or after 1 November 2019 to low-balance accounts and members under 25, with successor fund and election continuity rules under sections 68AAB(3A) and 68AAC(3A). Section 99G imposes a fee cap on low-balance choice and MySuper products. Transitional provisions preserve pre-11 August 1999 investments, loans and leases as not in-house assets post-test time where they were not in-house immediately pre-test time under sections 71A to 71B, with further rules for transition-period assets up to 1 July 2001 under section 71C, reinvestments under section 71D, and certain geared investments in small funds under section 71E. Pre-1994-95 Occupational Superannuation Standards Act notices continue for complying status purposes under section 49. Insurance restrictions under sections 68AAA to 68AAC do not apply to funds with no more than six members under section 68AAD, defined benefit members, certain ADF Super members, or where employer-sponsor contributions meet the exception in section 68AAE or dangerous occupation election in section 68AAF with Fellow of the Institute of Actuaries of Australia certification for riskiest quintile occupations. Elections under one of sections 68AAB or 68AAC are deemed to satisfy the other under sections 68AAB(3) and 68AAC(3). Pre-existing rights from prior premiums or fixed-term cover commencing before the prohibition applies are preserved under sections 68AAA(7) to 68AAA(8) and 68AAB(5) to 68AAB(6). Pre-31 March 2013 life policies, investment account contracts or cash options are exempt from MySuper contribution rules under sections 29WA(6) and 29WB(6). A change in composition of a group of individual trustees that is an RSE licensee does not affect continuity of the group for the duration of the RSE licence under section 13A(1). SMSF status does not cease until the earlier of RSE licensee appointment or six months after it would otherwise cease except on new member admission under section 17A(4) and 17A(5).

No court challenges or controversies are named in the source notes.

Elections under sections 68AAB(2) and 68AAC(2) are taken to have been made if the member makes an election under the other provision. Successor fund provisions preserve elections and benefits where original fund compliance would have applied but for the transfer under sections 68AAB(3C) and 68AAC(3C). The dangerous occupation exception requires actuarial certification or emergency services status and publication on the trustee’s website under section 68AAF. Culpability tests in sections 42(1A) and 42A(5) involve Regulator discretion after considering tax consequences, seriousness and circumstances. Multiple products may be treated as one for performance assessment purposes in prescribed circumstances under section 60G. Records must be kept in Australia or approved countries and in English or readily convertible form under sections 35A(2) and 35AE(2). In civil proceedings for victimisation, the plaintiff need not prove the defendant’s reason and it is a defence to prove the action was not motivated in whole or part by the alleged reason under section 68(5). Employer detriment excludes permanent cessation as employer-sponsor, temporary cessation of contributions for a class of members, or reduction in contribution level for such class under section 68(4). Insurance prohibitions cease on receipt of an amount after 16 months inactivity but reapply on further 16-month inactivity under section 68AAA(4) to 68AAA(5). Successor fund relief applies where the original fund provided the benefit and the prohibition would not have applied but for disregarded paragraphs under sections 68AAB(3B) to 68AAB(3C) and 68AAC(3B) to 68AAC(3C). In-house asset exclusions include life policies by life insurance companies, deposits with ADIs, arm’s length investments in pooled superannuation trusts, certain public sector securities, Regulator determinations, business real property leases or arrangements in funds with no more than six members per section 66(5), widely held unit trusts with fixed entitlements where less than 20 entities hold at least 75 per cent of income or capital, and tenants in common property not leased or arranged with a related party under section 71(1). Agreements resulting in loans, investments or leases with related parties or related trusts are taken to be in-house assets under section 71(2). The Regulator may determine an asset is to be treated as in-house under section 71(4). For low-balance accounts, total capped fees and costs must not exceed 3 per cent or prescribed percentage of balance, with refund within three months if exceeded under section 99G. Disqualification under section 126H applies only to the particular entity where limited to that entity under section 126K. Failure to comply with Part 15 does not affect validity of an appointment or transaction under section 127. SMSF rules differ from registrable entity rules on record retention of five years versus seven years, auditor appointment, and returns. A change in composition of a group of individual trustees that is an RSE licensee does not affect continuity of the group for the duration of the RSE licence under section 13A(1), with obligations imposed on each trustee but dischargeable by any subject to governing rules and limited liability for strict liability offences or civil penalty provisions where reasonable inquiries were made under subsection (3). Directions, notices or documents given to any member are taken to be given to the RSE licensee under subsection (4). Refunded contributions under section 63(8) are ignored for tax and superannuation guarantee purposes under subsection (11). Pre-1994-95 directions under section 63 may only be given before the fund’s 1994-95 year of income if the fund did not comply with prior standards. Transitional exceptions apply to pre-11 August 1999 in-house assets under sections 71A to 71E and pre-existing borrowings under section 67(5) and 67(6). Provisions precluding directors or individual trustees from voting on fund matters are void except for material personal interest, conflict or prudential standard exceptions under sections 68C and 68D. Exceptions apply for certain pre-31 March 2013 life policies, investment account contracts and cash options under section 29WB(6) and section 29WA(6). Sub-funds with separately identifiable assets and beneficiaries are treated as separate funds under section 69A. Vacancies in equal representation structures do not cause non-compliance if filled within 90 days under section 89(3). Low-balance fee caps under section 99G do not breach fair attribution requirements under section 99E. Dangerous occupation elections under section 68AAF require actuarial certification or emergency services status and must be published and notified to APRA. Provisions preventing elections for accrued default amount transfers or outcomes assessments are void under sections 55B and 55D. Indemnification from operational risk reserves is restricted until the reserve is exhausted under section 56(2A). Trustees must not be subject to direction except by court, Regulator, beneficiary directions on benefits or investment options, AFCA requirements or prescribed employer-sponsor circumstances under section 58. Amendments to governing rules generally require trustee consent under section 60. Public offer entities cannot have trustees removable by persons other than APRA except as prescribed under section 60A. Self managed superannuation fund covenants use an ordinary prudent person standard rather than prudent superannuation trustee standard under section 52B. Performance-based investment manager fees must meet base fee reduction, benchmark and after-costs requirements under section 29VD with a best-interests exception. Deemed refusal occurs if APRA fails to decide MySuper applications within 60 days under section 29SB(4) or RSE licence applications within 90 days under section 29CC. Strict liability applies to many offences including record-keeping and direction failures, with no fault element required. Elections for insurance exceptions under sections 68AAC(2) and 68AAF(2) must be in writing and may continue on successor fund transfers only if equivalent rights are conferred. Lifecycle exceptions under section 29TC(2) permit age-based streaming but must satisfy fair attribution. In-house asset transitional rules under sections 71A to 71E preserve pre-11 August 1999 assets but require careful calculation of historical cost and market value ratios. Culpability test under section 42(1A) considers tax consequences, seriousness and circumstances on the balance of probabilities. Section 55(5) and 55(6) provide defences only if the defendant establishes compliance with all applicable covenants for each act or failure causing loss. Section 68C(3) and 68D(3) void governing rule provisions precluding voting except for material personal interests or conflicts under paragraph 52(2)(d). Infringement notices do not require issuance, do not affect liability on non-compliance, non-issuance or withdrawal, do not prevent multiple notices, and do not limit court penalty discretion under section 34W. Information alteration under section 34X does not discharge contravention liability. Revoked or set-aside notices are taken never to have been given under section 41(4). Prior years may pre-date 1994-95 under section 41(3), with paragraph (2)(b) limited to 1994-95 and later for non-regulated periods. For 1994-95 and later entities, complying status under section 42(1AA) to 42(1AD) requires pre-lodgment or rectification period compliance or special circumstances, resident regulated status post-period, and post-period compliance. The register is not a legislative instrument under section 34Y(1).

RSE licensees must ensure auditor and actuary appointments meet prudential standards eligibility and disqualification criteria, maintain necessary arrangements for performance, and terminate appointments promptly on loss of eligibility under sections 35AC and 35AD. SMSF trustees must prepare and sign accounts and statements, appoint approved SMSF auditors within regulated periods, provide documents on request, and lodge returns in approved form within reporting periods under sections 35B to 35D. Trustees must formulate and give effect to investment, insurance, risk management and retirement income strategies having regard to the matters in sections 52(6) to 52(8B), conduct annual outcomes assessments, and notify beneficiaries of fail assessments under section 60E. Equal representation must be maintained with independent appointments where permitted under Part 9. Insurance must not be provided for low-balance or under-25 members without election, and MySuper benefits must be provided unless elected otherwise under sections 68AA to 68AAF. Fees must comply with cost-recovery, attribution and cap rules under Part 11A. Investment must be on arm’s length terms under section 109. Disqualified persons must not act and must notify immediately under section 126K. Annual members’ meetings must be held with required notices, attendance and minutes under section 29P. Trustees of registrable superannuation entities must apply for and maintain an RSE licence meeting fitness and propriety requirements under prudential standards under section 29D, notify changes in composition or control within 14 days under section 29E, and ensure each registrable entity is registered under section 29K. Applications for MySuper authority must include elections to transfer accrued default amounts, transfer assets on cancellation, and not charge for conflicted remuneration under sections 29S to 29SAC, and must satisfy the characteristics in section 29TC. Trustees must ensure payments and information are dealt with in compliance with data and payment regulations and standards under section 34M, retain accounting records in Australia or approved country in English or convertible form under section 35A(2), notify APRA of record addresses within 28 days under section 35A(4) to 35A(5), appoint eligible auditors and actuaries under sections 35AC to 35AD, prepare and sign financial statements under section 35B, and lodge annual returns under section 35D. For SMSFs, trustees must prepare statements of financial position and operating statements under section 35B, appoint an approved SMSF auditor under section 35C, and lodge returns within the reporting period under section 35D. Trustees must embed the covenants in governing rules, formulate and review investment, insurance, risk and retirement income strategies, conduct annual outcomes assessments for larger funds, and promote financial interests under sections 52 to 52AA. They must monitor in-house asset historical cost and market value ratios, prepare disposal plans where the market value ratio exceeds 5 per cent under section 82, and prohibit acquisitions that would cause the ratio to exceed 5 per cent under section 83. For insurance, trustees must cease benefits on inactive, low-balance or under-25 accounts unless written elections are obtained and maintained, with employer-sponsor contribution exceptions under section 68AAE or dangerous occupation elections under section 68AAF published on the trustee website and notified to APRA and members. Trustees must not supply goods or services to influence employer choice of fund under section 68A and must not promote illegal early release schemes under section 68B. Voting provisions in governing rules that preclude directors or trustees from voting on fund matters are void except in specified conflict cases under sections 68C to 68D. Limited recourse borrowing must meet the single acquirable asset, trust holding, limited recourse and no other charges conditions under section 67A(1), with replacement asset rules applying recursively under section 67B. Trustees must ensure equal representation or approved alternative arrangements under Part 9, charge fees only as permitted and on a cost-recovery basis where required under Part 11A, maintain AFCA membership and internal dispute resolution under section 101, and keep minutes, records of decisions and member reports for 10 years under sections 103 to 105. Disqualified persons must resign immediately and notify the Regulator under section 126K. All entities must comply with the general administration allocation under section 6. RSE licensees must apply in approved form with prescribed fee, disclose changes while pending, and satisfy APRA that they will comply with RSE licensee law, Chapter 2M of the Corporations Act 2001, prudential standards on fitness and propriety, and for non-corporate applicants that the entity’s sole or primary purpose is old-age pensions under sections 29C and 29D. Trustees must ensure records correctly record and explain transactions and financial position, enable preparation of reporting documents and convenient audit, retain them for the required period, keep them in Australia or approved country in English or convertible form, and notify APRA of the address within 28 days under section 35A. Auditors and actuaries must meet prudential standard eligibility criteria and not be disqualified under sections 35AC and 35AD. Trustees must take reasonable steps to ensure compliance with in-house asset ratio limits and prepare and implement plans where market value ratio exceeds 5 per cent under sections 82 and 84(1). Employers must pay deducted amounts to the trustee or approved clearing house within 28 days after month-end under section 64(2) to 64(2A). Trustees must establish and publish procedures for appointing and removing member representatives and independent trustees or directors under sections 107 and 108, identify and merge multiple accounts where in members’ best interests under section 108A, and notify the Regulator immediately of significant adverse events under section 106. New or continuing self-managed superannuation fund trustees or directors must sign declarations of understanding duties within 21 days under section 104A. All dealings must be on an arm’s length basis under section 109. Trustees must ensure governing rules contain or are taken to contain all required covenants under sections 52 to 52C and any prescribed under section 54A. Obtain APRA authorisation under section 29T before offering a MySuper product and maintain section 29TC characteristics. Charge only permitted fee types under section 29V and satisfy one of the charging rules in section 29VA including cost-recovery for activity and insurance fees and section 99G low-balance caps. Maintain equal numbers of employer and member representatives or comply with alternative agreed representation or APRA-approved arrangements under sections 89 to 93A with published appointment and removal rules. Keep in-house assets below applicable historical cost and market value ratios under sections 76 to 82 and prepare disposal plans where market value ratio exceeds 5 per cent under section 82. Comply with operating, prudential and data standards at all times under sections 34, 34C and 34M. Ensure arm’s length terms for all investments and dealings under section 109. Maintain 10-year records of minutes, decisions, trustee changes, member reports and SMSF declarations under sections 103 to 105 and 104A. Notify significant adverse events immediately under section 106 and SMSF status changes within 21 days under section 106A. Hold annual members’ meetings with required notice and minutes under section 29P. Obtain written consents for appointments under section 118. For SMSFs formulate, review and give effect to investment and prudential reserves strategies having regard to risk, return, diversification, liquidity and liabilities under section 52B(2)(f) to 52B(2)(g). For large employer MySuper products, specify the employer in governing rules under section 29TB and direct undirected contributions accordingly under section 29WB, retaining written directions and records. Ensure the entity meets complying fund criteria under sections 42 to 44, including the culpability test where contraventions occur. For Part 6A products, ensure requirements on returns and benchmarks are met. Notify beneficiaries of fail assessments within 28 days and restrict new beneficiaries after two consecutive fails. Establish equal representation structures under section 89 or approved alternatives under sections 92 and 93, with rules for appointing and removing representatives under sections 107 and 108. Charge only permitted fees under section 29V, apply charging rules uniformly under section 29VA, charge activity and insurance fees on cost-recovery basis under section 29VC, and apply low-balance caps under section 99G with pro-rata calculations and refunds. Join the AFCA scheme, maintain internal dispute resolution procedures meeting Corporations Act standards, retain minutes, trustee change records, member reports and declarations for 10 years, and notify significant adverse events immediately under section 106. Monitor in-house asset historical cost and market value ratios, deem arm’s length values under section 73, and avoid new acquisitions exceeding 5 per cent under section 83. For members under 25, obtain written elections before providing insurance benefits or apply exceptions under sections 68AAE and 68AAF with actuarial certification and member notifications. For MySuper members, ensure permanent incapacity and death benefits are provided by insurance unless conditions are not met or opt-out elections are obtained under section 68AA. Notify APRA of changes in composition or control, and the Commissioner of Taxation of self managed superannuation fund status changes under section 106A. For data and payment standards, comply with regulations and Commissioner instruments on transactions, reports and identifiers, and respond to Regulator directions within the specified period. Ensure governing rules contain or are taken to contain the section 52B(2) covenants and directors must sign declarations under section 104A(2) within 21 days of becoming trustee or director after 30 June 2007, retaining them for at least 10 years. RSE licensees must apply for authority in approved form under section 29S, satisfy section 29TC characteristics, and direct undesignated contributions in writing under sections 29WA(4) and 29WB(4). Trustees must formulate investment strategies under section 52B(2)(f) having regard to whole circumstances including risk, return, diversification, liquidity and liabilities, and prudential management strategies for reserves under paragraph (g). For MySuper, charge only permitted fees under section 29V and satisfy one of the charging rules in section 29VA. Maintain accounting records under section 35AE(1) enabling audit and retain for five years in Australia in English or convertible form. Appoint approved SMSF auditors within the regulatory period under section 35C(1) and provide documents within 14 days. Lodge annual returns in approved form within the reporting period under section 35D(1). Establish procedures for member representative appointments under sections 107 and 108 ensuring removal only by equivalent procedure. Ensure arm’s length dealing under section 109(1) or terms no more favourable than arm’s length. For in-house assets, calculate market value ratios under section 75 and dispose of excess within prescribed periods. Publish dangerous occupation elections on websites and notify APRA under section 68AAF(5). Provide written reasons for decisions under section 101(1B) as specified by ASIC legislative instrument. Notify the Regulator immediately of events with significant adverse effect under section 106(1). Trustees must lodge approved-form elections under section 19(4) with the Commissioner of Taxation and retain records for seven years for RSE or five years for SMSF in Australia in English or convertible form under sections 35A(1A) to 35A(2) and 35AE(2). RSE licensees must apply in approved form with prescribed fees, notify changes in directors or trustees, and ensure ABN inclusion in documents under sections 29C(4) and 29DC. Trustees must formulate written investment, insurance, risk management and retirement income strategies addressing prescribed factors, conduct and publish annual outcomes assessments within 28 days, and allow member elections for insurance continuation under sections 52(6) to 52(9), 52AA and 68AAA(2). For limited recourse borrowing, ensure money is applied solely to a single acquirable asset held on trust with beneficial interest and limited lender rights under section 67A(1). Maintain in-house assets below prescribed limits, excluding permitted classes under sections 71 to 72. Appoint eligible auditors and actuaries not disqualified under sections 130D or 130EA, provide documents within 14 days of request, and lodge returns within reporting periods under sections 35AC, 35C and 35D. Ensure payments and information comply with data and payment standards, retain declarations under section 11C for five years, and notify APRA of address changes within 28 days under sections 34M and 35A(4). For public offer elections or APRA declarations, use approved forms and comply with any conditions under sections 18(3) and 18(7B). Trustees must notify the Regulator immediately of disqualified person status and ensure no disqualified persons act in prohibited roles under section 126K(7). For arm’s length investments, document terms as no more favourable than arm’s length equivalents under section 109(1A).