Commonwealth legislation

Superannuation Industry (Supervision) Act 1993 - Modification Declaration No 24

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This declaration temporarily excuses superannuation trustees from the normal requirement to cash out certain member benefits for the 2004–05 financial year (1 July 2004–30 June 2005) and grants legal amnesty to trustees who failed to cash out benefits between July 2004 and May 2005. It affects trustees and members with employer-financed benefits—especially those over 65—and provides short‑term relief from mandatory payout obligations to address administrative or transitional issues.

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Current sections

Direct links to the current provisions in Superannuation Industry (Supervision) Act 1993 - Modification Declaration No 24.

Superannuation Industry (Supervision) Act 1993 - Modification Declaration No 24

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Modification declaration No 24

Superannuation Industry (Supervision) Act 1993

I, Brandon Khoo, a delegate of APRA under section 332 of the Act, DECLARE that subregulations 6.21(1) and 6.21(1A) of the Regulations are to have effect in relation to trustees and members of superannuation entities as if they were modified by inserting after subregulation 6.21(1A):

“(1B) During the period 1 July 2004 to 30 June 2005, the benefits of a member (including a member’s post-65 employer-financed benefits) are not required to be cashed in accordance with paragraph 6.21(1)(a) or 6.21(1A)(a).

(1C) A trustee’s failure to cash a member’s benefits (including a member’s post-65 employer-financed benefits) in accordance with paragraph 6.21(1)(a) or 6.21(1A)(a) during the period 1 July 2004 to the date of commencement of Modification Declaration No 24 is not a breach of those paragraphs.”

This Declaration commences on the date it is signed.

Dated 2 May 2005

[signed]

Brandon Khoo

Executive General Manager

Specialised Institutions Division

Interpretation

In this Declaration

Act means the Superannuation Industry (Supervision) Act 1993

APRA means the Australian Prudential Regulation Authority

Regulations means the Superannuation Industry (Supervision) Regulations 1994

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Superannuation Industry (Supervision) Act 1993 - Modification Declaration No 24