Subdivision BApplying for approval

An Act to make provision for the supervision of certain entities engaged in the superannuation industry, and for related purposes

Part 1—Preliminary

Division 1—Preliminary

1 Short title

This Act may be cited as the Superannuation Industry (Supervision) Act 1993.

2 Commencement

(1) Subject to this section, Parts 1, 2, 21, 27, 28, 29, 30, 31 and 32 commence on the day on which this Act receives the Royal Assent. (2) Part 1 (in so far as it relates to section 117) and section 117 are taken to have commenced on 21 October 1992. (3) Parts 18, 19, 20, 23 and 24 and section 342 commence on 1 July 1994. (4) The remaining provisions commence on 1 December 1993, but do not apply to a fund, scheme or trust in relation to a year of income of the fund, scheme or trust earlier than the 1994‑95 year of income.

3 Object of Act

Supervision of certain superannuation entities (1) The main object of this Act is to make provision for the prudent management of certain superannuation funds, approved deposit funds and pooled superannuation trusts and for their supervision by APRA, ASIC and the Commissioner of Taxation. Basis for supervision (2) The basis for supervision is that those funds and trusts are subject to regulation under the Commonwealth’s powers with respect to corporations or pensions (for example, because the trustee is a corporation). In return, the supervised funds and trusts may become eligible for concessional taxation treatment. Whole industry not covered (3) The Act does not regulate other entities engaged in the superannuation industry.

4 Simplified outline of supervision responsibilities

Sections 5 and 6 set out the functions, powers and duties of APRA, ASIC and the Commissioner of Taxation in administering this Act.

APRA is generally responsible for prudential regulation and member outcomes. It is also generally responsible for licensing and supervision of RSE licensees.

ASIC is generally responsible for protecting consumers from harm, market integrity, disclosure and record keeping.

The Commissioner of Taxation is generally responsible for self managed superannuation funds, data and payment standards, tax file numbers and the compassionate release of superannuation amounts.

5 General administration of Act

(1) Subject to this section, the general administration of a provision is determined under the general administration table in section 6. If a provision is covered by column 1 of the table, the general administration of the provision is conferred on a person, body or bodies in accordance with column 3 of the table. (2) Powers and duties are also conferred by the provisions referred to in subsection (3) of this section on: (a) APRA for the purposes of APRA’s administration of the provisions it administers (including provisions both APRA and ASIC administer); and (b) ASIC for the purposes of ASIC’s administration of the provisions it administers (including provisions both APRA and ASIC administer); and (c) the Commissioner of Taxation for the purposes of the administration of the provisions the Commissioner of Taxation administers. (3) The provisions are Parts 1, 25, 26, 27, 28, 29, 29A and 30, but not including any of the following provisions: (a) Division 3 of Part 25 (see instead item 58 of the general administration table); (b) sections 328 and 332 (see instead subsection (8) of this section).