Commonwealth legislation

Superannuation Industry (Supervision) (Approval of Trustees) Regulations

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

373 of 1993

Collection

legislative instrument

Plain English Summary

1/10 complexity

These regulations set two specific dollar amounts for the process of approving trustees of superannuation funds (the people or companies that manage super funds).

What it does:

Sets a $500 application fee for entities applying to become an approved trustee under the Superannuation Industry (Supervision) Act.
Prescribes an amount of $5 million relating to the financial requirements for trustee approval (this likely refers to the value of a required guarantee or minimum assets that trustees must hold).

Who it affects: Companies or organisations seeking approval to act as trustees for superannuation funds, and the government bodies (currently APRA) that regulate them.

Why it matters: It establishes the cost of entry and the level of financial backing required to become a super fund trustee, helping ensure only financially viable entities can manage Australians' retirement savings.

JSON API Tax / GST / superannuation

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Current sections

Direct links to the current provisions in Superannuation Industry (Supervision) (Approval of Trustees) Regulations.

Superannuation Industry (Supervision) (Approval of Trustees) Regulations

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Statutory Rules 1993 No. 3731

__________________

Superannuation Industry (Supervision) (Approval of Trustees) Regulations

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.

Dated 22 December 1993.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

GARY JOHNS

Parliamentary Secretary to the Treasurer

for the Treasurer

____________

Citation

These Regulations may be cited as the Superannuation Industry (Supervision) (Approval of Trustees) Regulations.

Note: [NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

Interpretation

(1) In these Regulations:

“the Act” means the Superannuation Industry (Supervision) Act 1993.

Application for approval of trustees

For the purposes of paragraph 23 (2) (c) of the Act, the prescribed amount of an application fee is $500.

Deciding an application for approval as a trustee

For the purposes of subparagraphs 26 (1) (b) (i) and (ii) of the Act, the amount of $5,000,000 is prescribed.

___________________________________________________________

NOTE

Note: 1. Notified in the Commonwealth of Australia Gazette on 24 December 1993.

Source text

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

1 Superannuation Industry (Supervision) (Approval of Trustees) Regulations

Statutory Rules 1993 No. 3731

__________________

Superannuation Industry (Supervision) (Approval of Trustees) Regulations

Dated 22 December 1993.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

GARY JOHNS

Parliamentary Secretary to the Treasurer

for the Treasurer

____________

Citation

These Regulations may be cited as the Superannuation Industry (Supervision) (Approval of Trustees) Regulations.

Note: [NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

Interpretation

(1) In these Regulations:

“the Act” means the Superannuation Industry (Supervision) Act 1993.

Application for approval of trustees

For the purposes of paragraph 23 (2) (c) of the Act, the prescribed amount of an application fee is $500.

Deciding an application for approval as a trustee

For the purposes of subparagraphs 26 (1) (b) (i) and (ii) of the Act, the amount of $5,000,000 is prescribed.

___________________________________________________________

NOTE

Note: 1. Notified in the Commonwealth of Australia Gazette on 24 December 1993.