(n) the company, or a trustee of the unit trust, acquires from any party an asset (unless it is business real property acquired by the company, or trustee of the unit trust, at market value) that had been an asset of a related party of the superannuation fund at any time since the later of:
(i) the end of 11 August 1999; and
(ii) the day 3 years before the day on which the asset was acquired by the company or the trustee of the unit trust.
(2) In paragraphs (1)(m) and (n):
asset does not include:
(a) money; or
(b) in relation to a company, a share in the company.
(3) If regulation 13.22B or 13.22C ceases to apply to an asset of a superannuation fund, neither regulation applies to any other asset of the fund that is:
(a) acquired by the fund at any time; and
(b) an interest in the company or unit trust.
Division 13.5—Reconsideration and review of decisions
13.24 Notice of reviewable decisions and reasons for decisions
(1) As soon as practicable after the Regulator makes a reviewable decision, the Regulator must give written notice of the decision to the person at whose request the decision was made.
(2) The notice must have with it a statement by the Regulator of the Regulator’s reasons for making the decision.
(3) The notice must include a statement to the effect that, if dissatisfied with the decision, the person may:
(a) in the case of notice of a decision (other than a decision made by the Regulator under regulation 13.25 confirming or varying an earlier reviewable decision of the Regulator)—request reconsideration of the decision under regulation 13.25; and
(b) in the case of notice of a decision made by the Regulator under regulation 13.25 confirming or varying an earlier reviewable decision of the Regulator—apply to the Administrative Review Tribunal for review of the decision so confirmed or varied.
(4) Failure to comply with subregulation (3) in relation to a decision does not affect the validity of the decision.
13.25 Reconsideration of certain decisions
(1) If a person is dissatisfied with a reviewable decision (other than a decision made by the Regulator under this regulation), the person may give notice in writing to the Regulator within:
(a) the period of 21 days after the day on which the person first receives notice of the decision; or
(b) such further period as the Regulator reasonably allows;
requesting the Regulator to reconsider the decision.
(2) The person must set out in the notice the reasons for the request.
(3) Subject to subregulation (4), the Regulator must reconsider the decision and may:
(4) If the Regulator does not confirm, vary or revoke the decision before the end of the period of 60 days after the day on which the Regulator received the request, the Regulator is taken to have confirmed the decision under subregulation (3) at the end of that period.
(5) If the Regulator varies or revokes a decision made under regulation 12.12, 12.13 or 12.14, the Regulator must give written notice of the variation or revocation to the Commissioner of Taxation.
13.26 Review by Administrative Review Tribunal of reconsidered decisions
Application may be made to the Administrative Review Tribunal for review of a decision of the Regulator to confirm or vary a decision under subregulation 13.25(3), including a decision that is taken under subregulation 13.25(4) to have been confirmed.
Part 14—Transitional arrangements
Division 14.1—Transitional arrangements arising out of Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012
14.01 Definition
In this Part:
sign off, in relation to an audit (an SMSF audit) of a superannuation entity that is a self managed superannuation fund, means the action that occurs when an auditor gives a report of the kind mentioned in subsection 35C(1) of the Act to each trustee of the entity for subsection 35C(6) of the Act.
14.02 Applications before 1 July 2013 as an approved SMSF auditor
For item 71 of the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012, the table sets out the prescribed circumstances.
Item
Prescribed circumstance
Requirement of paragraph 128B(1)(a) of the Act taken to have been met
1
An approved auditor has signed off on an SMSF audit in the 12 months immediately before applying for registration as an approved SMSF auditor under section 128A of the Act
subparagraph 128B(1)(a)(ii)
2
An approved auditor has signed off on at least 20 SMSF audits in the 12 months immediately before applying for registration as an approved SMSF auditor under section 128A of the Act
subparagraph 128B(1)(a)(iii)
3
An approved auditor is a registered company auditor at the time of making an application under section 128A of the Act
subparagraphs 128B(1)(a)(ii) and (iii)
Division 14.2—Transitional arrangements arising out of Superannuation Industry (Supervision) Amendment Regulation 2013 (No. 1)
14.03 Arrangements
(1) The amendments made by items [2], [3] and [7] of Schedule 1 to the Superannuation Industry (Supervision) Amendment Regulation 2013 (No. 1) apply in relation to a request to roll over or transfer a withdrawal benefit in a regulated superannuation fund or an approved deposit fund made on or after the commencement of this regulation.
(2) The amendment made by item [6] of Schedule 1 to the Superannuation Industry (Supervision) Amendment Regulation 2013 (No. 1) applies in relation to an application that is accepted by a trustee under subregulation 6.45(1) on or after the commencement of this regulation.
(3) The amendment made by item [10] of Schedule 1 to the Superannuation Industry (Supervision) Amendment Regulation 2013 (No. 1) applies in relation to a superannuation interest that becomes subject to a payment split on or after the commencement of this regulation.
Division 14.3—Transitional arrangements arising out of the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013
14.04 Arrangements
(1) The amendment of these Regulations made by item 32 of Schedule 1 to the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013 applies on and after 1 July 1997.
(2) The amendment of these Regulations made by item 33 of Schedule 1 to the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013 applies on and after 1 January 2013.
(3) The amendment of these Regulations made by item 38 of Schedule 1 to the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013 applies on and after 15 May 1999.
(4) The amendment of these Regulations made by item 39 of Schedule 1 to the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013 applies on and after 25 December 2012.
Division 14.4—Transitional arrangements arising out of the Superannuation Laws Amendment (2014 Measures No. 1) Regulation 2014
14.05 Arrangements
(1) The amendment of these Regulations made by items 1 and 2 of Schedule 2 to the Superannuation Laws Amendment (2014 Measures No. 1) Regulation 2014 apply on and after 1 July 2013.
(2) The amendment of these Regulations made by item 1 of Schedule 5 to the Superannuation Laws Amendment (2014 Measures No. 1) Regulation 2014 applies on and after 1 July 2013.
Division 14.5—Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (2014 Measures No. 4) Regulation 2014
14.06 Arrangements
The amendments of these Regulations made by items 1 and 2 of Schedule 1 to the Tax and Superannuation Laws Amendment (2014 Measures No. 4) Regulation 2014 apply on and after 1 July 2015.
Division 14.6—Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (Release Conditions for Non‑concessional Contributions) Regulation 2015
14.07 Arrangements
The amendments of these Regulations made by items 15 and 17 of Schedule 1 to the Tax and Superannuation Laws Amendment (Release Conditions for Non‑concessional Contributions) Regulation 2015 apply in relation to non‑concessional contributions (within the meaning of the Income Tax Assessment Act 1997) for the 2013‑14 financial year and later financial years.
Division 14.7—Transitional arrangements arising out of the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016
14.08 Arrangements
The amendments made by items 6 to 9 of Schedule 3 to the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 apply on and after 1 July 2016.
Division 14.8—Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (2016 Measures No. 1) Regulation 2016
14.09 Arrangements
The amendments of these regulations made by Schedule 2 to the Tax and Superannuation Laws Amendment (2016 Measures No. 1) Regulation 2016 apply in relation to look‑through earnout rights (within the meaning of the Income Tax Assessment Act 1997) created on or after 24 April 2015.
Division 14.9—Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (2016 Measures No. 2) Regulation 2016
14.10 Arrangements
The amendment made by item 2 of Schedule 1 to the Tax and Superannuation Laws Amendment (2016 Measures No. 2) Regulation 2016 applies to transfers of benefits made on or after the day this regulation commences.
Division 14.11—Transitional arrangements arising out of the Financial System Legislation Amendment (Resilience and Collateral Protection) Regulation 2016
14.12 Arrangements
The amendments of these Regulations made by items 7 to 11 of Schedule 1 to the Financial System Legislation Amendment (Resilience and Collateral Protection) Regulation 2016 apply to charges given on and after the commencement of this regulation.
Division 14.13—Transitional arrangements arising out of the Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017
14.13 Arrangements
(1) The amendments made by items 13 to 23 of Schedule 1 to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017 apply on and after 1 July 2017.
(2) The amendments made by items 7 to 13 of Schedule 3 to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017 apply in relation to the financial year starting on 1 July 2017 and later financial years.
(3) The amendments made by items 4 and 5 of Schedule 7 to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017 apply in relation to a superannuation benefit that is:
(a) paid because of the death of a person that occurred on or after 1 July 2017; or
(b) paid on or after 1 July 2019.
Note: For paragraph (b), it doesn’t matter when the person, in relation to whom the benefit is payable, died.
(4) The amendments made by items 8 to 21 of Schedule 8 to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017 apply in relation to release authorities given to superannuation providers on or after the commencement of those items.
(5) The term inserted by item 2 of Schedule 9 to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017 applies in a provision of a regulation or instrument in the same way as that provision applies.
(6) For subregulation (3):
superannuation benefit has the meaning given by subsection 995‑1(1) of the 1997 Tax Act.
Division 14.14—Transitional arrangements arising out of the Treasury Laws Amendment (2017 Measures No. 1) Regulations 2017
14.14 Arrangements
The amendments of these Regulations made by Schedule 1 to the Treasury Laws Amendment (2017 Measures No. 1) Regulations 2017 apply in relation to the following:
(a) a benefit arising under a contract entered into on or after 1 July 2017;
(b) a benefit provided under rules made on or after 1 July 2017.
Division 14.15—Transitional arrangements arising out of the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Regulations 2018
14.15 Arrangements relating to membership of existing external dispute resolution schemes
The amendments made by items 29 and 30 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Regulations 2018 apply on and after the day, under item 58 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018, on and after which the amendments made by Part 4 of Schedule 1 to that Act apply.
Regulation 13.17B of these Regulations continues to have effect, despite its repeal by item 8 of Schedule 3 to the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Regulations 2018, in relation to an order, direction or determination made under the Superannuation (Resolution of Complaints) Act 1993 before the commencement of that item.
Division 14.16—Transitional arrangements arising out of the Treasury Laws Amendment (Release of Superannuation on Compassionate Grounds) Regulations 2018
14.16A Arrangements relating to release of superannuation on compassionate grounds
The amendments of these Regulations made by Schedule 1 to the Treasury Laws Amendment (Release of Superannuation on Compassionate Grounds) Regulations 2018 apply in relation to applications for the release of benefits on compassionate grounds made after the commencement of that Schedule.
Division 14.17—Transitional arrangements arising out of the Treasury Laws Amendment (2018 Measures No. 2) Regulations 2018
14.17 Arrangements
(1) The amendments of these Regulations made by Schedule 1 to the Treasury Laws Amendment (2018 Measures No. 2) Regulations 2018 do not operate to require a self managed superannuation fund to provide information to the Commissioner before 31 March 2021.
(2) The amendments of these Regulations made by Schedule 2 to the Treasury Laws Amendment (2018 Measures No. 2) Regulations 2018 apply to rollovers and transfers requested on or after 31 March 2021.
Division 14.18—Transitional arrangements arising out of the Treasury Laws Amendment (Work Test Exemption) Regulations 2018
14.18 Arrangements
The amendments made by items 5 to 7 of Schedule 1 to the Treasury Laws Amendment (Work Test Exemption) Regulations 2018 apply in relation to contributions made in the 2019‑20 financial year and later financial years.
Division 14.19—Transitional arrangements arising out of the Treasury Laws Amendment (Protecting Your Superannuation Package) Regulations 2019
14.19 Arrangements relating to when a trustee may refuse to roll over or transfer an amount
The amendment made by item 30 of Schedule 1 to the Treasury Laws Amendment (Protecting Your Superannuation Package) Regulations 2019 applies in relation to requests to roll over or transfer an amount under regulation 6.34 of these Regulations made on or after the commencement of this item.
Division 14.20—Transitional arrangements arising out of the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019
14.20 Arrangements
The amendment made by item 13 of Schedule 1 to the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019 applies on and after the commencement of that item in relation to complaints made under the AFCA scheme before, on or after that commencement.
Division 14.21—Transitional arrangements arising out of the Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019
14.21 Arrangements
The amendment made by Part 4 of Schedule 5 to the Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 applies on and after 1 July 2017.
Division 14.22—Transitional arrangements arising out of the Superannuation Legislation Amendment (2020 Measures No. 1) Regulations 2020
14.22 Arrangements
The amendments made by items 6 to 9 of Schedule 1 to the Superannuation Legislation Amendment (2020 Measures No. 1) Regulations 2020 apply in relation to contributions made in the 2020‑21 financial year and later financial years.
Division 14.23—Transitional arrangements arising out of the Treasury Laws Amendment (Reuniting More Superannuation) Regulations 2021
14.23 Arrangements
(1) The amendments made by items 29 and 30 of Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Regulations 2021 apply in relation to requests made under Division 7A.1A on or after 1 May 2021.
(2) The amendments made by items 31 to 35, 41 and 42 of Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Regulations 2021 apply in relation to non‑member spouse interests in relation to which requests have not, as at 1 May 2021, been made under Division 7A.1A within the time allowed under subregulation 7A.03F(1).
(3) The amendments made by items 36, 37, 45 and 46 of Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Regulations 2021 apply in relation to requests made under Division 7A.2 on or after 1 May 2021.
(4) The amendments made by items 38, 39, 40, 43 and 44 of Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Regulations 2021 apply in relation to which requests have not, as at 1 May 2021, been made under Division 7A.2 within the time allowed under subregulation 7A.08(1).
(5) The amendment made by item 47 of Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Regulations 2021 applies in relation to non‑member spouse interests in relation to which a belief is formed in accordance with subregulation 7A.16(6) on or after 1 May 2021.
(6) The amendments made by items 48 to 51 of Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Regulations 2021 apply in relation to requests made under subregulation 7A.17(3) on or after 1 May 2021.