Australian prudential regulation authority act 1998 apra act and the superannuation industry supervision act 1993 sis act. I consent to my tax file number being disclosed for the purposes of consolidating my account. Laws of malaysia act 501 gas supply act 1993 an act to provide the licencing of the supply of gas to consumers through pipelines and related matters, the supply of gas at reasonable prices, the control of gas supply pipelines, installations and appliances with respect to matters relating to safety of persons and for purposes connected therewith. From transferring fund fund name fund phone number.
This framework is designed to provide a high level of safety for the superannuation savings of all australians. Superannuation industry supervision act 1993 please provide the address of the registered of. Superannuation industry supervision act 1993, you are not obliged to disclose your tax file number, but there may be tax consquences. This is a compilation of the superannuation industry supervision act 1993 that shows the text of the law as amended. The notes at the end of this compilation the endnotes include information about amending laws and the amendment history of provisions of the compiled law.
Pursuant to the sis act, apra is responsible for the supervision of the prudent management by rse licensees of certain superannuation funds and pooled superannuation trusts. Prudential standard sps 515 strategic planning and member. The voluntary disclosure can only be accepted if sufficient details have been provided. Legal framework governing aspects of the australian. Under the superannuation industry supervision act 1993 section 1.
Subsection 34k3 of the superannuation industry supervision act 1993 sis act provides, in part, that the governorgeneral may make regulations prescribing superannuation data and payment matters required or. This is a compilation of the superannuation industry supervision act 1993 that shows the text of the law as amended and in force on 1 july 2018 the compilation date. Under the superannuation industry supervision act 1993, you are not obliged to disclose your tax file number, but there may be tax consequences. Superannuation industry supervision act 1993 but also the provisions of section 58 of that act.
Introduced in 1993, the act was written to regulate the newly established super industry while the superannuation guarantee came into effect on 1 july 1992, it only legislated for the payments made by employers. Superannuation industry supervision act 1993 sect 299g trustee must request person becoming beneficiary after commencement to quote tax file number 1 subject to subsection 3, if. Regulation of superannuation entities by apra and asic. See what happens if i do not quote my tax file number. Rollover initiation request to transfer whole balance of. Superannuation industry supervision act 1993 table of provisions long title part 1preliminary division 1preliminary 1.
The sis act on the other hand, created an operative framework for superannuation funds the trusts that employers make superannuation guarantee payments to. Specifically s529 of the sis act requires trustees to assess financial. Explanatory statement extending superstream to smsf rollovers. In this act advertisement includes every form of advertising, whether in a publication, or by display or notices, or by means of circulars or other documents, or by an exhibition of photographs or. Commonwealth of australia explanatory memoranda superannuation industry supervision bill 1993. Superannuation binding death benefit nominations and. The sis act makes provisions for the management of australias superannuation system. The new law allows the australian taxation office ato to apply penalties for breaches of the. Electronic lodgmentdocuments other than approved forms 11e. Sis act section 36 requires the trustee of a superannuation fund to lodge a. We would like to show you a description here but the site wont allow us. This is a compilation of the superannuation industry supervision act 1993 that shows the text of the law as amended and in force on 18 february. Supervision act 1993 sis act which will support the member outcomes.
Superannuation industry supervision act 1993 cth and apra. Instead, the superannuation industry supervision act 1993 sis act provides that. Subject superannuation industry supervision act 1993 superannuation industry supervision amendment regulation 2012 no. This includes how it is proposed to rectify the contravention or a proposed enforceable undertaking. An act to make provision for the supervision of certain entities engaged in the superannuation industry, and for related purposes. The abbreviation for the superannuation industry supervision act. This act may be cited as the financial institutions act, 1993. Examples include amp, axa and colonial first state. Breaching the separation of assets rules smsf adviser.
This is a compilation of the superannuation industry supervision act 1993 that shows the text of the law as amended and in force on 18 february 2020 the compilation date. Au child the tax definition of child is the same as the sis definition, except for a distinction between minor children and those over 18 years of age. Funding and solvency certificate superannuation industry supervision act 1993 1. Section 353 of the superannuation industry supervision act 1993 the sis act provides that the governorgeneral may make regulations prescribing matters. Superannuation industry supervision act 1993 sect 89 basic equal representation rules. However, in recognition of the compulsory and long term nature of superannuation savings, the. These conditions required, amongst other things, that directors must meet minimum standards of. For more information, see life insurance company in section 10 of the superannuation industry supervision act 1993 view pdf, or refer to the life insurance act 1995 view pdf. Industry supervision act 1993 sis act, retirement savings accounts act 1997 rsa act and various other laws, asic is currently able to utilise specific search warrant powers contained in the asic act, nccp act, sis act and rsa act, as well as the more general search warrant powers contained in the crimes act 1914. Superannuation industry supervision act 1993 federal register.
Under the tax definition, a child is considered to be a dependant of the deceased only if he or she. It can be noted that the tax definition of dependant differs to some extent from the sis definition. Paying superannuation death benefits all australian funds as a consequence of the sole purpose test see section 62 of the superannuation industry supervision act 1993 the sis act and the accompanying superannuation industry supervision regulations 1994 the sis regs, the. Basic rule 1 for the purposes of this part, a fund complies with the basic equal representation rules if.
Application of act not to be excluded or modified 8. Set out below are all superguide articles that relate to sis act. Election to become a public offer superannuation fund. The financial institutions act, 1993 arrangement of. What is the sis superannuation industry supervision act. Rest super solutions under the superannuation industry. The superannuation industry supervision act 1993 sis act lists three main categories of persons who may be classified as a dependant of a deceased member sis dependant. The superannuation industry supervision act 1993 sis act lists three main categories of persons who may be classified as a dependant of a deceased member sis dependant as. Report of the apra inspector pursuant to section 284 of. Prior to 1 july 20, where a material breach of the separation of assets rules was noted it was required to be reported to the ato under paragraph 522d later 522g of the superannuation industry supervision act 1993 sisa from the following financial year, there was no longer any option. Superannuation industry supervision act 1993 sis act.
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