Superannuation Legislation Amendment Act (No. 4) 1999 (Cth)

Superannuation Legislation Amendment Act (No. 4) 1999

No. 199, 1999

Superannuation Legislation Amendment Act (No. 4) 1999

No. 199, 1999

An Act to amend the law relating to superannuation, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s)

Schedule 1—Amendment of the Superannuation Industry (Supervision) Act 1993 to address investment practices

Superannuation Legislation Amendment Act (No. 4) 1999

No. 199, 1999

An Act to amend the law relating to superannuation, and for related purposes

[Assented to 23 December 1999]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Superannuation Legislation Amendment Act (No. 4) 1999.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendment of the Superannuation Industry (Supervision) Act 1993 to address investment practices

1 Subsection 10(1) Insert:

entity means any of the following: (a) an individual; (b) a body corporate; (c) a partnership; (d) a trust.

2 Subsection 10(1) Insert:

excluded instalment trust, of a superannuation fund, means a trust: (a) that arises because the trustee or investment manager of the superannuation fund makes an investment under which a listed security (within the meaning of subsection 66(5)) (the underlying security) is held in trust until the purchase price of the underlying security is fully paid; and (b) where the underlying security, and property derived from the underlying security, is the only trust property; and (c) where an investment in the underlying security held in trust would not be an in‑house asset of the superannuation fund.