Notice given 12 February 2002

55  Senator Allison: To ask the Minister for Revenue and Assistant Treasurer—

(1) Is it the case that the Melbourne office of the Australian Prudential Regulation Authority (APRA) failed to notify trustees of pre-existing pooled superannuation trusts (PSTs) that, under new regulations, they were required to notify APRA in writing that they wished their trusts to continue to be treated as PSTs by 31 October 2000.

(2) Is it the case that trusts that have failed to so notify APRA will become non-complying superannuation funds, attracting a tax rate of 48.5 per cent on fund earnings instead of the concessional 15 per cent.

(3) How long has APRA been aware of the failure to notify outlined in (1).

(4) How long has the Minister or the department been aware of the failure to notify.

(5) Has APRA or the Government taken any action to resolve this matter.

(6) What action will the Government and APRA be taking to resolve this matter.