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Schedule 1—Self managed superannuation fund membership limit

Schedule 1 Self managed superannuation fund membership limit

Part 1 Main amendments

Superannuation Industry (Supervision) Act 1993

1  Paragraph 17A(1)(a)

Omit “5 members”, substitute “7 members”.

2  Subparagraphs 35B(3)(a)(i) and (ii)

Repeal the subparagraphs, substitute:

                              (i)  if the corporate trustee has one or 2 directors—each of the directors; or

                             (ii)  otherwise—at least half of the directors of the corporate trustee; or

3  Paragraph 35B(3)(b)

Repeal the paragraph, substitute:

                     (b)  if there is a group of individual trustees—by:

                              (i)  if there are only 2 trustees—both the trustees; or

                             (ii)  otherwise—at least half of the trustees.

Part 2 Other amendments

Income Tax Assessment Act 1997

4  Paragraph 294-55(1)(c)

Repeal the paragraph, substitute:

                     (c)  the superannuation interest is in a * small superannuation fund at the time of the payment.

5  Subsection 294-55(4)

Repeal the subsection.

6  Paragraph 295-387(2)(a)

Repeal the paragraph, substitute:

                     (a)  the fund is a * small superannuation fund at a time during the income year; and

7  Subsection 995-1(1) (definition of small superannuation fund )

Omit “ * complying superannuation fund with 4 or fewer members”, substitute “ * superannuation fund with fewer than 7 members”.

Superannuation Industry (Supervision) Act 1993

8  Section 4 (table item dealing with Part No. 24B)

Repeal the item, substitute:

24B

the administration by APRA and the Commissioner of Taxation of superannuation funds with fewer than 7 members

9  Subparagraphs 29T(1)(d)(i) and (ii)

Omit “5 or more members”, substitute “7 or more members”.

10  Subparagraphs 29U(2)(g)(i) and (ii)

Omit “5 or more members” (wherever occurring), substitute “7 or more members”.

11  Subsection 58(1)

Omit “5 members”, substitute “7 members”.

12  Paragraph 66(2)(b)

Omit “5 members”, substitute “7 members”.

13  Paragraph 70B(b)

Omit “5 members”, substitute “7 members”.

14  Paragraph 71(1)(g)

Omit “5 members”, substitute “7 members”.

15  Section 92 (heading)

Omit “ more than 4 ”, substitute “ more than 6 ”.

16  Subsection 92(1)

Omit “more than 4”, substitute “more than 6”.

17  Subsection 92(13)

Omit “less than 5 to 5 or more”, substitute “less than 7 to 7 or more”.

18  Paragraph 93(5)(a)

Omit “less than 5”, substitute “less than 7”.

19  Paragraph 93(5)(b)

Omit “greater than 4”, substitute “greater than 6”.

20  Subsection 107(1)

Omit “5 members”, substitute “7 members”.

21  Part 24B (heading)

Omit “ 5 members ”, substitute “ 7 members ”.

22  Division 1 of Part 24B (heading)

Omit “ 5 members ”, substitute “ 7 members ”.

23  Subsection 252A(1)

Omit “5 members”, substitute “7 members”.

Superannuation (Unclaimed Money and Lost Members) Act 1999

24  Subsection 16(1A) (note)

Omit “5 members”, substitute “7 members”.

25  Paragraph 16(2A)(a)

Omit “5 members”, substitute “7 members”.

26  Subsection 24C(2) (note)

Omit “5 members”, substitute “7 members”.

27  Paragraph 24C(4)(a)

Omit “5 members”, substitute “7 members”.

Part 3 Contingent amendments

Corporations Act 2001

28  Subsection 1017BB(6) (definition of small APRA fund )

Omit “less than 5 members”, substitute “fewer than 7 members”.

Income Tax Assessment Act 1997

29  Paragraph 307-231(1)(d)

Repeal the paragraph, substitute:

                     (d)  the fund is a * small superannuation fund at that time; and

30  Subsection 307-231(4)

Repeal the subsection.

Superannuation Industry (Supervision) Act 1993

31  Paragraph 29P(7)(a)

Omit “5 members”, substitute “7 members”.

32  Subsection 52(9)

Omit “5 members”, substitute “7 members”.

33  Subsection 52(12)

Omit “5 members”, substitute “7 members”.

34  Subsection 68AAA(1) (note)

Omit “5 members”, substitute “7 members”.

35  Subsection 68AAB(1) (note)

Omit “5 members”, substitute “7 members”.

36  Subsection 68AAC(1) (note)

Omit “5 members”, substitute “7 members”.

37  Section 68AAD (heading)

Omit “ 5 members ”, substitute “ 7 members ”.

38  Section 68AAD

Omit “5 members”, substitute “7 members”.

Superannuation (Unclaimed Money and Lost Members) Act 1999

39  Subparagraph 20QA(1)(a)(i)

Omit “5 or more members”, substitute “7 or more members”.

40  Paragraph 20QB(4)(a)

Omit “5 members”, substitute “7 members”.