The Assistant Treasurer, Senator Rod Kemp, today announced that, following consultations with industry, the Government will be amending the Superannuation Industry (Supervision) Regulations 1994 to clarify the meaning of employee for the purposes of the new definition of self managed superannuation fund.
Specifically, the amending regulations will provide that a member of a self managed superannuation fund who is both an employee and relative of another member of the fund will be taken not to be an employee of any other member of the fund.
The amending regulations will be made as soon as practicable. In the interim, APRA has agreed not to enforce the approved trustee requirements in respect of funds that would meet the definition of a self managed fund, apart from the current requirements with respect to employee members and relatives.
CANBERRA
7 April 2000
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