The Assistant Treasurer Senator Rod Kemp, today announced a new commencement date for the new definition for Self Managed Superannuation Funds (SMSFs) and the transfer of the regulation of these funds from the Australian Prudential Regulation Authority (APRA) to the Australian Taxation Office (ATO).
The policy was due to commence on 1 July 1999 but passage of the Bill was delayed due to the large backlog of legislation in the Senate, and will now commence from the date of Royal Assent.
The Government is seeking to have the legislation debated in the Senate, early in the next session of Parliament.
In the meantime, APRA will continue to regulate all Superannuation Industry Supervision Act (SIS) Act regulated superannuation funds, and the announced transitional arrangements, allowing time for funds to restructure, will continue to apply.
All superannuation fund trustees and their advisers should continue to direct their enquiries on SIS matters to APRA.
CANBERRA
30 June 1999
Contact Officers: Matthew Guy (02) 6277 7360