Australia Superannuation Industry (Supervision) Act 1993 (Cth)
The entity and trustee duties under Australia's Superannuation Industry (Supervision) Act 1993 (Cth): the full trustee and director covenant set including the best financial interests, investment, insurance and risk management duties and the retirement income strategy; the sole purpose test; related-party dealing, borrowing and in-house asset limits; arm's length dealing; RSE licence conditions and MySuper authority; governance structure; and notification to APRA and the Commissioner of Taxation.
Australia Superannuation Industry (Supervision) Act 1993 (Cth) is a compliance framework from Australia: Commonwealth with 5 domains and 21 controls. The largest domains are Trustee and director covenants – Australia Superannuation Industry (Supervision) Act 1993 (Cth) (10 controls), Sole purpose, related-party dealing, borrowing and in-house assets – Australia Superannuation Industry (Supervision) Act 1993 (Cth) (5 controls), Governance structure – Australia Superannuation Industry (Supervision) Act 1993 (Cth) (2 controls). Every control below carries what it requires and what an assessor expects to see.
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Framework Domains (5)
Governance structure – Australia Superannuation Industry (Supervision) Act 1993 (Cth)
| Code | Title |
|---|---|
| australia-superannuation-industry-supervision-act-1993-cth::s107-108 | ss 107 to 108 Follow the procedures for appointing member representatives and an independent trustee or director |
| australia-superannuation-industry-supervision-act-1993-cth::s89 | s 89 Maintain equal representation of employers and members, with the independent-trustee and vacancy mechanisms |
RSE licence conditions and MySuper – Australia Superannuation Industry (Supervision) Act 1993 (Cth)
| Code | Title |
|---|---|
| australia-superannuation-industry-supervision-act-1993-cth::s29E-29EA | ss 29E and 29EA Comply with the conditions of the RSE licence |
| australia-superannuation-industry-supervision-act-1993-cth::s29S-29TC | ss 29S, 29T and 29TC Hold MySuper authority and meet the MySuper product characteristics |
Reporting and breach notification – Australia Superannuation Industry (Supervision) Act 1993 (Cth)
| Code | Title |
|---|---|
| australia-superannuation-industry-supervision-act-1993-cth::s106 | s 106 Notify APRA immediately of an event with a significant adverse effect on the entity's financial position |
| australia-superannuation-industry-supervision-act-1993-cth::s106A | s 106A Notify the Commissioner of Taxation within 21 days of a change in self managed fund status |
Sole purpose, related-party dealing, borrowing and in-house assets – Australia Superannuation Industry (Supervision) Act 1993 (Cth)
| Code | Title |
|---|---|
| australia-superannuation-industry-supervision-act-1993-cth::s109 | s 109 Invest, and keep dealing, on an arm's length basis |
| australia-superannuation-industry-supervision-act-1993-cth::s62 | s 62 Sole purpose test: maintain the fund solely for retirement, age-based or death benefit purposes |
| australia-superannuation-industry-supervision-act-1993-cth::s66 | s 66 Do not acquire an asset from a related party except within the stated exceptions |
| australia-superannuation-industry-supervision-act-1993-cth::s67-67A | ss 67 and 67A Do not borrow money except within the stated exceptions, including limited recourse borrowing |
| australia-superannuation-industry-supervision-act-1993-cth::s71-83 | ss 71 and 83 Keep in-house assets within the 5% cap |
Trustee and director covenants – Australia Superannuation Industry (Supervision) Act 1993 (Cth)
| Code | Title |
|---|---|
| australia-superannuation-industry-supervision-act-1993-cth::s52-2a-b | s 52(2)(a)-(b) General covenants: act honestly, and exercise the care, skill and diligence of a prudent superannuation trustee |
| australia-superannuation-industry-supervision-act-1993-cth::s52-2c | s 52(2)(c), (3A) Best financial interests duty, including payments to third parties |
| australia-superannuation-industry-supervision-act-1993-cth::s52-2d | s 52(2)(d), (4) Priority of beneficiaries' interests in a conflict, overriding Corporations Act and PGPA officer duties |
| australia-superannuation-industry-supervision-act-1993-cth::s52-2e-j | s 52(2)(e)-(j) Fair dealing, asset segregation, non-hindrance, reserves strategy and beneficiary access |
| australia-superannuation-industry-supervision-act-1993-cth::s52-6 | s 52(6) Investment strategy covenant |
| australia-superannuation-industry-supervision-act-1993-cth::s52-7 | s 52(7) Insurance strategy covenant, including the retirement-income erosion test |
| australia-superannuation-industry-supervision-act-1993-cth::s52-8 | s 52(8) Risk management strategy and operational risk financial resources covenant |
| australia-superannuation-industry-supervision-act-1993-cth::s52-8a | s 52(8A), s 52AA Retirement income covenant |
| australia-superannuation-industry-supervision-act-1993-cth::s52A | s 52A Director covenants mirroring the trustee's covenants, and the director's duty to ensure the corporate trustee complies |
| australia-superannuation-industry-supervision-act-1993-cth::s52B | s 52B Covenants for self managed superannuation fund trustees |
What is Australia Superannuation Industry (Supervision) Act 1993 (Cth) and who does it apply to?
Australia Superannuation Industry (Supervision) Act 1993 (Cth) is a compliance framework from Australia: Commonwealth with 5 domains and 21 controls. The entity and trustee duties under Australia's Superannuation Industry (Supervision) Act 1993 (Cth): the full trustee and director covenant set including the best financial interests, investment, insurance and risk management duties and the retirement income strategy; the sole purpose test; related-party dealing, borrowing and in-house asset limits; arm's length dealing; RSE licence conditions and MySuper authority; governance structure; and notification to APRA and the Commissioner of Taxation. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
What does Australia Superannuation Industry (Supervision) Act 1993 (Cth) actually require?
Australia Superannuation Industry (Supervision) Act 1993 (Cth) has 21 controls organised across 5 domains. The largest domains are Trustee and director covenants – Australia Superannuation Industry (Supervision) Act 1993 (Cth) (10 controls), Sole purpose, related-party dealing, borrowing and in-house assets – Australia Superannuation Industry (Supervision) Act 1993 (Cth) (5 controls), Governance structure – Australia Superannuation Industry (Supervision) Act 1993 (Cth) (2 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
If I already comply with another framework, how much of Australia Superannuation Industry (Supervision) Act 1993 (Cth) do I already cover?
Australia Superannuation Industry (Supervision) Act 1993 (Cth) does not currently have cross-framework mappings in our system. Check back as we continuously expand our mapping database.
How do I implement Australia Superannuation Industry (Supervision) Act 1993 (Cth)?
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