Commonwealth Numbered Acts

OCCUPATIONAL SUPERANNUATION (REASONABLE BENEFIT LIMITS) AMENDMENT ACT 1990 No. 61, 1990 - SECT 4

4. Section 3 of the Principal Act is amended:
(a) by inserting before paragraph (a) of the definition of "reviewable
decision" in subsection (1) the following paragraphs:

"(aa) a decision of the Commissioner under section 15K, 15L,
15N or 15R;

"(ab) a decision of the Commissioner refusing to make a
determination under subsection 15F (3), 15G (10) or 15G (11);";

   (b)  by omitting from paragraph (b) of the definition of

"superannuation fund" in subsection (1) "either or both"
(wherever occurring) and substituting "one or more";

   (c)  by omitting subparagraph (b) (ii) of that definition and
substituting the following subparagraphs:

"(ii) the provision of benefits for each member of the fund in the
event of the member attaining a particular age (being an age not
less than the age prescribed by the regulations) without having
retired from any business, trade, profession, vocation, calling,
occupation or employment in which the member is engaged;

"(iii)the provision of benefits for dependants of each member
of the fund in the event of the death of the member, being a death
occurring before:

                (A)  the member's retirement from any business, trade,
profession, vocation, calling, occupation or employment in which
the member is engaged; or

                (B)  the member attains a particular age (being an age not
                     less
than the age prescribed for the purposes of subparagraph (ii))
without having retired from any business, trade, profession,
vocation, calling, occupation or employment in which the member
is engaged;
whichever is earlier;";

   (d)  by inserting the following definitions in subsection (1):

" 'life assurance company' means:

   (a)  a company registered under section 19 of the Life Insurance
Act 1945; or

   (b)  a public authority constituted by a law of a State or
Territory, being an authority that carries on life insurance
business within the meaning of subsection 4 (1) of that Act;
'registered organisation' means:

   (a)  an association registered under a law of a State or Territory
as a trade union; or

   (b)  a society registered under a law of a State or Territory
providing for the registration of friendly or benefit societies; or

   (c)  an association of employees that is registered as an
organisation under the Industrial Relations Act 1988;";

   (e)  by adding at the end the following subsections:

"(4) For the purposes of paragraph (c) of the definition of
'approved purposes' in subsection (1), a payment, upon the
request of a depositor of an amount deposited with an approved
deposit fund, from the fund to a life assurance company or
registered organisation for the purchase of an annuity in the name
of the depositor is taken to be a repayment of that amount to the
depositor upon request.

"(5) A reference in subsection (4) to a depositor includes a reference to the
legal personal representative of a depositor.".