Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1993 No. 7 of 1993 - SECT 51

51. After section 12 of the Principal Act the following section is inserted:
Commissioner may modify application of standards relating to prospectuses

"12A.(1) This section applies to a standard prescribed under subsection  7(1)
, where the standard relates to prospectuses.

"(2) The Commissioner may, by written notice given to the trustee of a fund,
exempt the fund from compliance with the standard.

"(3) The exemption may be made either generally or as otherwise provided in
the exemption.

"(4) The exemption may be unconditional or subject to such conditions (if any)
as are specified in the exemption.

"(5) If the Commissioner makes a decision refusing an application for an
exemption, the Commissioner must give the applicant a written notice setting
out the decision and giving the reasons for the decision.

"(6) The Commissioner may, by written notice given to the trustee of a fund,
vary or revoke an exemption applicable to the fund.

"(7) If the Commissioner makes a decision to vary or revoke an exemption, the
Commissioner must give the trustee of the fund concerned a written notice
giving the reasons for the decision.

"(8) If the Commissioner makes a decision refusing an application for the
variation or revocation of an exemption, the Commissioner must give the
applicant a written notice giving the reasons for the decision.

"(9) The Commissioner may, by written notice given to the trustee of a fund,
determine that the standard is to have effect, in its application in relation
to the fund and in relation to a specified prospectus, as if it were modified
in the manner specified in the determination.

"(10) The determination may have effect either generally or as otherwise
specified in the determination.

"(11) If a determination is made, the standard has effect accordingly.

"(12) A notice of a determination must give the reasons for making the
determination.

"(13) The Commissioner may, by written notice given to the trustee of a fund,
vary or revoke a determination applicable to the fund.

"(14) If the Commissioner makes a decision to vary or revoke a determination,
the Commissioner must give the trustee of the fund concerned a written notice
giving the reasons for the decision.

"(15) If the Commissioner makes a decision refusing an application for the
variation or revocation of a determination, the Commissioner must give the
applicant a written notice giving the reasons for the decision.

"(16) An exemption given in response to an application made within 90 days
after the commencement of this section may be expressed to have taken effect
on a day that is:

   (a)  on or after 24 February 1993; and

   (b)  earlier than the day on which the notice of the exemption was given.

"(17) In this section:
'modification' includes addition, omission and substitution.".