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Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001
Part 4 — Life Insurance Act 1995 46 Paragraph 21(3)(e) After “Act”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
47 Section 57 Omit “section 82”, substitute “the Financial Sector (Collection of Data) Act 2001 ”
48 Section 82 Repeal the section.
49 Subsection 83(2) (2) The audit must be carried out before reporting documents as at the end of that financial year are given to APRA under the Financial Sector (Collection of Data) Act 2001 .
50 Subsection 83(3) Omit “prepared under subsection 82(1) are not effective for the purposes of this Act”, substitute “referred to in subsection (2) are not effective for the purposes of this Act or the Financial Sector (Collection of Data) Act 2001 ”
51 Paragraph 88(1)(a) After “Act”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
52 Subparagraph 88(3)(a)(i) After “Act”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
53 Paragraph 89(2)(a) After “Act”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
Amendments Schedule 2 Life Insurance Act 1995 Part 4
54 Paragraph 92(1)(a) Omit “section 82”, substitute “the Financial Sector (Collection of Data) Act 2001 ”
55 Paragraph 98(1)(a) After “Act”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
56 Subparagraph 98(3)(a)(i) After “Act”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
57 Sections 117 and 118 Repeal the sections.
58 Section 121 Repeal the section.
59 Section 122 Omit “referred to in subsection 82(1)”, substitute “under the Financial Sector (Collection of Data) Act 2001 ”
60 Subsection 124(1) Omit “section 118”, substitute “the Financial Sector (Collection of Data) Act 2001 ”
61 Subsection 125A(1) (paragraph (b) of the definition of provision to which this section applies ) Repeal the paragraph.
62 Subsection 125B(1) (paragraph (b) of the definition of provision to which this section applies ) Repeal the paragraph.
63 Subparagraph 136(b)(i) After “Life Insurance Act 1945 ”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
64 Subparagraph 136(b)(ii)
Amendments Schedule 2 Retirement Savings Accounts Act 1997 Part 5
65 Paragraphs 150(1)(b) and (c) After “Act”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
66 Section 166 After “Act” (first occurring), insert “or the operation of the Financial Sector (Collection of Data) Act 2001 ”
67 At the end of section 166 Add “or the provisions of the Financial Sector (Collection of Data) Act 2001 ”
68 At the end of subsection 230A(3) Add “or the Financial Sector (Collection of Data) Act 2001 ”
69 Paragraph 230B(1)(a) After “Act”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
70 Subsection 236(1) (paragraph (zb) of the definition of reviewable decision ) Repeal the paragraph.
71 Subsection 236(1) (paragraphs (zd), (ze) and (zf) of the definition of reviewable decision ) Repeal the paragraphs.
72 Sections 243 and 244 Repeal the sections.
73 Subsection 248(2) After “Act”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
74 Schedule
Insert: Amendments Schedule 2 Retirement Savings Accounts Act 1997 Part 5
75 Application The amendments made by this Part apply only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to financial sector entities (within the meaning of that Act) that are registered under the Life Insurance Act 1995.
Part 5 — Retirement Savings Accounts Act 1997
76 Subparagraph 3(1)(a)(iv) Repeal the subparagraph, substitute: (iv) section 183; and
77 Paragraph 3(2)(d) Omit “”, 184, 193 and 194”, substitute “and 184”.
78 Section 16 (definition of lodge ) Repeal the definition.
79 Section 16 (paragraph (o) of the definition of reviewable decision ) Omit “182; or”, substitute “182.”
80 Section 16 (paragraph (p) of the definition of reviewable decision ) Repeal the paragraph.
81 Section 37 Omit “and to require RSA providers to provide an annual return to APRA”.
82 Paragraphs 44(1)(a) and (b) Repeal the paragraphs.
Note: The heading to section 44 is replaced by the heading “RSA provider to give copy of audit report to APRA ”.
83 At the end of subsection 44(1) Add: Note: The Financial Sector (Collection of Data) Act 2001 makes provision for annual returns and other financial documents to be given by RSA providers to APRA.
84 Subsections 44(3) and (4) Repeal the subsections, substitute:
Endorsement of report on return (4) If the return given under the Financial Sector (Collection of Data) Act 2001 is not given on a data processing device, or by way of electronic transmission, the report referred to in subsection (1) may be endorsed on the return.
85 Subsection 64(2) Omit “returns in accordance with section 44”, substitute “reporting documents referred to in section 13 of the Financial Sector (Collection of Data) Act 2001 ”
86 Subsections 65(1) and (3) After “regulations”, insert “and the Financial Sector (Collection of Data) Act 2001 ”.
87 Paragraph 66(1)(a) After “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
88 Subparagraphs 67(1)(a )(iii) and 68(1)(a)(iii) After “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001 ”.
89 Subsection 95(1) After “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
90 Subsection 144(2) Repeal the subsection, substitute:
Financial returns (2) The form of a financial return a copy of which is required to be given by an RSA provider to APRA under section 13 of the Financial Sector (Collection of Data) Act 2001 may require the return to contain the provider’s tax file number.
91 Subparagraph 161(1)(a)(ii) Schedule 2 Retirement Savings Accounts Act 1997 Part 5
Amendments Schedule 2 Superannuation Industry (Supervision) Act 1993 Part 6
97 Paragraphs 36(1)(a) and (b) Repeal the paragraphs.
Note: The heading to section 36 is replaced by the heading “Trustee to give copy of audit report to APRA ”.
98 After subsection 36(1) Insert: Note: The Financial Sector (Collection of Data) Act 2001 makes provision for annual returns and other financial documents to be given by trustees to APRA.
99 Subsections 36(3) and (4) Repeal the subsections, substitute:
Endorsement of report on return (4) If the return given under the Financial Sector (Collection of Data) Act 2001 is not given on a data processing device, or by way of electronic transmission, the report referred to in subsection (1) may be endorsed on the return.
100 Subsection 36(5) Omit “under this section”, substitute “under the Financial Sector (Collection of Data) Act 2001 ”
131A After paragraph 111(1)(a) Insert: (aa) if the entity is not a self managed superannuation fund—so keep its accounts as to enable the preparation of reporting documents referred to in section 13 of the Financial Sector (Collection of Data) Act 2001 ;
131 At the beginning of paragraph 111(1)(b) Insert “if the entity is a self managed superannuation fund—”.
131A Subparagraph 111(1)(b)(ii) Omit “36”, substitute “36A”.
132 Subsection 112(1) After “superannuation entity”, insert “that is a self managed superannuation fund”.
132A Before paragraph 113(3)(a) Insert: (aa) must, if it is approved for a superannuation entity that is not a self managed superannuation fund, either: (i) relate solely to the audit of financial statements given to APRA under the Financial Sector (Collection of Data) Act 2001 and prepared in respect of a year of income; (ii) relate not only to the audit of those statements, but also to the audit of such other accounts and statements, prepared in respect of a year of income, as are identified in the form;
133 Paragraph 113(3)(a) After “must”, insert “, if it is approved for a superannuation entity that is a self managed superannuation fund—”.
134 Paragraph 113(3)(b) After “regulations”, insert “and the Financial Sector (Collection of Data) Act 2001 ”.
135 Paragraphs 120A(1)(a) and (2)(a) After “Act”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
136 Paragraphs 129(1)(a) and (b) After “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
137 Paragraph 130(1)(b) After “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001 ”.
138 Subparagraph 131(1)(a)(iii) After “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001 ”
139 Subparagraph 131A(1)(a)(iii) Amendments Schedule 2 Superannuation Industry (Supervision) Act 1993 Part 6
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