the *Arts Minister has issued one or more certificates to the company for the income year under section 378-25 (certificate for the digital games tax offset); and

the company claims the offset in its *income tax return for the income year; and

the company:

is an Australian resident that has an *ABN; or

is a foreign resident that has a *permanent establishment in Australia and an ABN;

30% of the sum of all the amounts determined by the *Arts Minister under section 378-30 that are specified in certificates issued to the company for the income year under section 378-25; and

$20,000,000.

the company; and

(b) each other company (each of which is a related company) that is *connected with or is an *affiliate of the company;

if the requirements of subsections (3) and (4) are satisfied—the amount specified in the notice given by the company under subsection (3); or

otherwise—nil.

the company gives the Commissioner a notice in the *approved form specifying an amount that is not more than 30% of the sum of all the amounts determined by the *Arts Minister under section 378-25 that are specified in certificates issued to the company for the income year under section 378-30; and

one or more of the related companies also give the Commissioner a notice in the approved form specifying an amount that is not more than 30% of the sum of all the amounts determined by the Arts Minister under section 378-25 that are specified in certificates issued to the related company for the income year under section 378-30; and

the sum of all the amounts specified in the notices given by the company and those related companies does not exceed $20,000,000.

in specifying the amount in the notice:

the company made an inadvertent error in determining whether another company is a related company; and

as a result the company did not take account of the amount of the digital games tax offset for the other company for the income year; and

the company gives the Commissioner a notice in the *approved form specifying the varied amount.

a portable electronic device; or

a computer monitor, television screen, liquid crystal display or similar medium;

a company that:

is a foreign resident that does not have a *permanent establishment in Australia; and

owns or controls the rights to develop the digital game;

the Australian developer:

is an Australian resident that has an *ABN, or is a foreign resident that has a *permanent establishment in Australia and an ABN; and

is primarily responsible for undertaking activities necessary for the development of the digital game in Australia.

the game is *completed in the income year; and

the company has made an application for a completion certificate in relation to the game; and

the total of the company’s *qualifying Australian development expenditure on the game incurred in completing the game is at least $500,000; and

the Arts Minister is satisfied that the conditions in subsection (7) (about the type of game) are met for the game; and

the Arts Minister is satisfied that the company:

has developed the game as an original game; and

is primarily responsible for undertaking activities necessary for the development of the game in Australia.

when the game is first released to the general public (other than for testing purposes); or

if the game is developed by a company under a contract entered into at *arm’s length with another entity—when the company first provides a version of the game to the entity in a state where it could reasonably be regarded as ready to be released to the general public.

the game is *ported in the income year; and

the company has made an application for a porting certificate in relation to the game; and

the total of the company’s *qualifying Australian development expenditure on the game incurred in porting the game is at least $500,000; and

the Arts Minister is satisfied that the conditions in subsection (7) (about the type of game) are met for the game; and

the Arts Minister is satisfied that the company:

either owns or controls the rights to develop the game or has been engaged to develop the game by the entity who owns or controls the rights to develop the game; and

is primarily responsible for undertaking activities necessary for the development of the game in Australia.

when the game is first made available to the general public (other than for testing purposes) on a new platform; or

if the company developed the game under a contract entered into at *arm’s length with another entity—when the company first provides a version of the game to the entity in a state where it could reasonably be regarded as ready to be made available to the general public on a new platform.

*ongoing development on the games occurs in the income year; and

the company has made an application for the ongoing development certificate; and

the total of the company’s *qualifying Australian development expenditure on the games incurred in the income year on the ongoing development of the games in the income year is at least $500,000; and

the Arts Minister is satisfied that the conditions in subsection (7) (about the type of game) are met for each of the games; and

the Arts Minister is satisfied that the company:

either owns or controls the rights to develop each of the games or has been engaged to develop the games by the entities who own or control the rights to develop the games; and

is primarily responsible for undertaking activities necessary for the development of each of the games in Australia.

the game is primarily developed to be made available to the general public for entertainment or educational purposes; and

any of the following apply to the game:

the game is made available for use over the internet;

the game is primarily played through the internet;

the game operates only when a player is connected to the internet; and

(c) the game is not any of the following:

(i) a game that is a gambling service (within the meaning of the Interactive Gambling Act 2001), or is substantially comprised of gambling or gambling-like practices;

(ii) a game that contains material likely to lead to the game being refused classification under the Classification (Publications, Films and Computer Games) Act 1995;

a game that is primarily developed for industrial, corporate or institutional purposes;

a game that is primarily developed to advertise or promote a product, entity or service.

if the certificate is to be issued under subsection 378-25(1) (completion certificate) to the company for an income year in relation to a *digital game—the total of the company’s *qualifying Australian development expenditure on the game incurred in *completing the game, whether incurred in that income year or in an earlier income year; or

if the certificate is to be issued under subsection 378-25(3) (porting certificate) to the company for an income year in relation to a digital game—the total of the company’s qualifying Australian development expenditure on the game incurred in *porting the game, whether incurred in that income year or in an earlier income year; or

if the certificate is to be issued under subsection 378-25(5) (ongoing development certificate) to the company for an income year in relation to one or more digital games—the total of the company’s qualifying Australian development expenditure on the games incurred in the income year on the *ongoing development of the games in the income year.

remuneration provided to persons (including independent contractors but excluding persons of a kind referred to in subsection (5)) who perform work or services directly for the company that are attributable to the development of the game, including the following:

project managers and artistic, creative and design directors;

game designers;

software developers and programmers;

engineers (including for audio, graphics, physics and software);

user experience designers and testers;

behaviour analysts;

quality assurance testers;

writers;

artists, animators and performers (for music, voice and motion capture);

songwriters, composers, musicians and sound designers;

persons performing roles that are broadly similar to those described in subparagraphs (i) to (x);

expenditure on research for the game;

expenditure on prototyping for the game;

expenditure on underlying game infrastructure (for example, game engines and anti-cheating controls);

expenditure on user testing, debugging and collecting user data for the game;

expenditure on updating the game;

(g) expenditure on obtaining or maintaining a classification under the Classification (Publications, Films and Computer Games) Act 1995;

expenditure on adapting the game for use on particular platforms.

the company’s general business overheads including, for example:

expenditure incurred in relation to insurance, audit services, accounting services, human resources, recruitment services and legal services; and

expenditure on travel, accommodation, catering, entertaining or hospitality; and

expenditure on visas or work permits; and

expenditure incurred by way of, or in relation to, the financing of the game or company;

expenditure on, or in connection with, the following persons:

employees and independent contractors whose roles are not related to, or are incidental and not directly attributable to, the development of the game (including for example, administrative employees, social media managers, sales and marketing professionals, community managers and forum administrators and moderators);

employees and independent contractors who were not Australian residents at the time the expenditure was incurred;

expenditure on the use of land or premises;

expenditure on computer hardware or servers, or the rights to access computer hardware or servers;

expenditure on acquiring or licensing software;

expenditure on marketing, advertising, publicity or promotion for the game or company;

expenditure on activities that are incidental to, but not directly attributable to, the development of the game (including, for example, expenditure on externally provided training, conferences, hiring equipment, release events and trade show demonstrations);

expenditure incurred to acquire copyright or a trade mark, or a licence in relation to copyright or a trade mark (other than in relation to acquiring a licence for employees or contractors);

expenditure on obtaining permission to use the image, likeness or name of a person or entity, or obtaining an endorsement by a person or entity;

expenditure on distributing the game;

expenditure on acquiring users for the game;

any expenditure claimed for the purposes of another *tax offset, including for the purposes of section 355-100 (tax offsets for R&D);

expenditure that gives rise to notional deductions for the purposes of section 355-205 (deductions for R&D expenditure);

expenditure funded directly or indirectly by:

a Commonwealth grant or subsidy to which Australian businesses are generally eligible; or

a State or Territory grant or subsidy to which Australian business in that State or Territory are generally eligible.

(a) expenditure on contracting another entity (the first contractor) to perform work or services for the company where the first contractor contracts for another entity (the second contractor) to perform the work or services and either:

the second contractor is not a natural person (including an independent contractor); or

the second contractor contracts for another entity to perform the work or services;

expenditure incurred in relation to an entity that is an *associate of the company, other than an associate of a kind referred to in subsection (5);

expenditure incurred in connection with a transaction in which the company and another party to the transaction did not deal with each other at *arm’s length.

(a) is an *associate of the company because of subparagraph 318(2)(d)(i) or (ii) of the Income Tax Assessment Act 1936; and

performs work or services directly for the company that are attributable to the development of the *digital game in an income year;

satisfies subsection (2); and

is incurred for, or is reasonably attributable to, goods and services provided or acquired in Australia.

if the item of expenditure is substantially attributable to developing the game—satisfies this subsection in full; and

if the item of expenditure is not substantially attributable to developing the game—satisfies this subsection to the extent that the expenditure is attributable to developing the game.

the day on which the game is *completed;

the day on which the company applies for the certificate;

the day on which the game has been available to the general public for the purposes of conducting testing for one year.

the day on which the game is *ported;

the day on which the company applies for the certificate.

expenditure incurred by the outgoing company in relation to *completing or *porting the game is taken to have been incurred by the incoming company; and

for the purposes of determining the extent to which that expenditure is *qualifying Australian development expenditure of the incoming company, the incoming company is taken:

to have been an Australian resident at any time when the outgoing company was an Australian resident; and

to have been a foreign resident at any time when the outgoing company was a foreign resident; and

to have had a *permanent establishment in Australia at any time when the outgoing company had a permanent establishment in Australia; and

to have had an *ABN at any time when the outgoing company had an ABN; and

expenditure that the incoming company incurs in order to be able to take over the development of the game is to be disregarded for the purposes of this Division; and

any activities carried out by the outgoing company in relation to the game are taken, for the purposes of paragraph 378-25(1)(e) and subparagraphs 378-25(3)(e)(ii) and (5)(e)(ii), to have been carried out by the incoming company in relation to the game.

expenditure incurred by the outgoing company in relation to *completing or *porting the *digital game includes expenditure that the outgoing company is itself taken to have incurred on the digital game because of the operation of subsection (1) or a previous operation of that subsection; and

the outgoing company is taken:

to have been an Australian resident at any time when the outgoing company is taken to have been an Australian resident because of the operation of subsection (1) or a previous operation of that subsection; and

to have been a foreign resident at any time when the outgoing company was a foreign resident because of the operation of subsection (1) or a previous operation of that subsection; and

to have had a *permanent establishment in Australia at any time when the outgoing company is taken to have had a permanent establishment in Australia because of the operation of subsection (1) or a previous operation of that subsection; and

to have had an *ABN at any time when the outgoing company is taken to have had an ABN because of the operation of subsection (1) or a previous operation of that subsection; and

activities carried out by the outgoing company in relation to the digital game include activities that the outgoing company is taken to have carried out in relation to the digital game because of the operation of subsection (1) or a previous operation of that subsection.

if all the company’s *qualifying Australian development expenditure on a *digital game has been incurred in *completing the game—apply to the *Arts Minister for the issue of a certificate under subsection 378-25(1) (completion certificate) in relation to the game; or

if all the company’s qualifying Australian development expenditure on a digital game has been incurred in *porting the game—apply to the Arts Minister for the issue of a certificate under subsection 378-25(3) (porting certificate) in relation to the game; or

if all the company’s qualifying Australian development expenditure on a digital game or games has been incurred in an income year on the *ongoing development of the games in the income year—apply to the Arts Minister for the issue of a certificate under subsection 378-25(5) (ongoing development certificate) in relation to the games for the income year.

specify which certificate is sought; and

specify the company’s *ABN; and

specify whether the company is an Australian resident or a foreign resident with a *permanent establishment in Australia; and

contain sufficient detail to enable the *Arts Minister to determine whether an item of expenditure incurred by the company is *qualifying Australian development expenditure on the game or on the games in the income year; and

be made in accordance with the rules made under section 378-100 by the Arts Minister, so far as they relate to the requirements for applications.

an application is made under subsection 378-55(1) for the issue of a certificate; and

the *Arts Minister decides under section 378-25 not to issue the certificate;

be in writing; and

specify the company’s *ABN; and

specify the date of issue of the certificate; and

specify the total of the company’s *qualifying Australian development expenditure on the relevant *digital game or games, as determined by the *Arts Minister under section 378-30; and

if the certificate is issued under subsection 378-25(1) (completion certificate) or (3) (porting certificate)—specify:

the name of the digital game to which the certificate relates; and

the income year in which the digital game was *completed or *ported (as applicable); and

if the certificate is issued under subsection 378-25(5) (ongoing development certificate)—specify:

the name of the digital game, or digital games, to which the certificate relates; and

the income year for which the digital games tax offset is being sought.

the company’s name; and

the company’s address; and

the amount specified under paragraph (1)(d) in the certificate; and

other matters agreed to between the Arts Minister and the Commissioner.

the issue of the certificate was based on inaccurate information; or

the certificate was obtained by fraud or serious misrepresentation; or

if the certificate is issued under subsection 378-25(1) (completion certificate) to a company for an income year in relation to a *digital game—the total of the company’s *qualifying Australian development expenditure on the game incurred in *completing the game is less than $500,000; or

if the certificate is issued under subsection 378-25(3) (porting certificate) to a company for an income year in relation to a digital game—the total of the company’s qualifying Australian development expenditure on the game incurred in *porting the game is less than $500,000; or

if the certificate is issued under subsection 378-25(5) (ongoing development certificate) to a company for an income year in relation to one or more digital games—the total of the company’s qualifying Australian development expenditure on the games incurred in the income year on the *ongoing development of the games in the income year is less than $500,000.

the company to whom the certificate was issued, including reasons for the decision to revoke the certificate; and

the Commissioner.

the operation of this section or section 378-85; or

a review by a court or the *AAT of the decision to revoke the certificate.

the company to whom the certificate is issued requests, in writing, an amendment to the certificate; or

the Arts Minister decides to amend the certificate on the Arts Minister’s own initiative.

must have regard to the matters prescribed by the regulations; and

may have regard to any other matter that the Arts Minister considers relevant.

the company to whom the certificate was issued; and

(b) the Commissioner.

after the Commissioner gave notice of the assessment to the company, a certificate issued under section 378-25 of this Act to the company is either:

amended under section 378-75 of this Act; or

revoked under section 378-70 of this Act; and

the amendment of the assessment is made at any time during the period of 4 years starting immediately after the amendment or revocation of the certificate.

a notice given under section 378-60 (refusal to issue a certificate); and

a notice of a determination given under section 378-30 (determination of qualifying Australian development expenditure); and

a notice given under section 378-70 (revocation of a certificate); and

a notice given under section 378-75 (amendment or refusal to amend a certificate).

setting out the findings on material questions of fact; and

referring to the evidence or other material on which those findings were based; and

giving the reasons for the decision or determination;

a decision made by the *Arts Minister under section 378-25 to refuse an application for a certificate; or

a determination made by the Arts Minister under section 378-30 (total of a company’s *qualifying Australian development expenditure); or

a decision made by the Arts Minister under section 378-70 to revoke a certificate; or

a decision made by the Arts Minister under section 378-75 to amend or refuse to amend a certificate.

a copy of each *digital game named in the certificate; and

a copy of any materials provided to the general public in connection with each of those games.

specifying how applications for certificates in relation to the digital games tax offset are to be made, including:

the form in which applications are to be made; and

the information to be provided in applications; and

methods for verifying such information; and

procedures for providing, at the Arts Minister’s request, additional information in support of an application; and

specifying the form and contents of certificates in relation to the digital games tax offset; and

specifying how amendments of certificates in relation to the digital games tax offset are to be made, including:

the form in which the request for an amendment may be made; and

circumstances in which an amendment may be requested, or made on the Arts Minister’s own initiative; and

the information to be provided in a request for an amendment; and

methods for verifying such information; and

procedures for providing, at the Arts Minister’s request, additional information in support of a request for an amendment; and

providing for provisional certificates (including in relation to a matter referred to in paragraph (a), (b) or (c)).

establishing a Digital Games Tax Offset Advisory Board to:

consider applications under subsection 378-55(1) for certificates under section 378-25; and

advise the Arts Minister on whether to issue certificates under section 378-25; and

perform other functions in relation to the operation of this Division (including the operation of rules made under section 378-100) as are specified in rules made under this section; and

specifying the membership of the Board and the terms and conditions of appointment to the Board; and

specifying procedures to be followed by the Board in performing its functions.

the *Arts Secretary; or

an SES employee, or acting SES employee, in the Department administered by the Arts Minister.

the effectiveness of this Division in supporting the growth of the digital games industry in Australia; and

the fiscal sustainability of the concessional tax treatment provided by this Division.

in relation to a *film, has the meaning given by subsection 376-55(2); and

in relation to a *digital game, has the meaning given by subsection 378-25(2).

in relation to a *film, means expenditure to the extent to which it is incurred in meeting the development costs for the film and includes expenditure to the extent to which it is incurred on any of the following:

location surveys and other activities undertaken to assess locations for possible use in the film;

storyboarding for the film;

scriptwriting for the film;

research for the film;

casting actors for the film;

developing a budget for the film;

developing a shooting schedule for the film; and

in relation to a *digital game, has the meaning given by section 378-35.

either:

are not denominated in any country’s currency; or

(ii) are denominated in a currency that is not issued by, or under the authority of, an *Australian government agency or a foreign government agency (within the meaning of the Income Tax Assessment Act 1997); and

one or more digital units of value to which paragraphs (a) to (f) apply; or

*money.

Australian currency; or

(b) currency that consists of digital units of value to which paragraphs (a) to (f) of the definition of digital currency in section 195-1 of the Act apply.

foreign exchange values, foreign currency values, Australian currency values, foreign currency index values or Australian currency index values; or

Australian currency; or

*digital currency; or

anything prescribed by the regulations for the purposes of this paragraph.

an income year that includes 1 July 2021; and

later income years.

a determination under subsection (2) is in force at that time; and

the determination specifies the year of tax; and

the statutory evidentiary document is in a class of statutory evidentiary documents specified in the determination for the year of tax; and

the person is in a class of persons specified in the determination for that class of statutory evidentiary documents for the year of tax; and

the person keeps and retains, at that time, alternative documents or records of a kind specified in the determination for that class of persons for that class of statutory evidentiary documents for the year of tax.

one or more years of tax;

one or more classes of statutory evidentiary documents for a specified year of tax;

one or more classes of persons for a specified class of statutory evidentiary documents for a specified year of tax;

one or more kinds of alternative documents or records for a specified class of persons for a specified class of statutory evidentiary documents for a specified year of tax.

you are a small business entity, or an entity covered by subsection (4), for the income year in which you incur the expenditure; and

you incur the expenditure in the period:

starting at 7.30 pm, by legal time in the Australian Capital Territory, on 29 March 2022; and

ending at the end of the 2022-23 income year; and

you can deduct 100% of the expenditure under another provision of a taxation law (whether or not in, or wholly in, the income year in which the expenditure is incurred); and

section 328-450 applies to the expenditure.

you are a small business entity, or an entity covered by subsection (4), for the income year in which you incur the expenditure; and

you incur the expenditure in the period:

starting at 7.30 pm, by legal time in the Australian Capital Territory, on 29 March 2022; and

ending at the end of your 2023-24 income year; and

you can deduct 100% of the expenditure under another provision of a taxation law (whether or not in, or wholly in, the income year in which the expenditure is incurred); and

section 328-450 applies to the expenditure.

the current year is after:

if your 2022-23 income year starts on or after 1 July 2022—your 2022-23 income year; or

if your 2022-23 income year starts before 1 July 2022—your 2023-24 income year; and

you are a small business entity, or an entity covered by subsection (4), for the current year; and

you incur the expenditure in the current year and before the end of 30 June 2024; and

you can deduct 100% of the expenditure under another provision of a taxation law (whether or not in, or wholly in, the income year in which the expenditure is incurred); and

section 328-450 applies to the expenditure.

the entity is not a small business entity for the income year; and

the entity would be a small business entity for the income year if:

(i) each reference in Subdivision 328-C (about what is a small business entity) of the Income Tax Assessment Act 1997 to $10 million were instead a reference to $50 million; and

the reference in paragraph 328-110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection.

you incur the expenditure for the provision of:

in-person training for one or more of your employees located in Australia; or

online training for one or more of your employees; and

at each time you incur any of the expenditure for any of the training provided by a particular provider:

the provider is a registered body of a kind listed in subsection (2); and

if the provider is a registered body of a kind listed in paragraph (2)(b), (c) or (d)—the training is within the provider’s scope of registration for that kind of registered body; and

none of the providers of the training is you or an associate of you; and

each enrolment, or arrangement, for the provision of the training is made or entered into at or after 7.30 pm, by legal time in the Australian Capital Territory, on 29 March 2022; and

the expenditure is charged, directly or indirectly, to you by the providers of the training.

(a) a registered higher education provider (within the meaning of the Tertiary Education Quality and Standards Agency Act 2011);

(b) a NVR registered training organisation (within the meaning of the National Vocational Education and Training Regulator Act 2011);

(c) a registered education and training organisation (within the meaning of the Education and Training Reform Act 2006 (Vic.));

(d) a registered training provider (within the meaning of the Vocational Education and Training Act 1996 (WA)).

the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328-460(1) applies; and

the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328-460(2) applies.

the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328-460(1) applies; and

the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328-460(2) applies.

you are a small business entity, or an entity covered by subsection (3), for the income year in which you incur the expenditure; and

you incur the expenditure in the period starting at 7.30 pm, by legal time in the Australian Capital Territory, on 29 March 2022 and ending at the end of:

if your 2022-23 income year starts on or after 1 July 2022—your 2021-22 income year; or

if your 2022-23 income year starts before 1 July 2022—your 2022-23 income year; and

you can deduct the amount of the expenditure under a provision of a taxation law (other than section 328-455 of this Act) whether or not in, or wholly in, the income year in which the expenditure was incurred; and

(d) you incur the expenditure wholly or substantially for the purposes of your digital operations or digitising your operations; and

the expenditure is not of a kind excluded by subsection (5); and

(f) if the expenditure is on a depreciating asset—the only balancing adjustment events that occur for the asset at a time during the period referred to in paragraph (b) when you hold the asset occur because you stop holding the asset because of an event or circumstance referred to in subsection 40-365(2) (about involuntary disposals) of the Income Tax Assessment Act 1997; and

if:

the expenditure is on a depreciating asset; and

the asset is not in-house software allocated to a software development pool for the income year in which you incur the expenditure;

you are a small business entity, or an entity covered by subsection (3), for the income year in which you incur the expenditure; and

you incur the expenditure in the period starting at the start of:

if your 2022-23 income year starts on or after 1 July 2022—your 2022-23 income year; or

if your 2022-23 income year starts before 1 July 2022—your 2023-24 income year; and

you can deduct the amount of the expenditure under a provision of a taxation law (other than section 328-455 of this Act) whether or not in, or wholly in, the income year in which the expenditure was incurred; and

you incur the expenditure wholly or substantially for the purposes of your digital operations or digitising your operations; and

the expenditure is not of a kind excluded by subsection (5); and

(f) if the expenditure is on a depreciating asset—the only balancing adjustment events that occur for the asset at a time during the period referred to in paragraph (b) when you hold the asset occur because you stop holding the asset because of an event or circumstance referred to in subsection 40-365(2) (about involuntary disposals) of the Income Tax Assessment Act 1997; and

if:

the expenditure is on a depreciating asset; and

the asset is not in-house software allocated to a software development pool for the income year in which you incur the expenditure;

the entity is not a small business entity for the income year; and

the entity would be a small business entity for the income year if:

(i) each reference in Subdivision 328-C of the Income Tax Assessment Act 1997 (about what is a small business entity) to $10 million were instead a reference to $50 million; and

the reference in paragraph 328-110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection.

you will continue to hold the asset throughout its effective life; and

throughout that effective life, you will use the asset for a taxable purpose to the same extent as you use it, or have it installed ready for use, for a taxable purpose in the income year in which you start to use it, or have it installed ready for use, for a taxable purpose.

salary or wage costs;

(b) capital works costs for which you can deduct an amount under Income Tax Assessment Act 1997;Division 43 of the

financing costs, including interest, payments in the nature of interest and expenses of borrowing;

training or education costs;

expenditure that you incur that forms part of, or is included in, the cost of your trading stock.

for a registrable superannuation entity—the meaning given by section 323DAAA;

(a) when used in a provision outside Chapter 2M or an associated definition—has the same meaning as in the Superannuation Industry (Supervision) Act 1993; and

(b) when used in Chapter 2M or an associated definition—means a registrable superannuation entity (within the meaning of the Superannuation Industry (Supervision) Act 1993), but does not include the following:

(i) an exempt public sector superannuation scheme (within the meaning of the Superannuation Industry (Supervision) Act 1993);

(ii) an excluded approved deposit fund (within the meaning of the Superannuation Industry (Supervision) Act 1993);

a small APRA fund (within the meaning of section 1017BB).

(a) the definition of audit company;

(b) the definition of audit-critical employee;

(c) the definition of audited body;

(d) the definition of audit firm;

(e) the definition of consolidated entity;

(f) the definition of director;

(g) the definition of financial year;

(h) the definition of individual auditor;

(i) the definition of officer of a registrable superannuation entity;

(j) the definition of play a significant role;

(k) the definition of RSE remuneration report.

the prescribed details in relation to the remuneration of each member of the key management personnel for the registrable superannuation entity; and

such other matters (if any) relating to such remuneration as are prescribed by the regulations.

provide that the value of an element of remuneration is to be determined, for the purposes of this section, in a particular way or by reference to a particular standard; and

provide that details to be given of an element of remuneration must relate to the remuneration provided in:

the financial year to which the directors’ report relates; and

the earlier financial years specified in the regulations.

details of the amounts paid or payable to the auditor for non-audit services provided, during the year, by the auditor (or by another person or firm on the auditor’s behalf);

a statement whether the directors are satisfied that the provision of non-audit services, during the year, by the auditor (or by another person or firm on the auditor’s behalf) is compatible with the general standard of independence for auditors imposed by this Act;

a statement of the directors’ reasons for being satisfied that the provision of those non-audit services, during the year, by the auditor (or by another person or firm on the auditor’s behalf) did not compromise the auditor independence requirements of this Act.

the name of the auditor; and

the dollar amount that:

the registrable superannuation entity; or

the RSE licensee for the registrable superannuation entity;

the statement is consistent with that advice and does not contain any material omission of material included in that advice; and

the advice is endorsed by a resolution passed by the members of the audit committee; and

the advice is written advice signed by a member of the audit committee on behalf of the audit committee and given to the directors.

a registrable superannuation entity; and

a financial year;

an auditor’s report obtained by the entity under subsection (1);

an auditor’s report provided in relation to the entity under a provision of the RSE licensee law.

has a right of access at all reasonable times to the books of a registrable superannuation entity; and

may, by written notice, require an officer of a registrable superannuation entity to:

give the auditor information, explanations or other assistance for the purposes of the audit or review; and

do so within 14 days after the notice is given.

the auditor suspects on reasonable grounds that there are circumstances that amount to a contravention of this Act; and

the auditor does not notify ASIC in writing of those circumstances as soon as practicable, and in any case within 28 days, after the auditor forms that suspicion.

the lead auditor for the audit suspects on reasonable grounds that there are circumstances that amount to a contravention of this Act; and

the lead auditor does not notify ASIC in writing of those circumstances as soon as practicable, and in any case within 28 days, after the lead auditor forms that suspicion.

an audit firm is conducting an audit of a registrable superannuation entity; and

the defendant is a member of the firm; and

the lead auditor for the audit suspects on reasonable grounds that there are circumstances that amount to a contravention of this Act; and

the lead auditor does not notify ASIC in writing of those circumstances as soon as practicable, and in any case within 28 days, after the lead auditor forms that suspicion.

does not know at that time of the circumstances that constitute the contravention of subsection (2D); or

does know of those circumstances at that time but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances.

the person is the lead auditor for an audit of a registrable superannuation entity; and

the person suspects on reasonable grounds that there are circumstances that amount to a contravention of this Act; and

the person does not notify ASIC in writing of those circumstances as soon as practicable, and in any case within 28 days, after the person forms that suspicion.

allow the auditor access to the books of the entity; and

give the auditor any information, explanation or assistance required under subsection 310(2).

the financial report for the year;

the directors’ report for the year (see sections 298, 299 and 300C);

the auditor’s report on the financial report.

a financial report or directors’ report for a financial year relates to a registrable superannuation entity; and

the report is amended after it is lodged with ASIC;

lodge the amended report with ASIC; and

make both of the following publicly available on the entity’s website on and after the day on which the amended report is lodged with ASIC under paragraph (c):

a copy of the amended report;

a description of the nature of the amendment.

an individual;

a firm;

a company.

the individual:

consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or

acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or

prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and

the person:

(i) does not meet the eligibility criteria for auditors of registrable superannuation entities (within the meaning of the Superannuation Industry (Supervision) Act 1993) set out in the prudential standards (within the meaning of that Act); or

(ii) has been disqualified from being, or acting as, an auditor of a registrable superannuation entity (within the meaning of the Superannuation Industry (Supervision) Act 1993) under section 130D of that Act; or

(iii) is a member or employee of a firm that is disqualified under Superannuation Industry (Supervision) Act 1993; orsection 130EA of the

(iv) is a director or employee of a company that is disqualified under Superannuation Industry (Supervision) Act 1993.section 130EA of the

the company:

consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or

acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or

prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and

(b) the company is disqualified under Superannuation Industry (Supervision) Act 1993.section 130EA of the

the firm:

consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or

acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or

prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and

(b) the firm is disqualified under Superannuation Industry (Supervision) Act 1993.section 130EA of the

the company:

consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or

acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or

prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and

the lead auditor for an audit of a registrable superannuation entity conducted by the company:

(i) does not meet the eligibility criteria for auditors of registrable superannuation entities (within the meaning of the Superannuation Industry (Supervision) Act 1993) set out in the prudential standards (within the meaning of that Act); or

(ii) has been disqualified from being, or acting as, an auditor of a registrable superannuation entity (within the meaning of the Superannuation Industry (Supervision) Act 1993) under section 130D of that Act.

the firm:

consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or

acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or

prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and

the lead auditor for an audit of a registrable superannuation entity conducted by the firm:

(i) does not meet the eligibility criteria for auditors of registrable superannuation entities (within the meaning of the Superannuation Industry (Supervision) Act 1993) set out in the prudential standards (within the meaning of that Act); or

(ii) has been disqualified from being, or acting as, an auditor of a registrable superannuation entity (within the meaning of the Superannuation Industry (Supervision) Act 1993) under section 130D of that Act.

the audited body is a registrable superannuation entity; and

(b) the services are required or permitted to be provided under the prudential standards (within the meaning of the Superannuation Industry (Supervision) Act 1993).

the audited body is a registrable superannuation entity; and

(b) the services are required or permitted to be provided under the prudential standards (within the meaning of the Superannuation Industry (Supervision) Act 1993).

the audited body is a registrable superannuation entity; and

(b) the services are required or permitted to be provided under the prudential standards (within the meaning of the Superannuation Industry (Supervision) Act 1993).

references to the audited body in items 1 to 9, and items 15 to 19, in the table were references to the RSE licensee for the registrable superannuation entity; and

references to an interest in the audited body in items 10 to 12 in the table were references to an interest in either:

the registrable superannuation entity; or

the RSE licensee for the registrable superannuation entity; and

references to an investment in an entity that has a controlling interest in the audited body in items 13 and 14 in the table were references to an investment in an entity that has a controlling interest in the RSE licensee for the registrable superannuation entity.

the person is an officer of:

a related body corporate of the RSE licensee for the registrable superannuation entity; or

an entity that the RSE licensee for the registrable superannuation entity controls; or

the person has, at any time within the immediately preceding period of 12 months, been an officer or promoter of:

a related body corporate of the RSE licensee for the registrable superannuation entity; or

an entity that the RSE licensee for the registrable superannuation entity controlled at that time.

if the approval was granted by the directors of a registrable superannuation entity—give a copy of the resolution to APRA; and

(a) a registrable superannuation entity was registered under Superannuation Industry (Supervision) Act 1993 immediately before the commencement of this section; andsection 29M of the

immediately before the commencement of this section, an individual held an appointment as an auditor of the entity for the purposes of the RSE licensee law;

the RSE licensee is taken to have appointed the individual as an auditor of the entity for the purposes of this Chapter; and

that appointment takes effect at the commencement of this section.

dies; or

is removed, or resigns, from office in accordance with section 331AK; or

ceases to be capable of acting as an auditor because of Division 2, 2A or 5 of this Part; or

ceases to be auditor under subsection (2), (3), (4) or (5).

(a) on a particular day (the start day), the individual auditor:

informs ASIC of a conflict of interest situation in relation to the entity under subsection 324CA(1A); or

informs ASIC of particular circumstances in relation to the entity under subsection 324CE(1A); and

(b) the individual auditor does not give ASIC a notice, before the notification day (see subsection (6)), that that conflict of interest situation has, or those circumstances have, ceased to exist before the end of the period (the remedial period) of 21 days, or such longer period as ASIC approves in writing, from the start day.

(a) on a particular day (the start day), ASIC is:

informed of a conflict of interest situation in relation to the entity under subsection 324CB(1A); or

informed of particular circumstances in relation to the entity under subsection 324CF(1A); and

(b) ASIC has not been given a notice on behalf of the audit firm, before the notification day (see subsection (6)), that that conflict of interest situation has, or those circumstances have, ceased to exist before the end of the period (the remedial period) of 21 days, or such longer period as ASIC approves in writing, from the start day.

(a) on a particular day (the start day), ASIC is:

informed of a conflict of interest situation in relation to the entity under subsection 324CB(1A) or 324CC(1A); or

informed of particular circumstances in relation to the entity under subsection 324CF(1A) or 324CG(1A) or (5A); and

(b) ASIC has not been given a notice on behalf of the audit company, before the notification day (see subsection (6)), that that conflict of interest situation has, or those circumstances have, ceased to exist before the end of the period (the remedial period) of 21 days, or such longer period as ASIC approves in writing, from the start day.

the last day of the remedial period; or

such later day as ASIC approves in writing (whether before or after the remedial period ends).

is taken to have been appointed as an auditor of the entity under subsection 324AB(1) or 324AC(4); and

is an auditor of the entity immediately before that time;

the RSE licensee for the entity does not appoint an auditor when required by this Act to do so; and

a member of the entity applies to ASIC in writing for the appointment of an auditor under this section.

notify APRA of the appointment; and

do so as soon as practicable after making the appointment.

the auditor:

has, by notice in writing given to ASIC, applied for consent to the resignation and stated the reasons for the application; and

has, at or about the same time as giving the notice to ASIC, given the registrable superannuation entity notice in writing of the application to ASIC; and

ASIC has given its consent.

is not admissible in evidence in any civil or criminal proceedings against the auditor; and

must not be made the ground of a prosecution, action or suit against the auditor.

on the day (if any) specified for the purpose in the notice of resignation; or

on the day on which ASIC gives its consent to the resignation; or

on the day (if any) fixed by ASIC for the purpose;

the removal from office of an auditor of a registrable superannuation entity; or

the receipt of a notice of resignation from an auditor of a registrable superannuation entity;

notify APRA of the consent; and

do so as soon as practicable after giving the consent.

registrable superannuation entities;

notify APRA of the declaration; and

do so as soon as practicable after making the declaration.

the company; or

the responsible entity for the registered scheme; or

the registrable superannuation entity;

if the RSE licensee for the entity is a constitutional corporation or a body corporate—a director of the constitutional corporation or body corporate; or

if the RSE licensee for the entity is a group of individual trustees—each of those trustees.

if the RSE licensee for the entity is a constitutional corporation or a body corporate—an officer of the constitutional corporation or body corporate; or

if the RSE licensee for the entity is a group of individual trustees:

each of those trustees; or

a person who makes, or participates in making, decisions that affect the whole, or a substantial part, of the business of the entity; or

a person who has the capacity to affect significantly the entity’s financial standing.

a copy of the financial report of the entity for a specified financial year; and

a copy of the directors’ report of the entity for a specified financial year; and

a copy of the auditor’s report on that financial report.

a financial report for a financial year; or

a directors’ report for a financial year; or

an audit of a financial report for a financial year;

an individual RSE auditor; or

an RSE audit firm; or

an RSE audit company.

any individual, company or firm that is the RSE auditor of the registrable superannuation entity;

any individual, company or firm that has been an RSE auditor of the registrable superannuation entity for the year of income of the entity;

include in the notice links to each of the following reports that are publicly available on the registrable superannuation entity’s website:

the financial report for the year of income of the entity;

the directors’ report for the year of income of the entity;

the auditor’s report on the financial report for the year of income of the entity; and

(a) a person (the relevant person) has been an individual RSE auditor of a registrable superannuation entity for a year of income of the entity; and

the relevant person is given notice of an annual members’ meeting for the entity for the year in accordance with subsections 29P(2) and (3);

if the relevant person is a practising auditor—the relevant person must attend the meeting; and

if:

the relevant person is not a practising auditor; and

another person is the individual RSE auditor of the entity;

if:

the relevant person is not a practising auditor; and

a firm or company is the RSE auditor of the entity; and

the firm or company is conducting an audit of the entity;

a firm or company has been an RSE auditor of a registrable superannuation entity for a year of income of the entity; and

the firm or company is given notice of an annual members’ meeting for the entity for the year in accordance with subsections 29P(2) and (3); and

(c) a person (the relevant lead auditor) was the lead auditor of the audit of the entity that was conducted by the firm or company for the year;

if:

the firm or company conducts audits; and

the relevant lead auditor is a member or employee of the firm or a director or employee of the company;

if:

the firm or company conducts audits; and

paragraph (d) does not apply; and

(iii) a person (the relevant audit team member) was a member of the audit team that was involved in the audit of the entity that was conducted by the firm or company for the year; and

the relevant audit team member is a member or employee of the firm or a director or employee of the company; and

the relevant audit team member is not the lead auditor of the audit of the entity;

if:

the firm or company does not conduct audits; and

another person is the individual RSE auditor of the entity;

if:

the firm or company does not conduct audits; and

another firm or company is the RSE auditor of the entity; and

the other firm or company is conducting an audit of the entity;

2 or more persons are required by paragraph (3A)(e) to attend a meeting; and

one of those persons attends the meeting;

a person is required by subsection 29P(3) or (3A) to attend an annual members’ meeting for a registrable superannuation entity for a year of income of the entity; and

a member of the entity asks the person a question at the meeting.

an individual;

a firm;

a company.

is not a director or employee of a company that is disqualified under section 130EA.

the lead auditor for an audit of the entity that is conducted, or to be conducted, by the firm or company:

meets the eligibility criteria for auditors of registrable superannuation entities set out in the prudential standards; and

has not been disqualified from being or acting as an auditor of a registrable superannuation entity under section 130D; and

the firm or company has not been disqualified from being or acting as an auditor of a registrable superannuation entity under section 130EA.

is a director or employee of a company that is disqualified under section 130EA.

the lead auditor for an audit of the entity that is conducted, or to be conducted, by the firm or company:

no longer meets the eligibility criteria for auditors of registrable superannuation entities set out in the prudential standards; or

has been disqualified from being or acting as an auditor of a registrable superannuation entity under section 130D; or

the firm or company has been disqualified from being or acting as an auditor of a registrable superannuation entity under section 130EA.

(a) the registrable superannuation entity is a registrable superannuation entity within the meaning of Chapter 2M of the Corporations Act 2001; and

an individual, firm or company ceases to be the auditor of the entity for the purposes of that Chapter;

the person is an individual; and

the lead auditor for the audit forms the opinion that it is likely that a contravention of any of the following may have occurred, may be occurring, or may occur, in relation to the entity:

this Act, the regulations or the prudential standards;

(ii) the Financial Sector (Collection of Data) Act 2001;

(iii) a provision of the Corporations Act 2001 listed in a subparagraph of paragraph (b) of the definition of regulatory provision in section 38A of this Act or specified in regulations made for the purposes of subparagraph (b)(xvi) of that definition, as it applies in relation to superannuation interests; and

(b) the lead auditor formed the opinion in the course of, or in connection with, the performance by the RSE audit company of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and

the lead auditor does not, immediately after the lead auditor forms the opinion:

tell a trustee of the entity about the matter in writing; and

if the contravention about which the lead auditor has formed the opinion is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing.

the lead auditor for the audit forms the opinion that it is likely that a contravention of any of the following may have occurred, may be occurring, or may occur, in relation to the entity:

this Act, the regulations or the prudential standards;

(ii) the Financial Sector (Collection of Data) Act 2001;

(iii) a provision of the Corporations Act 2001 listed in a subparagraph of paragraph (b) of the definition of regulatory provision in section 38A of this Act or specified in regulations made for the purposes of subparagraph (b)(xvi) of that definition, as it applies in relation to superannuation interests; and

(b) the lead auditor formed the opinion in the course of, or in connection with, the performance by the RSE audit firm of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and

the lead auditor does not, immediately after the lead auditor forms the opinion:

tell a trustee of the entity about the matter in writing; and

if the contravention about which the lead auditor has formed the opinion is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing.

does not know at that time of the circumstances that constitute the contravention of subsection (2); or

does know of those circumstances at that time but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances.

the person is the lead auditor for an audit of a registrable superannuation entity; and

the person forms the opinion that it is likely that a contravention of any of the following may have occurred, may be occurring, or may occur, in relation to the entity:

this Act, the regulations or the prudential standards;

(ii) the Financial Sector (Collection of Data) Act 2001;

(iii) a provision of the Corporations Act 2001 listed in a subparagraph of paragraph (b) of the definition of regulatory provision in section 38A of this Act or specified in regulations made for the purposes of subparagraph (b)(xvi) of that definition, as it applies in relation to superannuation interests; and

(c) the person formed the opinion in the course of, or in connection with, the performance by an RSE audit firm or RSE audit company of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and

the person does not, immediately after the person forms the opinion:

tell a trustee of the entity about the matter in writing; and

if the contravention about which the person has formed the opinion is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing.

the person is an individual; and

the lead auditor for the audit forms the opinion that the financial position of the entity may be, or may be about to become, unsatisfactory; and

(b) the lead auditor formed the opinion in the course of, or in connection with, the performance by the RSE audit company of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and

the lead auditor does not, immediately after the lead auditor forms the opinion, tell the Regulator, and a trustee of the entity, about the matter in writing.

the lead auditor for the audit forms the opinion that the financial position of the entity may be, or may be about to become, unsatisfactory; and

(b) the lead auditor formed the opinion in the course of, or in connection with, the performance by the RSE audit firm of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and

the lead auditor does not, immediately after the lead auditor forms the opinion, tell the Regulator, and a trustee of the entity, about the matter in writing.

does not know at that time of the circumstances that constitute the contravention of subsection (2); or

does know of those circumstances at that time but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances.

the person is the lead auditor for an audit of a registrable superannuation entity; and

the person forms the opinion that the financial position of the entity may be, or may be about to become, unsatisfactory; and

(c) the person formed the opinion in the course of, or in connection with, the performance by an RSE audit firm or RSE audit company of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and

the person does not, immediately after the person forms the opinion, tell the Regulator, and a trustee of the entity, about the matter in writing.

give a copy of the notification to ASIC; and

do so as soon as practicable after receiving the notification.

an audit of a registrable superannuation entity conducted in fulfilment of a requirement imposed by a provision of the RSE licensee law; or

(b) an audit of a registrable superannuation entity conducted in fulfilment of a requirement imposed by a provision of Chapter 2M of the Corporations Act 2001; or

an audit of a self managed superannuation fund.

the lead auditor for the audit is aware of circumstances that amount to:

an attempt, in relation to an audit of the entity, by any person to unduly influence, coerce, manipulate or mislead the lead auditor or a member of the audit team conducting the audit; or

an attempt by any person to otherwise interfere with the proper conduct of the audit; and

the lead auditor does not notify the Regulator in writing of those circumstances as soon as practicable, and in any case within 28 days, after the lead auditor becomes aware of those circumstances.

the lead auditor for the audit is aware of circumstances that amount to:

an attempt, in relation to an audit of the entity, by any person to unduly influence, coerce, manipulate or mislead the lead auditor or a member of the audit team conducting the audit; or

an attempt by any person to otherwise interfere with the proper conduct of the audit; and

the lead auditor does not notify the Regulator in writing of those circumstances as soon as practicable, and in any case within 28 days, after the lead auditor becomes aware of those circumstances.

does not know at that time of the circumstances that constitute the contravention of subsection (2); or

does know of those circumstances at that time but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances.

the person is the lead auditor for an audit of a registrable superannuation entity; and

the person is aware of circumstances that amount to:

an attempt, in relation to an audit of the entity, by any person to unduly influence, coerce, manipulate or mislead the lead auditor or a member of the audit team conducting the audit; or

an attempt by any person to otherwise interfere with the proper conduct of the audit; and

the person does not notify the Regulator in writing of those circumstances as soon as practicable, and in any case within 28 days, after the person becomes aware of those circumstances.

give a copy of the notification to ASIC; and

do so as soon as practicable after receiving the notification.

an audit of a registrable superannuation entity conducted in fulfilment of a requirement imposed by a provision of the RSE licensee law; or

(b) an audit of a registrable superannuation entity conducted in fulfilment of a requirement imposed by a provision of Chapter 2M of the Corporations Act 2001.

the person is an individual; and

the entity is a defined benefit fund; and

the lead auditor for the audit forms the opinion that there has been a failure to implement an actuarial recommendation relating to contributions to the fund by the employer-sponsor that a trustee of the fund, or an employer-sponsor of the fund, was required to implement and that was contained in:

a report of an actuary obtained under the regulations or the prudential standards; or

a report of an actuary obtained in accordance with a requirement under the regulations or the prudential standards; or

a document in a class prescribed by regulations for the purposes of this subparagraph; and

(c) the lead auditor formed the opinion in the course of, or in connection with, the performance by the RSE audit company of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and

the lead auditor does not, immediately after the lead auditor forms the opinion:

tell a trustee of the entity about the matter in writing; and

if the contravention about which the lead auditor has formed the opinion is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing.

the entity is a defined benefit fund; and

the lead auditor for the audit forms the opinion that there has been a failure to implement an actuarial recommendation relating to contributions to the fund by the employer-sponsor that a trustee of the fund, or an employer-sponsor of the fund, was required to implement and that was contained in:

a report of an actuary obtained under the regulations or the prudential standards; or

a report of an actuary obtained in accordance with a requirement under the regulations or the prudential standards; or

a document in a class prescribed by regulations for the purposes of this subparagraph; and

(c) the lead auditor formed the opinion in the course of, or in connection with, the performance by the RSE audit firm of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and

the lead auditor does not, immediately after the lead auditor forms the opinion:

tell a trustee of the entity about the matter in writing; and

if the contravention about which the lead auditor has formed the opinion is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing.

does not know at that time of the circumstances that constitute the contravention of subsection (2); or

does know of those circumstances at that time but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances.

the person is the lead auditor for an audit of a registrable superannuation entity; and

the person forms the opinion that there has been a failure to implement an actuarial recommendation relating to contributions to the fund by the employer-sponsor that a trustee of the fund, or an employer-sponsor of the fund, was required to implement and that was contained in:

a report of an actuary obtained under the regulations or the prudential standards; or

a report of an actuary obtained in accordance with a requirement under the regulations or the prudential standards; or

a document in a class prescribed by regulations for the purposes of this subparagraph; and

(c) the person formed the opinion in the course of, or in connection with, the performance by an RSE audit firm or RSE audit company of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and

the person does not, immediately after the person forms the opinion:

tell a trustee of the entity about the matter in writing; and

if the contravention about which the person has formed the opinion is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing.

(ia) the duties of a lead auditor under this Act, the regulations, the prudential standards or Chapter 2M of the Corporations Act 2001; or

the person has been or acted as the lead auditor for an audit of a registrable superannuation entity, knowing that the person did not meet the relevant eligibility criteria set out in the prudential standards; or

disqualify a firm from being or acting as an auditor of a registrable superannuation entity; or

disqualify a company from being or acting as an auditor of a registrable superannuation entity;

as mentioned in subsection (2); and

that the disqualification is justified.

the firm or company has failed to put in place appropriate processes and systems to enable it to carry out or perform adequately and properly:

(i) its duties as an RSE audit firm or RSE audit company under this Act, the regulations or Chapter 2M of the Corporations Act 2001; or

any duties required by a law of the Commonwealth, a State or a Territory to be carried out or performed by an RSE audit firm or RSE audit company; or

(iii) any functions that an RSE audit firm or RSE audit company is entitled to perform in relation to this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001; or

the firm or company has failed to take reasonable steps to ensure that the lead auditor for an audit of a registrable superannuation entity conducted by the firm or company meets the relevant eligibility criteria set out in the prudential standards; or

the firm or company has failed to take reasonable steps to ensure that the lead auditor for an audit of a registrable superannuation entity conducted by the firm or company is a fit and proper person to be a lead auditor.

any matters specified in the regulations for the purposes of this paragraph; and

any other matters the Court considers relevant.

disqualifies a firm under this section; or

disqualifies a company under this section;

if the firm or company that is disqualified makes the application—by the person with ASIC; or

if ASIC makes the application—by ASIC with the firm or company that is disqualified.

if the person is a firm or company—the lead auditor for an audit of a registrable superannuation entity that is or was conducted by the person:

is disqualified under section 130D; or

did not meet the relevant eligibility criteria set out in the prudential standards; or

is not a fit and proper person to be a lead auditor; or

notify ASIC of the direction; and

do so as soon as practicable after giving the direction.

(ia) the duties of a lead auditor under this Act, the regulations, the prudential standards or Chapter 2M of the Corporations Act 2001; or

has been or acted as the lead auditor for an audit of a registrable superannuation entity, knowing that the person did not meet the relevant eligibility criteria set out in the prudential standards; or

the person is a firm; and

the firm is disqualified under section 130EA; and

the firm represents that a member or employee of the firm is eligible to be an RSE auditor.

the person is a company; and

the company is disqualified under section 130EA; and

the company represents that a director or employee of the company is eligible to be an RSE auditor.

the person is a member of a firm; and

the firm is, or acts as, an RSE auditor; and

the firm is disqualified under section 130EA; and

the person knows that the firm is so disqualified.

the person is, or acts as, an RSE auditor; and

the person is a company; and

the company is disqualified under section 130EA; and

the person knows that the company is so disqualified.

the person is a member of a firm; and

the firm is, or acts as, an RSE auditor; and

the firm is disqualified under section 130EA.

the person is, or acts as, an RSE auditor; and

the person is a company; and

the company is disqualified under section 130EA.

the person is, or acts as, an RSE auditor; and

the person is a member or employee of a firm; and

the firm is disqualified under section 130EA; and

the person knows that the firm is so disqualified.

the person is, or acts as, an RSE auditor; and

the person is a director or employee of a company; and

the company is disqualified under section 130EA; and

the person knows that the company is so disqualified.

the person is, or acts as, an RSE auditor; and

the person is a member or employee of a firm; and

the firm is disqualified under section 130EA.

the person is, or acts as, an RSE auditor; and

the person is a director or employee of a company; and

the company is disqualified under section 130EA.

does not know of the circumstances that constitute the contravention of the provision concerned; or

knows of those circumstances but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances.

a member of the firm; or

an employee or agent of the firm;

an officer of the company; or

an employee or agent of the company;

(v) Chapter 2M of the Corporations Act 2001; or

notify ASIC of the direction; and

do so as soon as practicable after giving the direction.

the Minister administering this Act; and

$11.5 billion, to be credited as soon as practicable after this paragraph commences;

an income stream in respect of which these conditions are satisfied:

the income stream is a defined benefit pension within the meaning of regulation 1.03 of the SIS Regulations; and

the income stream commenced on or after 20 September 2007; and

the income stream is provided by a defined benefit fund (within the meaning of regulation 1.03 of the SIS Regulations), or an exempt public sector superannuation scheme (within the meaning of the SIS Act); and

if the income stream is provided by a defined benefit fund (within the meaning of regulation 1.03 of the SIS Regulations) that is not a public sector superannuation scheme—the fund or scheme has more than 6 members, or had more than 6 members at any time on or before the day the income stream commenced; and

(v) the income stream is not invalidity pay within the meaning of the Defence Force Retirement and Death Benefits Act 1973; and

(vi) the income stream is not an invalidity pension under the superannuation scheme established under the Military Superannuation and Benefits Act 1991; or

(a) a pension payable under subsection 39(1) of the Defence Force Retirement and Death Benefits Act 1973 if:

that pension is payable because invalidity pay (within the meaning of that Act) was payable to the deceased member mentioned in that subsection; and

that invalidity pay commenced on or after 20 September 2007;

(b) a pension payable under subsection 42(1) of the Defence Force Retirement and Death Benefits Act 1973 if:

that pension is payable because invalidity pay (within the meaning of that Act) was payable to a member (as mentioned in subsection 42(3)); and

that invalidity pay commenced on or after 20 September 2007;

a pension payable under subsection 43(1) of that Act if:

that pension is payable because invalidity pay (within the meaning of that Act) was payable to a member (as mentioned in subsection 43(3)); and

that invalidity pay commenced on or after 20 September 2007;

(d) a pension payable under subrule 42(1) or (3) of the Rules (within the meaning of the Military Superannuation and Benefits Act 1991) if:

the deceased retirement pensioner’s pension mentioned in that subrule was an invalidity pension (within the meaning of those Rules); and

that invalidity pension commenced on or after 20 September 2007;

a pension payable under subrule 46(1) of those Rules if the deceased person’s notional pension mentioned in that subrule was a pension covered by paragraph (d).

you are an individual; and

during the income year, you receive one or more *superannuation lump sums that are payments of:

(i) invalidity pay within the meaning of the Defence Force Retirement and Death Benefits Act 1973; or

(ii) an invalidity pension under the superannuation scheme established under the Military Superannuation and Benefits Act 1991; or

(iii) a pension mentioned in a paragraph of subsection 307-70.02(1A) of the Income Tax Assessment (1997 Act) Regulations 2021.

first, work out the amount by which your basic income tax liability exceeds the total of the amount of your tax offsets (if any) for the income year under:

this Division (other than this Subdivision); and

(ii) Subdivision AB of Income Tax Assessment Act 1936;Division 17 of Part III of the

next, work out the total of:

the amount worked out under paragraph (a); and

the amounts (if any) of *Medicare levy and *Medicare levy (fringe benefits) surcharge you are liable to pay for the income year;

next, work out the total of:

the amount worked out under paragraph (a); and

the amounts (if any) of Medicare levy and Medicare levy (fringe benefits) surcharge you are liable to pay for the income year;

next, work out the amount (if any) by which the total worked out under paragraph (b) exceeds the total worked out under paragraph (c).

each *superannuation lump sum mentioned in paragraph (1)(b) were a *superannuation income stream benefit; and

for the purposes of section 307-125 (proportioning rule), the invalidity pay, invalidity pension or pension mentioned in paragraph (1)(b) of this section were a *superannuation income stream.

(a) Subdivision 301-F of the Income Tax Assessment Act 1997;

(b) the amendments of the Income Tax Assessment (1997 Act) Regulations 2021 made by Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023.

(a) a superannuation benefit (the trigger benefit) was paid to a person in the 2020-21 income year or an earlier income year; and

the Commissioner made an assessment for the income year for the person before 4 December 2020; and

(c) the trigger benefit was paid to the person because the person satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994; and

the Commissioner made the assessment on the basis that the trigger benefit was a superannuation lump sum.

the superannuation benefit is the trigger benefit; or

all of these conditions are satisfied:

the assessment is for the 2021-22 income year or an earlier income year;

the superannuation benefit was paid to the person after the trigger benefit was paid to the person;

(iii) the superannuation benefit was paid to the person because the person satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994;

the Commissioner made the assessment on the basis that the superannuation benefit was a superannuation lump sum.

(a) if the Commissioner may amend the assessment in accordance with item 5 (fraud or evasion) or 6 (review or appeal) of the table in subsection 170(1) of the Income Tax Assessment Act 1936;

if the amendment is made for the purpose of giving effect to a provision specified in the regulations for the purposes of this paragraph.

(a) relate to the amendments or repeals made by Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023; and

relate to either or both of the 2022-23 and 2023-24 income years.

create an offence or civil penalty;

provide powers of:

arrest or detention; or

entry, search or seizure;

impose a tax;

set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in any Act;

directly amend the text of an Act.