Examples of SIS Act in a sentence
If access is not granted because the applicant is not registered or because the exclusionary provision of the SIS Act applies (Section 15), alternative grounds must always be given, so that the grounds provided do not indicate that data which cannot be disclosed have been recorded.
Schedule 3 also amends the SIS Act to allow regulations to be made to specify that certain payments made by trustees of registrable superannuation entities are prohibited, or prohibited unless certain conditions are met (regardless of whether the payment is considered to be in the best financial interests of the beneficiaries).
The EM goes on to say: Schedule 3 also amends the SIS Act to reverse the evidential burden of proof for the best financial interests duty so that the onus is on the trustee of a registrable superannuation entity.
The outline of Schedule 3 tells us, for example that20: Schedule 3 also amends the SIS Act to allow regulations to be made that prescribe additional requirements on trustees and directors of trustee companies of registrable superannuation entities where failure to comply with the additional requirements constitutes a breach of the best financial interests duty.
Compliance statement AustralianSuper is a complying, resident and regulated super fund and can accept all types of super contributions within the meaning of the Superannuation Industry (Supervision) Act 1993 (SIS Act).