Overview
The Superannuation Industry (Supervision) Act 1993 provides detailed requirements for the structure, operation, and regulation of superannuation funds. Administered by the Department of the Treasury, it outlines licensing conditions for trustees, establishes prudential and operating standards, and details obligations regarding accounting, auditing, and reporting. The Act includes provisions for compliance with MySuper standards, in-house asset rules, managing fund membership, and ensuring proper governance. It also empowers the Australian Prudential Regulation Authority (APRA) with the authority to monitor compliance and issue notices. Overall, the Act aims to safeguard superannuation assets and promote transparency and fairness in fund operations.