Australian Government, A Plan to Simplify Superannuation

First Home Saver Accounts - Consultation Paper

Glossary

Authorised deposit-taking institution (ADI)

Authorised deposit-taking institutions (ADIs) are corporations which are authorised under the Banking Act 1959. ADIs include banks, building societies and credit unions.

Constitutional corporation

A constitutional corporation is a trading or financial corporation (within the meaning of paragraph 51(xx) of the Constitution) formed within the limits of the Commonwealth.

Public-offer superannuation fund

A public-offer superannuation fund is described by the Superannuation Industry (Supervision) Act 1993 as a superannuation entity that offers superannuation interests to the public, usually on a commercial basis. This type of fund is:

  • a regulated superannuation fund that is not a standard employer-sponsored fund;
  • a standard employer-sponsored fund that has some non-standard employer-sponsored members;
  • a standard employer-sponsored fund which has elected to become a public-offer fund; or
  • a superannuation fund which APRA has declared to be a public- offer fund.

Registrable superannuation entity (RSE)

An RSE is a regulated superannuation fund, an approved deposit fund or a pooled superannuation trust. It does not include self-managed superannuation funds.

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Miscellaneous