Superannuation Industry (Supervision) Regulations 1994

REGULATION 2.19 REPORTING PERIODS  
2.19(1)
Member information must be given in respect of consecutive member reporting periods.

2.19(2)
Fund information must be given in respect of consecutive fund reporting periods.

2.19(3)
A fund reporting period or member reporting period must not exceed:

(a) 12 months; or

(b) a longer period fixed by ASIC on the application of the entity.

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History

Reg 2.19(3) substituted by SR No 193 of 1998.

2.19(4)
In relation to a particular member, all member information must be given in respect of the same member reporting period.

[ Example: A fund cannot report, to the same member, the information in paragraph 2.24(1)(a) in respect of the period from 1 January to 30 June and report all other member information in respect of the period from 1 March to 30 September.]

[ CCH Note: MODIFICATION DECLARATION No 11 (No GN 42 of 25 October 1995) provides that the SIS Regs are to have effect, in relation to regulated superannuation funds and approved deposit funds, as if they were modified by omitting subreg 2.19(4) and the following example and substituting:

(4)
Subject to subregulation (4A), all member information in relation to a particular member must be given in respect of the same member reporting period.

[ EXAMPLE: A fund cannot report, to the same member, the information in paragraph 2.24(1)(a) in respect of the period from 1 January to 30 June and report all other member information in respect of the period from 1 March to 30 September.]

(4A)
If the benefits of members of a fund are wholly or partly determined by policies of life insurance, the member information in respect of a member who is the beneficiary of more than one policy need not all be given in respect of the same member reporting period.

[ EXAMPLE: A fund can report, to the same member, the information in subregulation 2.24(1) in respect of the period from 1 July to 30 June for one policy of life insurance and the information in that subregulation in respect of the period from 1 April to 31 March for another policy of life insurance.]

This declaration is taken to have commenced to have effect on 11 March 1994. The declaration was revoked effective from 6 September 2005.]

2.19(5)
In relation to a particular member, all fund information need not be given in respect of the same fund reporting period.

[ Example:

A fund may choose to report:

(a) some " fund information " in respect of a 6-month period; and

(b) further " fund information " , and all " member information " , in respect of a 9-month period; and

(c) the remaining " fund information " in respect of a 12-month period.]

2.19(6)
In relation to a particular member, the first member reporting period must begin:

(a) if the member was a member at the start of the fund's 1994-1995 year of income - either:

(i) on a date not later than the date of commencement of that year of income; or

(ii) if the member has been given, in accordance with regulation 13.03, information of the kind referred to in regulation 18G of the Occupational Superannuation Standards Regulations in relation to a period that includes that date of commencement, on the date immediately following the last day of that period; or

(b) in any other case - on a date not later than the date on which the member became a member.

2.19(7)
In relation to a particular member, the first fund reporting period must begin:

(a) if the member was a member at the start of the fund's 1994-1995 year of income - on the date of commencement of that year of income; or

(b) in any other case - on a date not later than the date on which the member became a member.

2.19(8)
A subsequent reporting period must commence immediately after the end of the preceding reporting period.