Superannuation Industry (Supervision) Regulations 1994

REGULATION 2.47 SPECIFIC REQUIREMENTS IN PARTICULAR CASES  
2.47(1)
The trustee of a fund (other than a self managed superannuation fund) must give to each person who ceases, otherwise than by death, to be a member of the fund details of the following matters in respect of the member so far as they are applicable:

(a) the amount of the person's contributions during the exit reporting period;

(b) the amount of benefits rolled-over or otherwise transferred into the fund during the exit reporting period;

(c) the amount of withdrawals during the exit reporting period;

(d) the amounts of fees, charges and other expenses deducted by the fund during the exit reporting period from amounts held in any accounts in respect of the member;

(e) the amount of any allotment of employer contributions during the exit reporting period;

(f) the amount of any allotment of net earnings during the exit reporting period:

(g) the rate of any allotment of net earnings during the exit reporting period;

(h) the amount of bonuses that have accrued at the end of the exit reporting period;

(i) the amount of the sum assured;

(j) if the trustee is aware of contributions that are due and payable during the reporting period but have not been paid to the fund, details of the amount of those contributions and of action that the trustee has taken, or proposes to take, to have the contributions paid.

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History

Reg 2.47(1) amended by SR No 239 of 1999.

2.47(1A)
The trustee of a fund must also disclose to a person who ceases, otherwise than by death, to be a member of the fund:

(a) any amount deducted, from the member's benefits, in connection with payment of a superannuation contributions surcharge, or an advance instalment of surcharge, during the exit reporting period; and

(b) if there is a difference between the amount deducted and the amount assessed under subsection 15(1) of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 or between the amount deducted and the amount determined under subsection 15(2) of that Act - a statement explaining the difference; and

(c) if the fund is an unfunded defined benefits fund - details of the surcharge debt account kept by the trustee, under subsection 16(2) of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 , for the member, including:

(i) the balance of the account at the start of the exit reporting period; and

(ii) the amount debited to the account during the exit reporting period for superannuation contributions surcharge assessed, by the Commissioner of Taxation, to be payable on the member's surchargeable contributions; and

(iii) the amount of interest debited, under subsection 16(4) of that Act, to the account during the exit reporting period; and

(iv) the balance of the account at the end of the exit reporting period.

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History

Reg 2.47(1A) inserted by SR No 309 of 1997.

2.47(2)
A nil amount need not be disclosed.