Superannuation Industry (Supervision) Regulations 1994

Div 7.2 heading substituted by SLI No 317 of 2012, reg 4 and Sch 2 item 4, effective 1 July 2013. The heading formerly read:

Division 7.2 - Contributions to be allocated to members - accumulation funds

Division 7.2 inserted by SR No 84 of 2004, reg 3 and Sch 1 item 9, effective 12 May 2004.

Subdivs 7.2.1 and 7.2.2 substituted for regs 7.06, 7.07 and 7.08 by SLI No 317 of 2012, reg 4 and Sch 2 item 5, effective 1 July 2013. Regs 7.06, 7.07 and 7.08 formerly read:

SECTION 7.06 REGULATION 7.06 APPLICATION OF DIVISION 7.2  
7.06
This Division applies only to an accumulation interest.

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History

Reg 7.06 amended by SLI No 105 of 2007, reg 3 and Sch 1 item 8, by substituting " accumulation interest " for " accumulation fund " , effective 1 July 2007.

Reg 7.06 inserted by SR No 84 of 2004, reg 3 and Sch 1 item 9, effective 12 May 2004.

SECTION 7.07 REGULATION 7.07 OPERATING STANDARD  
7.07
For subsection 31(1) of the Act, a requirement set out in this Division is a standard applicable to the operation of regulated superannuation funds.

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Reg 7.07 amended by SLI No 105 of 2007, reg 3 and Sch 1 item 9, by omitting " that are accumulation funds " from the end, effective 1 July 2007.

Reg 7.07 inserted by SR No 84 of 2004, reg 3 and Sch 1 item 9, effective 12 May 2004.

REGULATION 7.08 CONTRIBUTIONS TO BE ALLOCATED TO MEMBERS  
7.08(1)
If, on or before 31 May 2008, the trustee of a defined benefit fund receives a contribution in a month in relation to an accumulation interest, the trustee must allocate the contribution to a member of the fund by 30 June 2008.

7.08(2)
If a trustee receives a contribution in a month in relation to an accumulation interest, and subregulation (1) does not apply, the trustee must allocate the contribution to a member of the fund:

(a) within 28 days after the end of the month; or

(b) if it is not reasonably practicable to allocate the contribution to the member of the fund within 28 days after the end of the month - within such longer period as is reasonable in the circumstances.

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Reg 7.08 substituted by SLI No 105 of 2007, reg 3 and Sch 1 item 10, effective 1 July 2007. Reg 7.08 formerly read:

REGULATION 7.08 CONTRIBUTIONS TO BE ALLOCATED TO MEMBERS  
7.08
If a trustee of an accumulation fund receives a contribution in a month, the trustee must allocate the contribution to a member of the fund:

(a) within 28 days after the end of the month; or

(b) if it is not reasonably practicable to allocate the contribution to the member of the fund within 28 days after the end of the month - within such longer period as is reasonable in the circumstances.

Reg 7.08 inserted by SR No 84 of 2004, reg 3 and Sch 1 item 9, effective 12 May 2004.

Reg 7.07F substituted by SLI No 211 of 2014, reg 4 and Sch 1 item 2, effective 17 December 2014. Reg 7.07F formerly read:

REGULATION 7.07F SUPERANNUATION FUND MUST ELECTRONICALLY RECEIVE CONTRIBUTIONS AND INFORMATION  
7.07F(1)
This regulation applies on and after 1 July 2014 to a regulated superannuation fund if:

(a) any of the following is sent to the fund by an employer:

(i) the information mentioned in subregulation 7.07A(2) ;

(ii) a contribution and the information mentioned in subregulation 7.07E(2) ;

(iii) any other information relating to a contribution; and

(b) the information is sent to the fund on or after 1 July 2014; and

(c) the information is, or the information and contribution are, sent to the fund in accordance with any applicable Standards made under subsection 34K(3) of the Act.

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Reg 7.07F(1) amended by SLI No 61 of 2013, reg 4 and Sch 2 item 17, by substituting " on and after 1 July 2014 " for " from 1 July 2014 " , effective 1 July 2013.

7.07F(2)
However, this regulation does not apply if the fund is a self managed superannuation fund and the employer is a related party of the fund.

7.07F(3)
The fund must be able to receive the information, or the information and contribution, electronically.

Note:

Standards made under subsection 34K(3) of the Act may set out additional requirements for how the information and contribution are to be received by the fund.

Reg 7.07F inserted by SLI No 317 of 2012, reg 4 and Sch 2 item 5, effective 1 July 2013.