Superannuation Industry (Supervision) Regulations 1994
PART 7
-
CONTRIBUTION AND BENEFIT ACCRUAL STANDARDS (REGULATED SUPERANNUATION FUNDS)
Division 7.2
-
Contributions to be allocated to members
Subdivision 7.2.1
-
Superannuation data and payment matters
REGULATION 7.07G
INCOMPLETE CONTRIBUTION INFORMATION
7.07G(1)
This regulation applies to the trustee of a regulated superannuation fund, other than a self managed superannuation fund, if:
(a) the fund receives a contribution from an employer for a member of the fund; and
(b) either or both of the following applies:
(c) the contribution is not being made to a defined benefit interest.
7.07G(2)
The trustee must, not later than 5 business days after receiving the contribution, ask the employer to give the trustee the correct and complete information mentioned in subregulation 7.07A(2) or 7.07E(2) for the member.
7.07G(3)
If an employer receives a request from a trustee under subregulation (2), the employer must make all reasonable efforts to give the trustee the complete or correct information for the member not later than 10 business days after receiving the request.
7.07G(4)
If the trustee is still unable to allocate the contribution to a member, the trustee must refund the contribution to the employer not later than 20 business days after receiving the contribution.
7.07G(5)
If a contribution is refunded under subregulation (4), the contribution is taken not to have been made to the fund by the employer.
View history note
Hide history noteThis regulation applies to the trustee of a regulated superannuation fund, other than a self managed superannuation fund, if:
(a) the fund receives a contribution from an employer for a member of the fund; and
(b) either or both of the following applies:
(i) the contribution is the first contribution received by the fund for the member from the employer, and the employer, before or with the contribution, did not provide any of the information mentioned in subregulation 7.07A(2) ;
(ii) the contribution is not accompanied by all of the information mentioned in subregulation 7.07E(2) ; and
(c) the contribution is not being made to a defined benefit interest.
7.07G(2)
The trustee must, not later than 5 business days after receiving the contribution, ask the employer to give the trustee the correct and complete information mentioned in subregulation 7.07A(2) or 7.07E(2) for the member.
7.07G(3)
If an employer receives a request from a trustee under subregulation (2), the employer must make all reasonable efforts to give the trustee the complete or correct information for the member not later than 10 business days after receiving the request.
7.07G(4)
If the trustee is still unable to allocate the contribution to a member, the trustee must refund the contribution to the employer not later than 20 business days after receiving the contribution.
7.07G(5)
If a contribution is refunded under subregulation (4), the contribution is taken not to have been made to the fund by the employer.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.