Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 2) (105 of 2007)

Schedule 1   Amendments

[10]   Regulation 7.08

substitute

7.08 Contributions to be allocated to members

(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.

(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.