Treasury Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2021 (F2021L00199)

Schedule 1 Repeals and amendments

Repeal the regulation, substitute:

7.11 Contributions to be allocated to members

If the trustee of the fund receives a contribution in a month, the trustee must allocate the contribution:

(a) to a member of the fund:

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

(ii) if it is not reasonably practicable to comply with subparagraph (i) - within a longer period that is reasonable in the circumstances; and

(b) having regard to the present and prospective liabilities of the fund to its members.