OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART 3B - PRE-1 JULY 1988 FUNDING CREDITS AND DEBITS  

REGULATION 23PB   PRE-1 JULY 88 FUNDING AMOUNTS  

23PB(1)   [ " late payment amount " ]  

In this regulation:

late payment amount
, in relation to a superannuation fund, means an amount (other than an amount representing a contribution that was payable or not payable at the discretion of an employer-contributor in respect of the fund) representing contributions to the fund that were unpaid as at 30 June 1988, being contributions that an employer-contributor in respect of the fund was obliged as at 30 June 1988 to pay in accordance with:

(a) except if paragraph (b) applies, the governing rules of the fund then in force; or

(b) in the case of an amount representing contributions in respect of a member of a defined benefit superannuation fund who is an associate (within the meaning of Part IIIA of the Act) of an employer-contributor - the determination of an actuary; or

(c) a prescribed agreement or award.

23PB(2)   [ Deemed pre-1 July 1988 funding amounts ]  

Subject to subregulation (3), the following amounts are to be treated as pre-1 July 88 funding amounts for the purposes of paragraph 15D(2)(a) of the Act:

(a) a late payment amount;

(b) a shortfall-in-assets amount.

23PB(3)   [ Exclusion ]  

If the pre-1 July 88 funding amount of a defined benefit superannuation fund:

(a) includes a late payment amount; and

(b) that late payment amount is sufficient to fund the liabilities of the fund in relation to accrued benefits of the members of the fund;

the pre-1 July 88 funding amount must not include a shortfall-in-assets amount.