PART 7
-
CONTRIBUTION AND BENEFIT ACCRUAL STANDARDS (REGULATED SUPERANNUATION FUNDS)
Division 7.1
-
General
History
Division 7.1 heading inserted by SR No 84 of 2004, reg 3 and Sch 1 item 4, effective 12 May 2004.
REGULATION 7.04
ACCEPTANCE OF CONTRIBUTIONS
-
REGULATED SUPERANNUATION FUNDS
7.04(1)
A regulated superannuation fund may accept contributions only in accordance with the following table and subregulations
(1A)
,
(2)
,
(4)
and
(6)
.
|
Acceptance of contributions
|
|
Item
|
If a member:
|
then the fund may accept contributions made in respect of the member that are:
|
| 1 |
is less than 55 years |
(a) |
employer contributions; or |
| |
|
(b) |
member contributions. |
| 2 |
is between 55 and 74 years |
(a) |
employer contributions; or |
| (b) |
member contributions. |
| 3 |
is 75 years or older |
(a) |
mandated employer contributions; or |
| |
|
(b) |
downsizer contributions. |
Note:
For table item 2, member contributions include downsizer contributions.
History
Reg 7.04(1) amended by FRLI No F2022L01286, reg 4 and Sch 1 item 5, by substituting the table, effective 1 January 2023. For application provision, see note under reg
14.34
. The table formerly read:
|
Item
|
If a member
…
|
the fund may accept contributions made in respect of the member that are
…
|
| 1 |
is under 60 |
(a) |
employer contributions; or |
| |
|
(b) |
member contributions |
| 2 |
is not under 60, but is under 75 |
(a) |
employer contributions; or |
| (b) |
member contributions (including downsizer contributions) |
| 3 |
is not under 75 |
(a) |
mandated employer contributions; or |
| |
|
(b) |
downsizer contributions |
Note:
There is an exception for amounts relating to some CGT small business concessions (see subregulation (6A)).
Reg 7.04(1) amended by FRLI No F2022L00241, reg 4 and Sch 1 items 14 and 15, by inserting
"
(1A),
"
and substituting the table, effective 1 April 2022. For application provision, see reg
14.32
. The table formerly read:
|
Item
|
If the member
…
|
the fund may accept
…
|
| 1 |
is under 65 |
contributions that are made in respect of the member |
| 1A |
is not under 65, but is under 67 |
contributions that are made in respect of the member that are: |
| |
|
(a) |
mandated employer contributions; or |
| |
|
(b) |
employer contributions (except mandated employer contributions); or |
| |
|
(c) |
member contributions; or |
| |
|
(d) |
downsizer contributions |
| 2 |
is not under 67, but is under 70 |
contributions that are made in respect of the member that are: |
| |
|
(a) |
mandated employer contributions; or |
| |
|
(b) |
if the member has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made: |
| |
|
|
(i) |
employer contributions (except mandated employer contributions); or |
| |
|
|
(ii) |
member contributions; or |
| |
|
(c) |
downsizer contributions; or |
| |
|
(d) |
if the member has not been gainfully employed, either on a full-time or a part-time basis, during the financial year in which the contributions are made, but all of the requirements mentioned in subregulation (1A) are satisfied for the member: |
| |
|
|
(i) |
employer contributions (except mandated employer contributions); or |
| |
|
|
(ii) |
member contributions |
| 3 |
is not under 70, but is under 75 |
contributions that are made in respect of the member that are: |
| |
|
(a) |
mandated employer contributions; or |
| |
|
(b) |
if the member has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made
-
contributions received on or before the day that is 28 days after the end of the month in which the member turns 75 that are: |
| |
|
|
(i) |
employer contributions (except mandated employer contributions); or |
| |
|
|
(ii) |
member contributions; or |
| |
|
(c) |
downsizer contributions; or |
| |
|
(d) |
if the member has not been gainfully employed, either on a full-time or a part-time basis, during the financial year in which the contributions are made, but all of the requirements mentioned in subregulation (1A) are satisfied for the member
-
contributions received on or before the day that is 28 days after the end of the month on which the member turns 75 that are: |
| |
|
|
(i) |
employer contributions (except mandated employer contributions); or |
| |
|
|
(ii) |
member contributions |
| 4 |
is not under 75 |
mandated employer contributions or downsizer contributions |
Reg 7.04(1) amended by FRLI No F2020L00645, reg 4 and Sch 1 items 6
-
9, by inserting table item 1A, substituting
"
67
"
for
"
65
"
in table item 2, column headed
"
If the member
…
"
, omitting
"
made by the member
"
after
"
member contributions
"
from para (b)(ii) of table item 3, column headed
"
the fund may accept
…
"
and
"
made by the member
"
after
"
member contributions
"
from para (d)(ii) in table item 3, column headed
"
the fund may accept
…
"
, effective 30 May 2020 and applicable in relation to contributions made in the 2020-21 financial year and later financial years.
Reg 7.04(1) amended by FRLI No F2018L01682, reg 4 and Sch 1 items 5 and 6, by inserting para (d) in table items 2 and 3, column headed
"
the fund may accept ...
"
, effective 1 January 2019.
Reg 7.04(1) amended by FRLI No F2018L00210, reg 4 and Sch 2 items 4 and 5, by inserting para (c) in table items 2 and 3, column headed
"
the fund may accept ...
"
and
"
or downsizer contributions
"
in table item 4, effective 8 March 2018.
Reg 7.04(1) amended by FRLI No F2017L00321, reg 4 and Sch 3 item 7, by omitting
"
(3),
"
after
"
(2),
"
, applicable in relation to the financial year starting on 1 July 2017 and later financial years.
Reg 7.04(1) amended by FRLI No F2016L00518, reg 4 and Sch 2 item 1, by inserting the note at the end, applicable in relation to look-through earnout rights (within the meaning of the
Income Tax Assessment Act 1997
) created on or after 24 April 2015.
Reg 7.04(1) amended by SLI No 91 of 2015, reg 4 and Sch 1 items 36 and 37, by substituting
"
contributions.
"
for
"
contributions; or
"
in para (b)(ii) and repealing para (c) in table item 2, column headed
"
the fund may accept ...
"
, effective 1 July 2015. For application and transitional provisions see note under Div
3A.4
heading. Para (c) in table item 2, column headed
"
the fund may accept ...
"
formerly read:
(c)
payments from an FHSA of a kind mentioned in subparagraph 31(1)(b)(i) or (ii) of the FHSA Act
Reg 7.04(1) amended by SLI No 171 of 2008, reg 3 and Sch 1 item 3, by substituting table item 2, effective 9 August 2008. Table item 2 formerly read:
2 ... is not under 65, but is under 70 ... contributions that are made in respect of the member that are: ... (a) mandated employer contributions; or ... (b) if the member has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made: ... (i) employer contributions (except mandated employer contributions); or ... (ii) member contributions;
7.04(1A)
Despite items 2 and 3 of the table in subregulation
(1)
, the fund may also accept contributions made in respect of a member, and received on or before the day that is 28 days after the end of the month in which the member turns 75 years, that are:
(a)
employer contributions other than mandated employer contributions; or
(b)
member contributions other than downsizer contributions.
Note:
Other rules may be relevant to making certain contributions in respect of a member. For example:
(a) downsizer contributions are limited to persons aged 55 or over (see paragraph
292-102(1)(a)
of the 1997 Tax Act); and
(b) there are rules about deducting personal contributions to a superannuation fund (see Subdivision
290-C
of the 1997 Tax Act). In particular, work test conditions apply to deducting certain contributions made from age 67 until the day referred to in subregulation
(1A)
(see subsection
290-165(1A)
of the 1997 Tax Act).
History
Reg 7.04(1A) amended by FRLI No F2022L01286, reg 4 and Sch 1 items 6 and 7, by inserting
"
years
"
and substituting
"
55
"
for
"
60
"
in para (a) of the note, effective 1 January 2023. For application provision, see note under reg
14.34
.
Reg 7.04(1A) substituted by FRLI No F2022L00241, reg 4 and Sch 1 item 16, effective 1 April 2022. For application provision, see reg
14.32
. Reg 7.04(1A) formerly read:
7.04(1A)
For the purposes of paragraph (d) of item 2 or 3 of the table in subregulation (1), the requirements are the following:
(a) the member has been gainfully employed on at least a part-time basis during the financial year (the
previous financial year
) ending before the financial year in which the contributions are made;
(b) the member has a total superannuation balance (within the meaning of section 307-230 of the 1997 Tax Act) of less than $300,000 at the end of the previous financial year;
(c) no contributions have been accepted by a regulated superannuation fund in respect of the member, in the previous financial year or any earlier financial year, because of the operation of paragraph (d) of item 2 or 3 of the table in subregulation (1);
(d) no contributions have been accepted by an RSA institution in respect of the member, in the previous financial year or any earlier financial year, because of the operation of paragraph (d) of item 2 or 3 of the table in subregulation 5.03(1) of the
Retirement Savings Accounts Regulations 1997
.
Reg 7.04(1A) inserted by FRLI No F2018L01682, reg 4 and Sch 1 item 7, effective 1 January 2019.
7.04(2)
In addition to subregulations
(1)
and
(1A)
, the regulated superannuation fund must not accept any member contributions if the member
'
s tax file number has not been quoted (for superannuation purposes) to the trustee of the fund.
History
Reg 7.04(2) amended by FRLI No F2022L00241, reg 4 and Sch 1 item 17, by substituting
"
subregulations (1) and (1A)
"
for
"
subregulation (1)
"
, effective 1 April 2022. For application provision, see reg
14.32
.
7.04(3)
(Repealed by FRLI No F2017L00321)
History
Reg 7.04(3) repealed by FRLI No F2017L00321, reg 4 and Sch 3 item 8, applicable in relation to the financial year starting on 1 July 2017 and later financial years. Reg 7.04(3) formerly read:
7.04(3)
In addition to subregulation (1), the regulated superannuation fund must not accept any fund-capped contributions in a financial year in respect of a member that exceed:
(a)
if the member is 64 or less on 1 July of the financial year
-
three times the amount of the non-concessional contributions cap; or
(b)
if the member is 65 but less than 75 on 1 July of the financial year
-
the non-concessional contributions cap.
7.04(4)
If a regulated superannuation fund receives an amount in a manner that is inconsistent with subregulation
(1)
,
(1A)
or
(2)
:
(a)
the fund must return the amount to the entity or person that paid the amount within 30 days of becoming aware that the amount was received in a manner that is inconsistent with subregulation
(1)
,
(1A)
or
(2)
, unless:
(i)
the amount was received in a manner that is inconsistent with subregulation
(2)
; and
(ii)
the member
'
s tax file number is quoted (for superannuation purposes) within 30 days of the amount being received by the trustee of the fund; and
(b)
the fund is also authorised to take any of the following action to the extent that the rules of the fund allow:
(i)
if the price at which the interest could have been acquired on the day on which the amount is returned is less than the price on the day on which the interest was acquired, the amount that would otherwise be returned to the entity or person that paid the amount may be reduced by the amount of the difference between the prices;
(ii)
if the price at which the interest could have been acquired on the day of return of the amount is greater than the price on the day on which the interest was acquired, the amount that would otherwise be returned to the entity or person that paid the amount may be increased by the amount of the difference between the prices;
(iii)
if the price at which the interest could be acquired cannot be determined in accordance with the contract or legal relationship on the day on which the amount is returned, the price is to be determined:
(A)
on the basis of the most recent day on which a price was calculated in accordance with the contract or legal relationship; or
(B)
if there is no day of that kind
-
as soon as practicable after the decision is made to return the amount;
(iv)
in addition to subparagraph (i), the amount that would, but for this subparagraph, be returned to the entity or person that paid the amount may be reduced to account for reasonable administration costs and transaction costs, incurred by the fund, that:
(A)
are reasonably related to the acquisition of the interest and the return of the amount; and
(B)
do not exceed the true cost of an arms
'
length transaction;
other than costs related to commissions or similar benefits;
(v)
if:
(A)
the interest is a risk insurance interest, or the part of an interest that is a risk insurance interest; and
(B)
the interest has been issued for a specific period, or the premium for the interest has been paid in relation to cover for a specific period; and
(C)
a proportion of the specific period has already passed when the decision is made to return the amount to the entity or person that paid the amount;
the amount that would otherwise be returned to the entity or person that paid the amount may be reduced by the sum of:
(D)
that part of any amount received in a manner inconsistent with subregulation
(1)
,
(1A)
or
(2)
as has been paid by the fund to any person in connection with the risk insurance product and which is not recoverable by the fund from that person; and
(E)
the proportion equal to the proportion of the period that has passed of the difference between the amount that would otherwise be returned and the amount referred to in (a).
History
Reg 7.04(4) amended by FRLI No F2022L00241, reg 4 and Sch 1 items 18
-
20, by inserting
"
, (1A)
"
(first occurring),
"
, (1A)
"
in para (a) and
"
, (1A)
"
in para (b)(v)(D), effective 1 April 2022. For application provision, see reg
14.32
.
Reg 7.04(4) amended by FRLI No F2017L00321, reg 4 and Sch 3 items 9
-
11, by substituting
"
or (2)
"
for
"
, (2) or (3)
"
(first and second occurring), substituting para (a)(i) and (ii) and
"
or (2)
"
for
"
, (2) or (3)
"
in para (b)(v)(D), applicable in relation to the financial year starting on 1 July 2017 and later financial years. Para (a)(i) and (ii) formerly read:
(i)
for an amount received in a manner that is inconsistent with subregulation (2)
-
the member
'
s tax file number is quoted (for superannuation purposes) within 30 days of this amount being received by the trustee of the fund; or
(ii)
for an amount received in a manner that is inconsistent with subregulation (3)
-
a valid notice under section 290-170 of the
Income Tax Assessment Act 1997
is received by the trustee of the fund within 30 days of this amount being received by the trustee of the fund; and
Reg 7.04(4) amended by SLI No 204 of 2007, reg 3 and Sch 1 item 12, by substituting
"
entity or person that paid the amount
"
for
"
member
"
in para (4)(a), (4)(b)(i), (ii) and (iv), (4)(b)(v)(C) and (4)(b)(v), effective 1 July 2007.
[
CCH Note: Modification Declaration No 2 of 2007
(No 2 of 2007, registered on and effective from 31 July 2007.)
Regulation 7.04 of the Regulations is modified by replacing subparagraph (4)(a)(i) with:
for an amount received in a manner that is inconsistent with subregulation (2):
(A)
the member
'
s tax file number is quoted (for superannuation purposes) within 30 days of this amount being received by the trustee of the fund; or
(B)
the member
'
s only interest in the fund is a risk insurance interest and, by 31 December 2007:
I.
the member
'
s tax file number is quoted (for superannuation purposes); or
II.
the trustee of the fund returns the amount received to the entity or person that paid the amount; or
]
[
CCH Note: Modification Declaration No 3 of 2007
(No 3 of 2007, registered on and effective from 19 November 2007.)
Subregulation 7.04(4), as modified by Modification Declaration No. 2 of 2007, is modified by inserting the following exception at the end of paragraph (a):
(C) the amount was a government co-contribution payment in respect of a member contribution, where the member contribution was made prior to 1 July 2007; or
]
7.04(5)
If a regulated superannuation fund acts under subregulation
(4)
, the fund is taken not to have contravened the Act or these Regulations in relation to the acceptance of the amount or in relation to the return of the amount to the entity or person that paid the amount of the fund.
History
Reg 7.04(5) amended by SLI No 204 of 2007, reg 3 and Sch 1 item 12, by substituting
"
entity or person that paid the amount
"
for
"
member
"
, effective 1 July 2007.
7.04(6)
A regulated superannuation fund may accept contributions in respect of a member if the trustee is reasonably satisfied that the contribution is in respect of a period during which, under an item in the table in subregulation
(1)
or under subregulation
(1A)
, the fund may accept the contribution in respect of that member, even though the contribution is actually made after that period.
History
Reg 7.04(6) amended by FRLI No F2022L00241, reg 4 and Sch 1 item 21, by inserting
"
or under subregulation (1A)
"
, effective 1 April 2022. For application provision, see reg
14.32
.
7.04(6A)
Despite subregulations
(1)
and
(1A)
, the regulated superannuation fund may accept, as a contribution, an amount to the extent that the amount does not exceed the member
'
s CGT cap amount if:
(a)
were the amount to be accepted as a contribution, it could be covered under section
292-100
(certain CGT-related payments) of the
Income Tax Assessment Act 1997
in relation to a CGT event referred to in that section; and
(b)
the capital proceeds from the CGT event were or could have been affected by one or more financial benefits received under a look-through earnout right; and
(c)
that subregulation would not have prevented the fund from accepting the amount as a contribution had it been made to the fund in the financial year in which the CGT event happened.
Note:
The CGT event is the one referred to in whichever of subsections
292-100(2)
,
(4)
,
(7)
and
(8)
of that Act that could cause the amount to be covered under that subsection.
History
Reg 7.04(6A) amended by FRLI No F2022L00241, reg 4 and Sch 1 item 22, by substituting
"
subregulations (1) and (1A)
"
for
"
subregulation (1)
"
, effective 1 April 2022. For application provision, see reg
14.32
.
Reg 7.04(6A) inserted by FRLI No F2016L00518, reg 4 and Sch 2 item 2, applicable in relation to look-through earnout rights (within the meaning of the
Income Tax Assessment Act 1997
) created on or after 24 April 2015.
7.04(7)
In this regulation:
administration costs
has the same meaning as in subregulation
5.01(1)
.
capital proceeds
has the same meaning as in the
Income Tax Assessment Act 1997
.
History
Definition of
"
capital proceeds
"
inserted by FRLI No F2016L00518, reg 4 and Sch 2 item 3, applicable in relation to look-through earnout rights (within the meaning of the
Income Tax Assessment Act 1997
) created on or after 24 April 2015.
CGT cap amount
has the same meaning as in the
Income Tax Assessment Act 1997
.
History
Definition of
"
CGT cap amount
"
inserted by FRLI No F2016L00518, reg 4 and Sch 2 item 3, applicable in relation to look-through earnout rights (within the meaning of the
Income Tax Assessment Act 1997
) created on or after 24 April 2015.
CGT event
has the same meaning as in the
Income Tax Assessment Act 1997
.
History
Definition of
"
CGT event
"
inserted by FRLI No F2016L00518, reg 4 and Sch 2 item 3, applicable in relation to look-through earnout rights (within the meaning of the
Income Tax Assessment Act 1997
) created on or after 24 April 2015.
downsizer contribution
means a contribution covered under section
292-102
of the 1997 Tax Act.
History
Definition of
"
downsizer contribution
"
inserted by FRLI No F2018L00210, reg 4 and Sch 2 item 6, effective 8 March 2018.
employer contributions
has the same meaning as in subregulation
1.03(1)
.
FHSA
(Repealed by SLI No 91 of 2015)
History
Definition of
"
FHSA
"
repealed by SLI No 91 of 2015, reg 4 and Sch 1 item 38, effective 1 July 2015. For application and transitional provisions see note under Div
3A.4
heading. The definition formerly read:
FHSA
has the meaning given by section 8 of the FHSA Act.
Definition of
"
FHSA
"
inserted by SLI No 171 of 2008, reg 3 and Sch 1 item 4, effective 9 August 2008.
financial benefit
has the same meaning as in the
Income Tax Assessment Act 1997
.
History
Definition of
"
financial benefit
"
inserted by FRLI No F2016L00518, reg 4 and Sch 2 item 3, applicable in relation to look-through earnout rights (within the meaning of the
Income Tax Assessment Act 1997
) created on or after 24 April 2015.
look-through earnout right
has the same meaning as in the
Income Tax Assessment Act 1997
.
History
Definition of
"
look-through earnout right
"
inserted by FRLI No F2016L00518, reg 4 and Sch 2 item 3, applicable in relation to look-through earnout rights (within the meaning of the
Income Tax Assessment Act 1997
) created on or after 24 April 2015.
mandated employer contributions
has the same meaning as in subregulation
5.01(1)
.
member contributions
has the same meaning as in subregulation
5.01(1)
.
fund-capped contributions
(Repealed by FRLI No F2017L00321)
History
Definition of
"
fund-capped contributions
"
repealed by FRLI No F2017L00321, reg 4 and Sch 3 item 12, applicable in relation to the financial year starting on 1 July 2017 and later financial years. The definition formerly read:
fund-capped contributions
means the member contributions described in the definition of that expression in subregulation 5.01(1), other than the following:
(a)
a contribution to which a valid and acknowledged notice under section 290-170 of the
Income Tax Assessment Act 1997
relates;
(b)
a contribution that meets the requirements of paragraph 292-95(1)(d) of the
Income Tax Assessment Act 1997
;
(c)
a contribution that meets the requirements of subsection 292-100(9) of the
Income Tax Assessment Act 1997
;
(d)
a payment made by the Commissioner of Taxation under section 65 of the
Superannuation Guarantee (Administration) Act 1992
;
(e)
a payment made by the Commissioner of Taxation under section 61 or 61A of the
Small Superannuation Accounts Act 1995
;
(f)
a Government co-contribution made under the
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
;
(g)
a contribution that is a directed termination payment within the meaning of section 82-10F of the
Income Tax (Transitional Provisions) Act 1997
.
non-concessional contributions cap
(Repealed by FRLI No F2017L00321)
History
Definition of
"
non-concessional contributions cap
"
repealed by FRLI No F2017L00321, reg 4 and Sch 3 item 12, applicable in relation to the financial year starting on 1 July 2017 and later financial years. The definition formerly read:
non-concessional contributions cap
means the amount mentioned in subsection 292-85(2) of the
Income Tax Assessment Act 1997
.
quoted (for superannuation purposes)
has the same meaning as in the
Income Tax Assessment Act 1997
.
superannuation provider
(Repealed by FRLI No F2022L00241)
History
Definition of
"
superannuation provider
"
repealed by FRLI No F2022L00241, reg 4 and Sch 1 item 23, effective 1 April 2022. For application provision, see reg
14.32
. The definition formerly read:
superannuation provider
means:
(a)
the trustee of a complying superannuation fund; or
(b)
the trustee of a constitutionally protected fund, within the meaning of the
Income Tax Assessment Act 1997
.
tax file number
has the meaning given by section
299W
of the Act.
transaction costs
means any of the following:
(a)
brokerage paid because of an investment transaction;
(b)
a cost arising from maintenance of a property investment;
(c)
stamp duty on an investment transaction.
History
Reg 7.04 substituted by SLI No 74 of 2007, reg 5 and Sch 3 item 80, effective 1 July 2007. Reg 7.04 formerly read:
REGULATION 7.04 ACCEPTANCE OF CONTRIBUTIONS
-
REGULATED SUPERANNUATION FUNDS
7.04(1)
Subject to subregulation (2), a regulated superannuation fund may accept contributions that are made in respect of a member who is under age 65.
History
Reg 7.04(1) substituted by SR No 148 of 2004, reg 3 and Sch 1 item 10, effective 1 July 2004. Reg 7.04(1) formerly read:
7.04(1)
Subject to subregulation (2), a regulated superannuation fund may accept contributions that are made in respect of a member who is under age 65 only if:
(a)
the contributions are mandated employer contributions; or
(b)
the contributions are not mandated employer contributions and the member:
(i)
has, at any time in the period of 2 years immediately preceding the date of acceptance, engaged in full-time or part-time gainful employment; or
(ii)
ceased full-time or part-time gainful employment because of ill-health (whether physical or mental) that, at the date of acceptance, prevents the member from engaging in employment of the kind that the member engaged in at the onset of the ill-health; or
(iii)
is on authorised leave from his or her employer, and:
(A)
the leave is for the purposes of raising children of whom the member is a parent, or for whom he or she has assumed the responsibility of a parent; and
(B)
he or she has been on that leave for less than 7 years consecutively; and
(C)
he or she has a statutory or contractual right to resume employment at the end of the leave; and
(D)
either:
(I)
he or she was a member of the fund immediately before going on the leave; or
(II)
the fund is a fund of which the employer is a standard employer-sponsor; or
(c)
the contributions are eligible spouse contributions; or
(d)
the contributions are in satisfaction of an entitlement under a payment split; or
(e)
subject to subregulation (1E), the contributions are made in respect of a child, other than:
(i)
contributions made in respect of the child by, or on behalf of, an employer of the child; and
(ii)
contributions made by a child in respect of himself or herself; or
(f)
the contributions are made:
(i)
in respect of a person who is entitled to a first child tax offset under Subdivision 61-I of the
Income Tax Assessment Act 1997
; and
(ii)
within 1 year after the person was notified by the Commissioner of Taxation that the person is entitled to the first child tax offset; or
(g)
the contributions are made as Government co-contributions under the Co-contribution Act.
Reg 7.04(1) amended by SR No 12 of 2004, reg 3 and Sch 1 items 7, 8 and 9, by substituting
"
split; or
"
for
"
split.
"
in para (d), substituting
"
offset; or
"
for
"
offset.
"
in para (f)(ii) and inserting para (g), effective 20 February 2004.
Reg 7.04(1) amended by SR No 353 of 2001, reg 3 and Sch 1 item 42, by inserting para (d), effective 28 December 2002.
Reg 7.04(1)(e) and (f) inserted by SR No 150 of 2002, reg 3 and Sch 1 items 12 and 13, effective 1 July 2002.
Reg 7.04(1) amended by SR No 293 of 1997 and SR No 432 of 1994.
7.04(1A)
(Repealed by SR No 148 of 2004)
History
Reg 7.04(1A) repealed by SR No 148 of 2004, reg 3 and Sch 1 item 11, effective 1 July 2004. Reg 1.04(1A) formerly read:
7.04(1A)
In subparagraph (1)(b)(iii):
'authorised leave'
, in relation to a member of a fund, means leave that is:
(a)
approved by the member
'
s employer; or
(b)
authorised by:
(i)
a law of the Commonwealth, a State or a Territory; or
(ii)
an agreement certified, or an award made, by a tribunal or body having the authority to do so under a law of the Commonwealth, a State or a Territory.
Reg 7.04(1A) inserted by SR No 432.
7.04(1B)
Subject to subregulations (1E) and (2), a regulated superannuation fund may accept contributions that are made in respect of a member who has reached age 65 but not age 70 only if:
(a)
the contributions are mandated employer contributions; or
(b)
the member has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made.
History
Reg 7.04(1B) amended by SLI No 74 of 2007, reg 3 and Sch 1 item 19, by substituting
"
subregulations (1E) and (2)
"
for
"
subregulation (2)
"
, effective 3 April 2007.
Reg 7.04(1B) amended by SR No 148 of 2004, reg 3 and Sch 1 item 12, by substituting para (b), effective 1 July 2004. Para (b) formerly read:
(b)
the member is gainfully employed on a part-time or full-time basis.
Reg 7.04(1B) inserted by SR No 117 of 1997.
7.04(1C)
Subject to subregulations (1E) and (2), a regulated superannuation fund may accept contributions that are made in respect of a member who has reached age 70 but not age 75 only if:
(a)
the contributions are mandated employer contributions; or
(b)
the contributions are made by the member in respect of the member and the member has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made.
History
Reg 7.04(1C) amended by SLI No 74 of 2007, reg 3 and Sch 1 item 20, by substituting
"
Subject to subregulations (1E) and (2)
"
for
"
Subject to subregulations (2)
"
, effective 3 April 2007.
Reg 7.04(1C) amended by SR No 148 of 2004, reg 3 and Sch 1 item 13, by substituting para (b), effective 1 July 2004. Para (b) formerly read:
(b)
the contributions are made by the member in respect of the member and the member is gainfully employed on a full-time or part-time basis.
Reg 7.04(1C) substituted by SR No 150 of 2002, reg 3 and Sch 1 item 14, effective 1 July 2002. Reg 7.04(1C) formerly read:
7.04(1C)
Subject to subregulation (2), a regulated superannuation fund may accept contributions that are made in respect of a member who has reached age 70 only if the contributions are mandated employer contributions.
Reg 7.04(1C) inserted by SR No 117 of 1997.
7.04(1D)
Subject to subregulations (1E) and (2), a regulated superannuation fund may accept contributions that are made in respect of a member who has reached age 75 only if the contributions are mandated employer contributions.
History
Reg 7.04(1D) amended by SLI No 74 of 2007, reg 3 and Sch 1 item 21, by substituting
"
Subject to subregulations (1E) and (2)
"
for
"
Subject to subregulation (2)
"
, effective 3 April 2007.
Reg 7.04(1D) inserted by SR No 150 of 2002, reg 3 and Sch 1 item 14, effective 1 July 2002.
7.04(1E)
A regulated superannuation fund may accept contributions that are made by a member in respect of the member:
(a)
in accordance with an item in the following table; and
(b)
during the period specified in the item.
|
Item
|
If the member
…
|
the fund may accept contributions that are made by the member in respect of the member if
…
|
| 1 |
was 64 at any time between 10 May 2006 and 5 September 2006 (inclusive) |
the contributions are made in the period 10 May 2006 to 30 June 2007 (inclusive), whether or not the member has been gainfully employed on at least a part-time basis |
| 2 |
was 74 at any time between 10 May 2006 and 5 September 2006 (inclusive) |
(a) the contributions are made in the period 10 May 2006 to 30 June 2007 (inclusive); and
(b) the member was gainfully employed on at least a part-time basis in either the 2005-06 or 2006-07 financial year |
History
Reg 7.04(1E) inserted by SLI No 74 of 2007, reg 3 and Sch 1 item 22, effective 3 April 2007.
7.04(1E)
(Repealed by SR No 148 of 2004)
History
Reg 7.04(1E) repealed by SR No 148 of 2004, reg 3 and Sch 2 item 3, effective 1 September 2004. Reg 7.04(1E) formerly read:
7.04(1E)
A regulated superannuation fund must not accept child contributions made in respect of a child of a total of more than $3 000 in each period of 3 years beginning on the date that the first child contribution is made in respect of the child.
Reg 7.04(1E) amended by SR No 148 of 2004, reg 3 and Sch 1 item 14, by substituting
"
A regulated
"
for
"
For paragraph (1)(e), a regulated
"
, effective 1 July 2004.
Reg 7.04(1C), (1D) and (1E) substituted for reg 7.04(1C) by SR No 150 of 2002, reg 3 and Sch 1 item 14, effective 1 July 2002.
7.04(2)
A regulated superannuation fund may accept contributions in respect of a member if the trustee is reasonably satisfied that the contribution is in respect of a period during which, under subregulation (1), (1B), (1C) or (1D), the fund may accept the contribution in respect of that member, even though the contribution is actually made after that period.
History
Reg 7.04(2) amended by SR No 150 of 2002, reg 3 and Sch 1 item 15, by substituting
"
subregulation (1), (1B), (1C) or (1D),
"
for
"
subregulation (1), (1B) or (1C),
"
effective 1 July 2002.
Reg 7.04(2) amended by SR No 117 of 1997.
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