Reg 7.05 substituted by SLI No 74 of 2007, reg 5 and Sch 3 item 80, effective 1 July 2007. Reg 7.05 formerly read:
REGULATION 7.05 ACCRUAL OF BENEFITS
-
DEFINED BENEFIT FUNDS
7.05(1)
Subject to subregulation (2), a defined benefit fund may grant an accrual of benefits in respect of a member of the fund who is under age 65.
History
Reg 7.05(1) substituted by SR No 148 of 2004, reg 3 and Sch 1 item 15, effective 1 July 2004. Reg 7.05(1) formerly read:
7.05(1)
Subject to subregulation (2), a defined benefit fund may grant an accrual of benefits in respect of a member of the fund who is under age 65 only if:
(a)
the member has, at any time in the period of 2 years immediately preceding the grant of accrual, engaged in full-time or part-time gainful employment; or
(ba)
the member is on authorised leave from his or her employer and:
(i)
the leave is for the purposes of raising children of whom he or she is a parent, or for whom he or she has assumed the responsibility of a parent; and
(ii)
he or she has been on that leave for less than 7 years consecutively; and
(iii)
he or she has a statutory or contractual right to resume employment at the end of the leave; and
(iv)
either:
(A)
he or she was a member of the fund immediately before going on the leave; or
(B)
the fund is a fund of which the employer is a standard employer-sponsor; or
(b)
the member ceased full-time or part-time gainful employment because of ill-health (whether physical or mental) that, at the date of the grant of accrual, prevents the member from engaging in employment of the kind in which the member engaged at the onset of the ill-health; or
(c)
the accrual is attributable to mandated employer contributions; or
(d)
the accrual is attributable to eligible spouse contributions; or
(e)
the accrual is attributable to child contributions; or
(f)
both:
(i)
the member is entitled to a first child tax offset under Subdivision 61-I of the
Income Tax Assessment Act 1997
; and
(ii)
the accrual is granted 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 accrual is attributable to Government co-contributions under the Co-contribution Act.
Reg 7.05(1) amended by SR No 12 of 2004, reg 3 and Sch 1 items 10 and 11, by substituting
"
offset; or
"
for
"
offset.
"
in para (f)(ii) and inserting para (g), effective 20 February 2004.
Reg 7.05(1)(e) and (f) inserted by SR No 150 of 2002, reg 3 and Sch 1 item 17, effective 1 July 2002.
Reg 7.05(1) amended by SR No 293 of 1997 and SR No 432 of 1994.
7.05(1A)
(Repealed by SR No 148 of 2004)
History
Reg 7.05(1A) repealed by SR No 148 of 2004, reg 3 and Sch 1 item 16, effective 1 July 2004. Reg 7.05(1A) formerly read:
7.05(1A)
In paragraph (1)(ba):
'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 7.05(1A) inserted by SR No 432.
7.05(1B)
Subject to subregulation (2), a defined benefit fund may grant an accrual of benefits in respect of a member of the fund who has reached age 65 but not age 70 only if:
(a)
the accrual is attributable to 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 7.05(1B) amended by SR No 148 of 2004, reg 3 and Sch 1 item 17, 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 7.05(1B) inserted by SR No 117 of 1997.
7.05(1C)
Subject to subregulation (2), a defined benefit fund may grant an accrual of benefits in respect of a member of the fund who has reached age 70 but not age 75 only if:
(a)
the accrual is attributable to mandated employer contributions; or
(b)
the accrual is attributable to contributions made by the member in respect of the member (other than contributions made by the employer that are not mandated employer contributions) 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 7.05(1C) amended by SR No 148 of 2004, reg 3 and Sch 1 item 18, by substituting para (b), effective 1 July 2004. Para (b) formerly read:
(b)
the accrual is attributable to contributions made by the member in respect of the member (other than contributions made by the employer that are not mandated employer contributions) and the member is gainfully employed on a full-time or part-time basis.
Reg 7.05(1C) substituted by SR No 150 of 2002, reg 3 and Sch 1 item 18, effective 1 July 2002. Reg 7.04(1C) formerly read:
7.05(1C)
Subject to subregulation (2), a defined benefit fund may grant an accrual of benefits in respect of a member of the fund who has reached age 70 only if the accrual is attributable to mandated employer contributions.
Reg 7.05(1C) inserted by SR No 117 of 1997.
7.05(1D)
Subject to subregulation (2), a defined benefit fund may grant an accrual of benefits in respect of a member who has reached age 75 only if the accrual is attributable to mandated employer contributions.
History
Reg 7.05(1D) inserted by SR No 150 of 2002, reg 3 and Sch 1 item 18, effective 1 July 2002.
7.05(2)
A defined benefit fund may grant an accrual of benefits in respect of a member if the trustee is reasonably satisfied that the accrual is in respect of a period during which, under subregulation (1), (1B), (1C) or (1D), the fund may grant an accrual of benefits in respect of that member, even though the grant occurs after that period.
History
Reg 7.05(2) amended by SR No 150 of 2002, reg 3 and Sch 1 item 19, by substituting ``subregulation (1), (1B), (1C) or (1D),
'
'
for ``subregulation (1), (1B) or (1C),
'
'
effective 1 July 2002.
Reg 7.05(2) amended by SR No 117 of 1997.
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