Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 5) (317 of 2012)
Schedule 2 Amendments commencing on 1 July 2013
[5] Regulations 7.06 to 7.08
substitute
Subdivision 7.2.1Superannuation data and payment matters
7.07 Superannuation data and payment matters
For subsection 34K (1) of the Act, regulations 7.07A to 7.07H prescribe matters to be complied with.
7.07AA Application
(1)This regulation is made for subitem 20 (6) of Part 4 of Schedule 1 to the Superannuation Legislation Amendment (Stronger Super) Act 2012 (the amending Act ).
(2)This subdivision applies in relation to a medium to large employer on 1 July 2014 in relation to conduct that occurs on or after 1 July 2014.
(3)This subdivision applies in relation to a small employer on 1 July 2015 in relation to conduct that occurs on or after 1 July 2015.
(4)In this regulation:
medium to large employer has the meaning given by subitem 20 (4) of Part 4 of Schedule 1 to the amending Act.
small employer has the meaning given by subitem 20 (4) of Part 4 of Schedule 1 to the amending Act.
7.07A Initial registration of employee
(1)This regulation applies to an employer if:
(a)the employer makes a contribution for an employee to a regulated superannuation fund on or after the commencement of Part 3B; and
(b)the employer has not previously made a contribution to the fund for the employee; and
(c)the contribution is not to:
(i)a self managed superannuation fund; or
(ii)a fund chosen by the employee.
(2)The employer must, before or on the same day as the employer makes the first contribution, give the following information to the fund:
(a)the employee's full name;
(b)the employee's date of birth;
(c)the employee's tax file number;
(d)the employee's sex;
(e)the employee's residential address.
(3)However, subregulation (2) does not apply if the employer has made reasonable efforts to get the information from the employee but has been unable to do so.
Note Standards made under subsection 34K (3) of the Act may set out how the information in subregulation (2) is to be given to the fund (for example, electronically), and may set out additional information that must be given.
7.07B Validation of initial registration information
(1)This regulation applies to the trustee of a regulated superannuation fund, other than a self managed superannuation fund, if:
(a)the fund receives the following information for a member from an employer in accordance with regulation 7.07A:
(i)full name;
(ii)tax file number;
(iii)date of birth; and
(b)the information is given to the fund in the way required by any applicable Standards made under subsection 34K (3) of the Act.
(2)The trustee must ask the Commissioner of Taxation, using an electronic interface provided by the Commissioner, for a notice under subsection 299TD (2) of the Act in relation to the member.
(3)However, subregulation (2) does not apply if the Commissioner has previously given the trustee a notice under subsection 299TD (2) of the Act stating that the Commissioner was able to validate the member's information given by the trustee.
(4)The trustee must make the request not later than 3 business days after receiving the information.
7.07C Trustee may give membership or account number to Commissioner of Taxation
The trustee of a regulated superannuation fund may give the Commissioner of Taxation the membership number, or account number, for a member of the fund.
7.07D Invalid initial registration information
(1)This regulation applies to the trustee of a regulated superannuation fund, other than a self managed superannuation fund, if the Commissioner of Taxation gives the trustee a notice under subsection 299TD (2) of the Act stating that the Commissioner is not able to validate the information given to the Commissioner by the trustee under regulation 7.07B.
(2)The trustee must, not later than 5 business days after receiving the Commissioner's notice, ask the employer to confirm the following information for the member:
(a)full name;
(b)tax file number;
(c)date of birth;
(d)residential address.
(3)If an employer receives a request from a trustee under subregulation (2), the employer must make all reasonable efforts to give the trustee the complete or correct information for the employee not later than 10 business days after receiving the request.
7.07E Employee details for contribution
(1)This regulation applies to an employer who makes a contribution for an employee to a regulated superannuation fund, unless:
(a)the fund is a self managed superannuation fund; and
(b)the employer is a related party of the fund.
(2)The employer must give the following information to the fund in relation to the contribution:
(a)the employee's full name;
(b)the employee's residential address;
(c)the employee's tax file number;
(d)the employee's telephone number.
(3)However, the employer is not required to give the information mentioned in subregulation (2) to the fund if:
(a)the employee has not given the information to the employer, andthe employer has made reasonable efforts to obtain the information from the employee; or
(b)the fund is a self managed superannuation fund and the employer is a related party of the fund.
(4)The employer must give the information to the fund on the same day as the employer makes the contribution to the fund.
Note Standards made under subsection 34K (3) of the Act may set out how the information in subregulation (2) is to be given to the fund, additional information that must be given, and how the contribution must be made.
(5)The employer must assign a payment reference number to the contribution and include the payment reference number with the contribution.
(6)The payment reference number must be unique to:
(a)the contribution; or
(b)a number of contributions made together on the same day by the employer.
Note Standards made under subsection 34K (3) of the Act may set out how the payment reference number is to be determined.
7.07F Superannuation fund must electronically receive contributions and information
(1)This regulation applies from 1 July 2014 to a regulated superannuation fund if:
(a)any of the following is sent to the fund by an employer:
(i)the information mentioned in subregulation 7.07A (2);
(ii)a contribution and the information mentioned in subregulation 7.07E (2);
(iii)any other information relating to a contribution; and
(b)the information is sent to the fund on or after 1 July 2014; and
(c)the information is, or the information and contribution are, sent to the fund in accordance with any applicable Standards made under subsection 34K (3) of the Act.
(2)However, this regulation does not apply if the fund is a self managed superannuation fund and the employer is a related party of the fund.
(3)The fund must be able to receive the information, or the information and contribution, electronically.
Note Standards made under subsection 34K (3) of the Act may set out additional requirements for how the information and contribution are to be received by the fund.
7.07G Incomplete contribution information
(1)This regulation applies to the trustee of a regulated superannuation fund, other than a self managed superannuation fund, if:
(a)the fund receives a contribution from an employer for a member of the fund; and
(b)either or both of the following applies:
(i)the contribution is the first contribution received by the fund for the member from the employer, and the employer, before or with the contribution, did not provide any of the information mentioned in subregulation 7.07A (2);
(ii)the contribution is not accompanied by all of the information mentioned in subregulation 7.07E (2); and
(c)the contribution is not being made to a defined benefit interest.
(2)The trustee must, not later than 5 business days after receiving the information, ask the employer to give the trustee the correct and complete information mentioned in subregulation 7.07A (2) or 7.07E (2) for the member.
(3)If an employer receives a request from a trustee under subregulation (2), the employer must make all reasonable efforts to give the trustee the complete or correct information for the member not later than 10 business days after receiving the request.
(4)If the trustee is still unable to allocate the contribution to a member, the trustee must refund the contribution to the employer not later than 20 business days after receiving the contribution.
(5)If a contribution is refunded under subregulation (4), the contribution is taken not to have been made to the fund by the employer.
7.07H Contributions to be allocated to member
(1)This regulation applies to the trustee of a superannuation fund, other than a self managed superannuation fund, if:
(a)all of the following apply:
(i)the fund receives a contribution from an employer for a member;
(ii)the contribution is not required to be allocated in accordance with regulation 292-170.03 of the Income Tax Assessment Regulations 1997;
(iii)the contribution was made in accordance with any applicable Standards made under subsection 34K (3) of the Act;
(iv)the information mentioned in subregulation 7.07E (2) for the employee was given by the employer to the fund;
(v)the information was given in accordance with any applicable Standards made under subsection 34K (3) of the Act; or
(b)both of the following apply:
(i)the fund receives a contribution from the Commissioner of Taxation for a member;
(ii)the Commissioner made the contribution in accordance with any applicable Standards specified under subsection 34K (3) of the Act that would apply if the contribution were being made by an employer.
(2)If the trustee accepts the contribution, and receives it in accordance with any applicable Standards made under subsection 34K (3) of the Act, the trustee must allocate the contribution to the member as soon as practicable, but in any case not later than 3 business days after both the contribution and the information mentioned in subregulation 7.07E (2) have been received by the trustee.
Note Regulation 7.08 provides an operating standard for the allocation of contributions to which this regulation and subregulation 7.07G (4) do not apply.
Subdivision 7.2.2Operating standards
7.07J Application
(1)This regulation is made for subitem 20 (6) of Part 4 of Schedule 1 to the Superannuation Legislation Amendment (Stronger Super) Act 2012 (the amending Act ).
(2)Regulations 7.07 and 7.08, as in force immediately before 1 July 2013, apply in relation to contributions made by a medium to large employer before 1 July 2014.
(3)Regulations 7.07 and 7.08, as in force immediately before 1 July 2013, apply in relation to contributions made by a small employer before 1 July 2015.
(4)In this regulation:
medium to large employer has the meaning given by subitem 20 (4) of Part 4 of Schedule 1 to the amending Act.
small employer has the meaning given by subitem 20 (4) of Part 4 of Schedule 1 to the amending Act.
7.08 Contributions to be allocated to members
(1)This regulation applies to the trustee of a regulated superannuation fund if:
(a)the trustee receives a contribution in a month; and
(b)regulation 7.07H and subregulation 7.07G (4) do not apply to the trustee in relation to the contribution; and
(c)the trustee is not required to allocate the contribution in accordance with regulation 292-170.03 of the Income Tax Assessment Regulations 1997.
(2)For subsection 31 (1) of the Act, the trustee must allocate the contribution to a member of the fund:
(a)not later than 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 not later than 28 days after the end of the month - within such longer period as is reasonable in the circumstances.