Superannuation Industry (Supervision) Act 1993

PART 7 - PROVISIONS APPLYING ONLY TO REGULATED SUPERANNUATION FUNDS  

SECTION 68AAE   EMPLOYER-SPONSOR CONTRIBUTION EXCEPTION  

68AAE(1)    
The employer-sponsor contribution exception applies for a quarter to a member of regulated superannuation fund to, or in respect of, whom a benefit is provided by the fund under a choice product or MySuper product held by the member by taking out or maintaining insurance if:

(a) an employer-sponsor notifies the trustee of the fund in writing that the employer-sponsor will pay insurance fees relating to the benefit for the member; and

(b) the member is:

(i) an employee of the employer-sponsor, or an associate of the employer-sponsor; or

(ii) the relative or dependant of such an employee; and

(c) the quarter ends after the employer-sponsor notifies the trustee under paragraph (a); and

(d) the amount the employer-sponsor contributes to the fund for the quarter exceeds the amount that the employer-sponsor would need to contribute to avoid an individual superannuation guarantee shortfall for the member for the quarter; and

(e) that excess is equal to or greater than the insurance fees relating to the benefit for the quarter.

68AAE(2)    
In this section:

quarter
means a period of 3 months beginning on 1 January, 1 April, 1 July or 1 October.