Superannuation Industry (Supervision) Regulations 1994

PART 12 - PRE-1 JULY 1988 FUNDING CREDITS AND DEBITS  

REGULATION 12.02   PRE-1 JULY 88 FUNDING AMOUNTS  

12.02(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 fund who is an associate of an employer-contributor - the determination of an actuary; or

(c) an agreement certified, or an award made, by an industrial authority.

12.02(2)   [Pre-1 July 88 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 342(2)(a) of the Act:

(a) a late payment amount;

(b) a shortfall-in-assets amount.

12.02(3)   [Late payment amount sufficient]  

If:

(a) the pre-1 July 88 funding amount of a defined benefit fund 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.