Superannuation Industry (Supervision) Regulations 1994

REGULATION 2.24 SPECIFIC REQUIREMENTS IN PARTICULAR CASES  
2.24(1)
Subject to subregulation (2), the trustee of a fund (other than a self managed superannuation fund or a capital guaranteed fund) must give to each member details of the following matters in respect of the member so far as they are applicable:

(a) the amount of the member's contributions during the reporting period;

(b) the amount of benefits rolled-over or otherwise transferred into the fund during the reporting period;

(c) the amount of withdrawals during the reporting period;

(d) the amounts of fees, charges and other expenses deducted by the fund during the reporting period from amounts held in any accounts in respect of the member;

(e) the amount of any allotment of employer contributions during the reporting period;

(f) the amount of any allotment of net earnings during the reporting period;

(g) the rate of any allotment of net earnings during the reporting period;

(h) the amount of bonuses that have accrued at the end of the reporting period;

(i) the amount of the sum assured;

(j) the amount payable in the event of the member's death:

(i) at the end of the reporting period; or

(ii) on the first day of the next reporting period;

or the method by which that amount is worked out;

(k) details, including the amount or method of working out, of other significant benefits (as defined in subregulation (3)), including, in particular, disability benefits;

(l) if the trustee is aware of contributions that are due and payable during the reporting period but have not been paid to the fund at, or shortly before, the date of issue of the report, details of the amount of those contributions and of action that the trustee has taken, or proposes to take, to have the contributions paid.

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History

Reg 2.24(1) amended by SR No 239 of 1999 and SR No 117 of 1997.

2.24(1A)
The trustee of a fund must give to each member the following information in respect of the member, so far as it is applicable:

(a) if the fund is an unfunded defined benefits fund - details of the surcharge debt account kept by the trustee, under subsection 16(2) of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 , for the member, including:

(i) the balance of the account at the start of the reporting period; and

(ii) the amount debited to the account for superannuation contributions surcharge assessed, by the Commissioner of Taxation, to be payable on the member's surchargeable contributions; and

(iii) the amount of interest debited, under subsection 16(4) of that Act, to the account during the reporting period; and

(iv) the balance of the account at the end of the reporting period;

(b) if the trustee reduced the member's benefits in connection with payment of a superannuation contributions surcharge or an advance instalment of surcharge:

(i) the amount deducted; and

(ii) if there is a difference between the amount deducted and the amount assessed under subsection 15(1) of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 or between the amount deducted and the amount determined under subsection 15(2) of that Act - a statement explaining the difference.

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History

Reg 2.24(1A) inserted by SR No 309 of 1997.

2.24(2)
A nil amount need not be disclosed.

2.24(3)
In this regulation, ' significant benefits ' means financial benefits that the trustee reasonably believes a member would reasonably expect to be told about.