PART 7
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CONTRIBUTION AND BENEFIT ACCRUAL STANDARDS (REGULATED SUPERANNUATION FUNDS)
Division 7.2
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Contributions to be allocated to members
History
Div 7.2 heading substituted by SLI No 317 of 2012, reg 4 and Sch 2 item 4, effective 1 July 2013. The heading formerly read:
Division 7.2
-
Contributions to be allocated to members
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accumulation funds
Division 7.2 inserted by SR No 84 of 2004, reg 3 and Sch 1 item 9, effective 12 May 2004.
Subdivision 7.2.1
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Superannuation data and payment matters
History
Subdivs 7.2.1 and 7.2.2 substituted for regs 7.06, 7.07 and 7.08 by SLI No 317 of 2012, reg 4 and Sch 2 item 5, effective 1 July 2013. Regs 7.06, 7.07 and 7.08 formerly read:
SECTION 7.06
REGULATION 7.06 APPLICATION OF DIVISION 7.2
7.06
This Division applies only to an accumulation interest.
History
Reg 7.06 amended by SLI No 105 of 2007, reg 3 and Sch 1 item 8, by substituting
"
accumulation interest
"
for
"
accumulation fund
"
, effective 1 July 2007.
Reg 7.06 inserted by SR No 84 of 2004, reg 3 and Sch 1 item 9, effective 12 May 2004.
SECTION 7.07
REGULATION 7.07 OPERATING STANDARD
7.07
For subsection
31(1)
of the Act, a requirement set out in this Division is a standard applicable to the operation of regulated superannuation funds.
History
Reg 7.07 amended by SLI No 105 of 2007, reg 3 and Sch 1 item 9, by omitting
"
that are accumulation funds
"
from the end, effective 1 July 2007.
Reg 7.07 inserted by SR No 84 of 2004, reg 3 and Sch 1 item 9, effective 12 May 2004.
REGULATION 7.08 CONTRIBUTIONS TO BE ALLOCATED TO MEMBERS
7.08(1)
If, on or before 31 May 2008, the trustee of a defined benefit fund receives a contribution in a month in relation to an accumulation interest, the trustee must allocate the contribution to a member of the fund by 30 June 2008.
7.08(2)
If a trustee receives a contribution in a month in relation to an accumulation interest, and subregulation (1) does not apply, the trustee must allocate the contribution to a member of the fund:
(a)
within 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 within 28 days after the end of the month
-
within such longer period as is reasonable in the circumstances.
History
Reg 7.08 substituted by SLI No 105 of 2007, reg 3 and Sch 1 item 10, effective 1 July 2007. Reg 7.08 formerly read:
REGULATION 7.08 CONTRIBUTIONS TO BE ALLOCATED TO MEMBERS
7.08
If a trustee of an accumulation fund receives a contribution in a month, the trustee must allocate the contribution to a member of the fund:
(a)
within 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 within 28 days after the end of the month
-
within such longer period as is reasonable in the circumstances.
Reg 7.08 inserted by SR No 84 of 2004, reg 3 and Sch 1 item 9, effective 12 May 2004.
REGULATION 7.07H
CONTRIBUTIONS TO BE ALLOCATED TO MEMBER
7.07H(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
7.11
;
(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.
History
Reg 7.07H(1) amended by FRLI No F2021L00199, reg 4 and Sch 1 item 5, by substituting
"
regulation 7.11
"
for
"
regulation 292-170.03 of the
Income Tax Assessment Regulations 1997
"
in para (a)(ii), effective 1 April 2021 and applicable in relation to any contribution received on or after 1 July 2021.
7.07H(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.
History
Reg 7.07H inserted by SLI No 317 of 2012, reg 4 and Sch 2 item 5, effective 1 July 2013.
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