Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 2)
(105 of 2007)
26 April 2007
Superannuation Industry (Supervision) Act 1993
1 Name of Regulations
These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 2).
2 Commencement
These Regulations commence on 1 July 2007.
3 Amendment of Superannuation Industry (Supervision) Regulations 1994
Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994, as amended by the Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 1).
Schedule 1 Amendments
[1] Sub-subparagraph 1.05 (11A) (b) (i) (B)
omit
splitting order
insert
payment split
[2] Sub-subparagraph 1.06 (9A) (b) (i) (B)
omit
splitting order
insert
payment split
[3] Paragraph 1.07A (1) (a)
omit
1.05 (1) (d)
insert
1.05 (1A) (e)
[4] Paragraph 1.07A (1) (b)
substitute
(b) a contract mentioned in paragraph 1.05 (1A) (g) for a benefit that is an annuity under sub-subparagraph 1.05 (1A) (g) (i) (A) (in this regulation called the annuity );
[5] Paragraph 1.07A (1) (c)
omit
1.06 (1) (c)
insert
1.06 (1A) (c)
[6] Subparagraph 5.04 (3) (b) (iii)
omit
earnings on them.
insert
earnings on them; and
[7] After subparagraph 5.04 (3) (b) (iii)
insert
(iv) any amount allocated under regulation 292-170.03 of the Income Tax Assessment Regulations 1997.
[8] Regulation 7.06
omit
accumulation fund
insert
accumulation interest
[9] Regulation 7.07
omit
that are accumulation funds
[10] Regulation 7.08
substitute
7.08 Contributions to be allocated to members
(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.
(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.
[11] After Division 7.2
insert in Part 7
Division 7.3 Contributions to be allocated to members - certain other regulated superannuation funds
7.09 Application of Division 7.3
This Division applies only to a regulated superannuation fund that is required to allocate contributions in accordance with regulation 292-170.03 of the Income Tax Assessment Regulations 1997.
7.10 Operating standard
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 that are required to allocate contributions in accordance with regulation 292-170.03 of the Income Tax Assessment Regulations 1997.
7.11 Contributions to be allocated to members
If a trustee is required to allocate a contribution in a month in accordance with regulation 292-170.03 of the Income Tax Assessment Regulations 1997, 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.
[12] Schedule 1AA, Part 3, Commonwealth
after
Defence Force Retirement and Death Benefits Act 1973
insert
Defence Forces Retirement Benefits Act 1948
[13] Schedule 1AA, Part 3, Commonwealth
after
Judges’ Pensions Act 1968
insert
Papua New Guinea (Staffing Assistance) Act 1973
[14] Schedule 1AA, Part 3, Commonwealth
after
Parliamentary Contributory Superannuation Act 1948
insert
Superannuation Act 1922
[15] Schedule 1AA, Part 3, South Australia
omit
Superannuation (Benefit Scheme) Act 1992
[16] Schedule 1AA, Part 3, South Australia
omit
Schemes established by or under trust deeds
Lyell McEwen Health Service Incorporated Superannuation Fund