Superannuation Industry (Supervision) Regulations 1994
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]
(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.
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