Superannuation Industry (Supervision) Regulations 1994
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View history noteDiv 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 - accumulation funds
Division 7.2 inserted by SR No 84 of 2004, reg 3 and Sch 1 item 9, effective 12 May 2004.
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:
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. 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. 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:
Reg 7.08 inserted by SR No 84 of 2004, reg 3 and Sch 1 item 9, effective 12 May 2004.
SECTION 7.06
REGULATION 7.06 APPLICATION OF DIVISION 7.2
7.06
This Division applies only to an accumulation interest.
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.
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.
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.
This regulation applies to the trustee of a regulated superannuation fund, other than a self managed superannuation fund, if:
(a) the fund receives the following information for a member from an employer in accordance with regulation 7.07A :
(i) full name;
(ii) tax file number;
(iii) date of birth; and
(b) the information is given to the fund in the way required by any applicable Standards made under subsection 34K(3) of the Act.
7.07B(2)
The trustee must ask the Commissioner of Taxation, using an electronic interface provided by the Commissioner, for a notice under subsection 299TD(2) of the Act in relation to the member.
7.07B(3)
However, subregulation (2) does not apply if the Commissioner has previously given the trustee a notice under subsection 299TD(2) of the Act stating that the Commissioner was able to validate the member ' s information given by the trustee.
7.07B(4)
The trustee must make the request not later than 3 business days after receiving the information.
Reg 7.07B inserted by SLI No 317 of 2012, reg 4 and Sch 2 item 5, effective 1 July 2013.
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