Superannuation Industry (Supervision) Regulations 1994

PART 7 - CONTRIBUTION AND BENEFIT ACCRUAL STANDARDS (REGULATED SUPERANNUATION FUNDS)

Division 7.2 - Contributions to be allocated to members

Subdivision 7.2.1 - 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.
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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.
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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.

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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 7.07E EMPLOYEE DETAILS FOR CONTRIBUTION

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7.07E(1)
This regulation applies to an employer who makes a contribution for an employee to a regulated superannuation fund, unless:

(a) the fund is a self managed superannuation fund; and

(b) the employer is a related party of the fund.

7.07E(2)
The employer must give the following information to the fund in relation to the contribution:

(a) the employee ' s full name;

(b) the employee ' s residential address;

(c) the employee ' s tax file number;

(d) the employee ' s telephone number.

7.07E(3)
However, the employer is not required to give the information mentioned in subregulation (2) to the fund if:

(a) the employee has not given the information to the employer, and the employer has made reasonable efforts to obtain the information from the employee; or

(b) the fund is a self managed superannuation fund and the employer is a related party of the fund.

7.07E(4)
The employer must give the information to the fund on the same day as the employer makes the contribution to the fund.

Note:

Standards made under subsection 34K(3) of the Act may set out how the information in subregulation (2) is to be given to the fund, additional information that must be given, and how the contribution must be made.

7.07E(5)
The employer must assign a payment reference number to the contribution and include the payment reference number with the contribution.

7.07E(6)
(Repealed by SLI No 127 of 2014)

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