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 7.07EA EMPLOYEE DETAILS MAY BE PASSED THROUGH DEFAULT FUND

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7.07EA(1)
An employer may comply with regulation 7.07E by giving to a default fund for the employer information that would otherwise be required by that regulation to be given to any other regulated superannuation fund.

7.07EA(2)
If the employer gives information as mentioned in subregulation (1), the employer:

(a) must give the information on the same day that the information would otherwise be required to be given to the other regulated superannuation fund; and

(b) in doing so, must comply with any applicable Standards made under subsection 34K(3) of the Act.

7.07EA(3)
The default fund must pass the information on to the other regulated superannuation fund and, in doing so, comply with any applicable Standards made under subsection 34K(3) of the Act.

7.07EA(4)
In this regulation:

default fund
, in relation to an employer, means an RSE licensee:

(a) authorised to offer a MySuper product under section 29T of the Act; and

(b) to which the employer mentioned in subregulation (1) makes contributions for the benefit of any of its employees in compliance with subsection 32C(2) of the Superannuation Guarantee (Administration) Act 1992 .

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