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 7.07G INCOMPLETE CONTRIBUTION INFORMATION

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7.07G(1)
This regulation applies to the trustee of a regulated superannuation fund, other than a self managed superannuation fund, if:

(a) the fund receives a contribution from an employer for a member of the fund; and

(b) either or both of the following applies:

(i) the contribution is the first contribution received by the fund for the member from the employer, and the employer, before or with the contribution, did not provide any of the information mentioned in subregulation 7.07A(2) ;

(ii) the contribution is not accompanied by all of the information mentioned in subregulation 7.07E(2) ; and

(c) the contribution is not being made to a defined benefit interest.

7.07G(2)

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The trustee must, not later than 5 business days after receiving the contribution, ask the employer to give the trustee the correct and complete information mentioned in subregulation 7.07A(2) or 7.07E(2) for the member.

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7.07G(3)
If an employer receives a request from a trustee under subregulation (2), the employer must make all reasonable efforts to give the trustee the complete or correct information for the member not later than 10 business days after receiving the request.

7.07G(4)
If the trustee is still unable to allocate the contribution to a member, the trustee must refund the contribution to the employer not later than 20 business days after receiving the contribution.

7.07G(5)
If a contribution is refunded under subregulation (4), the contribution is taken not to have been made to the fund by the employer.

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