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.
View history note

Hide history note

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.
View history note

Hide history note

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.

View history note

Hide history note

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 7.07H CONTRIBUTIONS TO BE ALLOCATED TO MEMBER

View history reference

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

(a)

View history reference

all of the following apply:

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

(ii) the contribution is not required to be allocated in accordance with regulation 7.11 ;

(iii) the contribution was made in accordance with any applicable Standards made under subsection 34K(3) of the Act;

(iv) the information mentioned in subregulation 7.07E(2) for the employee was given by the employer to the fund;

(v) the information was given in accordance with any applicable Standards made under subsection 34K(3) of the Act; or

(b) both of the following apply:

(i) the fund receives a contribution from the Commissioner of Taxation for a member;

(ii) the Commissioner made the contribution in accordance with any applicable Standards specified under subsection 34K(3) of the Act that would apply if the contribution were being made by an employer.

View history note

7.07H(2)
If the trustee accepts the contribution, and receives it in accordance with any applicable Standards made under subsection 34K(3) of the Act, the trustee must allocate the contribution to the member as soon as practicable, but in any case not later than 3 business days after both the contribution and the information mentioned in subregulation 7.07E(2) have been received by the trustee.

Note:

Regulation 7.08 provides an operating standard for the allocation of contributions to which this regulation and subregulation 7.07G(4) do not apply.

View history note

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.