Treasury Laws Amendment (Work Test Exemption) Regulations 2018 (F2018L01682)

Schedule 1   Amendments

Superannuation Industry (Supervision) Regulations 1994

7   After subregulation 7.04(1)

Insert:

(1A) For the purposes of paragraph (d) of item 2 or 3 of the table in subregulation (1), the requirements are the following:

(a) the member has been gainfully employed on at least a part-time basis during the financial year (the previous financial year ) ending before the financial year in which the contributions are made;

(b) the member has a total superannuation balance (within the meaning of section 307-230 of the 1997 Tax Act) of less than $300,000 at the end of the previous financial year;

(c) no contributions have been accepted by a regulated superannuation fund in respect of the member, in the previous financial year or any earlier financial year, because of the operation of paragraph (d) of item 2 or 3 of the table in subregulation (1);

(d) no contributions have been accepted by an RSA institution in respect of the member, in the previous financial year or any earlier financial year, because of the operation of paragraph (d) of item 2 or 3 of the table in subregulation 5.03(1) of the Retirement Savings Accounts Regulations 1997.