OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART II - SUPERANNUATION FUNDS  

Division 2 - Information on fund management  

Subdivision C - Information about multi-member funds  

REGULATION 18H   REGULAR REPORTS TO MEMBERS OF MULTI-MEMBER FUNDS  

18H(1)   [ Definitions ]  

In this regulation:

abridged financial information
means information that is:

(a) derived from the accounts of a multi-member fund; and

(b) set out in accordance with Schedule 8 ;

relative
, in relation to a member of a body or another person, means:

(a) the parent, grandparent, brother, sister, uncle, aunt, cousin, nephew, niece, direct descendant or adopted child of that member or person or of his or her spouse; or

(b) the spouse of the member or person or of any other person referred to in paragraph (a);

year of income
, in relation to a multi-member fund, means a year of income of the fund beginning on or after 1 July 1992.

18H(2)   [ Reporting period ]  

The trustees of a multi-member fund must report in respect of each year of income of the fund in accordance with this regulation to persons who were members of that fund on the last day of the period referred to in subregulation 18J(4) :

(a) immediately following that year; and

(b) within which the report, or a written statement that is a part of the report, must be given to members of the fund.

18H(3)   [ Contents of report ]  

A report must set out the following information:

(a) the name of the fund;

(b) if, in respect of the year of income to which the report relates and the 2 years of income preceding that year, the trustees believe:

(i) that the fund satisfied the superannuation fund conditions; and

(ii) that the Commissioner is, or would be, satisfied that the fund is operating, or operated, in accordance with those conditions;

a statement to that effect;

(c) in the absence of a statement referred to in paragraph (b):

(i) a statement in respect of each year of income in relation to which the fund will not, or may not, satisfy the superannuation fund conditions; and

(ii) a statement of any action that the trustees are taking, or propose to take, to have the fund meet those conditions;

(d) a statement in respect of the year of income to which the report relates and the 2 years of income preceding that year:

(i) as to whether the trustees of the fund have lodged, or intend to lodge, the return and certificates referred to in subsection 12(1) of the Act or the Commissioner has given notice under subsection 13(1) of the Act in relation to the fund; and

(ii) as to whether the fund has received a notice from the Commissioner about whether the fund has satisfied the superannuation conditions; and

(iii) setting out the contents of any notice referred to in subparagraph (ii);

(e) a statement relating to the accounts of the fund in respect of the year of income to which are attached:

(i) audited accounts, and the auditor ' s report, in respect of that year; or

(ii) if the accounts have not been audited or, after having been audited, have not been and are not to be distributed to members:

(A) abridged financial information relating to those accounts; and

(B) any qualification that has been made, or that the auditor has advised the trustees is likely to be made, in the auditor ' s report; and

(C) a statement of the date when the audit was, or is likely to be, completed; and

(D) advice as to when the audited accounts and the auditor ' s report will be sent to members or when those accounts and that report are, or will be, available to members on request;

(f) in respect of the year of income to which the report relates and the year of income preceding that year, the proportions, or the amounts, of the value of assets of the fund specified in the respective provisions of subregulation 18K(1) on which:

(i) the audited accounts referred to in paragraph (e) in respect of the relevant year of income are based; or

(ii) abridged financial information referred to in that paragraph in respect of the relevant year of income is based;

(g) if the value of particular assets of the fund exceeds 5 % of the value all assets referred to in paragraph (f) in respect of a year of income to which that paragraph applies - a description of the particular assets and the proportion of the value of those assets in relation to the value of all assets referred to in that paragraph in respect of that year of income;

(h) subject to subregulation (4), if:

(i) the trustees of the fund have an interest in particular assets in that capacity; and

(ii) the value of the interest exceeds 5 % of the value all assets referred to in paragraph (f) in respect of a year of income to which that paragraph applies; and

(iii) authority to manage, or to participate in the management of, those assets and other assets to which subparagraphs (i) and (ii) apply is held by 1 or more of:

(A) a person or body other than a person or body specified in subregulation 18K(2) ; or

(B) a person who is a relative of a natural person, or of an individual member of a body, to whom sub-subparagraph (A) applies;

the value, and a description, of the assets comprising the interest of the trustees and of the other assets to which subparagraph (iii) applies and the proportion of the value of all those assets to the value of all assets referred to in paragraph (f) in respect of that year of income;

(i) a statement of the investment objectives of the trustees for the fund and of the policy of the trustees to achieve those objectives;

(j) a statement of:

(i) the objectives of the trustees at the beginning of the year of income that involve investing in instruments prescribed in subregulation 18K(3) for the purpose of managing fluctuations in the earnings of the fund and in the value of the assets of the fund; and

(ii) the policy of the trustees to achieve those objectives and the year of income in which that policy is being, or is to be, pursued; and

(iii) the assessment of the trustees of the likely effect of that policy on the value of the assets of the fund at the end of the year of income referred to in subparagraph (ii);

(k) in the case of a fund:

(i) that is not a defined benefit superannuation fund; or

(ii) that is a defined benefit superannuation fund in which accumulation accounts in the names of members are kept;

a statement of the manner in which the net earnings of the fund are allotted to the accounts of members and of the manner in which the reserves of the fund are determined;

(l) a statement of the total earnings of the fund in the year of income to which the notice relates and the 2 years of income preceding that year;

(m) a statement of the governing rules of the fund dealing with:

(i) the attribution of administrative and other costs of the operation of the fund to the accounts of members of the fund; and

(ii) the deduction of fees, charges and expenses from those accounts; and

(iii) a summary of the policy of the trustees, or of any person referred to in paragraph (o), in relation to the administration of those rules;

(n) if the employer of a member of the fund contributes to the fund in respect of the member, a statement to the effect that any contribution:

(i) that is, to the best knowledge of the trustees, due and payable to the fund; or

(ii) within the range of amounts that is recommended in the latest actuarial investigation into the fund referred to in paragraph 17(1)(a) to be paid to the fund;

has been paid or, if the contribution has not been paid, a statement of the action taken, or proposed to be taken, by the trustees to have the contribution paid;

(o) if a person other than a trustee of the fund has been appointed to manage, or participate in the management of, the fund:

(i) the name of that person; and

(ii) the nature of the relationship between the person and any trustee of, or employer sponsoring, the fund and any other person who has been so appointed;

(p) the name of any person holding office as a trustee in the year of income and a statement as to whether that person was appointed by members of the fund, an employer or employers sponsoring the fund or another person or group of persons;

(q) the name of any person, or of each member of any group of persons, managing a sub-plan in the year of income and a statement as to whether that person or member was appointed by members of the fund, an employer or employers sponsoring the fund or another person or body;

(r) the name and address of the person or body having authority to manage, or participate in the management of the fund, not being a trustee of the fund or an employer sponsoring the fund;

(s) the name of a person to whom a member of the fund may make an inquiry about the fund and the place where that person may be contacted during business hours;

(t) advice that the trustees of the fund must make available to a member of the fund on request by the member a document to which regulation 18L or 18M applies in accordance with that regulation;

(u) any other information that the members of a multi-member fund would reasonably require to make an informed judgment on the management and performance of the fund.

18H(4)   [ Where particulars of subsec (3)(h) matter not required ]  

The trustees of a fund are not obliged to include in a report particulars of the matter described in paragraph (3)(h) if the trustees, or a person other than a trustee who has authority to manage, or participate in the management of, the fund could not reasonably have been expected to be aware of those particulars when the report was prepared.

18H(5)   [ Abridged financial information ]  

A statement of abridged financial information must be completed in accordance with a direction for completing the statement at the foot of Schedule 8 .