Superannuation Industry (Supervision) Act 1993

PART 7 - PROVISIONS APPLYING ONLY TO REGULATED SUPERANNUATION FUNDS  

SECTION 68AAE   EMPLOYER-SPONSOR CONTRIBUTION EXCEPTION  

68AAE(1)    

The employer-sponsor contribution exception applies for a QE day to a member of regulated superannuation fund to, or in respect of, whom a benefit is provided by the fund under a choice product or MySuper product held by the member by taking out or maintaining insurance if:

(a)    an employer-sponsor notifies the trustee of the fund in writing that the employer-sponsor will pay insurance fees relating to the benefit for the member; and

(b)    the member is:

(i) an employee of the employer-sponsor, or an associate of the employer-sponsor; or

(ii) the relative or dependant of such an employee; and

(c)    

the QE day is after the employer-sponsor notifies the trustee under paragraph (a) ; and

(d)    

the amount the employer-sponsor contributes to the fund for the QE day exceeds the amount that the employer-sponsor would need to contribute to avoid an individual base superannuation guarantee shortfall that is greater than nil for the member and the QE day; and

(e)    

that excess is equal to or greater than the insurance fees relating to the benefit for the QE day.

68AAE(2)    

In this section:

individual base superannuation guarantee shortfall
has the same meaning as in the Superannuation Guarantee (Administration) Act 1992 .

QE day
has the same meaning as in the Superannuation Guarantee (Administration) Act 1992 .