Superannuation Industry (Supervision) Amendment Regulations 2004 (No. 2) (84 of 2004)

Schedule 1   Amendments

[9]   After regulation 7.05

insert

Division 7.2 Contributions to be allocated to members - accumulation funds

7.06 Application of Division 7.2

This Division applies only to an accumulation fund.

7.07 Operating standard

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 that are accumulation funds.

7.08 Contributions to be allocated to members

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.