Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 2) (105 of 2007)

Schedule 1   Amendments

[11]   After Division 7.2

insert in Part 7

Division 7.3 Contributions to be allocated to members - certain other regulated superannuation funds

7.09 Application of Division 7.3

This Division applies only to a regulated superannuation fund that is required to allocate contributions in accordance with regulation 292-170.03 of the Income Tax Assessment Regulations 1997.

7.10 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 required to allocate contributions in accordance with regulation 292-170.03 of the Income Tax Assessment Regulations 1997.

7.11 Contributions to be allocated to members

If a trustee is required to allocate a contribution in a month in accordance with regulation 292-170.03 of the Income Tax Assessment Regulations 1997, 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.