PART 7
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CONTRIBUTION AND BENEFIT ACCRUAL STANDARDS (REGULATED SUPERANNUATION FUNDS)
Division 7.2
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Contributions to be allocated to members
History
Div 7.2 heading substituted by SLI No 317 of 2012, reg 4 and Sch 2 item 4, effective 1 July 2013. The heading formerly read:
Division 7.2
-
Contributions to be allocated to members
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accumulation funds
Division 7.2 inserted by SR No 84 of 2004, reg 3 and Sch 1 item 9, effective 12 May 2004.
Subdivision 7.2.1
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Superannuation data and payment matters
History
Subdivs 7.2.1 and 7.2.2 substituted for regs 7.06, 7.07 and 7.08 by SLI No 317 of 2012, reg 4 and Sch 2 item 5, effective 1 July 2013. Regs 7.06, 7.07 and 7.08 formerly read:
SECTION 7.06
REGULATION 7.06 APPLICATION OF DIVISION 7.2
7.06
This Division applies only to an accumulation interest.
History
Reg 7.06 amended by SLI No 105 of 2007, reg 3 and Sch 1 item 8, by substituting
"
accumulation interest
"
for
"
accumulation fund
"
, effective 1 July 2007.
Reg 7.06 inserted by SR No 84 of 2004, reg 3 and Sch 1 item 9, effective 12 May 2004.
SECTION 7.07
REGULATION 7.07 OPERATING STANDARD
7.07
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.
History
Reg 7.07 amended by SLI No 105 of 2007, reg 3 and Sch 1 item 9, by omitting
"
that are accumulation funds
"
from the end, effective 1 July 2007.
Reg 7.07 inserted by SR No 84 of 2004, reg 3 and Sch 1 item 9, effective 12 May 2004.
REGULATION 7.08 CONTRIBUTIONS TO BE ALLOCATED TO MEMBERS
7.08(1)
If, on or before 31 May 2008, the trustee of a defined benefit fund receives a contribution in a month in relation to an accumulation interest, the trustee must allocate the contribution to a member of the fund by 30 June 2008.
7.08(2)
If a trustee receives a contribution in a month in relation to an accumulation interest, and subregulation (1) does not apply, 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.
History
Reg 7.08 substituted by SLI No 105 of 2007, reg 3 and Sch 1 item 10, effective 1 July 2007. Reg 7.08 formerly read:
REGULATION 7.08 CONTRIBUTIONS TO BE ALLOCATED TO MEMBERS
7.08
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.
Reg 7.08 inserted by SR No 84 of 2004, reg 3 and Sch 1 item 9, effective 12 May 2004.
REGULATION 7.07G
ALLOCATION OF CONTRIBUTIONS
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REGULATED SUPERANNUATION FUNDS (OTHER THAN SELF MANAGED SUPERANNUATION FUNDS)
7.07G(1)
This regulation applies to the trustee of a regulated superannuation fund, other than a self managed superannuation fund, if:
(a)
the fund receives a contribution for a member of the fund; and
(b)
the contribution is not being made to a defined benefit interest.
7.07G(2)
If the trustee is able to allocate the contribution to the member, then the trustee must allocate the contribution to the member:
(a)
as soon as practicable; and
(b)
in any case, no later than 3 business days after the contribution has been received by the trustee.
7.07G(3)
If the trustee is unable to allocate the contribution to the member, the trustee must refund the contribution:
(a)
as soon as practicable; and
(b)
in any case, no later than 3 business days after the contribution has been received by the trustee.
7.07G(4)
If a contribution is refunded under subregulation
(3)
, then the contribution is taken not to have been made.
History
Reg 7.07G substituted by FRLI No F2026L00133, reg 4 and Sch 1 item 40, effective 1 July 2026. Reg 7.07G formerly read
REGULATION 7.07G INCOMPLETE CONTRIBUTION INFORMATION
7.07G(1)
This regulation applies to the trustee of a regulated superannuation fund, other than a self managed superannuation fund, if:
(a)
the fund receives a contribution from an employer for a member of the fund; and
(b)
either or both of the following applies:
(i)
the contribution is the first contribution received by the fund for the member from the employer, and the employer, before or with the contribution, did not provide any of the information mentioned in subregulation 7.07A(2);
(ii)
the contribution is not accompanied by all of the information mentioned in subregulation 7.07E(2); and
(c)
the contribution is not being made to a defined benefit interest.
7.07G(2)
The trustee must, not later than 5 business days after receiving the contribution, ask the employer to give the trustee the correct and complete information mentioned in subregulation 7.07A(2) or 7.07E(2) for the member.
History
Reg 7.07G(2) amended by SLI No 61 of 2013, reg 4 and Sch 2 item 18, by substituting
"
the contribution
"
for
"
the information
"
, effective 1 July 2013.
7.07G(3)
If an employer receives a request from a trustee under subregulation (2), the employer must make all reasonable efforts to give the trustee the complete or correct information for the member not later than 10 business days after receiving the request.
7.07G(4)
If the trustee is still unable to allocate the contribution to a member, the trustee must refund the contribution to the employer not later than 20 business days after receiving the contribution.
7.07G(5)
If a contribution is refunded under subregulation (4), the contribution is taken not to have been made to the fund by the employer.
Reg 7.07G inserted by SLI No 317 of 2012, reg 4 and Sch 2 item 5, effective 1 July 2013.
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