SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994

PART 7 - CONTRIBUTION AND BENEFIT ACCRUAL STANDARDS (REGULATED SUPERANNUATION FUNDS)  

Division 7.2 - Contributions to be allocated to members  

Subdivision 7.2.2 - Operating standards  

REGULATION 7.08   CONTRIBUTIONS TO BE ALLOCATED TO MEMBERS  

7.08(1)  
This regulation applies to the trustee of a regulated superannuation fund if:


(a) the trustee receives a contribution in a month; and


(b) regulation 7.07H and subregulation 7.07G(4) do not apply to the trustee in relation to the contribution; and


(c) the trustee is not required to allocate the contribution in accordance with regulation 292-170.03 of the Income Tax Assessment Regulations 1997 .

7.08(2)  
For subsection 31(1) of the Act, the trustee must allocate the contribution to a member of the fund:


(a) not later than 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 not later than 28 days after the end of the month - within such longer period as is reasonable in the circumstances.


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