Superannuation Industry (Supervision) Amendment Regulations 2002 (No. 3) (150 of 2002)

Schedule 1   Amendments

[14]   Subregulation 7.04 (1C)

substitute

(1C) Subject to subregulation (2), a regulated superannuation fund may accept contributions that are made in respect of a member who has reached age 70 but not age 75 only if:

(a) the contributions are mandated employer contributions; or

(b) the contributions are made by the member in respect of the member and the member is gainfully employed on a full-time or part-time basis.

(1D) Subject to subregulation (2), a regulated superannuation fund may accept contributions that are made in respect of a member who has reached age 75 only if the contributions are mandated employer contributions.

(1E) For paragraph (1) (e), a regulated superannuation fund must not accept child contributions made in respect of a child of a total of more than $3,000 in each period of 3 years beginning on the date that the first child contribution is made in respect of the child.