SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 12.02 Pre - 1 July 88 funding amounts

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 12.02

  (1)   In this regulation:

"late payment amount" , in relation to a superannuation fund, means an amount (other than an amount representing a contribution that was payable or not payable at the discretion of an employer - contributor in respect of the fund) representing contributions to the fund that were unpaid as at 30   June 1988, being contributions that an employer - contributor in respect of the fund was obliged as at 30   June 1988 to pay in accordance with:

  (a)   except if paragraph   (b) applies, the governing rules of the fund then in force; or

  (b)   in the case of an amount representing contributions in respect of a member of a defined benefit fund who is an associate of an employer - contributor--the determination of an actuary; or

  (c)   an agreement certified, or an award made, by an industrial authority.

  (2)   Subject to subregulation   (3), the following amounts are to be treated as pre - 1   July 88 funding amounts for the purposes of paragraph   342(2)(a) of the Act:

  (a)   a late payment amount;

  (b)   a shortfall - in - assets amount.

  (3)   If:

  (a)   the pre - 1   July 88 funding amount of a defined benefit fund includes a late payment amount; and

  (b)   that late payment amount is sufficient to fund the liabilities of the fund in relation to accrued benefits of the members of the fund;

the pre - 1   July 88 funding amount must not include a shortfall - in - assets amount.