SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 7.07H Contributions to be allocated to member

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 7.07H

  (1)   This regulation applies to the trustee of a superannuation fund, other than a self managed superannuation fund, if:

  (a)   all of the following apply:

  (i)   the fund receives a contribution from an employer for a member;

  (ii)   the contribution is not required to be allocated in accordance with regulation   7.11;

  (iii)   the contribution was made in accordance with any applicable Standards made under subsection   34K(3) of the Act;

  (iv)   the information mentioned in subregulation   7.07E(2) for the employee was given by the employer to the fund;

  (v)   the information was given in accordance with any applicable Standards made under subsection   34K(3) of the Act; or

  (b)   both of the following apply:

  (i)   the fund receives a contribution from the Commissioner of Taxation for a member;

  (ii)   the Commissioner made the contribution in accordance with any applicable Standards specified under subsection   34K(3) of the Act that would apply if the contribution were being made by an employer.

  (2)   If the trustee accepts the contribution, and receives it in accordance with any applicable Standards made under subsection   34K(3) of the Act, the trustee must allocate the contribution to the member as soon as practicable, but in any case not later than 3 business days after both the contribution and the information mentioned in subregulation   7.07E(2) have been received by the trustee.

Note:   Regulation   7.08 provides an operating standard for the allocation of contributions to which this regulation and subregulation   7.07G(4) do not apply.