Commonwealth Numbered Regulations

SUPERANNUATION INDUSTRY (SUPERVISION) (TRANSITIONAL PROVISIONS) REGULATIONS (AMENDMENT) 1998 No. 81 - REG 3

3.1 Schedule 2, Part 2, item 5:
Omit the item, substitute: "5. Regulation 18B (Standards relating to
contributions)
5.1 Omit the regulation, substitute: Standards relating to contributions
'18B. (1) For the purposes of subsection 7 (1) of the Act, the standards set
out in this regulation are prescribed.
'(3) A superannuation fund must not accept a contribution towards a
superannuation pension or an ETP for a person, unless:

   (a)  the person:

        (i)    has not turned 65; or

        (ii)   if the governing rules of the fund as at 30 June 1990 provide
               that the person must retire for the purposes of the fund not
               later than 12 months after the person turns 65-has not reached
               the age at which he or she must retire for those purposes; or

        (iii)  turned 60 on or before 30 June 1990 and has not turned 70; or

   (b)  the contribution is made:

        (iii)  in respect of the member for the purposes of the Guarantee Act
               in an amount that does not exceed the minimum amount required
               by that Act so that superannuation guarantee charge is not
               payable by the employer making the contribution; or

        (iv)   as payment of the shortfall component in relation to the
               member; or

        (v)    in accordance with a prescribed agreement or award.'.".