Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 2)1
Select Legislative Instrument 2007 No. 105
I, PHILIP MICHAEL JEFFERY, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.
Dated 26 April 2007
P. M. JEFFERY
Governor‑General
By His Excellency’s Command
PETER CRAIG DUTTON
Minister for Revenue and Assistant Treasurer
1              Name of Regulations
                These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 2).
2              Commencement
                These Regulations commence on 1 July 2007.
3              Amendment of Superannuation Industry (Supervision) Regulations 1994
                Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994, as amended by the Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 1).
Schedule 1        Amendments
(regulation 3)
  
[1]           Sub‑subparagraph 1.05 (11A) (b) (i) (B)
omit
splitting order
insert
payment split
[2]           Sub‑subparagraph 1.06 (9A) (b) (i) (B)
omit
splitting order
insert
payment split
[3]           Paragraph 1.07A (1) (a)
omit
1.05 (1) (d)
insert
1.05 (1A) (e)
[4]           Paragraph 1.07A (1) (b)
substitute
               (b)    a contract mentioned in paragraph 1.05 (1A) (g) for a benefit that is an annuity under sub‑subparagraph 1.05 (1A) (g) (i) (A) (in this regulation called the annuity);
[5]           Paragraph 1.07A (1) (c)
omit
1.06 (1) (c)
insert
1.06 (1A) (c)
[6]           Subparagraph 5.04 (3) (b) (iii)
omit
earnings on them.
insert
earnings on them; and
[7]           After subparagraph 5.04 (3) (b) (iii)
insert
                        (iv)    any amount allocated under regulation 292‑170.03 of the Income Tax Assessment Regulations 1997.
[8]           Regulation 7.06
omit
accumulation fund
insert
accumulation interest
[9]           Regulation 7.07
omit
that are accumulation funds
[10]         Regulation 7.08
substitute
7.08        Contributions to be allocated to members
         (1)   If, on or before 31 May 2008, the trustee of a defined benefit fund receives a contribution in a month in relation to an accumulation interest, the trustee must allocate the contribution to a member of the fund by 30 June 2008.
         (2)   If a trustee receives a contribution in a month in relation to an accumulation interest, and subregulation (1) does not apply, the trustee must allocate the contribution to a member of the fund:
                (a)    within 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 within 28 days after the end of the month — within such longer period as is reasonable in the circumstances.
[11]         After Division 7.2
insert in Part 7
Division 7.3           Contributions to be allocated to members — certain other regulated superannuation funds
7.09        Application of Division 7.3
                This Division applies only to a regulated superannuation fund that is required to allocate contributions in accordance with regulation 292‑170.03 of the Income Tax Assessment Regulations 1997.
7.10        Operating standard
                For subsection 31 (1) of the Act, a requirement set out in this Division is a standard applicable to the operation of regulated superannuation funds that are required to allocate contributions in accordance with regulation 292‑170.03 of the Income Tax Assessment Regulations 1997.
7.11        Contributions to be allocated to members
                If a trustee is required to allocate a contribution in a month in accordance with regulation 292‑170.03 of the Income Tax Assessment Regulations 1997, the trustee must allocate the contribution to a member of the fund:
                (a)    within 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 within 28 days after the end of the month — within such longer period as is reasonable in the circumstances.
[12]         Schedule 1AA, Part 3, Commonwealth
after
                        Defence Force Retirement and Death Benefits Act 1973
insert
                        Defence Forces Retirement Benefits Act 1948
[13]         Schedule 1AA, Part 3, Commonwealth
after
                        Judges’ Pensions Act 1968
insert
                        Papua New Guinea (Staffing Assistance) Act 1973
[14]         Schedule 1AA, Part 3, Commonwealth
after
                        Parliamentary Contributory Superannuation Act 1948
insert
                        Superannuation Act 1922
[15]         Schedule 1AA, Part 3, South Australia
omit
                        Superannuation (Benefit Scheme) Act 1992
[16]         Schedule 1AA, Part 3, South Australia
omit
        Schemes established by or under trust deeds
Lyell McEwen Health Service Incorporated Superannuation Fund
                        Police Occupational Superannuation Scheme
Note
1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.