Allocation of contributions—regulated superannuation funds (other than self managed superannuation funds)
7.07G Allocation of contributions—regulated superannuation funds (other than self managed superannuation funds)
This regulation applies to the trustee of a regulated superannuation fund, other than a self managed superannuation fund, if:
the fund receives a contribution for a member of the fund; and
the contribution is not being made to a defined benefit interest.
If the trustee is able to allocate the contribution to the member, then the trustee must allocate the contribution to the member:
as soon as practicable; and
in any case, no later than 3 business days after the contribution has been received by the trustee.
If the trustee is unable to allocate the contribution to the member, the trustee must refund the contribution:
as soon as practicable; and
in any case, no later than 3 business days after the contribution has been received by the trustee.
If a contribution is refunded under subregulation (3), then the contribution is taken not to have been made.
This Act’s bill:Explanatory statement
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