Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(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.