Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 1.03

1.03. (1) In these Regulations, unless the contrary intention appears:

"accumulation fund" means a regulated superannuation fund that is not a
defined benefit fund;

"Act" means the Superannuation Industry (Supervision) Act 1993;

"benefit certificate" has the meaning given by section 10 of the SG(A) Act;

"contributions", in relation to a fund:

   (a)  include payments of shortfall components to the fund; but

   (b)  do not include benefits that have been rolled-over or transferred to
        the fund;

"defined benefit fund" means a regulated superannuation fund under which:

   (a)  one or more members of the fund are entitled, on retirement, to be
        paid a benefit defined, wholly or in part, by reference to either or
        both of the following:

        (i)    the amount of the member's salary:

                (A)  at the date of the member's retirement; or

                (B)  at a date before retirement; or

                (C)  averaged over a period of employment before retirement;
                     or

        (ii)   a specified amount; and

   (b)  if the fund is not a public sector superannuation scheme-some or all
        of the contributions to the fund (out of which, together with earnings
        on those contributions, the benefits are to be paid) are not paid into
        a fund, or accumulated in a fund, in respect of any individual member
        but are paid into and accumulated in a fund in the form of an
        aggregate amount;

"eligible rollover fund" has the same meaning as in Part 24 of the Act;

"eligible termination payment" has the same meaning as in Subdivision AA of
Division 2 of Part III of the Tax Act;

"employer contribution", in relation to a regulated superannuation fund, means
a contribution by, or on behalf of, an employer-sponsor of the fund;

"full-time", in relation to being gainfully employed, means gainfully employed
for at least 30 hours each week;

"gainfully employed" means employed or self-employed for gain or reward in any
business, trade, profession, vocation, calling, occupation or employment;

"industrial authority" means:

   (a)  a court, or a tribunal or other body or person, constituted under a
        law of the Commonwealth, a State or a Territory with power of
        conciliation or arbitration in relation to industrial disputes; or

   (b)  a special board constituted under the law of a State relating to
        factories;

"member", except in Part 2, means:

   (a)  in relation to an approved deposit fund-a depositor in the fund; and

   (b)  in relation to a regulated superannuation fund-a member of the fund;
(NOTE: The meaning of the term "member" in Part 2 is defined in subregulation
2.01 (2).)

"minimum requisite benefit", in relation to a member, means the benefit
certified by an actuary in a relevant benefit certificate as the minimum
benefit in respect of the member;

"part-time", in relation to being gainfully employed, means gainfully employed
for at least 10 hours, and less than 30 hours, each week;

"PST" means a pooled superannuation trust;

"relevant benefit certificate", in relation to a regulated superannuation
fund, means a benefit certificate that relates to a defined benefit
superannuation scheme (within the meaning of the SG(A) Act) of which the fund
forms part;

"relevant entity" means:

   (a)  a public offer entity; or

   (b)  an approved deposit fund;
(NOTE: The expression "relevant entity" is defined in the same terms as in
section 22 of the Act.)

"reserves", in relation to a superannuation entity, means reserves maintained
under section 115 of the Act;

"SG(A) Act" means the Superannuation Guarantee (Administration) Act 1992;

"shortfall component" has the same meaning as in the SG(A) Act;

"Tax Act" means the Income Tax Assessment Act 1936;

"withdrawal benefit", in relation to a member of a superannuation entity,
means the total amount of the benefits that would be payable to:

        (i)    the member; and

        (ii)   the trustee of another entity in respect of the member; if the
               member voluntarily ceased to be a member.

(2) In these Regulations, other than Part 2:

"fund" means:

   (a)  an approved deposit fund; or

   (b)  a regulated superannuation fund.
(NOTE: For the meaning of "fund" in Part 2, see subregulation 2.01 (3).)