Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 10.02

10.02. (1) The conditions set out in this regulation are prescribed for the
purposes of section 243 of the Act.

Regulated superannuation funds

(2) For a regulated superannuation fund to be an eligible rollover fund, the
governing rules of the fund must require the fund to be an accumulation fund.

Trustees

(3) For a regulated superannuation fund, or an approved deposit fund, to be an
eligible rollover fund, the governing rules of the fund must require the
trustee of the fund:

   (a)  not to be the trustee of another eligible rollover fund; and

   (b)  not to be an associate of the trustee of another
        eligible rollover fund.

Benefits

(4) For a regulated superannuation fund or an approved deposit fund to be an
eligible rollover fund, the governing rules of the fund must require the
trustees of the fund not to have or accept amounts other than:

   (a)  eligible rollover benefits; or

   (b)  payments of shortfall components. (NOTE: The effect of subregulation
        (4) is that an eligible rollover fund must be a separate entity
        distinct from other types of fund.)

Section 243 conditions

(5) For a regulated superannuation fund or an approved deposit fund to be an
eligible rollover fund, the governing rules of the fund must require the fund
to comply with the conditions that are prescribed from time to time for the
purposes of section 243 of the Act.