Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 12.02

12.02. (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.