Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 68AAE

    (1)   The employer - sponsor contribution exception applies for a quarter to a member of regulated superannuation fund to, or in respect of, whom a benefit is provided by the fund under a choice product or MySuper product held by the member by taking out or maintaining insurance if:

  (a)   an employer - sponsor notifies the trustee of the fund in writing that the employer - sponsor will pay insurance fees relating to the benefit for the member; and

  (b)   the member is:

  (i)   an employee of the employer - sponsor, or an associate of the employer - sponsor; or

  (ii)   the relative or dependant of such an employee; and

  (c)   the quarter ends after the employer - sponsor notifies the trustee under paragraph   (a); and

  (d)   the amount the employer - sponsor contributes to the fund for the quarter exceeds the amount that the employer - sponsor would need to contribute to avoid an individual superannuation guarantee shortfall for the member for the quarter; and

  (e)   that excess is equal to or greater than the insurance fees relating to the benefit for the quarter.

  (2)   In this section:

"quarter" means a period of 3 months beginning on 1   January, 1   April, 1   July or 1   October.