Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For paragraph 1016A(4)(a) of the Act, if a trustee of a public offer entity issues a superannuation interest in the entity to a person without first receiving an application, or an eligible application, the trustee is taken not to have contravened section 1016A of the Act if:
(a) the entity is a standard employer - sponsored fund; and
(b) the person holds the interest as a standard employer - sponsored member of the entity; and
(c) after issuing the interest, the trustee makes reasonable efforts:
(i) to obtain an application or eligible application (as the case requires under paragraph 1016A(2)(b) or (c) of the Act) from the person's standard employer - sponsor; or
(ii) to obtain an eligible application mentioned in paragraph 1016A(2)(a) of the Act from the person; and
(d) if the trustee has not obtained the application or eligible application within 90 days after issuing the interest, the trustee does not accept any more contributions from the standard employer - sponsor in respect of the person until the trustee receives the application or eligible application.
(2) For paragraph 1016A(4)(b) of the Act, if a trustee has not obtained the application or eligible application under subregulation (1) within 90 days after issuing the interest, the trustee must not intentionally or recklessly accept any more contributions from the standard employer - sponsor in respect of the person until the trustee receives the application or eligible application.
(a) for an individual--50 penalty units; and
(b) for a body corporate--500 penalty units.
(3) Subregulation (2) does not apply if the person has a reasonable excuse.
Note: A defendant bears an evidential burden in relation to the matter in subregulation (2) (see subsection 13.3(3) of the Criminal Code ).
(4) Strict liability applies to subregulation (2).
Note: For strict liability , see section 6.1 of the Criminal Code .