Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.9.21

Specific requirements in particular cases: member (other than capital guaranteed member) of fund other than a self managed superannuation fund

             (1)  For paragraph 1017D(5)(g) of the Act, and in addition to regulations 7.9.19 and 7.9.20, a periodic statement for a member (other than a capital guaranteed member) of a fund (other than a self managed superannuation fund) must include the following details:

                     (a)  if the fund is an unfunded defined benefits fund--details of the surcharge debt account kept by the trustee, under subsection 16(2) of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 , for the member, including:

                              (i)  the balance of the account at the start of the reporting period; and

                             (ii)  the amount debited to the account for superannuation contributions surcharge assessed, by the Commissioner of Taxation, to be payable on the member's surchargeable contributions; and

                            (iii)  the amount of interest debited, under subsection 16(4) of that Act, to the account during the reporting period; and

                            (iv)  the balance of the account at the end of the reporting period;

                     (b)  if the trustee reduced the member's benefits in connection with payment of a superannuation contributions surcharge or an advance instalment of surcharge:

                              (i)  the amount deducted; and

                             (ii)  if there is a difference between the amount deducted and the amount assessed under subsection 15(1) of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 or between the amount deducted and the amount determined under subsection 15(2) of that Act--a statement explaining the difference;

                     (c)  a description of the nature, effect and significant features of surcharge debt accounts.

             (2)  A nil amount need not be disclosed.



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