Contribution - refund breach of SIS Reg 7.04
This resolution applies only to contributions made by or on behalf of a Member:
- where the contribution has been received in circumstances which breach SIS Reg 7.04(1), (1A) or (2); and
- the trustee is required to refund the contribution by reason of SIS Reg 7.04(4).
In broad terms, the trustee cannot accept a member or employer contribution after the member has attained age 75.
However, a trustee can accept a member contribution or an employer contribution without breaching SIS Reg 7.04(1), (1A) or (2) if the contribution is received by the trustee within 28 days of the end of the month in which the member attains age 75.
This resolution is not suitable if the points listed above are not met.
This resolution template is also not suitable for:
- rollovers, transfers (as these payments are not treated as being contributions for the purposes of SIS Reg 7.04);
- Downsizer Contributions or mandated employer contributions (as these contributions are an exception to the age 75 acceptance rule.
This resolution can be used by both corporate and individual trustees.
For further information on contributions, see the Contributions Information Sheet
For superannuation funds governed by non-SUPERCentral or non-Townsends Business & Corporate Lawyers governing rules, please review the applicable trust deed and governing rules to determine if the template is suitable for the Superannuation Fund
© This document set provides a single use licence - please submit a new set of instructions for an additional member.
For assistance please call the SUPERCentral Help Desk on 02 8296 6266 or make an enquiry.