Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p1
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 1/71)
Character Range: 395633–398360

3                            is 75 years or older        (a) mandated employer contributions; or
                                                         (b) downsizer contributions.

Note: For table item 2, member contributions include downsizer contributions.
 (1A) Despite items 2 and 3 of the table in subregulation (1), the fund may also accept contributions made in respect of a member, and received on or before the day that is 28 days after the end of the month in which the member turns 75 years, that are:
 (a) employer contributions other than mandated employer contributions; or
 (b) member contributions other than downsizer contributions.
Note: Other rules may be relevant to making certain contributions in respect of a member. For example:
(a) downsizer contributions are limited to persons aged 55 or over (see paragraph 292‑102(1)(a) of the 1997 Tax Act); and
(b) there are rules about deducting personal contributions to a superannuation fund (see Subdivision 290‑C of the 1997 Tax Act). In particular, work test conditions apply to deducting certain contributions made from age 67 until the day referred to in subregulation (1A) (see subsection 290‑165(1A) of the 1997 Tax Act).
 (2) In addition to subregulations (1) and (1A), the regulated superannuation fund must not accept any member contributions if the member's tax file number has not been quoted (for superannuation purposes) to the trustee of the fund.
 (4) If a regulated superannuation fund receives an amount in a manner that is inconsistent with subregulation (1), (1A) or (2):
 (a) the fund must return the amount to the entity or person that paid the amount within 30 days of becoming aware that the amount was received in a manner that is inconsistent with subregulation (1), (1A) or (2), unless:
 (i) the amount was received in a manner that is inconsistent with subregulation (2); and
 (ii) the member's tax file number is quoted (for superannuation purposes) within 30 days of the amount being received by the trustee of the fund; and
 (b) the fund is also authorised to take any of the following action to the extent that the rules of the fund allow:
 (i) if the price at which the interest could have been acquired on the day on which the amount is returned is less than the price on the day on which the interest was acquired, the amount that would otherwise be returned to the entity or person that paid the amount may be reduced by the amount of the difference between the prices;
 (ii) if the price at which the interest could have been acquired on the day of return of the amount is greater than the price on the day on which the interest was acquired, the amount that would otherwise be returned to the entity or person that paid