Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p34
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 34/71)
Character Range: 477940–480727

provided all documents relevant to the preparation of the report to the auditor.

Part 9—Financial management of funds

Division 9.1—Introductory

9.01  Interpretation
  In this Part:
funding and solvency certificate means a certificate required under regulation 9.09.

Division 9.2—Financial position of funds

9.02  Application
  This Division applies only to superannuation entities other than:
 (a) funds that are part of one of the following schemes:
 (i) the scheme established by the Superannuation Act 1976;
 (ii) the scheme established under the provisions of the Superannuation Act 1990;
 (iii) the Military Superannuation and Benefits Scheme; and
 (b) funds that are part of an exempt public sector superannuation scheme.

9.02A  Interpretation
  A reference in this Division to:
 (a) benefits vested in a member of a fund; or
 (b) aggregate benefit accounts of a member of a fund; or
 (c) benefits accrued to a member of a fund; or
 (d) obligations of a fund in respect of a member;
includes any amounts that would be payable to the member's spouse or former spouse under a payment split.

9.03  Whether the financial position of a defined benefit fund may be about to become unsatisfactory—matters to consider
 (1) For the purposes of subsection 130(6) or 130AA(11A) of the Act or subregulation 9.31(3) of these Regulations, in forming an opinion whether the financial position of a defined benefit fund may be about to become unsatisfactory, a person must consider whether, at the end of the 3‑year period immediately following the date at which the person's calculations are done, the value of the assets of the fund is likely (based on the expectations referred to in subregulation (2)) to be inadequate to meet the value of such of the liabilities of the fund as relate to the benefits vested in the members of the fund.
 (2) For the purposes of subregulation (1), the likelihood of the value of assets being inadequate must be based;
 (a) if the person considering the matter is a superannuation actuary—on the actuary's reasonable expectations; and
 (b) if the person considering the matter is a superannuation auditor or lead auditor—on the reasonable expectation of a superannuation actuary on whose advice the auditor has relied in relation to the matter.
 (3) Nothing in subregulations (1) and (2) is to be taken to affect the meaning of paragraph 130(1)(a) or 130AA(1)(a), (2)(a) or (4)(b) of the Act.

9.04  When the financial position of an entity is unsatisfactory
  For the purposes of subsections 130(7) and 130AA(12) of the Act and subregulation 9.31(3), the financial position of an entity is treated as unsatisfactory if, in the opinion of a person performing an actuarial or audit function in relation to the entity:
 (a) in the case of an entity that is