Document ID: chunk:federal_register_of_legislation:C2025C00134:section:62:p1
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 62 (pt 1/2)
Character Range: 429106–431792

62  Sole purpose test
 (1) Each trustee of a regulated superannuation fund must ensure that the fund is maintained solely:
 (a) for one or more of the following purposes (the core purposes):
 (i) the provision of benefits for each member of the fund on or after the member's retirement from any business, trade, profession, vocation, calling, occupation or employment in which the member was engaged (whether the member's retirement occurred before, or occurred after, the member joined the fund);
 (ii) the provision of benefits for each member of the fund on or after the member's attainment of an age not less than the age specified in the regulations;
 (iii) the provision of benefits for each member of the fund on or after whichever is the earlier of:
 (A) the member's retirement from any business, trade, profession, vocation, calling, occupation or employment in which the member was engaged; or
 (B) the member's attainment of an age not less than the age prescribed for the purposes of subparagraph (ii);
 (iv) the provision of benefits in respect of each member of the fund on or after the member's death, if:
 (A) the death occurred before the member's retirement from any business, trade, profession, vocation, calling, occupation or employment in which the member was engaged; and
 (B) the benefits are provided to the member's legal personal representative, to any or all of the member's dependants, or to both;
 (v) the provision of benefits in respect of each member of the fund on or after the member's death, if:
 (A) the death occurred before the member attained the age prescribed for the purposes of subparagraph (ii); and
 (B) the benefits are provided to the member's legal personal representative, to any or all of the member's dependants, or to both; or
 (b) for one or more of the core purposes and for one or more of the following purposes (the ancillary purposes):
 (i) the provision of benefits for each member of the fund on or after the termination of the member's employment with an employer who had, or any of whose associates had, at any time, contributed to the fund in relation to the member;
 (ii) the provision of benefits for each member of the fund on or after the member's cessation of work, if the work was for gain or reward in any business, trade, profession, vocation, calling, occupation or employment in which the member was engaged and the cessation is on account of ill‑health (whether physical or mental);
 (iii) the provision of benefits in respect of each member of the fund on or after the member's death, if:
 (A) the death occurred after the member's retirement from any business, trade, profession, vocation, calling, occupation