Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:7:p25
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 7 (pt 25/39)
Character Range: 1165603–1168396

because a superannuation interest is issued to a member; and
 (b) is not made under an agreement by which the member, or another person on the member's behalf, has retained the Australian financial services licensee or authorised representative on a fee‑for‑service basis.
Note: Also see subregulation (5).
sub‑fund, in relation to a capital guaranteed fund, means a segment of a public offer superannuation fund that has the following characteristics:
 (a) the sub‑fund has separately identifiable assets and separately identifiable beneficiaries;
 (b) the interest of each beneficiary of the sub‑fund is determined by reference only to the conditions governing that sub‑fund;
 (c) there is no transfer of assets, benefits or money between the sub‑fund and another sub‑fund without a transfer of a corresponding beneficial interest;
 (d) the insurance and administration costs of the sub‑fund are attributable only to that sub‑fund.
transaction cost means:
 (a) brokerage paid because of an investment transaction; or
 (b) a cost arising from maintenance of a property investment; or
 (c) stamp duty on an investment transaction.
unfunded defined benefits fund means a defined benefits fund under which all or some of the amounts that will be required for the payment of a benefit are not paid into the fund until the member concerned becomes entitled to receive the benefit.
withdrawal benefit has the same meaning as in the SIS Regulations.
 (2) In this Part, unless the contrary intention appears, a reference to a member is taken to mean:
 (a) in relation to a superannuation entity—a person who:
 (i) is a member of the entity; or
 (ii) receives a pension from the entity; or
 (iii) has deferred his or her entitlement to receive a benefit from the entity; and
 (b) in relation to an approved deposit fund—a depositor in the fund; and
 (c) in relation to a pooled superannuation trust—a unit‑holder.
 (3) In a Division of this Part, a reference to a fund is a reference to a fund of the kind to which the Division applies.
 (5) For the definition of remuneration, payment is taken to have been given to an Australian financial services licensee or an authorised representative for issuing an interest to a member if:
 (a) issuing the interest is taken into account to increase the payment given to the Australian financial services licensee or authorised representative for other matters (for example, bonus commission); or
 (b) the payment is given after the interest is issued and only if the member remains a member of the fund (for example, trailing commission).

7.9.02  Sub‑plans
 (1) This regulation applies if the trustee of a regulated superannuation fund proposes to make a determination as to whether a sub‑plan should be made.
 (2) In making a determination, the trustee must