Document ID: chunk:federal_register_of_legislation:C2004A03971:section:50:p7
Version: federal_register_of_legislation:C2004A03971
Segment Type: section
Provision Reference: s 50 (pt 7/12)
Character Range: 235973–238486

"(2) The Minister may declare that specified arrangements about superannuation or similar benefits are to apply to a declared class.

"(3) A declaration under subsection (1) or (2) takes effect from such day, not earlier than 1 January 1988, as is specified in it.

Nominated fund

"4b. (1) Subject to subsection (2) and section 4d, the Minister may declare a superannuation fund to be the nominated fund for the purposes of this Act.

"(2) The Minister is not to make a declaration under subsection (1) while another such declaration is in force.

"(3) The Minister is to ensure that there is a nominated fund at all times after the first declaration under subsection (1) is made.

Approved funds

"4c. (1) Subject to section 4d, the Minister may declare a superannuation fund to be an approved fund for the purposes of this Act.

"(2) A remainder employee may, by notice in writing to the employee's designated employer, elect to be a member of an approved fund.

"(3) A fund employee who has made an election may revoke the election.

"(4) While an election by a fund employee is in force, the employee is, for the purposes of this Act, taken to be a member of the fund to which the election applies and not to be a member of any other approved fund of which he or she has been a member or of the nominated fund.

Nominated and approved superannuation funds to comply with standards

"4d. The Minister is not to declare a superannuation fund to be the nominated fund or an approved fund unless the fund is a complying fund within the meaning of Part IX of the Income Tax Assessment Act 1936.

Payments of equivalent benefit to declared funds

"4e. Where an interim arrangement employee becomes a member of a declared fund, his or her designated employer must pay into that fund:

    (a) a contribution in respect of the employee equal to the amount of the interim benefit that would have been payable in respect of the employee if he or she had ceased to be a qualified employee on the day immediately before the day on which he or she became a member of the fund; and

    (b) where that amount is not paid on the day on which he or she becomes a member—a contribution in respect of the employee of interest, fixed under section 4g in relation to the fund, on the amount in respect of each day in the period commencing on the day on which the amount should have been paid and ending on the day immediately before the day when the amount is paid.

Payments of continuing contributions to declared funds

"4f.