Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:8:p12
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 8 (pt 12/41)
Character Range: 662157–664810

shortfall‑in‑assets amounts, an amount calculated using the formula:

 (c) if an application is for a PJFC that includes:
 (i) a late payment amount or the aggregate of late payment amounts; and
 (ii) a shortfall‑in‑assets amount or the aggregate of shortfall‑in‑assets amounts;
  the fee prescribed in paragraph (b), as if the PJFC consisted of a shortfall‑in‑assets amount or the aggregate of shortfall‑in‑assets amounts.
 (2) A fee under paragraph (1)(b) must not be:
 (a) less than $500; or
 (b) more than $5,000.

12.10  Prescribed events for the purposes of paragraph 342(4)(a) of the Act
 (1) For the purposes of paragraph 342(4)(a) of the Act, a prescribed event in relation to a superannuation fund is any alteration of the governing rules of the fund having the effect that calculation of a pre‑1 July 88 funding amount under the rules as so altered produces an amount that is less than the amount calculated using the formula:

 (2) A reference in subregulation (1) to a PJFC is a reference to the amount of the PJFC multiplied by the indexation factor calculated in accordance with Subdivision 960‑M of the Tax Act.

12.11  When and how APRA to be notified of prescribed events
 (1) For the purposes of paragraph 342(4)(b) of the Act, if a prescribed event occurs in relation to a superannuation fund, the trustee of the fund must give notice in writing to APRA of the event not later than:
 (a) a date 3 months after the date of the occurrence; or
 (b) 31 March 1995;
whichever happens last.
 (2) The notice must have with it:
 (a) a statement of an amount that is certified by a superannuation actuary as the amount by which the pre‑1 July 88 funding credits available in the fund is reduced as a result of the prescribed event; and
 (b) a statement by the trustees of the fund that describes the prescribed event in sufficient detail to allow the statement to be properly considered.
 (3) In spite of subregulation (1), APRA may give notice in writing to the trustee of a superannuation fund extending the time in which the trustee must give notice to APRA of a prescribed event.

12.12  Transfer of PJFCs—trustees of transferor funds
 (1) If the trustee of a defined benefit fund proposes to transfer a PJFC, or part of a PJFC, from the fund (in this regulation called the transferor fund) to another superannuation fund (in this regulation called the transferee fund), the trustee may apply in writing to APRA to approve the transfer.
 (2) APRA may approve an application only if:
 (a) the requirements specified in regulation 12.15 are satisfied; or
 (b) if a requirement of that kind is not satisfied—APRA is satisfied that, because