7Employer reserves

7 Employer reserves

7 Employer reserves

(1) Whenever an employer makes or has made a contribution to the Fund in respect of a contribution period beginning on or after 1 July 1988, STC must ensure that the contribution is credited to the appropriate employer reserve.

(1A) STC must ensure that there is credited to the appropriate employer reserve any fees paid to STC arising under the family law superannuation legislation or Part 4A.

(2) STC must ensure that there is debited to the appropriate employer reserve—

(a) the portion of any benefit payable to or in respect of a contributor in accordance with section 33B (2) (b), and

(b) administration costs incurred by STC under the Superannuation Administration Act 1996 or the family law superannuation legislation or Part 4A in relation to—

(i) the employer (or an employer to whom the reserve relates), and

(ii) contributors who are employees of that employer, and

(c) the amounts of tax (if any) that may become payable under a Commonwealth taxation law in respect of contributions to the reserve that are attributable to the employer or an employer to whom the reserve relates, and

(c1) the portion of any amount under the family law superannuation legislation or Part 4A that is payable to or in respect of a non-contributor spouse from the employer reserve in accordance with section 33B (2A), and

(d) any other amounts that are properly payable from the reserve.

s 7: Subst 1988 No 133, Sch 1 (2). Am 1991 No 96, Sch 6; 1996 No 39, Sch 4; 1999 No 86, Sch 2.6 [2]; 2003 No 77, Sch 12 [7]–[9].