Rule 304 allows a company director to receive benefits from a superannuation fund only if he is a whole-time bona fide employee and does not beneficially own shares carrying more than 5% of the total voting power.
304
Rules 2026 · Rule 304
Admission of directors to a fund (approved superannuation fund)
Rules 261-310
The rule. A director of a company (section 2(20) of the Companies Act, 2013) may receive benefits from the fund only if he is a whole-time bona fide employee of the company and does not beneficially own shares in the company carrying more than 5% of the total voting power.