Superannuation Industry (Supervision) Regulations 1994
PART 6
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PAYMENT STANDARDS
Division 6.3
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Cashing of benefits
Subdivision 6.3.1
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Regulated superannuation funds
REGULATION 6.20C
6.20C
CASHING OF BENEFITS IN A REGULATED SUPERANNUATION FUND
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PAYMENT TO COMMISSIONER OF TAXATION
If the trustee of a regulated superannuation fund is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or chooses to pay an amount to the Commissioner of Taxation under Part 3D of that Act, for a person ' s superannuation interest in the fund, the amount must be cashed in favour of the Commissioner of Taxation as a lump sum.
If the trustee of a regulated superannuation fund is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or chooses to pay an amount to the Commissioner of Taxation under Part 3D of that Act, for a person ' s superannuation interest in the fund, the amount must be cashed in favour of the Commissioner of Taxation as a lump sum.
Note:
An amount required to be paid under the Superannuation (Unclaimed Money and Lost Members) Act 1999 must be paid by the time required under that Act.
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