Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

Division 4.3 - Cashing of benefits  

REGULATION 4.26   LIMITATION ON CASHING OF BENEFITS IN FAVOUR OF PERSONS OTHER THAN RSA HOLDERS OR THEIR LEGAL PERSONAL REPRESENTATIVES  

4.26(1)  


Subject to subregulation (1A) and regulations 4.27 , 4A.24 and 4A.28 , an RSA holder ' s interest in an RSA must not be cashed in favour of a person other than the RSA holder or the RSA holder ' s legal personal representative:


(a) unless:


(i) the RSA holder has died; and

(ii) the conditions of subregulation (2) or (3) are satisfied; or


(b) unless the conditions of subregulation (4) or (5) are satisfied.

4.26(1A)  


Subregulation (1) does not apply if, under a law of the Commonwealth, a State or a Territory mentioned in the table, a court makes a forfeiture order (however called) forfeiting part or all of the benefits of the RSA holder to the Commonwealth, a State or a Territory.


Item Law Provision(s)
Commonwealth
1.1 Proceeds of Crime Act 2002 Section 47
Section 48
Section 49
Section 92
New South Wales
2.1 Confiscation of Proceeds of Crime Act 1989 Subsection 18(1)
2.2 Criminal Assets Recovery Act 1990 Section 22
Victoria
3.1 Confiscation Act 1997 Division 1 of Part 3
Section 35
Part 4
Subsection 157(6)
Queensland
4.1 Criminal Proceeds Confiscation Act 2002 Section 58
Section 58A
Section 151
Part 5 of Chapter 3
Western Australia
5.1 Criminal Property Confiscation Act 2000 Section 30, to the extent that it applies to confiscation under section 6 in satisfaction of a person ' s liability under section 20
Section 30, to the extent that it applies to confiscation under section 7
South Australia
6.1 Criminal Assets Confiscation Act 2005 Section 47
Tasmania
7.1 Crime (Confiscation of Profits) Act 1993 Section 16
Australian Capital Territory
8.1 Confiscation of Criminal Assets Act 2003 Section 54
Section 58
Section 62
Section 67
Northern Territory
9.1 Criminal Property Forfeiture Act 2002 Section 75
Section 76
Section 80
Section 96
Section 97
Section 99

4.26(2)  
The conditions of this subregulation are satisfied if the benefits are cashed in favour of either or both of the following:


(a) the RSA holder ' s legal personal representative;


(b) one or more of the RSA holder ' s dependants.

4.26(3)  
The conditions of this subregulation are satisfied if:


(a) the RSA provider has not, after making reasonable inquiries, found either a legal personal representative, or a dependant, of the RSA holder; and


(b) the person in whose favour the benefits are cashed is an individual.

4.26(4)  


The conditions of this subregulation are satisfied if:


(a) the RSA provider has received a release authority in respect of the RSA holder under section 131-15 or 135-40 in Schedule 1 to the Taxation Administration Act 1953 ; and


(b) the benefits are cashed in favour of the Commissioner of Taxation in accordance with the authority.

4.26(5)  


The conditions of this subregulation are satisfied if the RSA holder ' s benefits are cashed in favour of the Commissioner of Taxation to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 .



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