Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.1 - Introductory  

Subdivision 6.1.3 - Restricted non-preserved benefits  

Note: Approved deposit funds do not have restricted non-preserved benefits.

REGULATION 6.08   RESTRICTED NON-PRESERVED BENEFITS IN REGULATED SUPERANNUATION FUNDS - ON AND AFTER 1 JULY 1999  

6.08(1)   [Amount of restricted non-preserved benefits]  

Subject to regulations 6.09 and 6.12 and to Subdivision 6.1.5 , the amount of a member's restricted non-preserved benefits in a regulated superannuation fund at any time on or after 1 July 1999 is the sum of the following amounts:


(a) either:


(i) for a type A member who is a defined benefit member and for whom the trustee of the regulated superannuation fund chooses to apply this subparagraph - the greater of the amounts of restricted non-preserved benefits in the fund, worked out under subregulation 6.07(1) , that would be payable to the member on 1 July 1999 if, on 1 July 1999, the member:

(A) resigned from employment; or

(B) was retrenched from employment; or

(ii) for a member to whom subparagraph (i) does not apply - the member's restricted non-preserved benefits in the fund on 30 June 1999, worked out under regulation 6.07 ; and


(b) the member's restricted non-preserved benefits received by the fund from another regulated superannuation fund, an RSA or an EPSSS on and after 1 July 1999.

6.08(2)   [Benefits to be preserved benefits]  

However, if:


(a) on or after 1 July 1999, a deduction is allowed for the member under the former section 82AAT of the Income Tax Assessment Act 1936 for a member contribution made before 1 July 1999; and


(b) the benefits arising from the contribution were previously allocated to restricted non-preserved benefits;

the benefits are taken to be preserved benefits.




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