Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.3 - Cashing of benefits  

Subdivision 6.3.1 - Regulated superannuation funds  

REGULATION 6.20B   VOLUNTARY CASHING OF BENEFITS IN A REGULATED SUPERANNUATION FUND THAT IS AN UNFUNDED PUBLIC SECTOR SUPERANNUATION SCHEME - TEMPORARY RESIDENTS  

6.20B(1)  


This regulation applies to a member ' s benefits in a regulated superannuation fund that is an unfunded public sector superannuation scheme if:


(a) the member:


(i) was a temporary resident; and

(ii) is not an Australian citizen, New Zealand citizen or permanent resident; and

(iii) has left Australia; and


(b) the member ' s visa has ceased to be in effect.

6.20B(1A)  


The member ' s benefits may be cashed if:


(a) the trustee of the fund receives a request from the member that the benefits be cashed; and


(b) subregulation (2) or (3) is complied with.

6.20B(2)  
If the member ' s withdrawal benefit in the fund is less than $5 000, the trustee of the fund must receive:


(a) a copy, or other evidence, of a visa showing that the member was a temporary resident but the member ' s temporary visa has ceased to be in effect; and


(b) a copy of the member ' s passport showing that the member has left Australia.

Note:

For the ways of giving evidence of a visa, see regulation 2.17 of the Migration Regulations 1994 .

6.20B(3)  


The trustee of the fund must be satisfied, based on a written statement from the Immigration Department, that:


(a) the member was a temporary resident but the member ' s temporary visa has ceased to be in effect; and


(b) the member has left Australia.

6.20B(3A)  


For subregulation (3), the statement may be in electronic form.

6.20B(4)  
If the benefits are cashed, the benefits must be cashed:


(a) as a single lump sum that is at least the amount of the member ' s withdrawal benefit in the fund; or


(b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits:


(i) in a way that ensures that an amount that is at least the amount of the member ' s withdrawal benefit in the fund is cashed; and

(ii) without requiring an additional application from the member.
Note:

A payment made under this regulation is a " departing Australia superannuation payment " within the meaning of subsection 995-1(1) of the 1997 Tax Act.

6.20B(5)  


(Repealed by SR No 251 of 2003)



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