Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.3 - Cashing of benefits  

Subdivision 6.3.2 - Approved deposit funds  

REGULATION 6.24A   COMPULSORY CASHING OF BENEFITS IN APPROVED DEPOSIT FUNDS - TEMPORARY RESIDENTS  

6.24A(1)  


This regulation applies to a member ' s benefits in an approved deposit fund 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.

6.24A(1A)  


The member ' s benefits must 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.

6.24A(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 .

6.24A(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.

6.24A(3A)  


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

6.24A(4)  
The benefits must be cashed in the period mentioned in subregulation (5):


(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 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.

6.24A(5)  
For subregulation (4), the period is:


(a) if the trustee of the fund receives a request from the member not later than 31 October 2002 - 3 months after the request is lodged; and


(b) in any other case - 28 days after the request is lodged.

Note:

A payment made under this regulation is a departing Australia superannuation payment within the meaning of section 301-170 of the 1997 Tax Act.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.