Superannuation Industry (Supervision) Regulations 1994
PART 6
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PAYMENT STANDARDS
Division 6.3
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Cashing of benefits
Subdivision 6.3.2
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Approved deposit funds
REGULATION 6.24A
COMPULSORY CASHING OF BENEFITS IN APPROVED DEPOSIT FUNDS
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TEMPORARY RESIDENTS
6.24A(1)
This regulation applies to a member ' s benefits in an approved deposit fund if: (a) the member:
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.
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:
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.
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
(b) the member ' s visa has ceased to be in effect.
(iii) has left Australia; and
View history note
Hide history note6.24A(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.
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.
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