Retirement Savings Accounts Regulations 1997
This regulation applies to the benefits of an RSA holder if:
(a) the RSA holder:
(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 RSA holder's visa has ceased to be in effect.
The RSA holder's benefits must be cashed if:
(a) the RSA provider receives a request from the RSA holder that the benefits be cashed; and
(b) subregulation (2) or (3) is complied with.
If the RSA holder's withdrawal benefit in the RSA is less than $5 000, the RSA provider must receive:
(a) a copy, or other evidence, of a visa showing that the RSA holder was a temporary resident but the RSA holder's temporary visa has ceased to be in effect; and
(b) a copy of the RSA holder's passport showing that the RSA holder has left Australia.
For the ways of giving evidence of a visa, see regulation 2.17 of the Migration Regulations 1994 .
The RSA provider must be satisfied, based on a written statement from the Department administered by the Minister administering the Migration Act 1958 , that:
(a) the RSA holder was a temporary resident but the RSA holder's temporary visa has ceased to be in effect; and
(b) the RSA holder has left Australia.
For subregulation (3), the statement may be in electronic form.
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 RSA holder's withdrawal benefit in the RSA; or
(b) if the RSA provider 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 RSA holder's withdrawal benefit in the RSA is cashed; and
(ii) without requiring an additional application from the member.
For subregulation (4), the period is:
(a) if the RSA provider receives a request from the RSA holder 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.
A payment made under this regulation is a departing Australia superannuation payment within the meaning of section 301-170 of the 1997 Tax Act.