Retirement Savings Accounts Amendment Regulations 2002 (No. 3) (90 of 2002)

Schedule 1   Amendments

[2]   After regulation 4.23

insert

4.23A Compulsory cashing of benefits - temporary residents

(1) The benefits of an RSA holder must be cashed in accordance with subregulation (2) or (3) if:

(a) the RSA provider receives a request from the RSA holder; and

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

(2) If the RSA holder's withdrawal benefit in the RSA is less than $5,000, the RSA provider must receive:

(a) a copy of a visa, or evidence of a visa, showing that the RSA holder was the holder of an eligible temporary resident visa that has expired or that has been cancelled; and

(b) a copy of the RSA holder's passport showing that the RSA holder has departed from Australia.

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

(3) If the RSA holder's withdrawal benefit in the RSA is at least $5,000, the RSA provider must be satisfied, based on a written statement from the Department of Immigration and Multicultural and Indigenous Affairs, that:

(a) the RSA holder was the holder of an eligible temporary resident visa that has expired or has been cancelled; and

(b) the RSA holder has permanently departed from Australia.

(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 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.

(5) 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.

Note A payment made under this regulation is a 'departing Australia superannuation payment' for the purposes of the Income Tax Assessment Act 1936.