Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.3 - Cashing of benefits  

Subdivision 6.3.2 - Approved deposit funds  

REGULATION 6.26   LIMITATION ON CASHING OF BENEFITS IN APPROVED DEPOSIT FUNDS IN FAVOUR OF PERSONS OTHER THAN MEMBERS OR THEIR LEGAL PERSONAL REPRESENTATIVES  

6.26(1)  


Subject to this regulation and regulations 7A.13 , 7A.17 and 7A.18 , a member ' s benefits in an approved deposit fund must not be cashed in favour of a person other than the member or the member ' s legal personal representative unless:


(a) the member has died; and


(b) either:


(i) the benefits are cashed in favour of the member ' s legal personal representative; or

(ii) the trustee has not, after making reasonable enquiries, found a legal personal representative of the member; and


(c) either:


(i) the person in whose favour benefits are cashed is a dependant of the member; or

(ii) if, after making reasonable enquiries, the trustee has not found a dependant of the member, the person in whose favour benefits are cashed is an individual.

6.26(2)  


A member ' s benefits in an approved deposit fund may be cashed if:


(a) the superannuation provider has been issued a release authority in respect of the member under section 131-15 or 135-40 in Schedule 1 to the Taxation Administration Act 1953 ; and


(b) the benefits are cashed in favour of the Commissioner of Taxation in accordance with the authority.

6.26(3)  


A member ' s benefits in an approved deposit fund may be cashed if the benefits are cashed in favour of the Commissioner of Taxation to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 .



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