Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.3 - Cashing of benefits  

Subdivision 6.3.2 - Approved deposit funds  

REGULATION 6.27   6.27   LIMITATION ON CASHING BENEFITS IN APPROVED DEPOSIT FUNDS OF LESS THAN $500  


The trustee of an approved deposit fund must not cash an amount of a member ' s benefits in the fund that is less than $500 unless the purpose of cashing the amount is:


(a) to close the member ' s account; or


(b) to cash the amount under Division 131 or 135 in Schedule 1 to the Taxation Administration Act 1953 , or section 292-80C of the Income Tax (Transitional Provisions) Act 1997 , to give effect to a release authority in respect of the member; or


(c) to pay an amount under the Superannuation (Unclaimed Money and Lost Members) Act 1999 .




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