Superannuation Industry (Supervision) Regulations 1994

PART 7A - SUPERANNUATION INTERESTS SUBJECT TO PAYMENT SPLIT  

Division 7A.1A - Options for trustee in relation to interests  

REGULATION 7A.03H   TRUSTEE'S OPTIONS IF NO REQUEST IS RECEIVED  

7A.03H(1)   [Options]  

If a trustee does not receive a request under this Division within the time allowed under subregulation 7A.03F(1) , the trustee may:


(a) subject to subregulation (2), roll over or transfer the withdrawal benefit from the non-member spouse interest to another regulated superannuation fund, or to an approved deposit fund, EPSSS or RSA, nominated by the non-member spouse (subject to the governing rules of the other regulated superannuation fund, the approved deposit fund or EPSSS or the terms and conditions of the RSA) to be held for the benefit of the non-member spouse; or


(b) if the trustee does not, within the 28-day period specified in paragraph (2)(a), receive from the non-member spouse a written notice nominating a regulated superannuation fund, approved deposit fund, EPSSS or RSA to which the withdrawal benefit from the non-member spouse interest may be rolled over or transferred - roll over or transfer the withdrawal benefit from the non-member spouse interest to an eligible rollover fund.

7A.03H(2)   [Notice]  

Subject to subregulation (3A), before rolling over or transferring the amount to a regulated superannuation fund, approved deposit fund, EPSSS or RSA under paragraph (1)(a), the trustee must give to the non-member spouse a written notice stating that:


(a) the non-member spouse has 28 days from the date of the notice in which to nominate, by written notice to the trustee, a regulated superannuation fund, approved deposit fund, EPSSS or RSA to which the withdrawal benefit from the non-member spouse interest may be rolled over or transferred; and


(b) if the non-member spouse does not, within the 28-day period, nominate a regulated superannuation fund, approved deposit fund, EPSSS or RSA for that purpose, the trustee will roll over or transfer the amount to an eligible rollover fund.

7A.03H(3)   [Notice to specify details of fund]  

A notice given by the trustee under subregulation (2) must state the name and contact details of the eligible rollover fund to which the amount may be rolled over or transferred.

7A.03H(3A)   [Insufficient information for giving payment split notice]  

If a trustee:


(a) has made reasonable attempts to obtain sufficient information about a non-member spouse to be able to give a payment split notice; and


(b) has been unable to obtain sufficient information about the non-member spouse;

the trustee is permitted to act under paragraphs (1)(a) and (b) as if those paragraphs did not require the giving of the payment split notice or the notice under subregulation (2).

Example for paragraph (a)

The trustee may be unable, after reasonable attempts, to identify an address or location of the non-member spouse.

7A.03H(3B)   [Insufficient information for giving notice under subreg (2)]  

If a trustee:


(a) proposes to give a non-member spouse a notice under subregulation (2); and


(b) has made reasonable attempts to obtain sufficient information about the non-member spouse to be able to give the notice; and


(c) has been unable to obtain sufficient information about the non-member spouse;

the trustee is not required to give the notice, and is permitted to act under paragraphs (1)(a) and (b) as if those paragraphs did not require the giving of the notice.

Example for paragraph (b)

The trustee may be unable, after reasonable attempts, to identify an address or location of the non-member spouse.

7A.03H(4)   [Notice where no action taken]  

If the trustee does not take an action under subregulation (1), the trustee must give to the non-member spouse a written notice:


(a) confirming that the non-member spouse has an interest in the fund; and


(b) informing the non-member spouse of the relevant cooling-off arrangements.

7A.03H(5)   [6 month time limit]  

The trustee must take an action under subregulation (1) or (4) within 6 months after the later of:


(a) the operative time; and


(b) the time when the trustee creates the non-member interest.

Note: After the new interest in the fund is confirmed, it is no longer a non-member spouse interest.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.