Superannuation Industry (Supervision) Amendment Regulations 2002 (No. 2)

(91 of 2002)

9 May 2002

Made under Superannuation Industry (Supervision) Act 1993

1   Name of Regulations

These Regulations are theSuperannuation Industry (Supervision) Amendment Regulations 2002 (No. 2).

2   Commencement

These Regulations commence on 1 July 2002.

3   Amendment of Superannuation Industry (Supervision) Regulations 1994

Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994.

Schedule 1   Amendments

[1]   Subregulation 6.01 (2), after definition of condition of release

insert

eligible temporary resident visa means a visa of one of the subclasses mentioned in Schedule 1A, within the meaning of Part 2 of Schedule 1 to the Migration Regulations 1994.

Note Some of the subclasses of visa mentioned in Schedule 1A no longer exist. However, the subclasses remain relevant for regulations 6.20A, 6.20B and 6.24A.

[2]   After regulation 6.20

insert

6.20A Compulsory cashing of benefits in a regulated superannuation fund that is not an unfunded public sector superannuation scheme - temporary residents

(1) A member's benefit in a regulated superannuation fund that is not an unfunded public sector superannuation scheme must be cashed if:

(a) the trustee of the fund receives a request from the member; and

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

(2) If the member's withdrawal benefit in the fund is less than $5,000, the trustee of the fund must receive:

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

(b) a copy of the member's passport showing that the member 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 member's withdrawal benefit in the fund is at least $5,000, the trustee of the fund must be satisfied, based on a written statement from the Department of Immigration and Multicultural and Indigenous Affairs, that:

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

(b) the member 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 member's withdrawal benefit in the fund; or

(b) if the fund 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 member's withdrawal benefit in the fund is cashed; and

(ii) without requiring an additional application from the member.

(5) For subregulation (4), the period is:

(a) if the trustee of the fund receives a request from the member 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.

(6) In this regulation:

unfunded public sector superannuation scheme means a regulated superannuation fund that is declared to be an unfunded defined benefits superannuation scheme under regulation 2A of the Superannuation Contributions Tax (Assessment and Collection) Regulations 1997.

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

6.20B Voluntary cashing of benefits in a regulated superannuation fund that is an unfunded public sector superannuation scheme - temporary residents

(1) A member's benefit in a regulated superannuation fund that is an unfunded public sector superannuation scheme may be cashed if:

(a) the trustee of the fund receives a request from the member; and

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

(2) If the member's withdrawal benefit in the fund is less than $5,000, the trustee of the fund must receive:

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

(b) a copy of the member's passport showing that the member 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 member's withdrawal benefit in the fund is at least $5,000, the trustee of the fund must be satisfied, based on a written statement from the Department of Immigration and Multicultural and Indigenous Affairs, that:

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

(b) the member has permanently departed from Australia.

(4) If the benefits are cashed, the benefits must be cashed:

(a) as a single lump sum that is at least the amount of the member's withdrawal benefit in the fund; or

(b) if the fund 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 member's withdrawal benefit in the fund is cashed; and

(ii) without requiring an additional application from the member.

(5) In this regulation:

unfunded public sector superannuation scheme means a regulated superannuation fund that is declared to be an unfunded defined benefits superannuation scheme under regulation 2A of the Superannuation Contributions Tax (Assessment and Collection) Regulations 1997.

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

[3]   After regulation 6.24

insert

6.24A Compulsory cashing of benefits in approved deposit funds - temporary residents

(1) A member's benefit in an approved deposit fund must be cashed if:

(a) the trustee of the fund receives a request from the member; and

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

(2) If the member's withdrawal benefit in the fund is less than $5,000, the trustee of the fund must receive:

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

(b) a copy of the member's passport showing that the member 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 member's withdrawal benefit in the fund is at least $5,000, the trustee of the fund must be satisfied, based on a written statement from the Department of Immigration and Multicultural and Indigenous Affairs, that:

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

(b) the member 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 member's withdrawal benefit in the fund; or

(b) if the fund receives any combination of transfers and rollovers after cashing the benefits:

(i) in a way that ensures that an amount that is at least the amount of the member's withdrawal benefit in the fund is cashed; and

(ii) without requiring an additional application from the member.

(5) For subregulation (4), the period is:

(a) if the trustee of the fund receives a request from the member 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.

[4]   Schedule 1, item 103A

substitute

[5]   Schedule 1, item 204

substitute

[6]   After Schedule 1

insert

Schedule 1A Eligible temporary resident visas

(subregulation 6.01 (2))

1. Subclass 301 (Australian Requirement)

2. Subclass 303 (Emergency (Temporary Visa Applicant))

3. Subclass 304 (Special equivalent 1989)

4. Subclass 305 (Interdependency)

5. Subclass 309 (Spouse (Provisional))

6. Subclass 310 (Interdependency (Provisional))

7. Subclass 410 (Retirement)

8. Subclass 411 (Exchange)

9. Subclass 412 (Independent Executive)

10. Subclass 413 (Executive)

11. Subclass 414 (Specialist)

12. Subclass 415 (Foreign Government Agency)

13. Subclass 416 (Special Program)

14. Subclass 417 (Working Holiday)

15. Subclass 418 (Educational)

16. Subclass 419 (Visiting Academic)

17. Subclass 420 (Entertainment)

18. Subclass 421 (Sport)

19. Subclass 422 (Medical Practitioner)

20. Subclass 423 (Media and Film Staff)

21. Subclass 424 (Public Lecturer)

22. Subclass 425 (Family Relationship)

23. Subclass 426 (Domestic Worker (Temporary) - Diplomatic or Consular)

24. Subclass 427 (Domestic Worker (Temporary) - Executive)

25. Subclass 428 (Religious Worker)

26. Subclass 429 (Homosexual Partner)

27. Subclass 430 (Supported Dependant)

28. Subclass 432 (Expatriate (Temporary))

29. Subclass 433 (Subsequent Entry)

30. Subclass 434 (PRC Citizen)

31. Subclass 435 (Sri Lankan)

32. Subclass 436 (Lebanese (Temporary))

33. Subclass 437 (PRC (Temporary))

34. Subclass 438 (Refugee (Temporary))

35. Subclass 439 (Extended Eligibility)

36. Subclass 441 (Gulf Conflict (Temporary))

37. Subclass 442 (Occupational Trainee)

38. Subclass 443 (Citizens of Former Yugoslavia)

39. Subclass 445 (Dependent Child)

40. Subclass 446 (Confirmatory (Temporary))

41. Subclass 447 (Secondary Movement Offshore Entry (Temporary))

42. Subclass 448 (Kosovar Safe Haven (Temporary))

43. Subclass 449 (Humanitarian Stay (Temporary))

44. Subclass 450 (Resolution of Status - Family Member (Temporary))

45. Subclass 451 (Secondary Movement Relocation (Temporary))

46. Subclass 456 (Business (Short Stay))

47. Subclass 457 (Business (Long Stay))

48. Subclass 459 (Sponsored Business Visitor (Short Stay))

49. Subclass 490 (Refugee and Humanitarian)

50. Subclass 497 (Graduate - Skilled)

51. Subclass 499 (Olympic (Support))

52. Subclass 550 (Private Subsidised Student)

53. Subclass 551 (AIDAB Student)

54. Subclass 552 (EMSS Student)

55. Subclass 553 (Formal Course Student)

56. Subclass 554 (Trainee (Non-formal))

57. Subclass 555 (ELICOS Trainee (English Language))

58. Subclass 556 (Student (Restricted))

59. Subclass 560 (Student)

60. Subclass 561 (Student (Category B))

61. Subclass 562 (Iranian Postgraduate Student)

62. Subclass 563 (Iranian Postgraduate Student Dependant)

63. Subclass 570 (Independent ELICOS Sector)

64. Subclass 571 (Schools Sector)

65. Subclass 572 (Vocational Education and Training Sector)

66. Subclass 573 (Higher Education Sector)

67. Subclass 574 (Masters and Doctorate Sector)

68. Subclass 575 (Non-award Foundation/Other Sector)

69. Subclass 576 (AusAID or Defence Sector)

70. Subclass 660 (Tourist)

71. Subclass 661 (Tourist (Special Arrangement))

72. Subclass 662 (Business Visitor)

73. Subclass 663 (Close Family Visitor)

74. Subclass 664 (Visitor (Other))

75. Subclass 665 (Medical Treatment Visitor)

76. Subclass 670 (Tourist (Short Stay))

77. Subclass 672 (Business (Short Stay))

78. Subclass 673 (Close Family Visitor (Short Stay))

79. Subclass 674 (Other Visitor (Short Stay))

80. Subclass 675 (Medical Treatment (Short Stay))

81. Subclass 676 (Tourist (Short Stay))

82. Subclass 679 (Sponsored Family Visitor (Short Stay))

83. Subclass 680 (Tourist (Long Stay))

84. Subclass 682 (Business Visitor (Long Stay))

85. Subclass 683 (Close Family Visitor (Long Stay))

86. Subclass 684 (Other Visitor (Long Stay))

87. Subclass 685 (Medical Treatment (Long Stay))

88. Subclass 686 (Tourist (Long Stay))

89. Subclass 771 (Transit)

90. Subclass 773 (Border)

91. Subclass 780 (Refugee A)

92. Subclass 781 (Refugee B)

93. Subclass 783 (PRC (Temporary))

94. Subclass 784 (Domestic Protection)

95. Subclass 785 (Temporary Protection)

96. Subclass 786 (Temporary (Humanitarian Concern))

97. Subclass 820 (Spouse)

98. Subclass 822 (Family (Extended Eligibility))

99. Subclass 823 (Economic (Extended Eligibility))

100. Subclass 824 (Other (Extended Eligibility))

101. Subclass 825 (Processing)

102. Subclass 826 (Interdependency)

103. Subclass 827 (Refugee D (Restricted))

104. Subclass 828 (Limited Extended Eligibility)

105. Subclass 829 (PRC (Extended Eligibility)

106. Subclass 850 (Resolution of Status (Temporary))

107. Subclass 956 (Electronic Travel Authority (Business Entrant - Long Validity))

108. Subclass 976 (Electronic Travel Authority (Visitor))

109. Subclass 977 (Electronic Travel Authority (Business Entrant - Short Validity))

110. Subclass 995 (Diplomatic (Temporary))

Note Some of the subclasses of visa mentioned in this Schedule no longer exist. However, the subclasses remain relevant for regulations 6.20A, 6.20B and 6.24A.