Superannuation Industry (Supervision) Regulations 1994
In this Part and Schedule 1 ,
(a) meets the standards of subregulation 1.05(4) ; and
(b) ensures that payments of benefits are made only in accordance with the rules set out in regulations 6.16 , 6.18 , 6.19 and 6.22A , as if:
(i) the annuity were a regulated superannuation fund; and
(ii) the annuitant were a member of the fund; and
(iii) the annuity provider were a trustee of the fund; and
(c) ensures that, if the annuity is commuted, the resulting superannuation lump sum cannot be cashed unless:
(i) the purpose of the commutation is mentioned in subregulation (2); or
(ii) before commutation, the annuitant has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is " Nil " ; or
(iii) the purpose of the commutation is to satisfy an obligation to pay an amount to the Commissioner of Taxation under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .
For subparagraph (1)(c)(i), the purpose is any of the following:
(a) to cash an unrestricted non-preserved benefit;
(b) to pay a superannuation contributions surcharge;
(c) to give effect to an entitlement of a non-member spouse under a payment split;
(d) to ensure that a payment may be made 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 , for the purpose of giving effect to a release authority.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.