Superannuation Industry (Supervision) Regulations 1994
This regulation applies to a member ' s benefits in a regulated superannuation fund that is an unfunded public sector superannuation scheme if:
(a) the member:
(i) was a temporary resident; and
(ii) is not an Australian citizen, New Zealand citizen or permanent resident; and
(iii) has left Australia; and
(b) the member ' s visa has ceased to be in effect.
The member ' s benefits may be cashed if:
(a) the trustee of the fund receives a request from the member that the benefits be cashed; and
(b) subregulation (2) or (3) is complied with.
If the member ' s withdrawal benefit in the fund is less than $5 000, the trustee of the fund must receive:
(a) a copy, or other evidence, of a visa showing that the member was a temporary resident but the member ' s temporary visa has ceased to be in effect; and
(b) a copy of the member ' s passport showing that the member has left Australia.
For the ways of giving evidence of a visa, see regulation 2.17 of the Migration Regulations 1994 .
The trustee of the fund must be satisfied, based on a written statement from the Immigration Department, that:
(a) the member was a temporary resident but the member ' s temporary visa has ceased to be in effect; and
(b) the member has left Australia.
For subregulation (3), the statement may be in electronic form.
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.
A payment made under this regulation is a " departing Australia superannuation payment " within the meaning of subsection 995-1(1) of the 1997 Tax Act.
(Repealed by SR No 251 of 2003)
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