Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

Division 4.3 - Cashing of benefits  

REGULATION 4.23A   COMPULSORY CASHING OF BENEFITS - TEMPORARY RESIDENTS  

4.23A(1)  


This regulation applies to the benefits of an RSA holder if:


(a) the RSA holder:


(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 RSA holder's visa has ceased to be in effect.

4.23(1A)  


The RSA holder's benefits must be cashed if:


(a) the RSA provider receives a request from the RSA holder that the benefits be cashed; and


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

4.23A(2)  
If the RSA holder's withdrawal benefit in the RSA is less than $5 000, the RSA provider must receive:


(a) a copy, or other evidence, of a visa showing that the RSA holder was a temporary resident but the RSA holder's temporary visa has ceased to be in effect; and


(b) a copy of the RSA holder's passport showing that the RSA holder has left Australia.

Note

For the ways of giving evidence of a visa, see regulation 2.17 of the Migration Regulations 1994 .

4.23A(3)  


The RSA provider must be satisfied, based on a written statement from the Department administered by the Minister administering the Migration Act 1958 , that:


(a) the RSA holder was a temporary resident but the RSA holder's temporary visa has ceased to be in effect; and


(b) the RSA holder has left Australia.

4.23A(3A)  


For subregulation (3), the statement may be in electronic form.

4.23A(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 RSA holder's withdrawal benefit in the RSA; or


(b) if the RSA provider 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 RSA holder's withdrawal benefit in the RSA is cashed; and

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

4.23A(5)  
For subregulation (4), the period is:


(a) if the RSA provider receives a request from the RSA holder 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 within the meaning of section 301-170 of the 1997 Tax Act.


 

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