Superannuation Industry (Supervision) Amendment Regulations 2002 (No. 2) (91 of 2002)

Schedule 1   Amendments

[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.