Superannuation Industry (Supervision) Regulations 1994
PART 6
-
PAYMENT STANDARDS
Division 6.3
-
Cashing of benefits
Subdivision 6.3.1
-
Regulated superannuation funds
REGULATION 6.20B
VOLUNTARY CASHING OF BENEFITS IN A REGULATED SUPERANNUATION FUND THAT IS AN UNFUNDED PUBLIC SECTOR SUPERANNUATION SCHEME
-
TEMPORARY RESIDENTS
6.20B(1)
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:
(b) the member ' s visa has ceased to be in effect.
6.20B(1A)
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.
6.20B(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, 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.
6.20B(3)
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.
6.20B(3A)
For subregulation (3), the statement may be in electronic form.
6.20B(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:
6.20B(5)
(Repealed by SR No 251 of 2003)
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.
View history note
Hide history note6.20B(1A)
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.
6.20B(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, 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.
Note:
For the ways of giving evidence of a visa, see regulation 2.17 of the Migration Regulations 1994 .
6.20B(3)
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.
6.20B(3A)
For subregulation (3), the statement may be in electronic form.
6.20B(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.
Note:
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.
6.20B(5)
(Repealed by SR No 251 of 2003)
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.