Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.5 - Compulsory rollover and transfer of superannuation benefits in regulated superannuation funds and approved deposit funds  

REGULATION 6.34D   RECEIVING FUND MUST ALLOCATE AMOUNT TO MEMBER  

6.34D(1)    
This regulation applies to the trustee of a regulated superannuation fund or approved deposit fund (the receiving fund ) if:

(a) the receiving fund receives a rollover or transfer of an amount that is the whole or a part of a member ' s withdrawal benefit from:

(i) a regulated superannuation fund or approved deposit fund; or

(ii) an RSA provider; or

(iii) the Commissioner of Taxation; and

(b) for a rollover or transfer received from a regulated superannuation fund or approved deposit fund (the transferring fund ):

(i) the transferring fund made the rollover or transfer in accordance with any applicable Standards specified under subsection 34K(3) of the Act; and

(ii) the information required by subregulation 6.34B(1) , and any applicable Standards specified under subsection 34K(3) of the Act, was sent in relation to the rollover or transfer; and

(iii) the information was sent in the way required by any applicable Standards made under subsection 34K(3) of the Act; and

(c) for a rollover or transfer received from the Commissioner of Taxation - the Commissioner made the rollover or transfer in accordance with any applicable Standards specified under subsection 34K(3) of the Act that would apply if the rollover or transfer were being made by a regulated superannuation fund or approved deposit fund; and

(d) for a rollover or transfer received from an RSA provider:

(i) the RSA provider made the rollover or transfer in accordance with any applicable Standards specified under subsection 45B(3) of the RSA Act; and

(ii) the information required by subregulation 4.35L(1) of the RSA Regulations and any applicable Standards made under subsection 45B(3) of the RSA Act, was sent in relation to the rollover or transfer; and

(iii) the information was sent in the way required by any applicable Standards made under subsection 45B(3) of the RSA Act.

6.34D(2)    
If the receiving fund accepts the rollover or transfer, and receives it in accordance with any applicable Standards made under subsection 34K(3) of the Act, the receiving fund must allocate the amount transferred or rolled over to the member ' s account as soon as possible, but in any case not later than 3 business days after the receiving fund has received:

(a) the rollover or transfer of the amount; and

(b) either:

(i) the information mentioned in subparagraph (1)(b)(ii), sent in accordance with any applicable Standards made under subsection 34K(3) of the Act; or

(ii) the information mentioned in subparagraph (1)(d)(ii), sent in accordance with any applicable Standards made under subsection 45B(3) of the RSA Act.