Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 1) (74 of 2007)

Schedule 1   Amendments commencing on day after registration

[16]   Regulation 6.27

substitute

6.27 Limitation on cashing benefits in approved deposit funds of less than $500

The trustee of an approved deposit fund must not cash an amount of a member’s benefits in the fund that is less than $500 unless the purpose of cashing the amount is:

(a) to close the member’s account; or

(b) to cash the amount to give effect to a release authority under:

(i) section 292-415 of the Income Tax Assessment Act 1997; or

(ii) section 292-80C of the Income Tax (Transitional Provisions) Act 1997;

in respect of the member.