Superannuation Industry (Supervision) Regulations 1994

Div 6.5 substituted by SR No 251 of 2003, reg 3 and Sch 1 item 10, effective 1 July 2004. Div 6.5 formerly read:

Division 6.5 - Additional standards for eligible rollover funds

REGULATION 6.30 OBLIGATIONS OF TRUSTEES  
6.30(1)
The trustee of an eligible rollover fund must comply, as soon as practicable, with a request by a member:

(a) to pay benefits of the member in the fund; or

(b) for payment of any benefit to be in the form of a lump sum.

6.30(2)

(Omitted by SR No 64 of 1995)

Reg 6.30(2) amended by SR No 189 of 1994.

Reg 6.33(2) amended by FRLI No F2018L01373, reg 4 and Sch 2 items 3 and 4, by substituting " The " for " If the receiving fund is not a self managed superannuation fund, the " and " may use the approved form to make the request " for " may use the form specified in Schedule 2A to make the request " in para (b), effective 29 September 2018 and applicable to rollovers and transfers requested on or after 30 November 2019.

Reg 6.33(3) repealed by FRLI No F2018L01373, reg 4 and Sch 2 item 5, effective 29 September 2018 and applicable to rollovers and transfers requested on or after 30 November 2019. Reg 6.33(3) formerly read:

6.33(3)
If the receiving fund is a self managed superannuation fund, the member:

(a) must make the request to the transferring fund; and

(b) if the request is to rollover or transfer an amount that is the whole of the member ' s withdrawal benefit - may use the form specified in Schedule 2B to make the request.

Note:

The forms in Schedules 2A and 2B deal with information about tax file numbers that is required in accordance with Part 25A of the Act, and approvals under that Part.

Reg 6.33 substituted by SLI No 317 of 2012, reg 4 and Sch 2 item 1, effective 1 July 2013. Reg 6.33 formerly read:

REGULATION 6.33 REQUEST FOR ROLLOVER OR TRANSFER OF WITHDRAWAL BENEFIT  
Request from member

6.33(1)
A member of a regulated superannuation fund or an approved deposit fund may, in writing, ask the trustee of the fund to roll over or transfer an amount that is the whole or part of the member ' s withdrawal benefit.

6.33(2)
A request under subregulation (1) to roll over or transfer an amount that is the whole of the member ' s withdrawal benefit may be made:

(a) using the form specified in Schedule 2A; or

(b) in another manner.

6.33(3)
A request under subregulation (1) to roll over or transfer an amount that is part of the member ' s withdrawal benefit may include:

(a) the information that would be required by the form specified in Schedule 2A; and

(b) any other information that is reasonably required by the trustee of the fund to process the request.

Note:

The form in Schedule 2A deals with information about tax file numbers that is required in accordance with Part 25A of the Act, and approvals under that Part.

It is recommended that applicants use the form of request in Schedule 2A to allow trustees to roll over or transfer whole balance amounts as quickly and efficiently as possible. Making the request in another way may require a trustee to seek further information from the member under regulation 6.33A.

Request through Commissioner of Taxation

6.33(4)
The Commissioner of Taxation, under the scheme established under Part 6A, may give to the trustee of a regulated superannuation fund or an approved deposit fund a request made by a member to roll over or transfer an amount that is the whole of the member ' s withdrawal benefit.

Reg 6.33 substituted by SLI No 14 of 2013, reg 3 and Sch 1 item 3, effective 19 February 2013. Reg 6.33 formerly read:

REGULATION 6.33 REQUEST FOR ROLLOVER OR TRANSFER OF WITHDRAWAL BENEFIT  
6.33(1)
A member of a regulated superannuation fund or an approved deposit fund may, in writing, ask the trustee of the fund to roll over or transfer an amount that is the whole or part of the member's withdrawal benefit.

6.33(2)
If the trustee of the fund requires further information that is mandatory information in the form in Schedule 2A (whether or not the request is made using the form):

(a) the trustee must, within 10 working days after receiving the request, ask the member for the information; and

(b) if the trustee has not received the information within 10 working days after making the request, the trustee must make reasonable further inquiries of the member to obtain the information.

Note: If a request does not include all of the mandatory information in the form in Schedule 2A (whether or not the request is made using the form) the trustee may still roll over or transfer the amount without asking for the rest of the mandatory information.

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History

Reg 6.33(2), (3) and (4) substituted for reg 6.33(2) by SLI No 74 of 2007, reg 5 and Sch 3 item 63, effective 1 July 2007. Reg 6.33(2) formerly read:

6.33(2)
If the trustee of a fund requires further information in relation to the request, the trustee must, as soon as practicable after receiving the request, ask the member for the information.

6.33(3)
If the trustee of the fund requires further information in relation to a request for a partial transfer:

(a) the trustee must, within 10 working days after receiving the request, ask the member for the information; and

(b) if the trustee has not received the information within 10 working days after making the request, the trustee must make reasonable further inquiries of the member to obtain the information.

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History

Reg 6.33(2), (3) and (4) substituted for reg 6.33(2) by SLI No 74 of 2007, reg 5 and Sch 3 item 63, effective 1 July 2007.

6.33(4)
If the trustee of the fund requires the information under subregulation 6.34(3):

(a) the trustee must, within 10 working days after receiving the request, ask the member for the information; and

(b) if the trustee has not received the information within 10 working days after making the request, the trustee must make reasonable further inquiries of the member to obtain the information.

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History

Reg 6.33(2), (3) and (4) substituted for reg 6.33(2) by SLI No 74 of 2007, reg 5 and Sch 3 item 63, effective 1 July 2007.

Reg 6.33 inserted by SR No 251 of 2003, reg 3 and Sch 1 item 10, effective 1 July 2004.