Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

Division 4.4A - Compulsory rollover and transfer of benefits in RSAs  

REGULATION 4.35G   VALIDATION OF RSA HOLDER ' S DETAILS BY TRANSFERRING ENTITY  

4.35G(1)    
Subregulation (2) applies to the RSA provider (the transferring entity ) if:

(a) the transferring entity receives:

(i) a request under regulation 4.35C to roll over or transfer the whole or a part of an RSA holder ' s withdrawal benefit in an RSA provided by the transferring entity to a regulated superannuation fund (other than a self managed superannuation fund) or approved deposit fund, or an RSA provided by another RSA provider; or

(ii) a request to roll over or transfer the whole or a part of an RSA holder ' s withdrawal benefit in an RSA provided by the transferring entity to an EPSSS; and

(b) the request was not given to the transferring entity by the Commissioner of Taxation (the Commissioner ); and

(c) the transferring entity has the RSA holder ' s tax file number.

4.35G(2)    
The transferring entity must ask the Commissioner, using an electronic interface provided by the Commissioner, for a notice under subsection 143D(2) of the Act in relation to the member.

4.35G(3)    
However, subregulation (2) does not apply if the Commissioner has previously given the transferring entity a notice under subsection 143D(2) of the Act stating that the Commissioner was able to validate the RSA holder ' s information given by the transferring entity.

4.35G(4)    
The transferring entity may ask the RSA holder for any proof of identity information on the Schedule 2B request form that the transferring entity reasonably requires to process the request if:

(a) the Commissioner gives the transferring entity a notice under subsection 143D(2) of the Act stating that the Commissioner is not able to validate the information mentioned in subsection (2); or

(b) the transferring entity does not have the RSA holder ' s tax file number.

4.35G(5)    
A transferring entity to which paragraph (4)(a) applies must ask for the proof of identity information no later than 5 business days after receiving the Commissioner ' s notice.

4.35G(6)    
A transferring entity to which paragraph (4)(b) applies must ask for the proof of identity information no later than 5 business days after receiving the request to roll over or transfer the whole or a part of the RSA holder ' s withdrawal benefit.

4.35G(7)    
If the transferring entity does not receive the information requested under subregulation (4) within 10 business days after making the request, the transferring entity must make reasonable further inquiries of the RSA holder to obtain the information.