Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

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

REGULATION 4.35H   VERIFICATION OF SELF MANAGED SUPERANNUATION FUND AND RSA HOLDER ' S DETAILS  

4.35H(1)    
This regulation applies to an RSA provider (the transferring entity ) if the transferring entity receives a request under regulation 4.35C to roll over or transfer the whole or a part of a RSA holder ' s withdrawal benefit in an RSA provided by the transferring entity to a self managed superannuation fund (the receiving fund ).

4.35H(2)    
The transferring entity must:

(a) use an electronic service provided by the Australian government to verify:

(i) the ABN and name of the receiving fund; and

(ii) that the receiving fund is a regulated superannuation fund; and

(b) use an electronic service provided by the Commissioner of Taxation to validate that the RSA holder is a member of the receiving fund.

4.35H(3)    
If the transferring entity is unable to verify the information mentioned in paragraph (2)(a), or is unable to validate the information mentioned in paragraph (2)(b), using the electronic service, the transferring entity must ask the RSA holder for written evidence to verify:

(a) the name of the receiving fund; and

(b) that the receiving fund is a regulated superannuation fund; and

(c) that the RSA holder is a member of the receiving fund.

4.35H(4)    
The transferring entity must ask for the evidence under subregulation (3) no later than 5 business days after the transferring entity has been unable to verify or validate the information under subsection (2).

4.35H(5)    
If the transferring entity does not receive the evidence requested under subregulation (3) within 10 business days after making the request the transferring entity must make reasonable further inquiries of the RSA holder to obtain the information.