Superannuation Industry (Supervision) Amendment Regulation 2013 (No. 1) (14 of 2013)

Schedule 1   Amendments

[7]   After Part 6

insert

Part 6A Portability forms

6A.01 Establishment of scheme

(1)The purpose of this Part is to establish a scheme under which:

(a)a member of a regulated superannuation fund or approved deposit fund may give the Commissioner of Taxation a request to roll over or transfer the member's withdrawal benefit held by the fund; and

(b)the Commissioner of Taxation may pass the request mentioned in paragraph (a) to the trustee of the fund.

(2)This Part is made for section 34A of the Act.

(3)Words and expressions in this Part have the same meaning as in Part 6.

6A.02 Request to rollover or transfer withdrawal benefit

(1)A member of a regulated superannuation fund or an approved deposit fund may give the Commissioner of Taxation a request to roll over or transfer the member's withdrawal benefit held by the fund if:

(a)Division 6.5 of Part 6 applies to the fund and withdrawal benefit; and

(b)the Commissioner of Taxation holds information about the member's interest in the regulated superannuation fund or approved deposit fund; and

(c)the request is to roll over or transfer an amount that is the whole of the member's withdrawal benefit to a complying superannuation fund.

(2)The request to the Commissioner of Taxation must:

(a)be in the approved form; and

(b)contain the information required by the Commissioner.

6A.03 Verification of data

(1)The Commissioner of Taxation must:

(a)confirm the identity of the member and his or her membership of the complying superannuation fund to which the roll over or transfer is to be made; and

(b)confirm the ownership of the withdrawal benefit; and

(c)identify the account in the complying superannuation fund to which the roll over or transfer is to be made; and

(d)then give the request to the trustee of the fund that holds the member's withdrawal benefit.

(2)Despite subregulation (1), the Commissioner may decline to give the request to the trustee if:

(a)the request does not comply with the requirements mentioned in regulation 6A.02; or

(b)the trustee does not have the capacity to receive the request electronically; or

(c)it appears to the Commissioner that conduct has been, is being, or is proposed to be, engaged in by a trustee or an investment manager of the complying superannuation fund to which the roll over or transfer is to be made that is likely to adversely affect the values of the interests of beneficiaries of that fund.