Treasury Laws Amendment (Release of Superannuation on Compassionate Grounds) Regulations 2020 (F2020L0431)

Schedule 1   Amendments

Retirement Savings Accounts Regulations 1997

3   Subregulation 4.22B(1)

Repeal the subregulation, substitute:

(1) A person may apply to the Regulator for a determination that an amount of the person's preserved benefits, or restricted non-preserved benefits, in a specified RSA or RSAs may be released on the ground that it is required to assist the person to deal with the adverse economic effects of the coronavirus known as COVID-19 if:

(a) unless paragraph (b) applies - subregulation (1A) applies in respect of the person; or

(b) in a case where regulation 4.01B (temporary residents) applies to the person:

(i) the person is covered by subregulation (1B); and

(ii) subregulation (1C) applies in respect of the person.

(1A) For the purposes of paragraph (1)(a), this subregulation applies in respect of the person if:

(a) the person is unemployed; or

(b) the person is eligible to receive any of the following under the Social Security Act 1991:

(i) jobseeker payment;

(ii) parenting payment;

(iii) special benefit; or

(c) the person is eligible to receive youth allowance under the Social Security Act 1991 (other than on the basis that the person is undertaking full-time study or is a new apprentice); or

(d) the person is eligible to receive farm household allowance under the Farm Household Support Act 2014; or

(e) on or after 1 January 2020 the person was made redundant, or their working hours were reduced by 20% or more (including to zero); or

(f) for a person who is a sole trader - on or after 1 January 2020 the person's business was suspended or suffered a reduction in turnover of 20% or more.

(1B) For the purposes of subparagraph (1)(b)(i), this subregulation covers the person if:

(a) the person is the holder of a student visa; or

(b) the person is the holder of any of the following visas, as mentioned in the Migration Regulations 1994:

(i) a Subclass 457 (Temporary Work (Skilled)) visa;

(ii) a Subclass 482 (Temporary Skill Shortage) visa; or

(c) the person is a temporary resident, and is not the holder of a visa mentioned in paragraph (a) or (b).

(1C) For the purposes of subparagraph (1)(b)(ii), this subregulation applies in respect of the person if:

(a) in a case where paragraph (1B)(a) applies:

(i) the person has held a student visa for 12 months or more; and

(ii) the person is unable to meet his or her immediate living expenses; or

(b) in a case where paragraph (1B)(b) applies:

(i) on or after 1 January 2020 the person's working hours were reduced to zero by an employer; and

(ii) the person is still employed by the employer; or

(c) in a case where paragraph (1B)(c) applies - the person is unable to meet his or her immediate living expenses.