Taxation Laws Amendment (Superannuation) Act 1992 (208 of 1992)

Part 3   AMENDMENT OF THE OCCUPATIONAL SUPERANNUATION STANDARDS ACT 1987

Division 3   Amendment to allow superannuation funds to retain a member's benefit for up to 90 days while the member decides whether to roll-over the benefit

70   Interpretation

Section 3 of the Principal Act is amended by adding at the end the following subsections:

"(6) For the purposes of paragraph (b) of the definition of 'superannuation fund' in subsection (1), a fund is taken to provide a benefit for a member of the fund as the result of a particular event even if, at the request of the member, the trustees of the fund delay the provision of the whole or a part of the benefit for up to 90 days after the member becomes entitled to the benefit.

"(7) Subsection (6) does not, by implication, limit the circumstances in which the trustees of a fund may delay the provision of benefits in circumstances that are consistent with paragraph (b) of the definition of 'superannuation fund' in subsection (1).".