Superannuation Industry (Supervision) Regulations 1994
PART 6
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PAYMENT STANDARDS
Division 6.3
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Cashing of benefits
Subdivision 6.3.2
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Approved deposit funds
REGULATION 6.24B
6.24B
CASHING OF BENEFITS IN APPROVED DEPOSIT FUNDS
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PAYMENT TO COMMISSIONER OF TAXATION
If the trustee of an approved deposit fund is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or chooses to pay an amount to the Commissioner of Taxation under Part 3D of that Act, for a person ' s superannuation interest in the fund, the amount must be cashed in favour of the Commissioner of Taxation as a lump sum.
If the trustee of an approved deposit fund is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or chooses to pay an amount to the Commissioner of Taxation under Part 3D of that Act, for a person ' s superannuation interest in the fund, the amount must be cashed in favour of the Commissioner of Taxation as a lump sum.
Note: An amount required to be paid under the Superannuation (Unclaimed Money and Lost Members) Act 1999 must be paid by the time required under that Act.
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