Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

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

REGULATION 4.35M   RECEIVING ENTITY MUST ELECTRONICALLY RECEIVE INFORMATION AND PAYMENT  

4.35M(1)    
This regulation applies to an RSA provider (the receiving entity ) if:

(a) another RSA provider or a regulated superannuation fund or approved deposit fund (the transferring entity ) gives to the receiving entity in relation to a rollover or transfer:

(i) the information mentioned in subregulation 4.35L(1) ; and

(ii) a payment of the whole or a part of an RSA holder ' s withdrawal benefit being rolled over or transferred to the receiving entity; and

(b) the information is given, and the payment made, in accordance with the applicable Standards (if any) made under subsection 45B(3) of the Act or subsection 34K(3) of the SIS Act.

4.35M(2)    
The receiving entity must be able to receive the information and payment electronically.

Note:

Standards made under subsection 45B(3) may set out additional requirements for how the receiving entity is to receive the information and payment.