Small Superannuation Accounts Act 1995

PART 7 - WITHDRAWAL OF ACCOUNT BALANCES  

Division 4 - Transfer of account balances to RSAs and superannuation funds  

SECTION 61   TRANSFER TO RSA OR SUPERANNUATION FUND  

61(1)   Transfer request.  

This section applies to an individual's account if:

(a) the individual gives the Commissioner of Taxation a request (the ``transfer request'' ) to transfer the account balance to a specified RSA or to the trustee of a specified fund for the benefit of the individual; and

(b) the fund passes the compliance test set out in subsection (2).

Note:

Subsection (7) provides for the transfer request to be given by the individual personally or by the trustee acting on behalf of the individual.

61(2)   Compliance test for funds.  

For the purposes of this section, a fund passes the compliance test if:

(a) the fund is an exempt public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993 ; or

(b) at the time of the transfer request, the Commissioner of Taxation has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:

(i) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 ; and

(ii) is not subject to a direction under section 63 of that Act.

Note:

Section 63 of the Superannuation Industry (Supervision) Act 1993 deals with funds that have been directed not to accept contributions from an employer-sponsor.

61(3)   Form of transfer request.  

The transfer request must be:

(a) in writing; and

(b) in a form approved in writing by the Commissioner of Taxation.

61(4)   Compliance with transfer request.  

The Commissioner of Taxation must pay to the provider of the RSA, or to the trustee, for the benefit of the individual, an amount equal to the account balance immediately before the payment is made. However, this rule does not apply if the Commissioner of Taxation is satisfied that the RSA provider or the trustee is unwilling to accept the payment.

61(5)   Special Account to be debited.  

The Special Account is debited for the purposes of making the payment.

61(6)   Individual's account to be debited.  

When the payment is made, the individual's account is debited by the amount of the payment.

61(7)   Authorisation of trustee by individual etc.  

The transfer request may be given by:

(a) the individual personally; or

(b) the RSA provider or the trustee acting on the individual's behalf in accordance with an authority given by the individual.

If paragraph (b) applies, the transfer request must be accompanied by a copy of the authority.

61(8)   Form of authorisation.  

An authority referred to in subsection (7) must be:

(a) in writing; and

(b) in a form approved in writing by the Commissioner of Taxation.

61(9)   Definitions.  

In this section:

"fund"
includes a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993 ;

"trustee"
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .