Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.3 - Cashing of benefits  

Subdivision 6.3.2 - Approved deposit funds  

REGULATION 6.24B  

6.24B   CASHING OF BENEFITS IN APPROVED DEPOSIT FUNDS - PAYMENT TO COMMISSIONER OF TAXATION  

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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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History

Reg 6.24B amended by FRLI No F2021L00412, reg 4 and Sch 1 items 26 and 27, by inserting " , or chooses to pay an amount to the Commissioner of Taxation under Part 3D of that Act, " and inserting " required " in the note, effective 2 April 2021.

Reg 6.24B amended by SLI No 15 of 2009, reg 3 and Sch 1 items 16 to 18 by substituting the heading, substituting " a person ' s superannuation interest " for " a member ' s superannuation interest " and substituting " a lump sum " for " a single lump sum " , effective 7 February 2009.

Reg 6.24B inserted by SLI No 282 of 2008, reg 3 and Sch 1 item 38, effective 18 December 2008.

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