Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS

Division 6.3 - Cashing of benefits

Subdivision 6.3.2 - Approved deposit funds

REGULATION 6.27

6.27 LIMITATION ON CASHING BENEFITS IN APPROVED DEPOSIT FUNDS OF LESS THAN $500

The trustee of an approved deposit fund must not cash an amount of a member ' s benefits in the fund that is less than $500 unless the purpose of cashing the amount is:

(a) to close the member ' s account; or

(b) to cash the amount under Division 131 or 135 in Schedule 1 to the Taxation Administration Act 1953 , or section 292-80C of the Income Tax (Transitional Provisions) Act 1997 , to give effect to a release authority in respect of the member; or

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(c) to pay an amount under the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

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View history note

History

Reg 6.27 amended by FRLI No F2017L00321, reg 4 and Sch 8 item 19, by substituting para (b), applicable in relation to release authorities given to superannuation providers on or after 1 July 2018. Para (b) formerly read:

(b) to cash the amount to give effect to a release authority under:

(i) section 292-415 of the Income Tax Assessment Act 1997 ; or

(ia) section 292-420 of the Income Tax Assessment Act 1997 ; or

(ii) section 292-80C of the Income Tax (Transitional Provisions) Act 1997 ; or

(iii) sections 96-20 and 96-25 in Schedule 1 to the Taxation Administration Act 1953 ; or

(iv) section 135-75 in Schedule 1 to the Taxation Administration Act 1953 ;
in respect of the member; or

Reg 6.27 amended by SLI No 278 of 2013, reg 4 and Sch 1 item 30, by inserting para (b)(iii) and (iv), effective 17 December 2013.

Reg 6.27 amended by SLI No 203 of 2012, reg 3 and Sch 1 item 4, by inserting para (b)(ia), effective 21 August 2012.

Reg 6.27 amended by SLI No 282 of 2008, reg 3 and Sch 1 item 42 - 43, by substituting " the member; or " for " the member. " in para (b) and inserting para (c), effective 18 December 2008.

Reg 6.27 substituted by SLI No 74 of 2007, reg 3 and Sch 1 item 16, effective 3 April 2007. Reg 6.27 formerly read:

REGULATION 6.27 LIMITATION ON CASHING BENEFITS IN APPROVED DEPOSIT FUNDS OF LESS THAN $500
6.27
The trustee of an approved deposit fund must not cash an amount of a member ' s benefits in the fund that is less than $500 except to close the member ' s account.

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