Superannuation Industry (Supervision) Regulations 1994
Division 6.5 - Compulsory rollover and transfer of superannuation benefits in regulated superannuation funds and approved deposit funds
Hide history note
View history noteDiv 6.5 substituted by SR No 251 of 2003, reg 3 and Sch 1 item 10, effective 1 July 2004. Div 6.5 formerly read:
Division 6.5 - Additional standards for eligible rollover funds
REGULATION 6.30 OBLIGATIONS OF TRUSTEES
6.30(1)
The trustee of an eligible rollover fund must comply, as soon as practicable, with a request by a member:
(a) to pay benefits of the member in the fund; or
(b) for payment of any benefit to be in the form of a lump sum.
6.30(2)
(Omitted by SR No 64 of 1995)
Reg 6.30(2) amended by SR No 189 of 1994.
REGULATION 6.33D VALIDATION OF MEMBER ' S DETAILS BY TRANSFERRING FUND
6.33D(1)
Subregulation (2) applies to the trustee of a regulated superannuation fund or approved deposit fund (the
transferring fund
) if:
(a)
the transferring fund receives:
(i) a request under regulation 6.33 to rollover or transfer the whole or a part of a member ' s withdrawal benefit from the transferring fund to another regulated superannuation fund or approved deposit fund, or an RSA provider; or
(ii) a request to rollover or transfer the whole or a part of a member ' s withdrawal benefit from the transferring fund to an EPSSS; and
(b)
the request was not given to the trustee by the Commissioner of Taxation; and
(c)
the transferring fund has the member
'
s tax file number.
Reg 6.33D(1) amended by FRLI No F2018L01373, reg 4 and Sch 2 item 8, by omitting " (other than a self managed superannuation fund) " after " another regulated superannuation fund " from para (a)(i), effective 29 September 2018 and applicable to rollovers and transfers requested on or after 30 November 2019.
6.33D(2)
The trustee of the transferring fund must ask the Commissioner of Taxation, using an electronic interface provided by the Commissioner, for a notice under subsection
299TD(2)
of the Act in relation to the member.
6.33D(3)
However, subregulation (2) does not apply if the Commissioner has previously given the trustee a notice under subsection
299TD(2)
of the Act stating that the Commissioner was able to validate the member
'
s information given by the trustee.
6.33D(4)
The trustee may ask the member for any proof of identity information in the approved form referred to in paragraph 6.33(2)(b) that the trustee reasonably requires to process the request if:
(a)
the Commissioner of Taxation gives the trustee a notice under subsection
299TD(2)
of the Act stating that the Commissioner is not able to validate the information mentioned in subsection (2); or
(b)
the trustee does not have the member
'
s tax file number.
Reg 6.33D(4) amended by FRLI No F2018L01373, reg 4 and Sch 2 item 9, by substituting " in the approved form referred to in paragraph 6.33(2)(b) " for " on the form in Schedule 2B " , effective 29 September 2018 and applicable to rollovers and transfers requested on or after 30 November 2019.
6.33D(5)
The trustee must ask for the proof of identity information under subregulation (4) not later than:
(a)
for a trustee to whom paragraph (4)(a) applies
-
5 business days after receiving the Commissioner
'
s notice; and
(b)
for a trustee to whom paragraph (4)(b) applies
-
5 business days after receiving the request to rollover or transfer the whole or a part of the member
'
s withdrawal benefit.
Reg 6.33D(5) amended by SLI No 61 of 2013, reg 4 and Sch 2 item 9, by substituting " 5 business days " for " 5 days " in para (b), effective 1 July 2013.
6.33D(6)
If the trustee does not receive the information requested under subregulation (4) within 10 business days after making the request, the trustee must make reasonable further inquiries of the member to obtain the information.
Reg 6.33D(6) amended by SLI No 61 of 2013, reg 4 and Sch 2 item 10, by substituting " within " for " not later than " , effective 1 July 2013.
Reg 6.33D inserted by SLI No 317 of 2012, reg 4 and Sch 2 item 1, effective 1 July 2013.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
