Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS

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

REGULATION 4.35C REQUEST FOR ROLLOVER OR TRANSFER OF RSA HOLDER ' S WITHDRAWAL BENEFIT

4.35C(1)
An RSA holder may request, in writing, that the whole or a part of the RSA holder ' s withdrawal benefit in an RSA provided by an RSA provider (the transferring entity ) be rolled over or transferred to any of the following (the receiving entity ):

(a) a superannuation entity;

(b) an RSA provided by another RSA provider.

Note:

An RSA holder may also request that his or her withdrawal benefit be rolled over or transferred to an EPSSS.

4.35C(2)
If the receiving entity is not a self managed superannuation fund, the RSA holder:

(a) may make the request to the transferring entity or the receiving entity; and

(b) if the request is to roll over or transfer an amount that is the whole of the RSA holder ' s withdrawal benefit - may use the Schedule 2A request form to make the request.

Note:

The Schedule 2A request form deals with information about tax file numbers that is required in accordance with Part 11 of the Act and approvals under that Part.

4.35C(3)
If the receiving entity is a self managed superannuation fund, the RSA holder:

(a) must make the request to the transferring entity; and

(b) if the request is to roll over or transfer an amount that is the whole of the RSA holder ' s withdrawal benefit - may use the Schedule 2B request form to make the request.

Note:

The Schedule 2B request form deals with information about tax file numbers that is required in accordance with Part 11 of the Act and approvals under that Part.

View history note

History

Reg 4.35C substituted by SLI No 61 of 2013, reg 4 and Sch 2 item 1, effective 1 July 2013. Reg 4.35C formerly read:

REGULATION 4.35C REQUEST FOR ROLLOVER OR TRANSFER OF WITHDRAWAL BENEFIT
Request from RSA holder

4.35C(1)
An RSA holder may, in writing, ask the RSA provider to roll over or transfer an amount that is the whole or part of the RSA holder ' s withdrawal benefit.

4.35C(2)
A request under subregulation (1) to roll over or transfer an amount that is the whole of the RSA holder ' s withdrawal benefit may be made:

(a) using the request form; or

(b) in another manner.

4.35C(3)
A request under subregulation (1) to roll over or transfer an amount that is part of the RSA holder ' s withdrawal benefit may include:

(a) the information that would be required by the request form; and

(b) any other information that is reasonably required by the RSA provider to process the request.

Request through Commissioner of Taxation

4.35C(4)
The Commissioner of Taxation, under the scheme established under Part 4AA , may give to the RSA provider a request made by an RSA holder to roll over or transfer an amount that is the whole of the RSA holder ' s withdrawal benefit.

Reg 4.35C substituted by SLI No 13 of 2013, reg 3 and Sch 1 item 3, effective 19 February 2013. Reg 4.35C formerly read:

REGULATION 4.35C REQUEST FOR ROLLOVER OR TRANSFER OF WITHDRAWAL BENEFIT
4.35C(1)
An RSA holder may, in writing, ask the RSA provider to roll over or transfer an amount that is the whole or part of the RSA holder's benefit.

4.35C(2)
If the RSA provider requires further information that is mandatory information in the request form (whether or not the request is made using the request form):

(a) the RSA provider must, within 10 working days after receiving the request, ask the RSA holder for the information; and

(b) if the RSA provider has not received the information within 10 working days after making the request, the RSA provider must make reasonable further inquiries of the RSA holder to obtain the information.
Note:

If a request does not include all of the mandatory information in the request form (whether or not the request is made using the request form) the RSA provider may still roll over or transfer the amount without asking for the rest of the mandatory information.

4.35C(3)
If the RSA provider requires further information in relation to a request for a partial transfer:

(a) the RSA provider must, within 10 working days after receiving the request, ask the RSA holder for the information; and

(b) if the RSA provider has not received the information within 10 working days after making the request, the RSA provider must make reasonable further inquiries of the RSA holder to obtain the information.

4.35C(4)
If the RSA provider requires the information under subregulation 4.35D(3) :

(a) the RSA provider must, within 10 working days after receiving the request, ask the RSA holder for the information; and

(b) if the RSA provider has not received the information within 10 working days after making the request, the RSA provider must make reasonable further inquiries of the RSA holder to obtain the information.

Reg 4.35C inserted by SLI No 104 of 2007, reg 5 and Sch 3 item 37, effective 1 July 2007.

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