Retirement Savings Accounts Regulations 1997

PART 6 - MISCELLANEOUS  

Division 6.4 - Other matters  

REGULATION 6.17   PAYMENT OF BENEFIT TO ELIGIBLE ROLLOVER FUND  

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6.17(1)   [Condition]  

For subsection 89(1) of the Act, it is a condition that the beneficiary is not a non-member spouse whose entitlement under a payment split is to be dealt with under regulation 4A.27 .

6.17(2)   [Amount of consideration]  

Subject to subregulation (3), for paragraph 89(3)(b) of the Act, the amount of the consideration for the issue of a superannuation interest is equal to the amount of the RSA holder's withdrawal benefit in the RSA.

6.17(3)   [Payment split]  

For paragraph 89(3)(b) of the Act, the amount of the consideration for the issue of a superannuation interest does not include any amount that would be payable to the member's spouse or former spouse under a payment split.

Note:

Section 89 of the Act sets out the circumstances in which the RSA provider may apply to the trustee of an eligible rollover fund, on behalf of an RSA holder, for the issue to the RSA holder of a superannuation interest in the eligible rollover fund.

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History

Reg 6.17 substituted by SR No 352 of 2002, reg 3 and Sch 1 item 26, effective 28 December 2002. Reg 6.17 formerly read:

PAYMENT OF BENEFIT TO ELIGIBLE ROLLOVER FUND  
6.17
the purposes of paragraph 89(3)(b) of the Act, the amount of the consideration for the issue of a superannuation interest is equal to:

(a) if the RSA provider has received an amount of money to which subsection 61(2) of the Act applies - the amount so received; or

(b) in any other case - the amount of the RSA holder's withdrawal benefit in the RSA.

[ NOTE: Section 89 of the Act sets out the circumstances in which the RSA provider may apply to the trustee of an eligible rollover fund, on behalf of an RSA holder, for the issue to the RSA holder of a superannuation interest in the eligible rollover fund. There are no conditions prescribed for the purposes of subsection 89(1) of the Act.]

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