Retirement Savings Accounts Regulations 1997

SCHEDULE 2

Regulations 4.01 and 4.01A

CONDITIONS OF RELEASE AND CASHING RESTRICTIONS - PRESERVED BENEFITS AND RESTRICTED NON-PRESERVED BENEFITS

Column 1	Column 2	Column 3
Item no.	Conditions of release	Cashing restrictions
101	Retirement	Nil
102	Death	Nil
102A	Terminal medical condition	Nil
103	Permanent incapacity	Nil
104	Former temporary resident to whom regulation 4.23A applies, requesting in writing the release of his or her benefits	Amount that is at least the amount of the temporary resident ' s withdrawal benefit in the RSA paid:
		(a)	as a single lump sum; or
		(b)	if the RSA provider receives any combination of contributions, transfers and rollovers after cashing the benefits - in a way that ensures that the amount is cashed
104A	The RSA provider is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or may pay an amount to the Commissioner of Taxation under Part 3D of that Act, for the person ' s interest in the RSA	Amount that the RSA provider is required to pay to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or may pay to the Commissioner of Taxation under Part 3D of that Act, for the person ' s interest in the RSA, paid as a lump sum to the Commissioner
105	Severe financial hardship	For a person taken to be in severe financial hardship under paragraph 4.01(5)(a) - in each 12 month period (beginning on the date of first payment), a single lump sum not less than $1,000 (except if the amount of the person ' s preserved benefits and restricted non-preserved benefits is less than that amount) and not more than $10,000 For a person taken to be in severe financial hardship under paragraph 4.01(5)(b) - Nil
106	Attaining age 65	Nil
107	Termination of gainful employment with an employer who had, or any of whose associates had, at any time, contributed to the RSA in relation to the RSA holder	1. Preserved benefits: Non-commutable life pension or non-commutable life annuity
		2. Restricted non-preserved benefits: Nil
108	Temporary incapacity	A non-commutable income stream cashed from the RSA for:
		(a)	the purpose of continuing (in whole or part) the gain or reward which the RSA holder was receiving before the temporary incapacity; and
		(b)	a period not exceeding the period of incapacity from employment of the kind engaged in immediately before the temporary incapacity
109	The Regulator has determined under subregulation 4.22A(2) that a specified amount of benefits in the RSA may be released on a compassionate ground	A single lump sum, not exceeding the amount determined, in writing, by the Regulator, being an amount that:
		(a)	taking account of the ground and of the person ' s financial capacity, is reasonably required; and
		(b)	in the case of the ground mentioned in paragraph 4.22A(1)(b) - in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of:
			(i)	3 months ' repayments; and
			(ii)	12 months ' interest on the outstanding balance of the loan.
109AA	The Regulator has determined under subregulation 4.22B(3) (about coronavirus) that a specified amount of benefits in the RSA may be released on a compassionate ground	A single lump sum, not exceeding the amount determined, in writing, by the Regulator in relation to the RSA
109A	For acquiring a superannuation interest (within the meaning of the 1997 Tax Act) that supports a deferred superannuation income stream (within the meaning of that Act) to be provided under a contract or rules that meet the standards of subregulation 1.06A(2) of the SIS Regulations	The restrictions contained in paragraph 1.06A(3)(e) of the SIS Regulations
		(a)	taking account of the ground and of the person ' s financial capacity, is reasonably required; and
		(b)	in the case of the ground mentioned in paragraph 4.22A(1)(b) - in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of:
			(i)	3 months ' repayments; and
			(ii)	12 months ' interest on the outstanding balance of the loan.
110	Attaining preservation age	Any of the following:
		(a)	a transition to retirement pension;
		(b)	a non-commutable allocated pension;
		(c)	a non-commutable pension;
		(d)	a non-commutable allocated annuity, or a non-commutable annuity, within the meaning of Part 6 of the SIS Regulations;
		(e)	an annuity being provided as a transition to retirement income stream within the meaning of Part 6 of the SIS Regulations.
111	Being a lost RSA holder who is found, and the value of whose benefit in the RSA, when released, is less than $200	Nil
111A	The Commissioner of Taxation gives a superannuation provider a release authority under Division 131 in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 131-35 and 131-40 in that Schedule
111B	A person gives a superannuation provider a release authority under section 135-40 in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 135-75 and 135-85 in that Schedule
111C - 112A	(Repealed by FRLI No F2017L00321)
113	A person gives a transitional release authority to a superannuation provider under section 292-80B of the Income Tax (Transitional Provisions) Act 1997	Restrictions contained in subsections 292-80C(1) and (2) of the Income Tax (Transitional Provisions) Act 1997
114	Any other condition, if expressed to be a condition of release, in an approval under paragraph 15(4)(d) of the Act	Restrictions expressed in the approval to be cashing restrictions applying to the condition of release

[ NOTE: The definitions set out in subregulation 4.01(2) apply, unless they are immaterial or expressed not to apply, to Schedule 2; see that subregulation.]

View history note

History

Sch 2 amended by FRLI No F2021L00412, reg 4 and Sch 1 items 22 and 23, by inserting " , or may pay an amount to the Commissioner of Taxation under Part 3D of that Act, " in table item 104A, column headed " Conditions of release " and " , or may pay to the Commissioner of Taxation under Part 3D of that Act, " in table item 104A, column headed " Cashing restrictions " , effective 2 April 2021.

Sch 2 amended by No 22 of 2020, s 3 and Sch 13 item 7, by inserting table item 109AA, effective 25 March 2020.

Sch 2 amended by FRLI No F2018L00676, reg 4 and Sch 1 item 4, by substituting table item 109, applicable in relation to applications for the release of benefits on compassionate grounds made after 1 July 2018. Table item 109 formerly read:

109 Compassionate ground A single lump sum, not exceeding an amount determined, in writing, by APRA, being an amount that:

Sch 2 amended by FRLI No F2017L00321, reg 4 and Sch 8 item 7, by substituting table items 111A and 111B for table items 111A to 112A, applicable in relation to release authorities given to superannuation providers on or after 1 July 2018. Table items 111A to 112A formerly read:

111A The Commissioner of Taxation gives a superannuation provider a release authority under subsection 96-10(1) or 96-12(1) in Schedule 1 to the Taxation Administration Act 1953 The restrictions contained in sections 96-20 and 96-25 in Schedule 1 to the Taxation Administration Act 1953

111B A person gives a superannuation provider a release authority under section 135-40 in Schedule 1 to the Taxation Administration Act 1953 The restrictions contained in sections 135-75 and 135-85 in Schedule 1 to the Taxation Administration Act 1953

111C The Commissioner of Taxation gives a superannuation provider a release authority under section 135-45 in Schedule 1 to the Taxation Administration Act 1953 The restrictions contained in sections 135-75 and 135-85 in Schedule 1 to the Taxation Administration Act 1953

112 Either:
(a) a person gives a release authority to a superannuation provider under subsection 292-410(1) of the Income Tax Assessment Act 1997 ; or
(b) the Commissioner of Taxation gives a release authority to a superannuation provider under subsection 292-410(4) of the Income Tax Assessment Act 1997 Restrictions contained in subsections 292-415(1) and (2) of the Income Tax Assessment Act 1997

112A The Commissioner of Taxation issues a release authority to a superannuation provider under subsection 292-420(1) of the Income Tax Assessment Act 1997 Restrictions contained in subsections 292-420(4), (5) and (7) of the Income Tax Assessment Act 1997

Sch 2 amended by FRLI No F2017L00704, reg 4 and Sch 1 item 10, by inserting table item 109A, applicable in relation to the following: (a) a benefit arising under a contract entered into on or after 1 July 2017; (b) a benefit provided under rules made on or after 1 July 2017.

Sch 2 amended by SLI No 79 of 2015, reg 4 and Sch 1 items 6 and 7, by inserting " or 96-12(1) " in table item 111A, column headed " Conditions of release " and omitting " subsection 96-10(1) or " before " section 135-45 " from table item 111C, column headed " Conditions of release " , effective 2 June 2015.

Sch 2 amended by SLI No 278 of 2013, reg 4 and Sch 1 item 6, by inserting table items 111A, 111B and 111C, effective 17 December 2013.

Sch 2 amended by SLI No 202 of 2012, reg 3 and Sch 1 item 3, by inserting table item 112A, effective 21 August 2012.

Sch 2 amended by SLI No 14 of 2009, reg 3 and Sch 1 item 20, by substituting items 104 and 104A for item 104, effective 7 February 2009. Item 104 formerly read:

104 ... Temporary resident permanently departing Australia in circumstances described in regulation 4.23, and requesting in writing the release of the temporary resident ' s benefits ... Amount that is at least the amount of the temporary resident ' s withdrawal benefit in the RSA, paid: ... (a) as a single lump sum; or (b) if the RSA provider receives any combination of contributions, transfers and rollovers after cashing the benefits - in a way that ensures that the amount is cashed

Sch 2 amended by SLI No 8 of 2008, reg 3 and Sch 1 items 6 and 7, by inserting table item 102A, effective 16 February 2008.

Sch 2 amended by SLI No 104 of 2007, reg 5 and Sch 3 items 53 and 54, by substituting column 3 of table item 110 and inserting table item 111, effective 1 July 2007. Column 3 formerly read:

One or more of the following: ... (a) a non-commutable allocated annuity within the meaning of Part 6 of the SIS Regulations; ... (b) a non-commutable allocated pension; ... (c) a non-commutable annuity within the meaning of Part 6 of the SIS Regulations; ... (d) a non-commutable pension.

Sch 2 amended by SLI No 104 of 2007, reg 3 and Sch 1 item 14, by substituting table items 109, 110, 112, 113 and 114 for items 108A, 108B and 109, effective 28 April 2007. Table items 108A, 108B and 109 formerly read:

108A ... Compassionate ground ... A single lump sum, not exceeding an amount determined, in writing, by APRA, being an amount that: (a) taking account of the ground and of the person ' s financial capacity, is reasonably required; and (b) in the case of the ground mentioned in paragraph 4.22A(1)(b) - in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of: (i) 3 months ' repayments; and (ii) 12 months ' interest on the outstanding balance of the loan

108B... Attaining preservation age ... One or more of the following: (a) a non-commutable allocated pension; (b) a non-commutable pension; (c) a non-commutable allocated annuity, or a non-commutable annuity, within the meaning of Part 6 of the SIS Regulations

109 ... Any other condition, if expressed to be a condition of release, in an approval under paragraph 15(4)(d) of the Act ... Restrictions expressed in the approval to be cashing restrictions applying to the condition of release

Sch 2 amended by SLI No 55 of 2005, reg 3 and Sch 2 item 3, by inserting table item 108B, effective 1 July 2005.

Sch 2 amended by SR No 90 of 2002, reg 3 and Sch 1 item 3, by substituting table item 104, effective 1 July 2002. Table item 104 formerly read:

Column 1 Column 2 Column 3

Item no. Conditions of release Cashing restrictions

104 Permanent departure from Australia, being a departure by the RSA holder from Australia, before 1 July 1998, in relation to which: Nil

(a) the RSA provider is reasonably satisfied that it is for the purpose of permanent residence outside Australia; and

(b) the written request for release of benefits was made before 1 July 1998

Sch 2 amended by SR No 192 of 1998, SR No 342 of 1997, SR No 150 of 1997 and SR No 151 of 1997.

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111A	The Commissioner of Taxation gives a superannuation provider a release authority under subsection 96-10(1) or 96-12(1) in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 96-20 and 96-25 in Schedule 1 to the Taxation Administration Act 1953
111B	A person gives a superannuation provider a release authority under section 135-40 in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 135-75 and 135-85 in Schedule 1 to the Taxation Administration Act 1953
111C	The Commissioner of Taxation gives a superannuation provider a release authority under section 135-45 in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 135-75 and 135-85 in Schedule 1 to the Taxation Administration Act 1953
112	Either: (a) a person gives a release authority to a superannuation provider under subsection 292-410(1) of the Income Tax Assessment Act 1997 ; or (b) the Commissioner of Taxation gives a release authority to a superannuation provider under subsection 292-410(4) of the Income Tax Assessment Act 1997	Restrictions contained in subsections 292-415(1) and (2) of the Income Tax Assessment Act 1997
112A	The Commissioner of Taxation issues a release authority to a superannuation provider under subsection 292-420(1) of the Income Tax Assessment Act 1997	Restrictions contained in subsections 292-420(4), (5) and (7) of the Income Tax Assessment Act 1997