Retirement Savings Accounts Regulations (Amendment) 1997 (150 of 1997)

5.   Schedule 2 (Conditions of release and cashing restrictions - preserved benefits and restricted non-preserved benefits)

5.1 Item 105:

Omit the item, substitute:

"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 $15,000

       
     

For a person taken to be in severe financial hardship under paragraph 4.01 (5) (b) - Nil".

5.2 After item 108, insert:

"108A

Compassionate ground

  

A single lump sum, not exceeding an amount determined, in writing, by the Commissioner, 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".

Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).