Superannuation Industry (Supervision) Amendment Regulations 2008 (No. 4) (282 of 2008)

Schedule 1   Amendments commencing on commencement of Temporary Residents' Superannuation Legislation Amendment Act 2008

[38]   After subregulation 6.24A

insert

6.24B Cashing of benefits in approved deposit funds - payment to Commissioner for Taxation

If the trustee of an approved deposit fund is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 for a member's superannuation interest in the fund, the amount must be cashed in favour of the Commissioner of Taxation as a single lump sum.

Note An amount to be paid under the Superannuation (Unclaimed Money and Lost Members) Act 1999 must be paid by the time required under that Act.