Retirement Savings Accounts Amendment Regulations 2009 (No. 1) (14 of 2009)

Schedule 1   Amendments commencing on day after registration

[17]   After regulation 4.23A

insert

4.23B Cashing of benefits in an RSA - payment to Commissioner of Taxation

If an RSA provider is required to pay an amount to the Commissioner of Taxation under theSuperannuation (Unclaimed Money and Lost Members) Act 1999 for a person's interest in an RSA, the amount must be cashed in favour of the Commissioner of Taxation as a lump sum.

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