Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013 (278 of 2013)

Schedule 1   Amendments

Retirement Savings Accounts Regulations 1997

4   After regulation 4.01

Insert:

4.01AA Meaning of non-commutable allocated pension

(1) In this Part and Schedule 2, non-commutable allocated pension means a pension provided under the terms and conditions of an RSA that:

(a) meet the standards of subregulation 1.07(2); and

(b) ensure that, if the pension is commuted, the resulting superannuation lump sum cannot be cashed unless:

(i) the purpose of the commutation is mentioned in subregulation (2); or

(ii) before commutation, the pensioner has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is "Nil"; or

(iii) the purpose of the commutation is to satisfy an obligation to pay an amount to the Commissioner of Taxation under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999.

(2) For subparagraph (1)(b)(i), the purpose is any of the following:

(a) to cash an unrestricted non-preserved benefit;

(b) to pay a superannuation contributions surcharge;

(c) to give effect to an entitlement of a non-member spouse under a payment split;

(d) to ensure that a payment may be made for the purpose of giving effect to a release authority under any of the following:

(i) section 292-415 of the 1997 Tax Act;

(ii) section 292-80C of the Income Tax (Transitional Provisions) Act 1997;

(iii) sections 96-20 and 96-25 in Schedule 1 to the Taxation Administration Act 1953;

(iv) section 135-75 in Schedule 1 to the Taxation Administration Act 1953.