Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsGeneral
(1) Subject to regulation 4.35E , if an RSA provider receives a request under regulation 4.35C, the RSA provider must roll over or transfer the amount in accordance with the request.
(2) Subject to subregulation (3):
(a) a request to roll over or transfer an amount that is the whole of the RSA holder's benefit may be made:
(i) using the request form; or
(ii) in another manner; and
(b) a request to roll over or transfer an amount that is part of the RSA holder's benefit may include:
(i) the information that would be required by the request form; and
(ii) any other information that the RSA provider of the transferring RSA institution advises the RSA holder to be necessary to process the request.
(3) In addition to the information that is, or would be, required in accordance with subregulation (2), if:
(a) a request is made by an RSA holder ( holder 1 ) to roll over or transfer an amount that is the whole or part of the RSA holder's benefit to a self managed superannuation fund; and
(b) the RSA provider of the transferring RSA institution is aware that:
(i) another request has been made to roll over or transfer an amount to the same self managed superannuation fund; and
(ii) the other request was made by another RSA holder who is not a relative, within the meaning of subsection 17A (9) of the SIS Act, of holder 1; and
(iii) the other request:
(A) has been processed; or
(B) is currently with the RSA provider of the transferring RSA institution to be processed;
the RSA provider may also require holder 1 to provide with the request a copy of documentation, complying with the requirements of certification in the request form, that shows that holder 1 is a member or trustee of the self managed superannuation fund before the RSA provider processes holder 1's request.
Examples of documents showing that an RSA holder is a member or trustee of a self managed superannuation fund
1 A trust deed.
2 The RSA holder's contribution statement.
3 The annual return of the self managed superannuation fund.
(4) Before the RSA provider rolls over or transfers an amount, the RSA provider must be satisfied that the RSA holder:
(a) is aware that the RSA holder may ask the RSA provider for information that the RSA holder reasonably requires for the purpose of understanding any benefit entitlements that the RSA holder may have, including:
(i) information about any fees or charges that may apply to the proposed rollover or transfer; and
(ii) information about the effect of the proposed rollover or transfer on any benefit entitlements the RSA holder may have; and
(b) does not require such information.
Note Under section 1017C of the Corporations Act 2001 , an RSA provider must, on request by an RSA holder, give the RSA holder the information and documents mentioned in subsections 1017C (3A) and (5). See also regulations 7.9.46 and 7.9.47 of the Corporations Regulations 2001 .
(5) The RSA provider must roll over or transfer the amount (or the part of the amount requested to be transferred) as soon as practicable, and in any case within 30 days, after:
(a) the RSA provider receives a request made under subregulation 4.35C (1); or
(b) if the RSA provider requires further information -- the time when the RSA provider receives all of the information that would be required in accordance with subregulations 4.35C (2), (3) and (4).