SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.20B Voluntary cashing of benefits in a regulated superannuation fund that is an unfunded public sector superannuation scheme--temporary residents

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.20B

  (1)   This regulation applies to a member's benefits in a regulated superannuation fund that is an unfunded public sector superannuation scheme if:

  (a)   the member:

  (i)   was a temporary resident; and

  (ii)   is not an Australian citizen, New Zealand citizen or permanent resident; and

  (iii)   has left Australia; and

  (b)   the member's visa has ceased to be in effect.

  (1A)   The member's benefits may be cashed if:

  (a)   the trustee of the fund receives a request from the member that the benefits be cashed; and

  (b)   subregulation   (2) or (3) is complied with.

  (2)   If the member's withdrawal benefit in the fund is less than $5   000, the trustee of the fund must receive:

  (a)   a copy, or other evidence, of a visa showing that the member was a temporary resident but the member's temporary visa has ceased to be in effect; and

  (b)   a copy of the member's passport showing that the member has left Australia.

Note:   For the ways of giving evidence of a visa, see regulation   2.17 of the Migration Regulations   1994 .

  (3)   The trustee of the fund must be satisfied, based on a written statement from the Immigration Department, that:

  (a)   the member was a temporary resident but the member's temporary visa has ceased to be in effect; and

  (b)   the member has left Australia.

  (3A)   For subregulation   (3), the statement may be in electronic form.

  (4)   If the benefits are cashed, the benefits must be cashed:

  (a)   as a single lump sum that is at least the amount of the member's withdrawal benefit in the fund; or

  (b)   if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits:

  (i)   in a way that ensures that an amount that is at least the amount of the member's withdrawal benefit in the fund is cashed; and

  (ii)   without requiring an additional application from the member.

Note:   A payment made under this regulation is a 'departing Australia superannuation payment' within the meaning of subsection   995 - 1(1) of the 1997 Tax Act.