SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.33E Verification of self managed superannuation fund and member's details

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.33E

  (1)   This regulation applies to the trustee of a regulated superannuation fund or approved deposit fund (the transferring fund ) if the transferring fund receives a request under regulation   6.33 to rollover or transfer the whole or a part of a member's withdrawal benefit from the transferring fund to a self managed superannuation fund (the receiving fund ).

  (2)   The trustee of the transferring fund must:

  (a)   use an electronic service provided by the Australian government to verify:

  (i)   the ABN and name of the receiving fund; and

  (ii)   that the receiving fund is a regulated superannuation fund; and

  (iii)   at least one unique superannuation identifier (within the meaning of Part   3B) for the receiving fund; and

  (iv)   for each unique superannuation identifier--one set of bank details that is sufficient to enable an electronic payment to be made; and

  (v)   for each unique superannuation identifier--either one internet protocol address, or one other kind of digital address approved by the Commissioner for the receipt of electronic communications; and

  (b)   use an electronic service provided by the Commissioner of Taxation to validate that the member is a member of the receiving fund.

  (3)   If the trustee is unable to verify the information mentioned in paragraph   (2)(a) or is unable to validate the information mentioned in paragraph   (2)(b), using the electronic service, the trustee must ask the Commissioner of Taxation to verify or validate the information.

  (4)   The trustee must make the request under subregulation   (3) not later than 5 business days after the trustee has been unable to verify or validate the information under subsection   (2).

  (5)   If the Commissioner of Taxation is unable to verify or validate the information, the trustee must, within 10 days of being advised of that by the Commissioner, tell the member of the outcome of the Commissioner's enquiries.