Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(Subregulations 1.03AB(2) and 6.01(2), regulation 6.01A, paragraphs 6.15A(1)(a) and (b), (2)(b), (3)(b), (4)(c) and (5)(c), subparagraph 6.16(3)(b)(ii) and paragraphs 6.18(3)(a), 6.19(3)(a), 6.23(3)(a) and 7A.01A(a) and (c))
Part 1 -- Regulated superannuation funds
| Column 1 Item | Column 2 Conditions of release | Column 3 Cashing restrictions |
| 101 | Retirement | Nil |
| 102 | Death | Nil |
| 102A | Terminal medical condition | Nil |
103 | Permanent incapacity | Nil |
| 103A | Former temporary resident to whom regulation 6.20A or 6.20B applies, requesting in writing the release of his or her benefits | Amount that is at least the amount of the temporary resident's withdrawal benefit in the fund, paid: (a) as a single lump sum; or |
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| (b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits--in a way that ensures that the amount is cashed |
| 103B | The trustee is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 for the person's superannuation interest in the fund | Amount that the trustee is required to pay to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 for the person's superannuation interest in the fund, paid as a lump sum to the Commissioner |
104 | Termination of gainful employment with a standard employer-sponsor of the regulated superannuation fund on or after 1 July 1997 (where the member's preserved benefits in the fund at the time of the termination are less than $200) | Nil |
| 105 | Severe financial hardship | For a person taken to be in severe financial hardship under paragraph 6.01(5)(a)--in each 12 month period (beginning on the date of first payment), a single lump sum not less than $1,000 (except if the amount of the person's preserved benefits and restricted non-preserved benefits is less than that amount) and not more than $10,000 |
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For a person taken to be in severe financial hardship under paragraph 6.01(5)(b)--Nil. |
| 106 | Attaining age 65 | Nil |
107 | Compassionate ground
| A single lump sum, not exceeding an amount determined, in writing, by the Regulator, being an amount that: |
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| (a) taking account of the ground and of the person's financial capacity, is reasonably required; and |
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| (b) in the case of the ground mentioned in paragraph 6.19A(1)(b)--in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of: (i) 3 months' repayments; and (ii) 12 months' interest on the outstanding balance of the loan |
| 108 | Termination of gainful employment with an employer who had, or any of whose associates had, at any time, contributed to the regulated superannuation fund in relation to the member | 1. Preserved benefits: Non-commutable life pension or non-commutable life annuity 2. Restricted non-preserved benefits: Nil |
| 109 | Temporary incapacity | A non-commutable income stream cashed from the regulated superannuation fund for: |
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| (a) the purpose of continuing (in whole or part) the gain or reward which the member was receiving before the temporary incapacity; and |
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| (b) a period not exceeding the period of incapacity from employment of the kind engaged in immediately before the temporary incapacity |
| 110 | Attaining preservation age | Any of the following: (a) a transition to retirement income stream; (b) a non-commutable allocated annuity; (c) a non-commutable allocated pension; (d) a non-commutable annuity; (e) a non-commutable pension |
| 111 | Being a lost member who is found, and the value of whose benefit in the fund, when released, is less than $200 | Nil |
| 111A | The Commissioner of Taxation gives a superannuation provider a release authority under subsection 96-10(1) or 96-12(1) in Schedule 1 to the Taxation Administration Act 1953 | The restrictions contained in sections 96-20 and 96-25 in Schedule 1 to the Taxation Administration Act 1953 |
| 111B | A person gives a superannuation provider a release authority under section 135-40 in Schedule 1 to the Taxation Administration Act 1953 | The restrictions contained in sections 135-75 and 135-85 in Schedule 1 to the Taxation Administration Act 1953 |
| 111C | The Commissioner of Taxation gives a superannuation provider a release authority under section 135-45 in Schedule 1 to the Taxation Administration Act 1953 | The restrictions contained in sections 135-75 and 135-85 in Schedule 1 to the Taxation Administration Act 1953 |
| 112 | Either: (a) a person gives a release authority to a superannuation provider under subsection 292-410(1) of the Income Tax Assessment Act 1997 ; or | Restrictions contained in subsections 292-415(1) and (2) of the Income Tax Assessment Act 1997 |
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| (b) the Commissioner of Taxation gives a release authority to a superannuation provider under subsection 292-410(4) of the Income Tax Assessment Act 1997 |
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112A | The Commissioner of Taxation issues a release authority to a superannuation provider under subsection 292-420(1) of the Income Tax Assessment Act 1997 | Restrictions contained in subsections 292-420(4), (5) and (7) of the Income Tax Assessment Act 1997 |
113 | A person gives a transitional release authority to a superannuation provider under section 292-80B of the Income Tax (Transitional Provisions) Act 1997 | Restrictions contained in subsections 292-80C(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 |
| 113A | A former resident of Australia has: (a) moved permanently to New Zealand; and (b) nominated a provider of a KiwiSaver Scheme for the purposes of this item | Amount that is at least the amount of the former resident's withdrawal benefit in the fund, paid: (a) as a single lump sum; or (b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits--in a way that ensures that the amount is cashed |
| 114 | Any other condition, if expressed to be a condition of release, in an approval under subparagraph 62(1)(b)(v) of the Act | Restrictions expressed in the approval to be cashing restrictions applying to the condition of release |
Part 2 -- Approved deposit funds
| Column 1 Item no. |
Column 2 Conditions of release | Column 3 Cashing restrictions |
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201 | Retirement | Nil |
| 202 | Death | Nil |
| 202A | Terminal medical condition | Nil |
| 203 | Permanent incapacity | Nil |
| 204 | Former temporary resident to whom regulation 6.24A applies, requesting in writing the release of his or her benefits | Amount that is at least the amount of the temporary resident's withdrawal benefit in the fund, paid: (a) as a single lump sum; or |
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| (b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits--in a way that ensures that the amount is cashed |
| 204A | The trustee is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 for the person's superannuation interest in the fund | Amount that the trustee is required to pay to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 for the person's superannuation interest in the fund, paid as a lump sum to the Commissioner |
| 205 | Severe financial hardship | For a person taken to be in severe financial hardship under paragraph 6.01(5)(a)--in each 12 month period (beginning on the date of first payment), a single lump sum not less than $1,000 (except if the amount of the person's preserved benefits and restricted non-preserved benefits is less than that amount) and not more than $10,000 |
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| For a person taken to be in severe financial hardship under paragraph 6.01(5)(b)--Nil |
| 206 | Attaining age 65 | Nil |
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207 | Compassionate ground | A single lump sum, not exceeding an amount determined, in writing, by APRA, being an amount that: |
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| (a) taking account of the ground and of the person's financial capacity, is reasonably required; and |
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| (b) in the case of the ground mentioned in paragraph 6.19A(1)(b)--in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of: (i) 3 months' repayments; and |
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| (ii) 12 months' interest on the outstanding balance of the loan |
208 | Attaining preservation age | Any of the following: (a) a transition to retirement income stream; |
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| (b) a non-commutable allocated annuity; (c) a non-commutable allocated pension; (d) a non-commutable annuity; (e) a non-commutable pension |
| 208A | The Commissioner of Taxation gives a superannuation provider a release authority under subsection 96-10(1) or 96-12(1) in Schedule 1 to the Taxation Administration Act 1953 | The restrictions contained in sections 96-20 and 96-25 in Schedule 1 to the Taxation Administration Act 1953 |
| 208B | A person gives a superannuation provider a release authority under section 135-40 in Schedule 1 to the Taxation Administration Act 1953 | The restrictions contained in sections 135-75 and 135-85 in Schedule 1 to the Taxation Administration Act 1953 |
| 208C | The Commissioner of Taxation gives a superannuation provider a release authority under section 135-45 in Schedule 1 to the Taxation Administration Act 1953 | The restrictions contained in sections 135-75 and 135-85 in Schedule 1 to the Taxation Administration Act 1953 |
| 209 | Either: (a) a person gives a release authority to a superannuation provider under subsection 292-410(1) of the Income Tax Assessment Act 1997 ; or | Restrictions contained in subsections 292-415(1) and (2) of the Income Tax Assessment Act 1997 |
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| (b) the Commissioner of Taxation gives a release authority to a superannuation provider under subsection 292-410(4) of the Income Tax Assessment Act 1997 |
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209A | The Commissioner of Taxation issues a release authority to a superannuation provider under subsection 292-420(1) of the Income Tax Assessment Act 1997 | Restrictions contained in subsections 292-420(4), (5) and (7) of the Income Tax Assessment Act 1997 |
210 | A person gives a transitional release authority to a superannuation provider under section 292-80B of the Income Tax (Transitional Provisions ) Act 1997 | Restrictions contained in subsections 292-80C(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 |
| 211 | Being a lost member who is found, and the value of whose benefit in the fund, when released, is less than $200 | Nil |
Note: The definitions set out in subregulation 6.01(2) apply, unless they are in material or expressed not to apply, to Schedule 1; see that subregulation.