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SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - SCHEDULE 1

Conditions of release of benefits

(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

 

 

(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

 

 

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:

 

 

(a) taking account of the ground and of the person's financial capacity, is reasonably required; and

 

 

(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:

 

 

(a) the purpose of continuing (in whole or part) the gain or reward which the member was receiving before the temporary incapacity; and

 

 

(b) a period not exceeding the period of incapacity from employment of the kind engaged in immediately before the temporary incapacity

109A

For acquiring a superannuation interest (within the meaning of the 1997 Tax Act) that supports a deferred superannuation income stream to be provided under a contract or rules that meet the standards of subregulation 1.06A(2)

The restrictions contained in paragraph 1.06A(3)(e)

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

 

(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

 

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

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

 

 

(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

 

 

For a person taken to be in severe financial hardship under paragraph 6.01(5)(b)--Nil

206

Attaining age 65

Nil

207

Compassionate ground

A single lump sum, not exceeding an amount determined, in writing, by APRA, being an amount that:

 

 

(a) taking account of the ground and of the person's financial capacity, is reasonably required; and

 

 

(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

207A

For acquiring a superannuation interest (within the meaning of the 1997 Tax Act) that supports a deferred superannuation income stream to be provided under a contract or rules that meet the standards of subregulation 1.06A(2)

The restrictions contained in paragraph 1.06A(3)(e)

208

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

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

 

(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

 

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.



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