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SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.22

Limitation on cashing of benefits in regulated superannuation funds in favour of persons other than members or their legal personal representatives

  (1)   Subject to subregulation   (6) and regulations   6.22B, 7A.13, 7A.17 and 7A.18, a member's benefits in a regulated superannuation fund must not be cashed in favour of a person other than the member or the member's legal personal representative:

  (a)   unless:

  (i)   the member has died; and

  (ii)   the conditions of subregulation   (2) or (3) are satisfied; or

  (b)   unless the conditions of subregulation   (4) or (5) are satisfied.

  (2)   The conditions of this subregulation   are satisfied if the benefits are cashed in favour of either or both of the following:

  (a)   the member's legal personal representative;

  (b)   one or more of the member's dependants.

  (3)   The conditions of this subregulation   are satisfied if:

  (a)   the trustee has not, after making reasonable enquiries, found either a legal personal representative, or a dependant, of the member; and

  (b)   the person in whose favour benefits are cashed is an individual.

  (4)   The conditions of this subregulation   are satisfied if:

  (a)   the superannuation provider has been issued a release authority in respect of the member under section   131 - 15 or 135 - 40 in Schedule   1 to the Taxation Administration Act 1953 ; and

  (b)   the benefits are cashed in favour of the Commissioner of Taxation in accordance with the authority.

  (5)   The conditions of this subregulation   are satisfied if the member's benefits are cashed in favour of the Commissioner of Taxation to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

  (6)   This regulation does not apply if, under a law of the Commonwealth, a State or a Territory mentioned in the table, a court makes a forfeiture order (however called) forfeiting part or all of the member's benefits in the fund to the Commonwealth, a State or a Territory.

 

Item

Law

Provision(s)

Commonwealth

 

1.1

Proceeds of Crime Act 2002

Section   47

Section   48

Section   49

Section   92

New South Wales

 

2.1

Confiscation of Proceeds of Crime Act 1989

Subsection   18(1)

2.2

Criminal Assets Recovery Act 1990

Section   22

Victoria

3.1

Confiscation Act 1997

Division   1 of Part   3

Section   35

Part   4

Subsection   157(6)

Queensland

4.1

Criminal Proceeds Confiscation Act 2002

Section   58

Section   58A

Section   151

Part   5 of Chapter   3

Western Australia

5.1

Criminal Property Confiscation Act 2000

Section   30, to the extent that it applies to confiscation under section   6 in satisfaction of a person's liability under section   20

Section   30, to the extent that it applies to confiscation under section   7

South Australia

6.1

Criminal Assets Confiscation Act 2005

Section   47

Tasmania

7.1

Crime (Confiscation of Profits) Act 1993

Section   16

Australian Capital Territory

8.1

Confiscation of Criminal Assets Act 2003

Section   54

Section   58

Section   62

Section   67

Northern Territory

9.1

Criminal Property Forfeiture Act 2002

Section   75

Section   76

Section   80

Section   96

Section   97

Section   99



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