SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - SCHEDULE 1 Conditions of release of benefits

Commonwealth Consolidated Regulations

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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 , or may pay an amount to the Commissioner of Taxation under Part 3D of that Act, 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 , or may pay to the Commissioner of Taxation under Part 3D of that Act, 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
The Regulator has determined under subregulation 6.19A(2) that a specified amount of benefits in the regulated superannuation fund may be released on a 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
107A
The Regulator has determined under subregulation 6.19B(3) (about coronavirus) that a specified amount of benefits in the regulated superannuation fund may be released on a compassionate ground
A single lump sum, not exceeding the amount determined, in writing, by the Regulator in relation to the fund
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 Division 131 in Schedule 1 to the Taxation Administration Act 1953
The restrictions contained in sections 131 - 35 and 131 - 40 in that Schedule
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 that Schedule
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

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 , or may pay an amount to the Commissioner of Taxation under Part 3D of that Act, 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 , or may pay to the Commissioner of Taxation under Part 3D of that Act, 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	The Regulator has determined under subregulation 6.19A(2) that a specified amount of benefits in the regulated superannuation fund may be released on a 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
107A	The Regulator has determined under subregulation 6.19B(3) (about coronavirus) that a specified amount of benefits in the regulated superannuation fund may be released on a compassionate ground	A single lump sum, not exceeding the amount determined, in writing, by the Regulator in relation to the fund
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 Division 131 in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 131 - 35 and 131 - 40 in that Schedule
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 that Schedule
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 , or may pay an amount to the Commissioner of Taxation under Part 3D of that Act, 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 , or may pay to the Commissioner of Taxation under Part 3D of that Act, 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
The Regulator has determined under subregulation 6.19A(2) that a specified amount of benefits in the approved deposit fund may be released on a compassionate ground
A single lump sum, not exceeding the 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.
207AA
The Regulator has determined under subregulation 6.19B(3) (about coronavirus) that a specified amount of benefits in the approved deposit fund may be released on a compassionate ground
A single lump sum, not exceeding the amount determined, in writing, by the Regulator in relation to the fund
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 Division 131 in Schedule 1 to the Taxation Administration Act 1953
The restrictions contained in sections 131 - 35 and 131 - 40 in that Schedule
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 that Schedule
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

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 , or may pay an amount to the Commissioner of Taxation under Part 3D of that Act, 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 , or may pay to the Commissioner of Taxation under Part 3D of that Act, 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	The Regulator has determined under subregulation 6.19A(2) that a specified amount of benefits in the approved deposit fund may be released on a compassionate ground	A single lump sum, not exceeding the 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.
207AA	The Regulator has determined under subregulation 6.19B(3) (about coronavirus) that a specified amount of benefits in the approved deposit fund may be released on a compassionate ground	A single lump sum, not exceeding the amount determined, in writing, by the Regulator in relation to the fund
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 Division 131 in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 131 - 35 and 131 - 40 in that Schedule
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 that Schedule
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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