South Australian Current Regulations South Australian Current Regulations53A—Early access to superannuation benefits in case of
severe financial hardship or on compassionate grounds
(1) A member may apply
to the Board for the early release of an amount of the member's benefit—
(a) if
the member is in severe financial hardship; or
(b) on a
compassionate ground.
(2) The Board may
require that an application under subregulation (1) be made in such
manner, comply with such requirements and be on such terms and conditions as
the Board thinks fit.
(3) The Board must, on
receipt of an application under subregulation (1), determine whether, in
the Board's opinion, if the SIS regulations applied, the member would be taken
for the purposes of those regulations—
(a) to
be in severe financial hardship; or
(b) to
satisfy a condition of release on a compassionate ground.
(4) If the Board makes
a determination that subregulation (3)(a) or (b) applies to the member,
the Board must—
(a)
determine the maximum amount that the SIS regulations would permit to be paid
to the member in those circumstances; and
(b) if
the Board considers it appropriate to do so in all the circumstances, pay to
the member—
(i)
the amount applied for by the member; or
(ii)
the amount determined by the Board under
paragraph (a); or
(iii)
the combined balance of the member's
eligible contribution accounts (subject to any minimum account balance
required by the Board),
whichever is the lesser.
(5) If the Board makes
a payment to a member under subregulation (4)(b), the Board must debit
the amount of the payment against the member's employee contribution account
or, if the credit balance of the member's employee contribution account is not
sufficient to make the payment, the member's employer contribution account,
rollover account or co-contribution account.
(6) A member making an
application under subregulation (1) must furnish the Board with any
information that it requires for the purposes of making a determination under
this regulation.
(7) In this
regulation—
"compassionate ground" and "condition of release" have the same respective
meanings as in Part 6 of the SIS regulations;
"eligible contribution accounts" of a member means—
(a) the
member's employee contribution account; and
(b) the
member's employer contribution account; and
(c) the
member's rollover account; and
(d) the
member's co-contribution account;
"severe financial hardship" has the same meaning as in Part 6 of the
SIS regulations;
"SIS regulations" means the Superannuation Industry (Supervision) Regulations
1994 of the Commonwealth.