Superannuation Industry (Supervision) Regulations (Amendment) (Cth)

Statutory Rules 1997No. 343 1

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Superannuation Industry (Supervision) Regulations2 (Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.

Dated 8 December 1997.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

C. R. KEMP

Assistant Treasurer

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1.   Amendment

1.1   The Superannuation Industry (Supervision) Regulations are amended as set out in these Regulations.

[NOTE:  These Regulations commence on gazettal: see Acts Interpretation

Act 1901, s 48.]

2.   Regulation 6.01 (Interpretation)

2.1   Paragraph 6.01 (5) (a):

Omit the paragraph, substitute:

• “(a)

  the trustee of a superannuation entity is satisfied:

  • (i)

    based on written evidence provided by at least one Commonwealth department or agency responsible for administering a class of Commonwealth income support payments, that:

    • (A)

      the person has received Commonwealth income support payments for a continuous period of 26 weeks; and

    • (B)

      the person was in receipt of payments of that kind on the date of the written evidence; and

  • (ii)

    that the person is unable to meet reasonable and immediate family living expenses; or”.

3.   Regulation 6.19A (Release of benefits on compassionate grounds)

3.1   Subparagraph 6.19A (1) (e) (iv):

Omit the subparagraph, substitute:

• “(iv)

  burial; or”.

3.2   Subregulation 6.19A (1):

Add at the end:

• “(f)

  to meet expenses in other cases where the release is consistent with a ground mentioned in paragraphs (a) to (e), as the Commissioner determines.”.

4.   Schedule 1 (Conditions of release and cashing restrictions—preserved benefits and restricted non-preserved benefits)

4.1   Part 1:

After item 103, insert:

“103A	Permanent departure from Australia, being a departure by the member from Australia, before 1 July 1998, in relation to which: (a) the trustee is reasonably satisfied that it is for the purpose of permanent residence outside Australia; and (b) the written request for release of benefits was made before 1 July 1998	Nil
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”.

4.2   Item 105:

Omit “$15,000”, substitute “$10,000”.

 

5.   Application

5.1   The amendments made by regulation 2 and subregulation 4.2 do not apply in relation to an application made to a trustee before the commencement of these Regulations.

5.2 The insertion of item 103A by subregulation 4.1 does not limit the operation of regulation 5 of Statutory Rules 1997 No. 153.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 9 December 1997.

2. Statutory Rules 1994 No. 57 as amended by 1994 Nos. 189 and 432; 1995 Nos. 47, 64, 142, 158, 159, 240, 293, 384 and 430; 1996 Nos. 44, 57, 122 and 344; 1997 Nos. 69, 117, 152, 153, 221, 243, 293 and 309.