Commonwealth Consolidated Regulations

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SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.17

Restriction on payment

             (1)  For the purposes of subsections 31(1) and 32(1) of the Act, the standards set out in subregulations (2), (2A) and (2B) are applicable to the operation of regulated superannuation funds and approved deposit funds.

             (2)  A member's benefits in a fund:

                     (a)  may be paid:

                              (i)  by being cashed in accordance with Division 6.3; or

                             (ii)  by being rolled over or transferred in accordance with Division 6.4, 6.5 or 6.7; or

                            (iii)  by being allotted under Division 6.7; and

                     (b)  must not be paid in that way except when, and to the extent that, the fund is required or permitted under this Part to pay them; and

                     (c)  must be paid in that way when, and to the extent that, the fund is required under this Part to pay them.

          (2A)  A member's benefits in a fund:

                     (a)  may be paid:

                              (i)  by being cashed in accordance with Part 7A; or

                             (ii)  by being rolled over or transferred in accordance with Part 7A; and

                     (b)  must not be paid in that way except when, and to the extent that, the fund is required or permitted under Part 7A to pay them; and

                     (c)  must be paid in that way when, and to the extent that, the fund is required under Part 7A to pay them.

          (2B)  A member's benefits in a fund:

                     (a)  may be paid in a way that is not described in subregulations (2) and (2A):

                              (i)  as a consequence of the trustee taking action that, because of Division 2.2 of the Family Law (Superannuation) Regulations 2001 , has the effect that a future payment in respect of the superannuation interest of the member spouse would not be a splittable payment; or

                             (ii)  as a consequence of the operation of a fund's governing rules that, because of Division 2.2 of the Family Law (Superannuation) Regulations 2001 , has the effect that a future payment in respect of the superannuation interest of the member spouse would not be a splittable payment; and

                     (b)  must not be paid in that way except when, and to the extent that, the fund would be required or permitted under those Regulations to pay them; and

                     (c)  must be paid in that way when, and to the extent that, the fund would be required under those regulations to pay them.

          (2C)  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

             (3)  For this regulation, a payment to which regulation 7.9.66 or 7.9.68 of the Corporations Regulations 2001 relates is taken to be the payment of a benefit.



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