Commonwealth Consolidated Regulations

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.17

  (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.