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SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.22

Limitation on cashing of benefits in regulated superannuation funds in favour of persons other than members or their legal personal representatives

             (1)  Subject to subregulation (6) and regulations 6.22B, 7A.13, 7A.17 and 7A.18, a member's benefits in a regulated superannuation fund must not be cashed in favour of a person other than the member or the member's legal personal representative:

                     (a)  unless:

                              (i)  the member has died; and

                             (ii)  the conditions of subregulation (2) or (3) are satisfied; or

                     (b)  unless the conditions of subregulation (4) or (5) are satisfied.

             (2)  The conditions of this subregulation are satisfied if the benefits are cashed in favour of either or both of the following:

                     (a)  the member's legal personal representative;

                     (b)  one or more of the member's dependants.

             (3)  The conditions of this subregulation are satisfied if:

                     (a)  the trustee has not, after making reasonable enquiries, found either a legal personal representative, or a dependant, of the member; and

                     (b)  the person in whose favour benefits are cashed is an individual.

             (4)  The conditions of this subregulation are satisfied if:

                     (a)  the superannuation provider has been issued a release authority in respect of the member under section 131-15 or 135-40 in Schedule 1 to the Taxation Administration Act 1953 ; and

                     (b)  the benefits are cashed in favour of the Commissioner of Taxation in accordance with the authority.

             (5)  The conditions of this subregulation are satisfied if the member's benefits are cashed in favour of the Commissioner of Taxation to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

             (6)  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



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