Superannuation Industry (Supervision) Regulations 1994

This regulation applies to a member’s benefits in a regulated superannuation fund that is not an unfunded public sector superannuation scheme if:

the member:

was a temporary resident; and

is not an Australian citizen, New Zealand citizen or permanent resident; and

has left Australia; and

the member’s visa has ceased to be in effect.

The member’s benefits must be cashed if:

the trustee of the fund receives a request from the member that the benefits be cashed; and

subregulation (2) or (3) is complied with.

If the member’s withdrawal benefit in the fund is less than $5 000, the trustee of the fund must receive:

a copy, or other evidence, of a visa showing that the member was a temporary resident but the member’s temporary visa has ceased to be in effect; and

a copy of the member’s passport showing that the member has left Australia.

The trustee of the fund must be satisfied, based on a written statement from the Immigration Department, that:

the member was a temporary resident but the member’s temporary visa has ceased to be in effect; and

the member has left Australia.

For subregulation (3), the statement may be in electronic form.

The benefits must be cashed in the period mentioned in subregulation (5):

as a single lump sum that is at least the amount of the member’s withdrawal benefit in the fund; or

if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits:

in a way that ensures that an amount that is at least the amount of the member’s withdrawal benefit in the fund is cashed; and

without requiring an additional application from the member.

For subregulation (4), the period is:

if the trustee of the fund receives a request from the member not later than 31 October 2002—3 months after the request is lodged; and

in any other case—28 days after the request is lodged.

A payment made under this regulation is a departing Australia superannuation payment within the meaning of section 301‑170 of the 1997 Tax Act.