Superannuation Industry (Supervision) Regulations 1994

This regulation applies to a member’s benefits in a regulated superannuation fund that is 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 may 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.

If the benefits are cashed, the benefits must be cashed:

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.

A payment made under this regulation is a ‘departing Australia superannuation payment’ within the meaning of subsection 995‑1(1) of the 1997 Tax Act.