6.27
CurrentLimitation on cashing benefits in approved deposit funds of less than $500
Volume 1Parts 1 to 14 (regulations 1.01 to 14.39)
Part 6Payment standards
Division 6.3Cashing of benefits
Subdivision 6.3.2Approved deposit funds
6.27 Limitation on cashing benefits in approved deposit funds of less than $500
The trustee of an approved deposit fund must not cash an amount of a member’s benefits in the fund that is less than $500 unless the purpose of cashing the amount is:
(a)
to close the member’s account; or
(b)
to cash the amount under Division 131 or 135 in Schedule 1 to the Taxation Administration Act 1953, or section 292‑80C of the Income Tax (Transitional Provisions) Act 1997, to give effect to a release authority in respect of the member; or
(c)
to pay an amount under the Superannuation (Unclaimed Money and Lost Members) Act 1999.
This Act’s bill:Explanatory statement
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