Superannuation Industry (Supervision) Regulations 1994

201

Retirement

Nil

202

Death

Nil

202A

Terminal medical condition

Nil

203

Permanent incapacity

Nil

204

Former temporary resident to whom regulation 6.24A applies, requesting in writing the release of his or her benefits

Amount that is at least the amount of the temporary resident’s withdrawal benefit in the fund, paid:

(a) as a single lump sum; or

(b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits—in a way that ensures that the amount is cashed

204A

The trustee is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999, or may pay an amount to the Commissioner of Taxation under Part 3D of that Act, for the person’s superannuation interest in the fund

Amount that the trustee is required to pay to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999, or may pay to the Commissioner of Taxation under Part 3D of that Act, for the person’s superannuation interest in the fund, paid as a lump sum to the Commissioner

205

Severe financial hardship

For a person taken to be in severe financial hardship under paragraph 6.01(5)(a)—in each 12 month period (beginning on the date of first payment), a single lump sum not less than $1,000 (except if the amount of the person’s preserved benefits and restricted non‑preserved benefits is less than that amount) and not more than $10,000

For a person taken to be in severe financial hardship under paragraph 6.01(5)(b)—Nil

206

Attaining age 65

Nil

207

The Regulator has determined under subregulation 6.19A(2) that a specified amount of benefits in the approved deposit fund may be released on a compassionate ground

A single lump sum, not exceeding the amount determined, in writing, by the Regulator, being an amount that:

(a) taking account of the ground and of the person’s financial capacity, is reasonably required; and

(b) in the case of the ground mentioned in paragraph 6.19A(1)(b)—in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of:

(i) 3 months’ repayments; and

(ii) 12 months’ interest on the outstanding balance of the loan.

207AA

The Regulator has determined under subregulation 6.19B(3) (about coronavirus) that a specified amount of benefits in the approved deposit fund may be released on a compassionate ground

A single lump sum, not exceeding the amount determined, in writing, by the Regulator in relation to the fund

207A

For acquiring a superannuation interest (within the meaning of the 1997 Tax Act) that supports a deferred superannuation income stream to be provided under a contract or rules that meet the standards of subregulation 1.06A(2)

The restrictions contained in paragraph 1.06A(3)(e)

208

Attaining preservation age

Any of the following:

(a) a transition to retirement income stream;

(b) a non‑commutable allocated annuity;

(c) a non‑commutable allocated pension;

(d) a non‑commutable annuity;

(e) a non‑commutable pension

208A

The Commissioner of Taxation gives a superannuation provider a release authority under Division 131 in Schedule 1 to the Taxation Administration Act 1953

The restrictions contained in sections 131‑35 and 131‑40 in that Schedule

208B

A person gives a superannuation provider a release authority under section 135‑40 in Schedule 1 to the Taxation Administration Act 1953

The restrictions contained in sections 135‑75 and 135‑85 in that Schedule

210

A person gives a transitional release authority to a superannuation provider under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997

Restrictions contained in subsections 292‑80C(1) and (2) of the Income Tax (Transitional Provisions) Act 1997

211

Being a lost member who is found, and the value of whose benefit in the fund, when released, is less than $200

Nil