Federal Register of Legislation - Australian Government

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SR 1997 No. 343 Regulations as made
These Regulations amend the Superannuation Industry (Supervision) Regulations.
Administered by: Treasury
General Comments: This instrument was backcaptured in accordance with Section 36 of the Legislative Instruments Act 2003
Registered 01 Jan 2005
Tabling HistoryDate
Tabled HR02-Mar-1998
Tabled Senate02-Mar-1998
Gazetted 09 Dec 1997
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Statutory Rules 1997    No. 3431

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Superannuation Industry (Supervision) Regulations2 (Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.

Dated 8 December 1997.

                                                                                 WILLIAM DEANE

                                                                                 Governor-General

By His Excellency’s Command,

C. R. KEMP

Assistant Treasurer

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1.   Amendment

1.1   The Superannuation Industry (Supervision) Regulations are amended as set out in these Regulations.

[NOTE:  These Regulations commence on gazettal: see Acts Interpretation
Act 1901
, s 48.]

2.   Regulation 6.01 (Interpretation)

2.1   Paragraph 6.01 (5) (a):

Omit the paragraph, substitute:

           “(a)   the trustee of a superannuation entity is satisfied:

                          (i)   based on written evidence provided by at least one Commonwealth department or agency responsible for administering a class of Commonwealth income support payments, that:

                                    (A)   the person has received Commonwealth income support payments for a continuous period of 26 weeks; and

                                    (B)   the person was in receipt of payments of that kind on the date of the written evidence; and

                         (ii)   that the person is unable to meet reasonable and immediate family living expenses; or”.

3.   Regulation 6.19A (Release of benefits on compassionate grounds)

3.1   Subparagraph 6.19A (1) (e) (iv):

Omit the subparagraph, substitute:

                      “(iv)   burial; or”.

3.2   Subregulation 6.19A (1):

Add at the end:

            “(f)   to meet expenses in other cases where the release is consistent with a ground mentioned in paragraphs (a) to (e), as the Commissioner determines.”.

4.   Schedule 1 (Conditions of release and cashing restrictions—preserved benefits and restricted non-preserved benefits)

4.1   Part 1:

After item 103, insert:

 

“103A

Permanent departure from Australia, being a departure by the member from Australia, before 1 July 1998, in relation to which:

             (a)   the trustee is reasonably satisfied that it is for the purpose of permanent residence outside Australia; and

             (b)   the written request for release of benefits was made before 1 July 1998

 

Nil

104

Termination of gainful employment with a standard employer-sponsor of the regulated superannuation fund on or after 1 July 1997 (where the member’s preserved benefits in the fund at the time of the termination are less than $200)

 

Nil”.

 

 

 

 

4.2   Item 105:

Omit “$15,000”, substitute “$10,000”. 

5.   Application

5.1   The amendments made by regulation 2 and subregulation 4.2 do not apply in relation to an application made to a trustee before the commencement of these Regulations.

5.2   The insertion of item 103A by subregulation 4.1 does not limit the operation of regulation 5 of Statutory Rules 1997 No. 153. 

 

                                                                                                                       

NOTES

1.   Notified in the Commonwealth of Australia Gazette on 9 December 1997.

2.   Statutory Rules 1994 No. 57 as amended by 1994 Nos. 189 and 432; 1995 Nos. 47, 64, 142, 158, 159, 240, 293, 384 and 430; 1996 Nos. 44, 57, 122 and 344; 1997 Nos. 69, 117, 152, 153, 221, 243, 293 and 309.