Commonwealth Numbered Regulations

SUPERANNUATION INDUSTRY (SUPERVISION) AMENDMENT REGULATIONS 2007 (NO. 1) (SLI NO 74 OF 2007) - SCHEDULE 1

(regulation 3)

[1]           Subparagraph 1.05 (2) (f) (v)

omit

payment split; and

insert

payment split; or

[2]           After subparagraph 1.05 (2) (f) (v)

insert

                        (vi)    for the purpose of paying an amount to give effect to a release authority under:

                                   (A)     section 292‑ 415 of the Income Tax Assessment Act 1997 ; or

                                   (B)     section 292‑80C of the Income Tax (Transitional Provisions) Act 1997 ;

                                 in respect of the primary beneficiary; and

[3]           Subparagraph 1.05 (9) (h) (vii)

omit

payment split; and

insert

payment split; or

[4]           After subparagraph 1.05 (9) (h) (vii)

insert

                       (viii)    for the purpose of paying an amount to give effect to a release authority under:

                                   (A)     section 292‑ 415 of the Income Tax Assessment Act 1997 ; or

                                   (B)     section 292‑80C of the Income Tax (Transitional Provisions) Act 1997 ;

                                 in respect of the primary beneficiary; and

[5]           Subparagraph 1.05 (10) (d) (vi)

omit

payment split; and

insert

payment split; or

[6]           After subparagraph 1.05 (10) (d) (vi)

insert

                        (vii)    for the purpose of paying an amount to give effect to a release authority under:

                                   (A)     section 292‑ 415 of the Income Tax Assessment Act 1997 ; or

                                   (B)     section 292‑80C of the Income Tax (Transitional Provisions) Act 1997 ;

                                 in respect of the primary beneficiary; and

[7]           Subparagraph 1.06 (2) (e) (v)

omit

payment split; and

insert

payment split; or

[8]           After subparagraph 1.06 (2) (e) (v)

insert

                        (vi)    for the purpose of paying an amount to give effect to a release authority under:

                                   (A)     section 292‑ 415 of the Income Tax Assessment Act 1997 ; or

                                   (B)     section 292‑80C of the Income Tax (Transitional Provisions) Act 1997 ;

                                 in respect of the primary beneficiary; and

[9]           Subparagraph 1.06 (7) (g) (vii)

omit

payment split; and

insert

payment split; or

[10]         After subparagraph 1.06 (7) (g) (vii)

insert

                       (viii)    for the purpose of paying an amount to give effect to a release authority under:

                                   (A)     section 292‑ 415 of the Income Tax Assessment Act 1997 ; or

                                   (B)     section 292‑80C of the Income Tax (Transitional Provisions) Act 1997 ;

                                 in respect of the primary beneficiary; and

[11]         Subparagraph 1.06 (8) (d) (vi)

omit

payment split; and

insert

payment split; or

[12]         After subparagraph 1.06 (8) (d) (vi)

insert

                        (vii)    for the purpose of paying an amount to give effect to a release authority under:

                                   (A)     section 292‑ 415 of the Income Tax Assessment Act 1997 ; or

                                   (B)     section 292‑80C of the Income Tax (Transitional Provisions) Act 1997 ;

                                 in respect of the primary beneficiary; and

[13]         Subregulation 6.01 (2), definition of non‑commutable allocated annuity , after sub‑subparagraph (c) (i) (C)

insert

                                   (D)     to ensure that a payment may be made for the purpose of giving effect to a release authority under:

                                                (I)     section 292‑ 415 of the Income Tax Assessment Act 1997 ; or

                                               (II)     section 292‑80C of the Income Tax (Transitional Provisions) Act 1997 ; or

[14]         Subregulation 6.01 (2), definition of non‑commutable allocated pension , after sub‑subparagraph (b) (i) (C)

insert

                                   (D)     to ensure that a payment may be made for the purpose of giving effect to a release authority under:

                                                (I)     section 292‑ 415 of the Income Tax Assessment Act 1997 ; or

                                               (II)     section 292‑80C of the Income Tax (Transitional Provisions) Act 1997 ; or

[15]         After regulation 6.17B

insert

6.17C   Payment and commutation of pension in breach of standards

                If a regulated superannuation fund provides a pension under rules which meet the standards of subregulation 1.06 (2), (7) or (8), the trustee must not:

                (a)    pay the pension in a way that does not meet the standards of the relevant subregulation; or

               (b)    allow the pension to be commuted except in accordance with the relevant subregulation.

[16]         Regulation 6.27

substitute

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 to give effect to a release authority under:

                          (i)    section 292‑ 415 of the Income Tax Assessment Act 1997 ; or

                         (ii)    section 292‑80C of the Income Tax (Transitional Provisions) Act 1997 ;

                        in respect of the member.

[17]         Subregulation 7.01 (3)

omit

has worked

insert

was gainfully employed for

[18]         After subregulation 7.01 (3)

insert

Note     Gainfully employed is defined in regulation 1.03.

[19]         Subregulation 7.04 (1B)

omit

subregulation (2)

insert

subregulations (1E) and (2)

[20]         Subregulation 7.04 (1C)

omit

Subject to subregulation (2)

insert

Subject to subregulations (1E) and (2)

[21]         Subregulation 7.04 (1D)

omit

Subject to subregulation (2)

insert

Subject to subregulations (1E) and (2)

[22]         After subregulation 7.04 (1D)

insert

       (1E)   A regulated superannuation fund may accept contributions that are made by a member in respect of the member:

                (a)    in accordance with an item in the following table; and

               (b)    during the period specified in the item.

[23]         Schedule 1, Part 1, items 109A and 110

substitute

[24]         Schedule 1, Part 2, after item 208

insert