Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p43
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 43/66)
Character Range: 335936–338597

which preserved benefits may be cashed under this regulation is:
 (a) the form (if any) specified in the cashing restriction for preserved benefits set out in Schedule 1 in relation to the relevant condition of release; or
 (b) if that cashing restriction is 'Nil'—a lump sum or 2 or more lump sums.
 (4) A lump sum mentioned in paragraph (3)(b) must be payable not later than the time for the payment of a lump sum mentioned in subregulation 6.25(2).

6.24  Voluntary cashing of unrestricted non‑preserved benefits in approved deposit funds
 (1) Subject to regulation 6.27, a member's unrestricted non‑preserved benefits in an approved deposit fund may be cashed at any time.
 (2) The amount of unrestricted non‑preserved benefits that may be cashed in accordance with subregulation (1) is the whole or part of the member's unrestricted non‑preserved benefits in the fund.
 (3) Subject to subregulation (4), the form in which unrestricted non‑preserved benefits may be cashed under this regulation is a lump sum or 2 or more lump sums.
 (4) A lump sum mentioned in subregulation (3) must be payable not later than the time for the payment of a lump sum mentioned in subregulation 6.25(2).

6.24A  Compulsory cashing of benefits in approved deposit funds—temporary residents
 (1) This regulation applies to a member's benefits in an approved deposit fund if:
 (a) the member:
 (i) was a temporary resident; and
 (ii) is not an Australian citizen, New Zealand citizen or permanent resident; and
 (iii) has left Australia; and
 (b) the member's visa has ceased to be in effect.
 (1A) The member's benefits must be cashed if:
 (a) the trustee of the fund receives a request from the member that the benefits be cashed; and
 (b) subregulation (2) or (3) is complied with.
 (2) If the member's withdrawal benefit in the fund is less than $5 000, the trustee of the fund must receive:
 (a) 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
 (b) a copy of the member's passport showing that the member has left Australia.
Note: For the ways of giving evidence of a visa, see regulation 2.17 of the Migration Regulations 1994.
 (3) The trustee of the fund must be satisfied, based on a written statement from the Immigration Department, that:
 (a) the member was a temporary resident but the member's temporary visa has ceased to be in effect; and
 (b) the member has left Australia.
 (3A) For subregulation (3), the statement may be in electronic form.
 (4) The benefits must be cashed in the period mentioned in subregulation (5):
 (a) as a single lump sum that is at