Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p4
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 4/66)
Character Range: 233352–235991

of the Act.

4.12  Operating standard—acceptance by regulated superannuation and approved deposit funds of rollovers and transfers
 (1) For the purposes of subsections 31(1) and 32(1) of the Act, it is a standard applicable to the operation of regulated superannuation funds and approved deposit funds that the trustee of a fund (the receiving trustee) must not accept the rollover or transfer of a benefit from another regulated superannuation fund or approved deposit fund, or from an EPSSS or RSA, (the transferring entity) if:
 (a) the receiving trustee has reasonable grounds to believe that the benefit being rolled over or transferred is being rolled over or transferred on the basis of a belief held by the trustee or RSA provider of the transferring entity (as the case requires) that the receiving trustee has received the member's or RSA holder's consent to the rollover or transfer; and
 (b) the receiving trustee has not received that consent.
 (2) In this regulation:
consent means:
 (a) written consent; or
 (b) any other form of consent determined by the Regulator as sufficient in the circumstances.

4.13  Operating standard—lending to members of an approved deposit fund
 (1) For the purposes of subsection 32(1) of the Act, the standards stated in subregulations (2) and (3) are standards applicable to the operation of approved deposit funds.
 (2) The trustee of a fund must not:
 (a) lend money of the fund to:
 (i) a member of the fund; or
 (ii) a relative of a member of the fund; or
 (b) give any other financial assistance using the resources of the fund to:
 (i) a member of the fund; or
 (ii) a relative of a member of the fund.
 (3) The trustee of a fund must take all reasonable steps to ensure that the investment manager does not:
 (a) lend money of the fund to:
 (i) a member of the fund; or
 (ii) a relative of a member of the fund; or
 (b) give any other financial assistance using the resources of the fund to:
 (i) a member of the fund; or
 (ii) a relative of a member of the fund.
 (4) In this regulation:
member, of a fund, includes the non‑member spouse in relation to a superannuation interest in the fund that is subject to a payment split.
relative has the same meaning as in the Income Tax Assessment Act.

Part 5—Benefit protection standards

Division 5.1—Preliminary

5.01  Interpretation
 (1) In this Part, unless the contrary intention appears:
accumulated deposit, in relation to a member of an approved deposit fund as at a particular time, means the total of the following amounts:
 (a) amounts deposited in the fund for the member down to that time; and
 (b) investment earnings on those