Document ID: chunk:federal_register_of_legislation:C2025C00120:section:58pb:p2
Version: federal_register_of_legislation:C2025C00120
Segment Type: section
Provision Reference: s 58PB (pt 2/3)
Character Range: 252522–255156

(within the meaning of that Act) of those persons;
 (ii) to make investments to generate income from the assets of the fund;
 (iii) to reimburse contributors who have paid entitlements directly to persons in respect of whom contributions are made;
 (iv) to return contributions to contributors;
 (v) to pay, for the benefit of a person in respect of whom contributions are made, an employment termination payment (within the meaning of the Income Tax Assessment Act 1997) into a complying superannuation fund (within the meaning of section 45 of the Superannuation Industry (Supervision) Act 1993), a complying approved deposit fund (within the meaning of section 47 of the Superannuation Industry (Supervision) Act 1993) or a retirement savings account (within the meaning of the Retirement Savings Accounts Act 1997);
 (vi) to transfer contributions to another approved worker entitlement fund;
 (vii) to pay the reasonable administrative expenses of the fund;
 (viii) to pay amounts to a contributor's external administrator that would otherwise be payable as mentioned in subparagraph (iii) or (iv) to the contributor;
 (ix) to pay interest on, or to repay, money lent to the fund; and
 (d) under the fund's constituting documents, payments from the income of the fund are to be made only for the following purposes:
 (i) a purpose mentioned in subparagraphs (c)(ii) to (ix);
 (ii) to make payments to contributors to the fund;
 (iii) to make payments to other persons where the payment is specified in subsection (5); and
 (e) under the fund's constituting documents:
 (i) an account must be kept for each person in respect of whom contributions to the fund are made; and
 (ii) the account must be kept in a manner that enables entitlements in respect of the person to be calculated; and
 (f) the fund, or the entity that operates the fund, has an ABN.
 (4A) An entity is entitled to be endorsed for the operation of a fund as an approved worker entitlement fund if the fund is entitled to be endorsed as an approved worker entitlement fund.
 (5) A payment made by a fund to a person in the following circumstances is specified for the purposes of subparagraph (4)(d)(iii):
 (a) a contribution has been made to the fund in respect of the person; and
 (b) the contribution would be an exempt benefit under section 58PA if the fund were an approved worker entitlement fund; and
 (c) either:
 (i) the payment is of a worker entitlement the contribution for which would be an exempt benefit under section 58PA if the fund were an approved worker entitlement fund; or
 (ii) the payment is of some kind other than a worker entitlement.