Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p130
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 363986–366846

designated service that is of a kind described in item 43(a) of table 1 in subsection 6(2) of the AML/CTF Act in the circumstances specified in paragraph 41.2.2.

     41.2.2 For paragraph 41.2.1, the circumstances relevant to the exemption are:

          (1) on the date the member applies for the interest in the superannuation fund to be cashed out, the value of the interest is not greater than $1,000; and

          (2) no additional contributions are accepted from the member in relation to the interest; and

          (3) the whole of the interest of the member in the superannuation fund is cashed out; and

          (4) the account in which the interest of the member in the superannuation fund was held, is closed as soon as practicable after the cashing out of that interest; and

          (5) paragraphs 41.3.1 and 41.3.2 do not apply.

    Part 41.3 Departing Australia Superannuation Payment

     41.3.1 Division 4 of Part 2 of the AML/CTF Act does not apply to the provision of a designated service that is of a kind described in item 43 or item 45 of table 1 in subsection 6(2) of the AML/CTF Act in the circumstances specified in paragraph 41.3.2.

     41.3.2 For paragraph 41.3.1, the circumstances relevant to the exemption are:

          (1) the application of the member relates to the cashing out of an interest held by the member in:

             (a) a superannuation fund; or

             (b) an approved deposit fund (ADF); or

             (c) a retirement savings account (RSA); and

          (2) the application is made online using the Departing Australia Superannuation Payment internet-based application system administered by the Australian Taxation Office; and

          (3) on the date the member applies for the interest in the superannuation fund, ADF or RSA to be cashed out, the value of the interest is not greater than $5,000; and

          (4) no additional contributions are accepted from the member in relation to the member's interest in the superannuation fund, ADF or RSA; and

          (5) the whole of the interest of the member in the superannuation fund, ADF or RSA is cashed out; and

          (6) the account in which the interest of the member was held, is closed as soon as practicable after the cashing out of that interest.

     41.4 In this Chapter:

          (1) 'member' is the person to whom a designated service is provided in item 43 or item 45 of table 1 in subsection 6(2) of the AML/CTF Act;

          (2) 'Departing Australia Superannuation Payment' has the same meaning as in section 301-170 of the Income Tax Assessment Act 1997.

Reporting entities should note that in relation to activities they undertake to comply with the AML/CTF Act, they will have obligations under the Privacy Act 1988, including the requirement to comply with the Australian