Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p45
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 45/66)
Character Range: 340778–343522

of benefits in approved deposit funds in favour of persons other than members or their legal personal representatives
 (1) Subject to this regulation and regulations 7A.13, 7A.17 and 7A.18, a member's benefits in an approved deposit fund must not be cashed in favour of a person other than the member or the member's legal personal representative unless:
 (a) the member has died; and
 (b) either:
 (i) the benefits are cashed in favour of the member's legal personal representative; or
 (ii) the trustee has not, after making reasonable enquiries, found a legal personal representative of the member; and
 (c) either:
 (i) the person in whose favour benefits are cashed is a dependant of the member; or
 (ii) if, after making reasonable enquiries, the trustee has not found a dependant of the member, the person in whose favour benefits are cashed is an individual.
 (2) A member's benefits in an approved deposit fund may be cashed if:
 (a) the superannuation provider has been issued a release authority in respect of the member under section 131‑15 or 135‑40 in Schedule 1 to the Taxation Administration Act 1953; and
 (b) the benefits are cashed in favour of the Commissioner of Taxation in accordance with the authority.
 (3) A member's benefits in an approved deposit fund may be cashed if the benefits are cashed in favour of the Commissioner of Taxation to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999.

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 under Division 131 or 135 in Schedule 1 to the Taxation Administration Act 1953, or section 292‑80C of the Income Tax (Transitional Provisions) Act 1997, to give effect to a release authority in respect of the member; or
 (c) to pay an amount under the Superannuation (Unclaimed Money and Lost Members) Act 1999.

6.27A  Priority in cashing benefits in certain cases—approved deposit funds
 (1) This regulation applies to a trustee of an approved deposit fund if:
 (a) a member of the fund has satisfied a condition of release; and
 (b) there is a cashing restriction (other than a 'nil' restriction) in respect of that condition.
 (2) In cashing benefits in accordance with the restriction, the trustee must give priority to benefits in the following order:
 (a) first—to unrestricted non‑preserved benefits;
 (b) second—to preserved benefits.

Division 6.4—General rules for rollover and transfer of benefits in regulated superannuation funds and