Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p44
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 44/66)
Character Range: 338372–341027

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 least the amount of the member's withdrawal benefit in the fund; or
 (b) if the fund receives any combination of transfers and rollovers after cashing the benefits:
 (i) in a way that ensures that an amount that is at least the amount of the member's withdrawal benefit in the fund is cashed; and
 (ii) without requiring an additional application from the member.
 (5) For subregulation (4), the period is:
 (a) if the trustee of the fund receives a request from the member not later than 31 October 2002—3 months after the request is lodged; and
 (b) in any other case—28 days after the request is lodged.
Note: A payment made under this regulation is a departing Australia superannuation payment within the meaning of section 301‑170 of the 1997 Tax Act.

6.24B  Cashing of benefits in approved deposit funds—payment to Commissioner of Taxation
  If the trustee of an approved deposit fund is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999, or chooses to pay an amount to the Commissioner of Taxation under Part 3D of that Act, for a person's superannuation interest in the fund, the amount must be cashed in favour of the Commissioner of Taxation as a lump sum.
Note: An amount required to be paid under the Superannuation (Unclaimed Money and Lost Members) Act 1999 must be paid by the time required under that Act.

6.25  Compulsory cashing of benefits in approved deposit funds
 (1) Subject to subregulation (3), a member's benefits in an approved deposit fund must be cashed as soon as practicable after the member dies.
 (2) The form in which benefits may be cashed under this regulation is, in respect of each person to whom benefits are cashed:
 (a) a single lump sum; or
 (b) an interim lump sum (not exceeding the amount of the benefits ascertained at the date of an event mentioned in subregulation (1)) and a final lump sum (not exceeding the balance of the benefits as finally ascertained in relation to the event).
 (3) Subregulation (1) is satisfied if, instead of being cashed, the benefits are rolled over as soon as practicable for immediate cashing.

6.26  Limitation on cashing 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