Document ID: chunk:federal_register_of_legislation:F2023C00836:front:0:p4
Version: federal_register_of_legislation:F2023C00836
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Character Range: 8294–11156

and (4) to modify, or repeal and replace the constitution: see paragraph 601FC(1)(c).".

7 Hardship withdrawals
(1) Chapter 5C of the Act applies to a responsible entity of a registered scheme (other than an excluded scheme) as if Part 5C.6 of the Act were modified or varied as follows:
(a) after subsection 601KA(3) insert:

                  "(3AA) Subsection (3) and sections 601KB to 601KE do not apply to a hardship withdrawal in accordance with the scheme's constitution and section 601KEB.";

              (b)   after subsection 601KE insert:
"601KEA Hardship withdrawals—definitions
(1) In this section and in sections 601KA, 601KEB and 601KEC:
              cash means scheme property that consists of money in an account or on deposit with a bank.
              frozen scheme means a registered scheme for which the responsible entity of the scheme has:
                  (a) suspended withdrawals (other than any hardship withdrawals) from the scheme; and
                  (b) ceased to allow the issue of new interests in the scheme.
hardship category has the meaning given by subsection (2).
hardship criteria has the meaning given by subsection (2).
hardship withdrawal has the meaning given by subsection 601KEB(1).
hardship withdrawal request means a request for a hardship withdrawal.
              operator means a person who is any of the following:
(a) a member of the scheme in its capacity as responsible entity or custodian of another registered scheme;
(b) a life company within the meaning of the Life Insurance Act 1995;
(c) a trustee of a trust;
(d) a trustee or custodian of a superannuation entity within the meaning of the Superannuation Industry (Supervision) Act 1993;
(e) a trustee of a self-managed superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993;
(f) a provider or acquirer in relation to a custodial arrangement as defined in section 10l2IA.
quarter means a period of three months ending on 31 March, 30 June, 30 September or 31 December.
(2) For the purposes of this section and sections 601KEB to 601KEC, the person in relation to whom a hardship withdrawal request is made is:
(a) unless paragraph (b) or (c) applies—the member making the hardship withdrawal request;
(b) where the member is deceased—a beneficiary of the estate of the deceased member; or
(c) where the member is an operator—a person (instructor) who has asked the operator to exercise a right to withdraw.
(3) For the purposes of this section and sections 601KEB to 601KEC, a person in relation to whom a hardship withdrawal request has been made falls within a hardship category specified in column 2 of the following table if the hardship criteria specified in column 3 are satisfied in relation to the person.

Item  Column 2                   Column 3
      hardship category          hardship criteria