Document ID: chunk:federal_register_of_legislation:F2024C01224:front:0:p32
Version: federal_register_of_legislation:F2024C01224
Segment Type: other
Provision Reference: 
Character Range: 80010–82666

under the former section 82AAT of the Tax Act.
 (4) For the purposes of Schedule 2, the retirement of a person is taken to occur:
 (a) in the case of a person who has reached a preservation age that is less than 60—if:
 (i) an arrangement under which RSA holder was gainfully employed has come to an end; and
 (ii) the RSA provider is reasonably satisfied that the RSA holder intends never to again become gainfully employed, either on a full‑time or a part‑time basis; or
 (b) in the case of a person who has attained the age of 60—an arrangement under which the person was gainfully employed has come to an end, and either of the following circumstances apply:
 (i) the person attained that age on or before the ending of the employment;
 (ii) the RSA provider is reasonably satisfied that the person intends never to again become gainfully employed, either on a full‑time or a part‑time basis.
 (5) For the purposes of Schedule 2, a person is taken to be in severe financial hardship if:
 (a) the RSA provider is satisfied:
 (i) based on written evidence provided by at least one Commonwealth department or agency responsible for administering a class of Commonwealth income support payments, that:
 (A) the person has received Commonwealth income support payments for a continuous period of 26 weeks; and
 (B) the person was in receipt of payments of that kind on the date of the written evidence; and
 (ii) that the person is unable to meet reasonable and immediate family living expenses; or
 (b) the person has reached the age that is the person's preservation age plus 39 weeks and the RSA provider is satisfied:
 (i) based on written evidence provided by at least one Commonwealth department or agency responsible for administering a class of Commonwealth income support payments—that the person received Commonwealth income support payments for a cumulative period of 39 weeks after the person reached the person's preservation age; and
 (ii) that the person was not gainfully employed on a full‑time, or part‑time, basis on the date of the application for cashing of his or her preserved benefits, or restricted non‑preserved benefits, in the RSA.
 (5A) The written evidence provided for by paragraph (5)(a) is of no effect if it is dated more than 21 days before the date of the person's application to the RSA provider for cashing of his or her preserved benefits or restricted non‑preserved benefits.
 (5B) For the purposes of Schedule 2, an RSA holder is taken to have satisfied a condition of release if the event specified in that condition has occurred in relation to the RSA holder.
 (6) A reference in this Part to 'preserved benefits',