Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A superannuation benefit is a payment described in the table.
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Types of superannuation benefits |
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Item |
Column 1 |
Column 2 |
Column 3 |
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1 |
A payment to you from a * superannuation fund because you are a fund member. |
A payment to you from a superannuation fund, after another person's death, because the other person was a fund member. |
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2 |
A payment to you from an * RSA because you are the holder of the RSA. |
A payment to you from an RSA, after another person's death, because the other person was the holder of the RSA. |
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3 |
A payment to you from an * approved deposit fund because you are a depositor with the fund. |
A payment to you from an approved deposit fund after another person's death, because the other person was a depositor with the fund. |
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4 |
A payment to you under section 63, 64, 65, 66, 67 or 67A, or subsection 76(6), of the Small Superannuation Accounts Act 1995 . (These provisions authorise payment of money held under the Act.) |
A payment to you under section 68 or subsection 76(7) of the Small Superannuation Accounts Act 1995 . (These provisions authorise payment of money held under the Act to the legal personal representative of the deceased.) |
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5 |
A payment to you: (a) under subsection 17(1) or (2) or 20F(1) or section 20H, 24E or 24G of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; or (b) as mentioned in subsection 18(4) or (5) of that Act; otherwise than because of another person's death . |
A payment to you: (a) under subsection 17(1) or (2) or section 20H or 24G of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; or (b) as mentioned in subsection 18(4) or (5) of that Act; because of another person's death. |
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6 |
A payment to you under paragraph 15(1)(c) of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 . |
A payment to you under paragraph 15(1)(d) of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 . |
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7 |
A payment to you under section 65A or 66 of the Superannuation Guarantee (Administration) Act 1992 . (This provides for money collected under the Act to be paid to a person who retires because of incapacity or invalidity.) |
A payment to you under section 67 of the Superannuation Guarantee (Administration) Act 1992 . (This provides for money collected under the Act to be paid to the legal personal representative of the deceased.) |
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8 |
A payment to you: (a) from a * superannuation annuity; or (b) arising from the commutation of a superannuation annuity; because you are the annuitant. |
A payment to you: (a) from a superannuation annuity; or (b) arising from the commutation of a superannuation annuity; because of the death of the annuitant. |
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(2) A superannuation member benefit is a payment described in column 2 of the table.
(3) A * superannuation benefit is also a superannuation member benefit if:
(a) the superannuation benefit arises from the commutation of a * superannuation income stream; and
(b) it would be a * superannuation death benefit apart from this subsection; and
(c) the benefit is paid after the latest of the following:
(i) 6 months after the death of the deceased person;
(ii) 3 months after the grant of probate of that deceased person's will or letters of administration of that deceased person's estate;
(iii) if the payment of the benefit is delayed because of legal action about entitlement to the benefit--6 months after the legal action ceases;
(iv) if the payment of the benefit is delayed because of reasonable delays in the process of identifying and making initial contact with potential recipients of the benefit--6 months after that process is completed; and
(d) the Commissioner has not made a decision about the benefit under subsection (3A).
(3A) For the purposes of paragraph (3)(d), the Commissioner may make a decision in writing that the superannuation benefit is not a superannuation member benefit under subsection (3), if:
(a) both of these conditions are satisfied:
(i) the payment of the benefit is delayed because of legal action about entitlement to the benefit;
(ii) the benefit is paid more than 6 months after the legal action ceases; or
(b) both of these conditions are satisfied:
(i) the payment of the benefit is delayed because of reasonable delays in the process of identifying and making initial contact with potential recipients of the benefit;
(ii) the benefit is paid more than 6 months after that process is completed.
(3B) In making a decision under subsection (3A), the Commissioner must have regard to the following matters:
(a) whether there was any action taken to try to pay the benefit within the 6 months after the cessation of the legal action or the completion of the process, and if so, the nature of that action;
(b) whether there were any factors beyond the control of the entity that paid the benefit, or of the person to whom the benefit was paid, that prevented the payment of the benefit within those 6 months;
(c) the circumstances of the person to whom the benefit was paid, and the actions of that person in relation to the benefit.
(4) A superannuation death benefit is a payment described in column 3 of the table.
(5) Subsection (6) applies if a * contributions-splitting superannuation benefit or a * family law superannuation payment is paid to you because another person is a member of a * superannuation fund, holder of an * RSA or depositor with an * approved deposit fund, or the annuitant under a * superannuation annuity.
(6) For the purposes of this section (and despite section 307-15):
(a) treat yourself as a member of the fund, holder of the * RSA, depositor with the fund or annuitant under the * superannuation annuity; and
(b) do not treat the other person as a member of the fund, holder of the RSA, depositor with the fund or annuitant under the superannuation annuity.
Note: This means that the benefit is a superannuation benefit for you but not for the other person.
(7) A family law superannuation payment is a payment that:
(a) is a payment of any of the following kinds:
(i) a payment in accordance with Part VIIIB of the Family Law Act 1975 ;
(ii) a payment in accordance with the Family Law (Superannuation) Regulations 2001 ;
(iii) a payment in accordance with Part 7A of the Superannuation Industry (Supervision) Regulations 1994 ;
(iv) a payment in accordance with Part 4A of the Retirement Savings Accounts Regulations 1997 ;
(v) a payment specified in the regulations; and
(b) satisfies the requirements (if any) specified in the regulations.
Treatment of amounts transferred within a superannuation plan
(8) If an amount is transferred from one * superannuation interest in a * superannuation plan to another superannuation interest in the same plan, treat the transfer as a payment in determining whether the transfer of the amount is a superannuation benefit or a roll-over superannuation benefit.