Commonwealth Consolidated Acts Commonwealth Consolidated ActsWhen section applies
(1) This section applies at a particular time if:
(a) a person (the first person ) is a beneficiary of a fund (the transferor fund ); and
(b) the time is after the date specified in the regulations; and
(c) the conditions specified in the regulations are satisfied.
Application to eligible rollover fund
(2) A trustee of the transferor fund may apply to a trustee of an eligible rollover fund, on behalf of the first person, for the issue to the first person of a superannuation interest in the eligible rollover fund.
(2A) The application must not be made on or after the later of:
(a) 1 May 2021; and
(b) the seventh day after the day Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 commences.
Consideration for issue
(3) The application is to be made on the basis that:
(a) the consideration for the issue is to be paid, on behalf of the first person, by a trustee of the transferor fund; and
(b) the amount of the consideration is equal to the amount ascertained in accordance with the regulations; and
(c) a trustee of the transferor fund is not entitled to recover the consideration from the first person (except as a result of the operation of subsection (5)).
Authorisation by beneficiary
(4) The first person is taken to have authorised:
(a) the trustee of the transferor fund who made the application to make the application; and
(b) the trustee of the transferor fund who paid the consideration to pay the consideration.
This rule has effect despite any direction to the contrary by the first person.
Beneficiary ceases to have rights against transferor fund etc.
(5) If the superannuation interest is issued in accordance with the application:
(a) the first person ceases to have rights against the transferor fund; and
(b) if:
(i) immediately before the interest was issued in accordance with the application, another person (the second person ) had a contingent right against the transferor fund to a death or disability benefit; and
(ii) the contingent right was derived from the first person's capacity as a beneficiary of the transferor fund;
the second person ceases to have the contingent right against the transferor fund.
To avoid doubt, a reference in paragraph (a) to a right against the transferor fund includes a reference to a contingent right to a death or disability benefit.
Governing rules overridden
(6) This section has effect despite anything in the governing rules of the transferor fund.