ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778

This instrument permits responsible entities of a "frozen" registered scheme (excluding certain listed scheme types) to allow members limited hardship withdrawals by changing or relying on the scheme constitution and exercising a reasonable discretion. It requires the responsible entity to notify ASIC and members, satisfy cash‑adequacy tests, and comply with limits on frequency and amount.

The instrument also requires record‑keeping and quarterly reporting to ASIC, temporarily relaxes a statutory equality‑of‑treatment rule for these withdrawals, and expires on 28 February 2027.

This instrument, ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778 (as compiled to 27/08/2025), temporarily modifies Chapter 5C of the Corporations Act 2001 for a defined set of registered schemes (explicitly excluding certain scheme types) to permit limited cash withdrawals on hardship grounds from schemes that have become frozen. The relief is time‑limited: the instrument is repealed at the end of 28 February 2027 (s 8).

Mechanically, the instrument does three principal things, each by way of notionally inserting or modifying provisions in Part 5C.3 and Part 5C.6 of the Act:

It creates a statutory framework of definitions and hardship categories (601KEA), and a power for the responsible entity of a frozen scheme to allow a member (or beneficiary or instructor, in defined circumstances) to make a hardship withdrawal if the constitution permits it and the statutory conditions are met (601KEB(1)).
It permits the responsible entity to alter a scheme’s constitution, or repeal and replace it, for the specific purpose of enabling hardship withdrawals without having to follow the scheme’s usual constitutional modification procedures (601GCC). The instrument prescribes a notice procedure to members and a 14 day window for members holding at least 5 per cent of votes to require a meeting, otherwise the responsible entity may effect the change.
It modifies equality‑of‑treatment obligations (s 601FC(1)(d) as applied to frozen schemes) to allow differential treatment where necessary to permit hardship withdrawals (s 5 of the instrument). It also authorises constitutions to confer discretions to approve or partially approve hardship withdrawals,even where Part 5C.3 would normally require the constitution to set out procedures,subject to a statutory reasonableness requirement (601GAH(1)-(2)).

The instrument sets operational constraints and compliance obligations. A responsible entity may only allow hardship withdrawals from a frozen scheme, defined as one where withdrawals other than hardship withdrawals have been suspended and where the issue of new interests has ceased (601KEA(1), definition of frozen scheme). Before allowing hardship withdrawals the responsible entity must notify ASIC in writing with a board‑signed statement that the board has resolved the scheme is frozen and that it reasonably expects adequate cash over the following six months to meet hardship withdrawals and continue day‑to‑day operations (601KEB(2)(a)). The instrument imposes a maximum of four hardship withdrawals per person per calendar year and an aggregate cap of $100,000 per person per year (601KEB(4)(b)(i)-(ii)). Record keeping and quarterly reporting to ASIC are mandated, with specified data fields and a 14‑day post‑quarter reporting deadline (601KEC(2)-(3)).

The instrument limits scope through exclusions. Schemes described as IDPS‑like, mortgage investment, certain litigation funding schemes and time‑sharing schemes are excluded (s 4). The instrument also ties hardship withdrawals to “cash” as defined (money in an account or on deposit with a bank) and to hardship categories set out in the statutory table (601KEA(1)-(3)): Urgent Financial Hardship, Unemployment, Compassionate Grounds (detailed subparagraphs), and Permanent Incapacity.

The explanatory and note language in the text records the policy intent as facilitating member access to cash during scheme freezes, while preserving liquidity for the scheme to operate for at least six months. Those policy claims appear in the required board statement (601KEB(2)(a)), the six month cash test (601KEB(2)(a)(ii) and 601KEB(4)(a)), and in procedural safeguards such as the requirement to publish and notify members before first hardship withdrawals (601KEB(2)(b)-(c)) and the reporting and record‑keeping obligations (601KEC). The instrument therefore establishes a permission structure: responsible entities decide whether to permit hardship withdrawals, but must do so within documentary, timing, liquidity and reporting constraints prescribed by the instrument.

The instrument builds an interlocking set of legal constructs. Understanding these is necessary to apply the relief correctly.

Frozen scheme. Defined in the instrument as a registered scheme for which the responsible entity has both suspended withdrawals (other than any hardship withdrawals) and ceased to allow new interests (601KEA(1), definition). Both elements are required. The scheme’s status as frozen is the gateway to the instrument’s relief.

Hardship withdrawal and hardship withdrawal request. Hardship withdrawal is given a statutory meaning by reference to 601KEB(1), and a “hardship withdrawal request” is the member’s (or beneficiary’s or instructor’s) application for that withdrawal (601KEA(1)). The substance of permissible hardship grounds is set out in the hardship categories and criteria in 601KEA(3).

Hardship categories and hardship criteria. Itemised into four categories in 601KEA(3): Urgent Financial Hardship (to meet reasonable and immediate living expenses); Unemployment (no gainful employment for at least three months and no other means of support except government assistance); Compassionate Grounds (seven specified circumstances including medical costs, home modifications for severe disability, funeral expenses, preventing forced sale of principal residence, meeting binding pre‑suspension obligations); and Permanent Incapacity (ceased gainful employment due to ill‑health and unlikely to return to comparable employment). Each category is tied to criteria that must be satisfied for a person to fall within it.

Constitutional modification and discretions. The instrument permits constitutions to provide discretion to responsible entities to accept or partially accept hardship withdrawal requests even where Part 5C.3 would otherwise require constitutions to contain set procedures (601GAH(1)-(2)). It also creates a special procedure by which a responsible entity may modify, or repeal and replace, a constitution to enable hardship withdrawals (601GCC(1)-(6)). The procedure requires notice to members and a 14‑day window during which members holding at least 5 per cent of votes may request a meeting; absent such a request, the responsible entity may proceed.

Equality of treatment carve‑out. Section 5 of the instrument states that the responsible entity need not comply with paragraph 601FC(1)(d) to the extent that strict equality of treatment would prevent allowing a member to withdraw in accordance with 601KEB (s 5). That is, differential treatment among members is permitted for the specific purpose of allowing hardship withdrawals.

Liquidity and prudential constraints. The responsible entity must be satisfied that following a hardship withdrawal the scheme’s property will include adequate cash over the following six months to meet likely future hardship withdrawals and for day‑to‑day operations (601KEB(4)(a)). The initial written notice to ASIC must include a board statement that the board believes on reasonable grounds there will be adequate cash over the next six months (601KEB(2)(a)(ii)). The instrument thus couples permission to pay members with a board‑level liquidity assessment.

Primary decision‑makers. The responsible entity of a registered scheme is the primary decision maker under this instrument. The instrument expressly addresses the responsible entity’s powers to modify constitutions (601GCC), to exercise discretions to allow hardship withdrawals (601GAH), to form board resolutions and sign ASIC notices (601KEB(2)(a)), and to keep and supply records and periodic reports (601KEC).

Members and beneficiaries. Members of a registered scheme are potential recipients of hardship withdrawals, as are beneficiaries of deceased members’ estates in the circumstances set out (601KEA(2)(b), 601KEB(1)(b)(ii)). The instrument requires that members be given written notice before the first hardship withdrawal for each frozen period and that the scheme publish explanatory material on its website (601KEB(2)(b)-(c), 601GCC(2)(a)-(b)). Members holding at least 5 per cent of votes may trigger a meeting to consider a constitutional change proposed by the responsible entity (601GCC(2)(c), (3)(b)).

Instructors and operators. The instrument recognises “operators” (a listed class including life companies, trustees, custodians, superannuation trustees, self‑managed superannuation fund trustees and custodial arrangement providers) and “instructors” who may ask operators to exercise withdrawal rights on their behalf (601KEA(1) definitions and 601KEA(2)(c)). In such cases the instrument deals with payments to instructors via operators and requires that amounts paid to operators be passed to the instructor net of fees and charges (601KEB(4)(d)). Operators therefore are affected as intermediaries with obligations under relevant trust or trust‑like arrangements and must comply with other legal duties (note under 601KEB(4)).

Scheme‑level stakeholders with excluded status. The instrument expressly excludes certain registered schemes (s 4): IDPS‑like schemes, mortgage investment schemes, registered litigation funding schemes that involve representative proceedings, and registered time‑sharing schemes. Responsible entities and members of those schemes are not able to rely on this instrument; they remain governed by the Act and any other applicable relief if available.

ASIC and regulatory monitoring. ASIC is the recipient of statutory notices and the quarterly data returns. The instrument gives ASIC a role as recipient of the initial board notice (601KEB(2)(a)), of notifications when a scheme ceases to be frozen (601KEB(3)), and of the quarterly hardship reporting spreadsheet (601KEC(3)). ASIC therefore becomes the repository of scheme liquidity planning statements and monthly/quarterly operational data for each scheme that elects to operate hardship withdrawals under the instrument.

Statutory permissions for responsible entities. The instrument confers a right on a responsible entity of a frozen scheme to allow hardship withdrawals if the scheme’s constitution permits or has been modified to permit such withdrawals under the instrument’s procedures (601KEB(1); 601GCC(1)). This is a statutory permission, not an obligation; the responsible entity must be satisfied that the member fits a hardship category (601KEB(1)(b)) and must obey the preconditions in 601KEB(2)-(4).

Duty to act reasonably when exercising discretion. If the constitution grants a discretion to approve or partially approve hardship requests, the responsible entity must act reasonably in exercising that discretion (601GAH(2)). The instrument also contains note language advising that the responsible entity remains subject to its general duties under “section 60IFC” including the duty to act in the best interests of members; that note is included at 601GAH(2) as printed. The instrument also states (in the 601GCC note) that the responsible entity must act in the best interests of members in exercising its constitutional modification powers (601GCC note, referencing paragraph 601FC(1)(c)). Those notes indicate that responsible entities must continue to have regard to the fiduciary‑type duties and best‑interests obligations in the governance framework.

Board‑level statement and governance duties. Before any hardship withdrawals can be allowed, the responsible entity must give ASIC a written proposal that includes a statement signed by a director or company secretary that the board has resolved that the scheme is frozen and that the board has considered expected hardship withdrawals and believes on reasonable grounds that scheme property will include adequate cash over the following six months to meet hardship withdrawals and continue day‑to‑day operations (601KEB(2)(a)(i)-(ii)). This creates a board‑level documentary governance duty linked to liquidity forecasting and prudent planning.

Duty to notify members and publish information. The responsible entity must give each member written notice (post or email) explaining the effect of allowing hardship withdrawals before allowing the first hardship withdrawal for each frozen period (601KEB(2)(b)). It must also publish an explanatory statement on its website in a way likely to come to the attention of someone seeking scheme information (601KEB(2)(c)). Where the responsible entity modifies the constitution under 601GCC, it must give written notice to members and publish it on the website, and provide specified content (601GCC(2)-(3)).

Record‑keeping duty. The instrument requires that records kept under s 988A document how and why a decision to allow or refuse a hardship withdrawal was made, including documentation of the exercise of any discretion to allow or partially allow a request (601KEC(2)). This frames a documentation duty that will be relevant for internal compliance and any external review.

Statutory enforcement mechanisms. The instrument itself does not create new civil penalties, criminal offences or administrative sanctions; rather, it modifies how Part 5C of the Corporations Act applies to eligible schemes and imposes documentary and reporting obligations on responsible entities (see 601KEB(2)-(4), 601KEC(2)-(3)). Enforcement therefore proceeds under the existing enforcement architecture of the Corporations Act and ASIC’s supervisory powers. The instrument makes ASIC the recipient of initial notices, cessation notices and quarterly reports, which enables ASIC to monitor compliance and, where required, to apply statutory powers available under the Act.

Record‑keeping and reporting as compliance levers. The instrument’s mandatory record‑keeping requirement (601KEC(2)) and detailed quarterly reporting obligation (601KEC(3)) function as tools that enable regulator detection of non‑compliance. A responsible entity that fails to provide the required quarterly spreadsheet within 14 days after the quarter end will be in breach of a clear statutory reporting obligation. While the instrument does not list a penalty for late or inadequate reporting, breaches of reporting or record‑keeping provisions under the Corporations Act typically expose an entity to regulatory action by ASIC, which may include civil penalty proceedings, infringement notices, or referrals to criminal investigation where applicable.

Reasonableness and best‑interests duties as standards for review. The instrument imposes qualitative standards that can be the basis for challenge or enforcement: the responsible entity must act reasonably in exercising any discretion (601GAH(2)), and in modifying a constitution it must act in the best interests of members (note to 601GCC referencing paragraph 601FC(1)(c)). ASIC or other enforcement actors can test the board’s 601KEB(2)(a)(ii) “reasonable grounds” liquidity statement against objective evidence. The instrument therefore embeds governance standards which, if not met in fact or documentation, expose the responsible entity to regulatory scrutiny under the general duties framework.

Member complaints and dispute pathways. The instrument requires reporting of the number of complaints relating to hardship withdrawals in each quarter (601KEC(3)(f)). Complaint volumes and substance will inform ASIC’s supervisory focus. The instrument does not specify internal dispute resolution pathways or external dispute resolution outcomes; those will remain governed by applicable law and the specific dispute resolution arrangements of the scheme.

Potential civil liability exposures. The instrument does not create a bespoke private right of action for members; however, noncompliance with the Act and governance duties can generate civil liability under the Corporations Act and related common law causes of action. Responsible entities that allow withdrawals in breach of the instrument’s liquidity requirement or that fail to document their decision‑making adequately (601KEC(2)) may be exposed to claims by members or beneficiaries if losses can be attributed to negligent governance or breach of general duties.

Relationship to the Corporations Act. The instrument is made under subsection 601QA(1) of the Corporations Act 2001 (s 3). It operates by notionally inserting or modifying sections in Part 5C of the Act,specifically by adding sections 601GAH, 601GCC, 601KEA, 601KEB and 601KEC and by creating an exemption in respect of 601FC(1)(d) (s 5). It therefore directly alters how Chapter 5C applies to registered schemes that elect to operate hardship withdrawals under the instrument. The instrument’s notes repeatedly reference the responsible entity’s continuing duties under existing Act provisions (for example, the note to 601GAH(2) mentions the responsible entity’s general duties under “section 60IFC”, and the note to 601GCC references paragraph 601FC(1)(c)). Those references indicate that the instrument is intended to be read with the Act’s general duties and governance requirements.

Interaction with scheme constitutions. The instrument permits responsible entities to modify or replace constitutions to enable hardship withdrawals even if the constitution contains provisions that would otherwise require stricter amendment procedures (601GCC(6)). The instrument prescribes a specific notice regime and a member threshold (5 per cent of votes) for members to requisition a meeting. Where a constitution already provides for hardship withdrawal procedures, the instrument’s provisions operate in tandem; where not, the instrument supplies a mechanism to create such provisions without following potentially more onerous constitutional processes. Responsible entities must still act in members’ best interests when using the modification power (note to 601GCC referencing paragraph 601FC(1)(c)).

Superannuation law and trusteeship. The instrument explicitly recognises trustees and superannuation entities in the operator definition and in the notes. It directs that operators acting as trustees of superannuation entities must comply with requirements under the Superannuation Industry (Supervision) Act 1993 (note to 601KEB(4)). The instrument does not change SIS Act obligations, nor does it create an alternative regulatory regime for superannuation trustees. Trustees of superannuation funds and self‑managed superannuation funds therefore must assess hardship withdrawals against SIS Act duties and any superannuation‑specific constraints, in addition to the instrument’s requirements.

Interaction with trust law and fiduciary duties. The instrument’s specific permissions do not displace trust law principles governing a responsible entity’s obligations to scheme members. The notes emphasise that, in exercising modification powers and in exercising discretions, responsible entities must act in members’ best interests (note to 601GCC referencing 601FC(1)(c)). Responsible entities that are also trustees will need to reconcile the instrument’s permissions with their fiduciary obligations under trust law and the Act.

This compilation includes the instrument as in force on 27 August 2025 and records key amendments and registration events in its endnotes.

Original registration and commencement. The original instrument, ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778, was registered on 27 August 2020 and commenced on 28 August 2020 (Endnote 3, first row).

Subsequent amendments. Two later instruments are recorded in the legislation history in Endnote 3:

ASIC Corporations (Amendment and Repeal) Instrument 2023/670, registered 31 August 2023 and commencing 1 September 2023. This amending instrument altered the definition of “excluded scheme” in s 4 (Endnote 4 indicates Section 4 was amended by 2023/670).
ASIC Corporations (Amendment) Instrument 2025/548, registered 26 August 2025 and commencing 27 August 2025. Endnote 4 records that Section 8 (the repeal clause) was repealed and substituted by 2025/548.

Compilation status. The compilation notes that it shows the instrument as amended and in force on 27/08/2025 and that uncommenced amendments are not shown (header material). It also states that the endnotes include information on amending laws and the amendment history of provisions.

Specific provision‑level amendments recorded in Endnote 4 include:

Section 2 was repealed (noted as rep. s48D LA).
The definition of excluded scheme in Section 4 was amended by Instrument 2023/670.
Section 8 (the repeal clause) was resubstituted by Instrument 2025/548.

Textual insertions. The main body of the instrument is principally composed of notionally inserted sections into the Corporations Act (601GAH, 601GCC, 601KEA, 601KEB, 601KEC) as detailed in Part 3 of this compilation. Endnote 3 lists the original registration and the two amending instruments described above.

Practical consequence of amendment history. The 2023 amendment changed which schemes are excluded from the relief, and the 2025 amendment adjusted the repeal timing or mechanism for repeal by substituting s 8. The compilation therefore reflects a live instrument that has been adjusted since 2020 to refine scope and expiry mechanics. The instrument remains time‑limited, with the current text of s 8 providing the expiry date at the time of compilation.

Users of this deep dive should consult the Register for any amendments made after the compilation date or any uncommenced amendments noted in endnotes, because the compilation does not show the effect of uncommenced amendments and highlights that further modifications may be accessible on the Register.

The compiled text and its endnotes do not record any litigation, court decisions or tribunal determinations arising from this instrument. The instrument and its compilation include no case citations and no references to judicial consideration in the text or endnotes provided.

Absence of litigation in the source does not mean the instrument cannot be subject to challenge or interpretation in future proceedings; it simply means the compilation provides no litigation history to date. Any enforcement actions or civil litigation that involve decisions taken under the instrument would arise under the general enforcement and civil liability provisions of the Corporations Act, trust law or other applicable statutory regimes, and would be recorded outside this instrument’s compilation once commenced and determined.

For practitioners seeking judicial treatment or regulatory enforcement precedents, the compilation indicates they will need to search court databases and ASIC enforcement records beyond this instrument’s text for any subsequent cases or enforcement actions that interpret the provisions inserted by this instrument.

Narrow definition of cash. The instrument defines “cash” narrowly as scheme property that consists of money in an account or on deposit with a bank (601KEA(1)). That excludes non‑bank deposits, securities, in‑kind assets and other liquid but non‑cash holdings. Responsible entities that consider liquidity for the six‑month test must therefore assess bank cash specifically, not a broader measure of marketable assets. The practical implication is that a scheme may be asset‑rich but cash‑poor, and such in‑kind holdings will not satisfy the statutory cash sufficiency requirement.

Frozen scheme threshold requires two actions. A scheme is frozen only if both withdrawals other than hardship withdrawals are suspended and the issue of new interests has ceased (601KEA(1), definition of frozen scheme). Partial freezes that only suspend redemptions or only cease new issues may not fall within the instrument, depending on facts. Careful factual analysis is required to determine whether a scheme is legally “frozen” under the instrument.

Constitution change procedure with low engagement threshold. The responsible entity may modify or repeal and replace a constitution to enable hardship withdrawals where it reasonably considers the modification necessary, and must give notice to members and publish a notice on its website, with a 14‑day period for members with at least 5 per cent of votes to request a meeting (601GCC(1)-(3)). The 5 per cent threshold is the mechanism by which members can block the responsible entity’s unilateral constitutional change by forcing a meeting. For schemes with dispersed membership, a 5 per cent threshold may be difficult to mobilise, meaning a small organised group can influence the outcome, but in many schemes the threshold will make it relatively easy for the responsible entity to proceed absent active member mobilisation.

Board statement is a governance hook. Before permitting hardship withdrawals, the responsible entity must give ASIC a written notice that includes a director or secretary signed statement that the board has resolved the scheme is frozen and believes on reasonable grounds that the scheme will have adequate cash for the next six months (601KEB(2)(a)). That signed statement is a governance commitment and a potential enforcement focus. Boards must ensure their deliberations and underlying liquidity analysis are documented to support the “reasonable grounds” claim; otherwise boards face regulatory, fiduciary and possibly civil exposure for weak or undocumented forecasting.

Ambiguity in “reasonable” and “adequate cash”. The instrument uses qualitative standards,“reasonable grounds” and “adequate cash”,without numeric tests beyond the $100,000 and four‑withdrawal per year caps (601KEB(2)(a)(ii), 601KEB(4)(a)). Responsible entities must therefore apply and document a prudential standard that can be defended to ASIC and members. Differences in modelling assumptions (e.g. stress scenarios, counterparty exposure) can materially affect whether the board’s statement is supportable.

Checklist and step sequence for responsible entities considering hardship withdrawals under the instrument.

Confirm applicability and exclusion status.
- Verify that the scheme is a registered scheme and is not an “excluded scheme” as defined in s 4 (IDPS‑like; mortgage investment scheme; registered litigation funding scheme involving representative proceedings; time‑sharing scheme).
- Confirm the scheme satisfies both elements of “frozen scheme”: withdrawals (other than hardship withdrawals) are suspended, and the issue of new interests has ceased (601KEA(1), definition of frozen scheme).
Verify constitutional authority or prepare to modify constitution.
- Check whether the scheme’s constitution already contains a provision permitting the responsible entity to allow hardship withdrawals in accordance with the hardship categories.
- If not, determine whether to modify or repeal and replace the constitution under 601GCC(1). Follow the instrument’s procedure: prepare the notice described in 601GCC(3) and send to each member by post or email and publish on the website no later than the date of written notice (601GCC(2)(a)-(b)). Ensure notice content sets out summary of reason and effect, states the 5 per cent request threshold and the relevant date, provides a written request channel (specified email), and is clear and suitably phrased (601GCC(3)(a)-(d)).
- Allow at least 14 days between the notice date and the relevant date in which members may request a meeting (601GCC(2)(c)(ii)).
- Preserve records showing compliance with notice timelines (601GCC(4)).
Board governance and liquidity assessment.
- Convene the board to consider and resolve that the scheme is a frozen scheme and to assess expected hardship withdrawals.
- Perform a written liquidity forecast focused on bank cash (as defined in 601KEA(1)) for the following six months. The forecast must address both likely hardship withdrawals and day‑to‑day operations (601KEB(2)(a)(ii) and 601KEB(4)(a)).
- Document the board’s deliberations, assumptions, stress tests, and the rationale for concluding there are “reasonable grounds” that adequate cash will be available (this supports the signed board statement required by 601KEB(2)(a)).
Notify ASIC before allowing hardship withdrawals.

About this compilation

This compilation

This is a compilation of the ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778 that shows the text of the law as amended and in force on 27/08/2025 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1—Preliminary

1 Name of legislative instrument

3 Authority

4 Definitions

Part 2—Exemption

5 Equality of treatment—hardship withdrawal payments

Part 3—Declaration

6 Scheme constitutions and hardship withdrawals

7 Hardship withdrawals

Part 4—Repeal

8 Repeal

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778.

3 Authority

This instrument is made under subsection 601QA(1) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

excluded scheme means a registered scheme that is any of the following:

(a) an IDPS-like scheme (within the meaning of ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668);

(b) a mortgage investment scheme (within the meaning of ASIC Corporations (Mortgage Investment Schemes) Instrument 2017/857);

(c) a registered litigation funding scheme (within the meaning of ASIC Corporations (Litigation Funding Schemes) Instrument 2020/787) that involves representative proceedings (within the meaning of ASIC Corporations (Litigation Funding Schemes) Instrument 2020/787);

(d) a registered time-sharing scheme (within the meaning of ASIC Corporations (Time-sharing Schemes) Instrument 2017/272).

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 withdrawal has the same meaning as in subsection 601KEB(1) of the Act (as notionally inserted by this instrument).

Part 2—Exemption

5 Equality of treatment—hardship withdrawal payments

The responsible entity of a frozen scheme does not have to comply with paragraph 601FC(1)(d) of the Act to the extent that the requirement to treat members in the same class equally would prevent the responsible entity from allowing a member to withdraw in accordance with section 601KEB of the Act, as notionally inserted by this instrument.

Part 3—Declaration

6 Scheme constitutions and hardship withdrawals

Chapter 5C of the Act applies to the responsible entity of a registered scheme (other than an excluded scheme) as if Part 5C.3 of the Act were modified or varied as follows:

(a) insert the following section in its relative order in Part 5C.3:

“601GAH Discretions in relation to hardship withdrawals

(1) Despite subsection 601GA(4), the constitution does not have to set out adequate procedures for making and dealing with withdrawal requests to the extent that, in relation to a hardship withdrawal request under section 601KEB for which the requirements set out in the constitution for allowing the hardship withdrawal request are otherwise satisfied, the constitution gives the responsible entity a discretion to do one or both of the following:

decide whether to allow or refuse the hardship withdrawal request;

(b) decide whether to allow the hardship withdrawal request in whole or in part.

Exercise of discretion must be reasonable

(2) The responsible entity must act reasonably in exercising a discretion covered by subsection (1).

Note: The responsible entity is also subject to its general duties under section 60IFC including the duty to act in the best interests of the members of the scheme.”;

(b) after subsection 601GC(1), insert:

“(1A) The constitution of a registered scheme may also be modified, or repealed and replaced with a new constitution by the responsible entity in accordance with section 601GCC.”;

“601GCC Changing the scheme constitution to enable hardship withdrawals

(1) Subject to subsection (2), the responsible entity of a registered scheme may modify the constitution of the scheme to the extent that the responsible entity reasonably considers that the modification is necessary for, or incidental to, the responsible entity being able to allow a member to withdraw under a hardship withdrawal in accordance with section 601KEB.

(2) The responsible entity may modify the constitution under subsection (1) where:

  (a) the responsible entity has given members of the scheme written notice of the modification by sending each member by post or by email a copy of a notice that complies with subsection (3); and

Note: A single notice could be used for the purposes of paragraph (a) and paragraph 601KEB(2)(b).

  (b) the responsible entity has published a notice that complies with subsection (3) on its website:
  (i) no later than the date it gives written notice under paragraph (a); and
  (ii) in a way that it is likely to come to the attention of a person looking for information about the scheme on the website; and
  (c) as at a date (relevant date) that is:
  (i) specified in the notices provided under paragraphs (a) and (b); and
  (ii) at least 14 days after the responsible entity gives notice to members under paragraph (a);
  the responsible entity has not received requests from members with at least 5% of the votes that may be cast on the resolution referred to in paragraph (3)(b) to call and arrange to hold a meeting as specified in the notice.
(3) A notice complies with this subsection if it:
  (a) sets out a summary of the reason for, and the effect of, the proposed modification of the constitution; and
  (b) states that the responsible entity will modify the constitution as proposed unless it receives requests to call and arrange to hold a meeting of the scheme’s members to consider and vote on a special resolution to modify the constitution as proposed:
  (i) from members with at least 5% of the votes that may be cast on the resolution; and
  (ii) by the relevant date; and
  (c) states that a request referred to in paragraph (b) must be made in writing and may be sent to a specified email address of the responsible entity; and
  (d) is worded and presented in a clear, concise and effective manner.
(4) Unless the scheme’s constitution provides otherwise, a notice sent by post is taken to be given 3 days after it is posted. A notice sent by email is taken to be given on the business day after it is sent.
(5) The responsible entity may repeal and replace the constitution instead of modifying it where:
  (a) the replacement constitution has the effect that the constitution would have had if it had instead been modified in accordance with subsection (1); and
  (b) subsection (2) had been satisfied as if references in subsections (2) and (3) to modifying the constitution included references to repealing and replacing it.
(6) The responsible entity may modify or repeal and replace the constitution under subsections (1) and (5) even if the constitution includes provisions to the effect that it may only be modified or repealed and replaced in accordance with one or more of paragraphs 601GC(1)(a), (b) and (c) or provisions to the effect of those paragraphs.

Note 1: Paragraph 601GC(1)(c) is notionally inserted by ASIC Corporations (Attribution Managed Investment Trusts) Instrument 2016/489.

Note 2: The responsible entity must act in the best interests of the members in exercising the power in subsections (1) 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 2hardship category	Column 3hardship criteria
1	Urgent Financial Hardship	The amount requested under the hardship withdrawal request is needed to enable the person to meet reasonable and immediate living expenses for the person or any dependant.
2	Unemployment	The person has not been in gainful employment for a period of at least three months and has no other means of financial support (except government assistance, such as unemployment benefits).
3	Compassionate Grounds	The amount requested under the hardship withdrawal request is needed for one or more of the following:(a) to help the person or a dependant pay for medical costs (including transport costs) required to treat a life-threatening illness or injury, to alleviate acute or chronic pain, or to alleviate an acute or chronic mental disturbance where a registered medical practitioner has provided a certified statement confirming the medical condition is of this nature;(b) to fund specific modifications to a principal place of residence or vehicle that are necessary to accommodate special needs of the person or a dependant arising from a severe disability;(c) if the person is a beneficiary of the estate of a deceased member—to assist with funeral and other expenses related to the death of the deceased member;(d) to assist with funeral and other expenses related to the death of a dependant of the person;(e) to enable the person to provide care for another person who is dying from a terminal illness, including home care;(f) to prevent a mortgagee or lender from selling the person’s principal place of residence;(g) to meet a binding financial obligation entered into by the person before the responsible entity suspended withdrawals (other than hardship withdrawals, if any);where the person and, if applicable, their dependant (and in the case of paragraphs (c) and (d), the estate of the deceased member or dependant as the case may be) do not otherwise have the financial capacity to meet the expense.
4	Permanent Incapacity	Where the person has ceased gainful employment by reason of mental or physical ill-health and the person is unlikely ever again to engage in gainful employment of the type for which the person is reasonably qualified by education, training or experience.

601KEB Hardship withdrawals

Power to allow hardship withdrawals

(1) Subject to this section, the responsible entity of a frozen scheme may allow a member to withdraw (hardship withdrawal) from the scheme in accordance with a provision of the scheme’s constitution that provides that the responsible entity may allow a member to withdraw if: (a) the member has made a hardship withdrawal request; and (b) the responsible entity is satisfied that: (i) the member falls within a hardship category; or (ii) where the member is deceased—a beneficiary of the estate of the deceased member falls within a hardship category; or (iii) where the member is an operator—a person (instructor) who has asked the operator to exercise a right to withdraw falls within a hardship category. Responsible entity must notify ASIC and members before allowing hardship withdrawals (2) The responsible entity must not allow a hardship withdrawal unless: (a) the responsible entity has, since the scheme most recently became a frozen scheme, given written notice to ASIC that the responsible entity proposes to allow hardship withdrawals and that includes a statement signed by a director or secretary of the responsible entity that the board of the responsible entity has resolved that that: (i) the scheme is a frozen scheme; and (ii) the board has considered expected hardship withdrawals and believes on reasonable grounds that the scheme property will include adequate cash over the following 6 months to meet hardship withdrawals from members and continue the day-to-day operations of the scheme; and

Note: If the scheme ceases to be a frozen scheme after the responsible entity gives a notice under paragraph (a) and then becomes a frozen scheme again, the responsible entity will need to give a new notice under paragraph (a) if it wishes to allow hardship withdrawals.

(b) before allowing the first hardship withdrawal for each period during which the scheme has become a frozen scheme, the responsible entity has given each member of the scheme written notice by post or by email explaining the effect of allowing hardship withdrawals; and

Note: A single notice could be used for the purposes of paragraph 601GCC(2)(a) and paragraph 601KEB(2)(b).

(c) the responsible entity has published a statement on its website:
(i) explaining the effect of allowing hardship withdrawals; and
  (ii) in a way that it is likely to come to the attention of a person looking for information about the scheme on the website.
  Responsible entity to notify ASIC if scheme ceases to be a frozen scheme
(3) If the responsible entity has given notice to ASIC under paragraph (2)(a), the responsible entity must give written notice to ASIC that the scheme has ceased to be a frozen scheme as soon as practicable after the scheme ceases to be frozen.
Other restrictions on hardship withdrawals
(4) The responsible entity must not allow a hardship withdrawal in relation to a member, beneficiary or instructor (as applicable) unless the responsible entity is satisfied that:
(a) there are reasonable grounds to consider that following the withdrawal the scheme property would include adequate cash over the following 6 months to meet likely future hardship withdrawals and for the day-to-day operation of the scheme; and

(b) allowing the hardship withdrawal:

  (i) would not result in more than 4 hardship withdrawals for the member, beneficiary or instructor in any calendar year; and
  (ii) would not result in the total amount of hardship withdrawals for the member, beneficiary or instructor in any calendar year exceeding $100,000; and
  (c) in the case of a withdrawal in relation to a beneficiary—any amount paid on withdrawal to an executor or administrator of the estate will be paid to the beneficiary after deduction of any fees and charges payable to the executor or administrator; and

(d) in the case of a withdrawal in relation to an instructor—any amount paid on withdrawal to an operator will be paid to the instructor after deduction of any fees and charges payable to the operator.

Note: In making any payment to an instructor, an operator must comply with any obligations under the terms of the relevant trust or arrangement under which it acts and other applicable laws. For example, the responsible entity of a registered scheme must comply with Part 5C.6 and the trustee of a superannuation entity or self-managed superannuation fund must comply with requirements under the Superannuation Industry (Supervision) Act 1993.

  601KEC Hardship withdrawals—record keeping and reporting

  Subsections (2) and (3) apply to a responsible entity if the scheme’s constitution includes a provision permitting the responsible entity to allow hardship withdrawals.

  Record keeping for hardship withdrawal requests

(2) The responsible entity must ensure that the records which it keeps under section 988A document how and why a decision to allow or refuse a hardship withdrawal request was made, including in relation to any discretion:

(a) to allow or refuse the hardship withdrawal request; or

(b) to allow the hardship withdrawal request in whole or in part.

  Information to be provided to ASIC

  The responsible entity must for each quarter from the date it gives notice to ASIC under paragraph 601KEB(2)(a) and for so long as the scheme is a frozen scheme for some or all of a quarter, provide ASIC with an electronic spreadsheet that includes the following information for the scheme within 14 days after the end of the quarter:

  Note: ASIC Information Sheet 249 Frozen funds – Information for responsible entities (INFO 249) contains a link to a template spreadsheet provided for this purpose. INFO 249 is available from ASIC’s website.

the total value of the scheme property as at the end of the quarter;

(b) the number of members of the scheme as at the end of the quarter;

  (c) the number and total value of hardship withdrawal requests received for the scheme in that quarter;
  (d) for each hardship category:
  (i) the number of hardship withdrawal requests accepted in full in that quarter and the total value of those hardship withdrawal requests; and
  (ii) the number of hardship withdrawal requests accepted in part in that quarter and:
  (A) the total value in respect of which those hardship withdrawal requests were accepted; and
  (B) the total value in respect of which those hardship withdrawal requests were rejected; and
  (iii) the number of hardship withdrawal requests rejected in full in that quarter and the total value of those hardship withdrawal requests;

Note: Where a responsible entity accepts or rejects a hardship withdrawals request under two or more hardship categories, the responsible entity should identify the primary hardship category for reporting purposes.

  (e) across all hardship categories:
  (i) the total number of hardship withdrawal requests accepted in full for that quarter and the total value of those hardship withdrawal requests; and
  (ii) the total number of hardship withdrawal requests accepted in part in that quarter and:
  (A) the total value in respect of which those hardship withdrawal requests were accepted; and
  (B) the total value in respect of which those hardship withdrawal requests were rejected; and
  (iii) the total number of hardship withdrawal requests rejected in full in that quarter and the total value of those hardship withdrawal requests;
  (f) the number of complaints in relation to hardship withdrawals that were received in that quarter.

Note: Complaints in relation to hardship withdrawals include complaints about changes to the scheme’s constitution to facilitate hardship withdrawals and the time taken to pay accepted hardship claims.”.

Part 4—Repeal

8 Repeal

This instrument is repealed at the end of 28 February 2027.

Endnotes

Endnote 1—About the endnotes

Note: The endnotes provide information about this compilation and the compiled law.

Note: The following endnotes are included in every compilation:

Note: Endnote 1—About the endnotes

Note: Endnote 2—Abbreviation key

Note: Endnote 3—Legislation history

Note: Endnote 4—Amendment history

Note: Abbreviation key—Endnote 2

Note: The abbreviation key sets out abbreviations that may be used in the endnotes.

Note: Legislation history and amendment history—Endnotes 3 and 4

Note: Amending laws are annotated in the legislation history and amendment history.

Note: The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

Note: The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Note: Misdescribed amendments

Note: A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

Note: If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

ad = added or inserted	orig = original
am = amended	par = paragraph(s)/subparagraph(s)
amdt = amendment	/sub‑subparagraph(s)
c = clause(s)	pres = present
C[x] = Compilation No. x	prev = previous
Ch = Chapter(s)	(prev…) = previously
def = definition(s)	Pt = Part(s)
Dict = Dictionary	r = regulation(s)/rule(s)
disallowed = disallowed by Parliament	reloc = relocated
Div = Division(s)	renum = renumbered
exp = expires/expired or ceases/ceased to have	rep = repealed
Effect	rs = repealed and substituted
F = Federal Register of Legislation	s = section(s)/subsection(s)
gaz = gazette	Sch = Schedule(s)
LA = Legislation Act 2003	Sdiv = Subdivision(s)
LIA = Legislative Instruments Act 2003	SLI = Select Legislative Instrument
(md not incorp) = misdescribed amendment	SR = Statutory Rules
cannot be given effect	Sub‑Ch = Sub‑Chapter(s)
mod = modified/modification	SubPt = Subpart(s)
No. = Number(s)	underlining = whole or part not
o = order(s)	commenced or to be commenced
Ord = Ordinance

Endnote 3—Legislation history

Name	Registration	Commencement
ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778	27 August 2020 (see F2020L01069)	28 August 2020
ASIC Corporations (Amendment and Repeal) Instrument 2023/670	31 August 2023 (see F2023L01161)	1 September 2023
ASIC Corporations (Amendment) Instrument 2025/548	26 August 2025 (see F2025L00991)	27 August 2025

Endnote 4—Amendment history

Provision affected	How affected
Section 2	rep. s48D LA
Section 4 (definition of excluded scheme)	am. 2023/670
Section 8	rs. 2025/548

(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 2hardship category	Column 3hardship criteria
1	Urgent Financial Hardship	The amount requested under the hardship withdrawal request is needed to enable the person to meet reasonable and immediate living expenses for the person or any dependant.
2	Unemployment	The person has not been in gainful employment for a period of at least three months and has no other means of financial support (except government assistance, such as unemployment benefits).
3	Compassionate Grounds	The amount requested under the hardship withdrawal request is needed for one or more of the following:(a) to help the person or a dependant pay for medical costs (including transport costs) required to treat a life-threatening illness or injury, to alleviate acute or chronic pain, or to alleviate an acute or chronic mental disturbance where a registered medical practitioner has provided a certified statement confirming the medical condition is of this nature;(b) to fund specific modifications to a principal place of residence or vehicle that are necessary to accommodate special needs of the person or a dependant arising from a severe disability;(c) if the person is a beneficiary of the estate of a deceased member—to assist with funeral and other expenses related to the death of the deceased member;(d) to assist with funeral and other expenses related to the death of a dependant of the person;(e) to enable the person to provide care for another person who is dying from a terminal illness, including home care;(f) to prevent a mortgagee or lender from selling the person’s principal place of residence;(g) to meet a binding financial obligation entered into by the person before the responsible entity suspended withdrawals (other than hardship withdrawals, if any);where the person and, if applicable, their dependant (and in the case of paragraphs (c) and (d), the estate of the deceased member or dependant as the case may be) do not otherwise have the financial capacity to meet the expense.
4	Permanent Incapacity	Where the person has ceased gainful employment by reason of mental or physical ill-health and the person is unlikely ever again to engage in gainful employment of the type for which the person is reasonably qualified by education, training or experience.

601KEB Hardship withdrawals

Power to allow hardship withdrawals

Note: If the scheme ceases to be a frozen scheme after the responsible entity gives a notice under paragraph (a) and then becomes a frozen scheme again, the responsible entity will need to give a new notice under paragraph (a) if it wishes to allow hardship withdrawals.

(b) before allowing the first hardship withdrawal for each period during which the scheme has become a frozen scheme, the responsible entity has given each member of the scheme written notice by post or by email explaining the effect of allowing hardship withdrawals; and

Note: A single notice could be used for the purposes of paragraph 601GCC(2)(a) and paragraph 601KEB(2)(b).

(c) the responsible entity has published a statement on its website:
(i) explaining the effect of allowing hardship withdrawals; and
  (ii) in a way that it is likely to come to the attention of a person looking for information about the scheme on the website.
  Responsible entity to notify ASIC if scheme ceases to be a frozen scheme
(3) If the responsible entity has given notice to ASIC under paragraph (2)(a), the responsible entity must give written notice to ASIC that the scheme has ceased to be a frozen scheme as soon as practicable after the scheme ceases to be frozen.
Other restrictions on hardship withdrawals
(4) The responsible entity must not allow a hardship withdrawal in relation to a member, beneficiary or instructor (as applicable) unless the responsible entity is satisfied that:
(a) there are reasonable grounds to consider that following the withdrawal the scheme property would include adequate cash over the following 6 months to meet likely future hardship withdrawals and for the day-to-day operation of the scheme; and

(b) allowing the hardship withdrawal:

  (i) would not result in more than 4 hardship withdrawals for the member, beneficiary or instructor in any calendar year; and
  (ii) would not result in the total amount of hardship withdrawals for the member, beneficiary or instructor in any calendar year exceeding $100,000; and
  (c) in the case of a withdrawal in relation to a beneficiary—any amount paid on withdrawal to an executor or administrator of the estate will be paid to the beneficiary after deduction of any fees and charges payable to the executor or administrator; and

Note: In making any payment to an instructor, an operator must comply with any obligations under the terms of the relevant trust or arrangement under which it acts and other applicable laws. For example, the responsible entity of a registered scheme must comply with Part 5C.6 and the trustee of a superannuation entity or self-managed superannuation fund must comply with requirements under the Superannuation Industry (Supervision) Act 1993.

  601KEC Hardship withdrawals—record keeping and reporting

  Subsections (2) and (3) apply to a responsible entity if the scheme’s constitution includes a provision permitting the responsible entity to allow hardship withdrawals.

  Record keeping for hardship withdrawal requests

(a) to allow or refuse the hardship withdrawal request; or

(b) to allow the hardship withdrawal request in whole or in part.

  Information to be provided to ASIC

  The responsible entity must for each quarter from the date it gives notice to ASIC under paragraph 601KEB(2)(a) and for so long as the scheme is a frozen scheme for some or all of a quarter, provide ASIC with an electronic spreadsheet that includes the following information for the scheme within 14 days after the end of the quarter:

  Note: ASIC Information Sheet 249 Frozen funds – Information for responsible entities (INFO 249) contains a link to a template spreadsheet provided for this purpose. INFO 249 is available from ASIC’s website.

the total value of the scheme property as at the end of the quarter;

(b) the number of members of the scheme as at the end of the quarter;

  (c) the number and total value of hardship withdrawal requests received for the scheme in that quarter;
  (d) for each hardship category:
  (i) the number of hardship withdrawal requests accepted in full in that quarter and the total value of those hardship withdrawal requests; and
  (ii) the number of hardship withdrawal requests accepted in part in that quarter and:
  (A) the total value in respect of which those hardship withdrawal requests were accepted; and
  (B) the total value in respect of which those hardship withdrawal requests were rejected; and
  (iii) the number of hardship withdrawal requests rejected in full in that quarter and the total value of those hardship withdrawal requests;

Note: Where a responsible entity accepts or rejects a hardship withdrawals request under two or more hardship categories, the responsible entity should identify the primary hardship category for reporting purposes.

  (e) across all hardship categories:
  (i) the total number of hardship withdrawal requests accepted in full for that quarter and the total value of those hardship withdrawal requests; and
  (ii) the total number of hardship withdrawal requests accepted in part in that quarter and:
  (A) the total value in respect of which those hardship withdrawal requests were accepted; and
  (B) the total value in respect of which those hardship withdrawal requests were rejected; and
  (iii) the total number of hardship withdrawal requests rejected in full in that quarter and the total value of those hardship withdrawal requests;
  (f) the number of complaints in relation to hardship withdrawals that were received in that quarter.

Note: Complaints in relation to hardship withdrawals include complaints about changes to the scheme’s constitution to facilitate hardship withdrawals and the time taken to pay accepted hardship claims.”.

Part 4—Repeal

8 Repeal

This instrument is repealed at the end of 28 February 2027.

Endnotes

Endnote 1—About the endnotes

Note: The endnotes provide information about this compilation and the compiled law.

Note: The following endnotes are included in every compilation:

Note: Endnote 1—About the endnotes

Note: Endnote 2—Abbreviation key

Note: Endnote 3—Legislation history

Note: Endnote 4—Amendment history

Note: Abbreviation key—Endnote 2

Note: The abbreviation key sets out abbreviations that may be used in the endnotes.

Note: Legislation history and amendment history—Endnotes 3 and 4

Note: Amending laws are annotated in the legislation history and amendment history.

Note: The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

Note: The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Note: Misdescribed amendments

Note: A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

Note: If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

ad = added or inserted	orig = original
am = amended	par = paragraph(s)/subparagraph(s)
amdt = amendment	/sub‑subparagraph(s)
c = clause(s)	pres = present
C[x] = Compilation No. x	prev = previous
Ch = Chapter(s)	(prev…) = previously
def = definition(s)	Pt = Part(s)
Dict = Dictionary	r = regulation(s)/rule(s)
disallowed = disallowed by Parliament	reloc = relocated
Div = Division(s)	renum = renumbered
exp = expires/expired or ceases/ceased to have	rep = repealed
Effect	rs = repealed and substituted
F = Federal Register of Legislation	s = section(s)/subsection(s)
gaz = gazette	Sch = Schedule(s)
LA = Legislation Act 2003	Sdiv = Subdivision(s)
LIA = Legislative Instruments Act 2003	SLI = Select Legislative Instrument
(md not incorp) = misdescribed amendment	SR = Statutory Rules
cannot be given effect	Sub‑Ch = Sub‑Chapter(s)
mod = modified/modification	SubPt = Subpart(s)
No. = Number(s)	underlining = whole or part not
o = order(s)	commenced or to be commenced
Ord = Ordinance

Endnote 3—Legislation history

Name	Registration	Commencement
ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778	27 August 2020 (see F2020L01069)	28 August 2020
ASIC Corporations (Amendment and Repeal) Instrument 2023/670	31 August 2023 (see F2023L01161)	1 September 2023
ASIC Corporations (Amendment) Instrument 2025/548	26 August 2025 (see F2025L00991)	27 August 2025

Endnote 4—Amendment history

Provision affected	How affected
Section 2	rep. s48D LA
Section 4 (definition of excluded scheme)	am. 2023/670
Section 8	rs. 2025/548

“(3AA) Subsection (3) and sections 601KB “(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.”;