134Benefit payment standards

134 Benefit payment standards

(1)  Benefits become payable to or in respect of a member when any of the events specified in this Division occur in relation to the member.

(2)  Benefits payable under this Part may be paid by the Commission only if regulated superannuation funds are permitted by the SIS Act to make such payments in similar circumstances.

(3)  All benefits in respect of a member that are preserved in accordance with this Part or by the Commission under these regulations must be preserved and vested in the member in the accounts that the Commission determines having regard to the member’s wishes.

(4)  A preserved benefit becomes payable when the Commission is either notified, or becomes aware, that the member has satisfied the conditions of release set out in this Part.

(5)  The Commission must notify the member, the member’s surviving partner or the member’s legal personal representative of the entitlement of the member to a preserved benefit when it becomes payable under this Part, by sending a written notice to the last known address of the member, partner or representative, respectively.

(6)  A person who receives or claims a benefit from the TASS Scheme must produce to the Commission the information, documents and other evidence that the Commission requires the person to produce for the purposes of these regulations.

(7)  If a person fails to produce to the Commission the information, documents and other evidence required by the Commission under subregulation (6) , the Commission may withhold or suspend payment of the benefit or refuse to consider the claim until the requirement is met.

(8)  A benefit payable under this Part (other than a temporary incapacity benefit) must be paid as a lump sum.

(9)  When a lump sum becomes payable under this Part, the lump sum, subject to regulation 153 , is to be transferred, after deduction of any tax liability –

(a) to an account in the name of the person entitled to the benefit, in a superannuation fund elected by the person; or

(b) if an election is not made within a reasonable period, as determined by the Commission, to the Taxation Commissioner to be dealt with under the Superannuation (Unclaimed Money and Lost Members) Act 1999 of the Commonwealth.