RETIREMENT SAVINGS ACCOUNTS ACT 1997
Table of Provisions
PART 1--PRELIMINARY
DIVISION 1--Preliminary- 1 Short title
- 2 Commencement
- 3 General administration of Act
- 4 Application of Act not to be excluded or modified
- 5 Act extends to external Territories
- 6 Crown to be bound DIVISION 2--Summary and outline of the Act
- 7 Brief summary of the Act
PART 2--KEY--CONCEPTS AND OTHER DEFINITIONS
DIVISION 1--Key concepts- 8 Definition of
- 9 Meaning ofand
- 10 Meaning ofand
- 11 Who is an?
- 12 Who is an?
- 13 Who is an?
- 14 Whatmeans
- 15 RSA benefits DIVISION 2--Interpretation
- 16 Definitions
- 17 Approvals, determinations etc. by Regulator
- 18 Associates
- 19 Definitions ofand
- 20 Definition of
- 20A Interdependency relationship
- 21 Persons involved in contravention
PART 3--APPROVAL--OF RSA INSTITUTIONS
- 22 Object of Part
- 23 Application for approval
- 24 Further information may be requested
- 25 Period within which application for approval is to be decided
- 26 Deciding an application for approval
- 27 When an approval is in force
- 28 Application for variation of an approval
- 29 An application must be decided within a period of time
- 30 APRA may vary an approval on its own initiative
- 31 Notifying the RSA institution of the outcome of an application
- 32 When a variation of approval comes into force
- 33 Suspension or revocation of approval
- 34 Consequences of suspension or revocation
- 35 Notification of breach of conditions
- 36 Interpretation
PART 4--OPERATING--STANDARDS ETC. AND ANNUAL RETURNS FOR RSAS
DIVISION 1--Object of Part- 37 Object of Part DIVISION 2--Operating standards
- 38 Operating standards for RSAs
- 39 Prescribed operating standards must be complied with DIVISION 3--Portability forms
- 39A Portability forms DIVISION 4--Other provisions relating to the operation of RSAs
- 40 Interest off-set arrangements etc. not permitted
- 41 Certain uses of RSAs prohibited
- 42 RSA provider not to breach capital guarantee
- 43 Civil liability where section 42 contravened
- 43A Rules about cashing benefits after death of RSA holder
- 44 RSA provider to give copy of audit report to APRA
PART 4A--DATA--AND PAYMENT REGULATIONS AND STANDARDS RELATING TO RSAS
DIVISION 1--Data and payment regulations and standards relating to RSAs- 45 Object of Part
- 45A Alternative constitutional basis
- 45B Data and payment regulations and standards relating to RSAs
- 45C Relationship between standards and other law DIVISION 2--Compliance with data and payment regulations and standards relating to RSAs
- 45D Compliance requirement--RSA providers
- 45E Compliance requirement--employers
- 45F Regulator's power to give directions in certain circumstances--RSA providers
- 45G Regulator's power to give directions in certain circumstances--employers DIVISION 3--Infringement notices
- 45H When an infringement notice may be given
- 45J Matters to be included in notice
- 45K Extension of time to pay amount
- 45L Withdrawal of an infringement notice
- 45M Effect of payment of amount
- 45N Effect of this Division DIVISION 4--Information
- 45P Correction and rectification of information
- 45Q Register of information about certain RSAs
- 45R RSA providers to provide information for inclusion in register
PART 5--DUTIES--ETC. OF RSA PROVIDERS AND EMPLOYERS
DIVISION 1--Preliminary- 46 Contravention of Part does not affect validity of a transaction or any other act DIVISION 2--Duties of RSA providers
- 47 Dispute resolution systems
- 48 Duty to keep minutes and records
- 49 Duty to keep reports
PART 6--RECORDS--, AUDITS AND AUDITORS
- 63 Object of Part
- 64 Records
- 65 Audit of records
- 66 Obligations of auditors--compliance
- 66A Auditor may give information to the Regulator
- 66B Self incrimination
- 67 Court power of disqualification
- 67A Court power to revoke or vary a disqualification etc.
- 67AA Privilege against exposure to penalty--disqualification under section 67
- 67B Disqualified persons not to be auditor of RSA provider
- 68 APRA may refer matters to a professional association
- 69 Auditor must notify the Regulator of attempts to unduly influence etc. the auditor etc.
- 70 Giving false or misleading information to auditor
PART 7--PROHIBITED--CONDUCT IN RELATION TO RSAS
- 74 Civil liability where section 78 contravened
- 78 Improper conduct in the provision of RSAs
- 79 Contravention of Part does not affect validity of transactions etc.
PART 9--FACILITY--TO PAY BENEFITS TO ELIGIBLE ROLLOVER FUNDS
- 87 Object of Part
- 88 Interpretation
- 89 Payment of benefits to eligible rollover fund
- 90 Operating standards for RSA providers--information and records
PART 10--MONITORING--AND INVESTIGATION
DIVISION 1--Objects of Part- 91 Objects of Part DIVISION 2--Monitoring
- 92 Information to be given to Regulator
- 93 Regulator may require production of books
- 94 Access to premises
- 94A Alternative constitutional basis DIVISION 3--Investigations by the Regulator
- 95 Investigation of RSA provider
- 96 Inspectors
- 97 Delegation by inspector
- 98 Regulator may exercise powers of inspector
- 99 Inspector may enter premises for purposes of an investigation
- 100 Inspector may require production of books
- 101 Powers of inspector to require assistance from, and examine, current and former relevant persons and other persons
- 102 Application for warrant to seize books not produced
- 103 Grant of warrant
- 104 Powers if books produced or seized
- 105 Powers if books not produced DIVISION 4--Examinations
- 106 Application of Division
- 107 Requirements made of an examinee
- 108 Examination to be in private
- 109 Examinee's lawyer may attend
- 110 Record of examination
- 111 Giving copies of record to other persons
- 112 Copies given subject to conditions
- 113 Record to accompany report DIVISION 5--Reports
- 114 Report of inspector DIVISION 6--Offences
- 115 Compliance with requirements made under this Act
- 116 Concealing books relevant to investigation
- 117 Self-incrimination
- 118 Legal professional privilege
- 119 Powers of Court where non-compliance with this Act DIVISION 7--Evidentiary use of certain material
- 120 Statements made at an examination: proceedings against examinee
- 121 Statements made at an examination: other proceedings
- 122 Weight of evidence admitted under section 121
- 123 Objection to admission of statements made at examination
- 124 Copies of, or extracts from, certain books
- 125 Report under Division 5
- 126 Exceptions to admissibility of report
- 127 Material otherwise admissible DIVISION 8--Miscellaneous
- 128 Regulator may cause civil proceeding to be begun
- 129 Person complying with requirement not to incur liability to another person
- 129A Authorisation of members of staff
PART 11--TAX--FILE NUMBERS
DIVISION 1--Object of Part- 130 Object of Part DIVISION 2--Quotation of holder's tax file number
- 131 Employee may quote to employer
- 132 Employer may inform RSA provider of tax file number
- 133 Employer must inform RSA provider of tax file number
- 133A Use of tax file number to validate information DIVISION 3--Quotation, use and transfer of holder's tax file number
- 134 Holder or applicant may quote tax file number
- 135 RSA provider may request holder's or applicant's tax file number
- 136 RSA provider must request person becoming holder of an RSA to quote tax file number
- 137 Use of tax file number for certain purposes
- 137A Use of tax file number to locate amounts or for consolidation
- 137B Use of tax file number to validate information
- 138 RSA provider must inform other RSA provider or trustee of certain superannuation entities of tax file number for certain purposes
- 138A Portability forms DIVISION 4--Method of quotation of tax file numbers, including deemed quotation
- 139 Method of quoting tax file number
- 140 Employee taken to have quoted to RSA provider where RSA provider informed by employer
- 140A Holder taken to have quoted where Commissioner gives notice
- 141 Information provided by RSA provider taken to have been provided by holder
- 142 Person claiming benefit taken to have quoted where he or she provided tax file number in connection with claim
- 143 Holder or applicant taken to have quoted if he or she quoted for other purposes DIVISION 4A--Commissioner of Taxation may issue notices about tax file numbers
- 143A Effect of mistaken quotation of tax file number
- 143B Effect of invalid quotation of tax file number
- 143C Commissioner of Taxation may inform RSA provider of tax file number
- 143D Validation notice--holders of RSAs
- 143E Validation notice--employees
- 143F Commissioner of Taxation may provide electronic interface DIVISION 5--Provision of tax file numbers in forms etc.
- 144 Forms etc. may require tax file number
- 145 Failure to quote tax file number DIVISION 6--General
- 146 State insurance
- 147 This Part to be superannuation law
- 147A Transitional provisions
PART 12--OFFENCES--RELATING TO RECORDS ETC.
- 148 Object of Part
- 149 Interpretation
- 151 Incorrectly keeping records etc.
- 154 Incorrectly keeping or making records
- 155 Incorrectly keeping records with intention of deceiving or misleading etc.
- 156 Falsifying or concealing identity with intention of deceiving or misleading etc.
PART 13--POWERS--OF COURTS
- 157 Object of Part
- 158 Power to grant relief
- 159 Power of Court to give directions with respect to meetings ordered by the Court
- 160 Irregularities
- 161 Power of Court to prohibit payment or transfer of money or property
- 162 Court may order the disclosure of information or the publication of advertisements--contravention of provisions relating to provision of RSAs etc.
- 163 Injunctions
- 164 Effect of sections 161, 162 and 163
- 165 Power of Court to punish for contempt of court
- 166 Court may resolve transitional difficulties
PART 14--PROCEEDINGS
- 167 Object of Part
- 168 Power of Regulator to intervene in proceeding
- 169 Civil proceeding not to be stayed
- 170 Evidence of contravention
- 171 Vesting of property
PART 15--EXEMPTIONS--AND MODIFICATIONS
- 172 Object of Part
- 173 Interpretation
- 174 Regulator's powers of exemption--modifiable provisions
- 175 Regulator's powers of exemption--general issues
- 176 Enforcement of conditions to which exemption is subject
- 177 Regulator's powers of modification--modifiable provisions
- 178 Regulator's powers of modification--general issues
- 179 Revocation of exemptions and modifications
- 180 Publication of exemptions and modifications etc.
PART 16--MISCELLANEOUS
- 181 Object of Part
- 182 Regulator may direct RSA institutions not to accept employer contributions
- 183 RSA contributions--deductions from salary or wages to be remitted promptly
- 185 Conduct by directors, servants and agents
- 186 Conviction does not relieve defendant from civil liability
- 188 Civil immunity where defendant was complying with this Act
- 189 Review of certain decisions
- 190 Statements to accompany notification of decisions
- 195 This Act and the regulations have effect subject to theand the
- 196 Payment out of an RSA in accordance with the
- 197 Concurrent operation of State/Territory laws
- 200 Regulations