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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

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

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

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  

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