RETIREMENT SAVINGS ACCOUNTS (CONSEQUENTIAL AMENDMENTS) ACT 1997 - SCHEDULE 19 - Amendment of the Financial Transaction Reports Act 1988

Commonwealth Consolidated Acts

- Amendment of the Financial Transaction Reports Act 1988 1 Subsection 3(1)

Insert:

"RSA" has the same meaning as in the Retirement Savings Accounts Act 1997.

2 After subsection 18(3)

Insert:

3 After subsection 18(4A)

Insert:

(4B): Subsections (2), (2A), (4) and (4A) do not apply in relation to withdrawals:

(a): made as a result of a request under paragraph 50(1)(a) of the Retirement Savings Accounts Act 1997 ; or
(b): made as a result of the death of the person who is the holder of the account for the purposes of the Retirement Savings Accounts Act 1997 ; or
(c): made under section 83, 84, 89, 195 or 196 of the Retirement Savings Accounts Act 1997 ; or
(d): that are used to make payments of insurance premiums in accordance with the terms and conditions of the account.

4 Subsection 18(8)

Omit "the account (first occurring)", substitute "an account other than an RSA".

5 Paragraph 18(8A)(a)

Omit "an account", substitute "an account other than an RSA".

6 At the end of section 24

Add:

(8): This section does not apply in relation to a person (the employer ) in relation to an account if:

(a): the account is an RSA; and
(b): the employer made the application for the account on behalf of another person (the employee ) under section 51 of the Retirement Savings Accounts Act 1997 ; and
(c): the employer is the employer of the employee for the purposes of the Retirement Savings Accounts Act 1997 .