Commonwealth Consolidated Acts

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RETIREMENT SAVINGS ACCOUNTS (CONSEQUENTIAL AMENDMENTS) ACT 1997 - SCHEDULE 4

- Amendment of the Superannuation Industry (Supervision) Act 1993 1 Subsection 10(1)

Insert:

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

2 Subsection 10(1)

Insert:

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

3 Paragraph 15(1)(b)

Repeal the paragraph, substitute:

(b)
on the request of the beneficiary, an amount equal to the beneficiary's interest is paid by the fund:
(i)
to a life insurance company or registered organisation for the purchase of an annuity in the name of the beneficiary; or
(ii)
into an RSA specified by the beneficiary;
4 After paragraph 153(1)(c)

Insert:

(ca)
both:
(i)
the interest was issued pursuant to an application under Part 9 of the Retirement Savings Accounts Act 1997 made to the first trustee by an RSA provider on the first person's behalf; and
(ii)
if the application is the first application under that Part made to the first trustee by the RSA provider on behalf of any person—the application is an eligible application; or
5 At the end of subsection 157(4)

Add "of this Act or Part 9 of the Retirement Savings Accounts Act 1997 .".

6 Subsection 157A(1)

After "under Part 24", insert ", or Part 9 of the Retirement Savings Accounts Act 1997 ,".

7 Subsection 157A(1)

Omit "that Part", substitute "those Parts".

8 Subsection 157A(1)

After "transferor fund", insert "or RSA provider, as the case requires,".

Note: The heading to section 157A is altered by adding at the end "or Part 9 of the Retirement Savings Accounts Act 1997 ".

9 At the end of subsection 157A(1)

Add "of this Act or section 89 of the Retirement Savings Accounts Act 1997 ".

10 At the end of subsection 248(1)

Add "of this Act or section 89 of the Retirement Savings Accounts Act 1997 .".

11 Subsection 299M(2)

After "amount to", insert "an RSA, to".

Note 1: The heading to section 299M is altered by inserting "RSA provider or", after "inform".
Note 2: The heading to subsection 299M(2) is altered by inserting " an RSA, ", after " benefits to ".

12 Subsection 299M(2)

After "inform", insert "the RSA provider,".

13 Subsection 299M(3)

After "transferred to", insert "an RSA, to".

14 Subsection 299M(3)

After "any", insert "RSA provider or any".

15 Subsection 299N(2)

After "amount to", insert "an RSA, to".

Note 1: The heading to section 299N is altered by inserting "RSA provider or", after "inform".
Note 2: The heading to subsection 299N(2) is altered by inserting " an RSA ", after " benefits to ".

16 Subsection 299N(2)

After "inform", insert "the RSA provider,".

17 Subsection 299N(3)

After "transferred to", insert "an RSA to".

18 Subsection 299N(3)

After "any", insert "RSA provider or any".

19 Paragraph 299N(4)(a)

After "informs", insert "an RSA provider or".

20 Paragraph 299N(4)(b)

After "second trustee", insert "or the RSA provider".

21 Subsection 299R(1)

After "informs", insert "an RSA provider or".

Note: The heading to section 299R is altered by omitting "trustee where trustee informed by another trustee" and substituting "RSA provider or trustee".

22 Paragraph 299R(1)(a)

Before "second trustee", insert "RSA provider or the".

23 Paragraph 299R(1)(a)

After "future operation of this Act", insert "or the Retirement Savings Accounts Act 1997 ".

24 Paragraph 299R(1)(b)

Before "second trustee", insert "RSA provider or the".

25 Subsection 299R(2)

After "informs", insert "an RSA provider or".

26 Paragraph 299R(2)(a)

Before "second trustee", insert "RSA provider or the".

27 Paragraph 299R(2)(a)

After "future operation of this Act", insert "or the Retirement Savings Accounts Act 1997 ".

28 Paragraph 299R(2)(b)

Before "second trustee", insert "RSA provider or the".


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