Commonwealth Consolidated Regulations

RETIREMENT SAVINGS ACCOUNTS REGULATIONS 1997

- made under the Retirement Savings Accounts Act 1997

TABLE OF PROVISIONS

   PART 1--P--RELIMINARY

   1.01.   Name of Regulations [see Note 1]  
   1.02.   Commencement [see Note 1]  
   1.03.   Interpretation  
   1.04.   Eligible person -- section 13 of the Act  
   1.05.   Approved auditor  
   1.05A.  Meaning of growth phase  
   1.06.   Lost RSA holder  
   1.07.   Meaning of pension -- section 16 of the Act  
   1.08.   Commutation of market linked pension  
   1.08A.  Commutation of an account-based pension  
   1.09.   Interdependency relationships (Act s 20A)  

   PART 2--I--NFORMATION FOR RSA HOLDERS AND OTHERS

           Division 2.2--Information before becoming an RSA holder or on employer's making an application on behalf of employee

   2.09.   Prescribed information -- paragraph 52 (2) (a) of the Act  

           Division 2.3A--Information about RSA interest subject to payment split

   2.18A.  Application of Division 2.3A  
   2.18B.  Operating standards  
   2.18C.  Information to be provided by RSA provider -- growth phase  
   2.18D.  Other information to be given by RSA provider -- adverse effect on benefits  

   PART 3--B--ENEFIT PROTECTION STANDARDS

           Division 3.1--Introductory

   3.01.   Interpretation  
   3.02.   RSA provider may provide greater protection  

           Division 3.2--Treatment of benefits

   3.03.   Operating standards  
   3.04.   Minimum benefits  
   3.05.   How benefits are to be treated  
   3.06.   Mandated employer contributions  
   3.06A.  Priority in deducting surcharge or instalment  
   3.06B.  Refund of costs  

           Division 3.3--RSA holder-protection standards

   3.07.   Interpretation  
   3.08.   Operating standards  
   3.09.   RSA holder-protection standards not to apply to certain protected RSA holders  
   3.10.   RSA holder-protection standards not to apply to pensions or annuities  
   3.11.   RSA holder-protection standards not to apply to traditional life insurance policies  
   3.12.   RSA holder-protection standards  
   3.13.   Costs not to be deferred  

   PART 4--P--AYMENT STANDARDS

           Division 4.1--Introductory

   4.01.   Interpretation [see Note 2]  
   4.01A.  Meaning of terminal medical condition  
   4.01B.  Conditions of release for temporary residents  
   4.03.   RSA changeover day  

              Subdivision 4.1.2--Preserved benefits

   4.04.   Preserved benefits -- before 1 July 1999  
   4.05.   Preserved benefits -- on and after 1 July 1999  
   4.08.   Effect of rollover or transfer on preserved benefits  

              Subdivision 4.1.3--Restricted non-preserved benefits

   4.09.   Restricted non-preserved benefits -- before 1 July 1999  
   4.10.   Restricted non-preserved benefits -- on and after 1 July 1999  
   4.12.   Effect of rollover or transfer on restricted non-preserved benefits  

              Subdivision 4.1.4--Unrestricted non-preserved benefits

   4.13.   Unrestricted non-preserved benefits  
   4.14.   Movement of benefits between categories by satisfaction of conditions of release  
   4.15.   Effect of rollover or transfer on unrestricted non-preserved benefits  

              Subdivision 4.1.5--Miscellaneous

   4.17.   Contributions and benefits taken to be preserved benefits  
   4.17A.  When benefits rolled over or transferred are unrestricted non-preserved benefits  
   4.17B.  Investment earnings taken to be unrestricted non-preserved benefits  
   4.18.   Redistribution of benefits by operation of terms and conditions or action of RSA provider  

           Division 4.2--Payment of benefits

   4.19.   Operating standards  
   4.20.   Restriction on payment  
   4.20A.  Payment and commutation of pension in breach of standards  

           Division 4.3--Cashing of benefits

   4.21.   Voluntary cashing of preserved benefits  
   4.22.   Voluntary cashing of restricted non-preserved benefits  
   4.22A.  Release of benefits on compassionate grounds  
   4.23.   Voluntary cashing of unrestricted non-preserved benefits  
   4.23A.  Compulsory cashing of benefits -- temporary residents  
   4.23B.  Cashing of benefits in an RSA -- payment to Commissioner of Taxation  
   4.24.   Compulsory cashing of benefits  
   4.25.   Effect of rollover or transfer on post-65 employer-financed benefits  
   4.26.   Limitation on cashing of benefits in favour of persons other than RSA holders or their legal personal representatives  
   4.27.   When benefits may be cashed in favour of persons other than RSA holders  
   4.28.   Effect of payment of benefits  
   4.29.   Priority in cashing benefits in certain cases  

           Division 4.4--Rollover and transfer of benefits

   4.30.   Definition  
   4.31.   Operating standards  
   4.32.   Rollover  
   4.33.   Transfer  
   4.34.   When RSA holder's consent need not be given  

           Division 4.4A--Compulsory rollover and transfer of benefits in RSAs

   4.35.   Application of Division 4.4A  
   4.35A.  Operating standards  
   4.35B.  Request form  
   4.35C.  Request for rollover or transfer of withdrawal benefit  
   4.35D.  Rollover or transfer of benefit  
   4.35E.  When an RSA provider may refuse to roll over or transfer an amount  

           Division 4.5--Spouse contributions-splitting amounts

   4.37.   Interpretation  
   4.38.   Meaning of taxed splittable contribution and untaxed splittable contribution  
   4.39.   Meaning of splittable contribution  
   4.40.   Application of Division 4.5  
   4.41.   Application to roll over, transfer or allot an amount of contributions  
   4.42.   Decision on application  
   4.43.   Receiving spouse  

   PART 4A--RSA--INTERESTS SUBJECT TO PAYMENT SPLIT

           Division 4A.1--General

   4A.01.  Purpose of Part 4A  
   4A.01A. Relevant condition of release  
   4A.02.  Operating standards  
   4A.03.  RSA provider to give payment split notice  

           Division 4A.2--Options available for interests

   4A.04.  Application of Division 4A.2  
   4A.05.  RSA provider may open a new RSA  
   4A.06.  Request to retain a non-member spouse interest  
   4A.07.  Request to roll over or transfer benefits  
   4A.08.  Request for lump sum payment  
   4A.09.  Requirements for requests  
   4A.10.  Giving effect to a request  
   4A.11.  RSA provider's options if no request received  
   4A.12.  Confirming a non-member spouse RSA  
   4A.13.  Rolling over or transferring the non-member spouse's interest  
   4A.14.  Paying a lump sum  

           Division 4A.3--Options available for certain RSA interests

   4A.15.  Application of Division 4A.3  
   4A.16.  Request to open new RSA  
   4A.17.  Request for transfer of benefits  
   4A.18.  Request for lump sum payment  
   4A.19.  Requirements for requests  
   4A.20.  Giving effect to a request  
   4A.21.  RSA provider options if no request received  
   4A.22.  Opening a new RSA  
   4A.23.  Rolling over or transferring transferable benefits  
   4A.24.  Paying a lump sum  

           Division 4A.4--Splittable payments -- payment standards for non-member spouse entitlements

   4A.25.  Application of Division 4A.4  
   4A.27.  Preservation of non-member spouse entitlements  
   4A.28.  Cashing of non-member spouse entitlements  

   PART 5--C--ONTRIBUTION STANDARDS

   5.01.   Interpretation  
   5.02.   Operating standards  
   5.03.     Acceptance of contributions  

   PART 6--M--ISCELLANEOUS

           Division 6.1--Reconsideration and review of decisions

   6.01.   Notice of reviewable decisions and reasons for decisions  
   6.02.   Reconsideration of certain decisions  
   6.03.   AAT review of reconsidered decisions  

           Division 6.2--Matters prescribed or specified in relation to RSA institutions and providers

   6.04.   Application for approval as an RSA institution  
   6.05.   Circumstances in which a person may become RSA holder  
   6.06.   Requirements concerning how certain money to be dealt with  
   6.07.   Statements by experts -- keeping of written consents  

           Division 6.3--Information to be given to APRA or Commissioner of Taxation and related matters

   6.08.   Operating standards -- disclosure of information to APRA  
   6.10.   Lodgment of annual returns  

           Division 6.4--Other matters

   6.11.   RSA holder benefits -- specified age  
   6.12.   Prescribed regulatory agencies  
   6.13.   Period to notify RSA holder or employer of suspension or revocation  
   6.14.   Orders etc of the Superannuation Complaints Tribunal to be complied with  
   6.15.   Amount to be transferred  
   6.16.   Period within which audit report must be given  
   6.16A.  Conditional offer of goods or services -- exemptions  
   6.17.   Payment of benefit to eligible rollover fund  
   6.18.   Report of inspector -- prescribed agencies  
   6.19.   Statements made at an examination -- manner of authentication  
           SCHEDULE 1 Payment limits for pensions with a commencement day before 1 January 2006
           SCHEDULE 1A Payment limits for pensions with a commencement day on or after 1 January 2006
           SCHEDULE 2 Conditions of release and cashing restrictions -- preserved benefits and restricted non-preserved benefits
           SCHEDULE 4 Payments for market linked pensions
           SCHEDULE 5 Minimum payment amount for an account-based pension