RETIREMENT SAVINGS ACCOUNTS REGULATIONS 1997
- made under the Retirement Savings Accounts Act 1997Table of Provisions
PART 1--PRELIMINARY
- 1.01 Name of Regulations
- 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--INFORMATION--FOR RSA HOLDERS AND OTHERS
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--BENEFIT--PROTECTION STANDARDS
Division 3.1--Introductory
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 3A--DATA--AND PAYMENT MATTERS RELATING TO RSAS
PART 4--PAYMENT--STANDARDS
Division 4.1--Introductory
Subdivision 4.1.1--General interpretation- 4.01 Interpretation
- 4.01AA Meaning of non - commutable allocated pension
- 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
- 4.20B Benefits to be paid as soon as practicable where member satisfies compassionate ground relating to coronavirus
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
- 4.22B Release of benefits on compassionate ground--coronavirus
- 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 Data and payment matters relating to RSAs
- 4.35B Request forms
- 4.35C Request for rollover or transfer of RSA holder's withdrawal benefit
- 4.35D Action by receiving entity on receipt of request
- 4.35E Transferring entity must electronically receive request
- 4.35F Transferring entity may request information if not provided
- 4.35G Validation of RSA holder's details by transferring entity
- 4.35H Verification of self managed superannuation fund and RSA holder's details
- 4.35J Rollover or transfer of RSA holder's withdrawal benefit
- 4.35K Timeframes for rollovers and transfers
- 4.35L RSA holder details for rollover or transfer
- 4.35M Receiving entity must electronically receive information and payment
- 4.35N Receiving entity must allocate amount to RSA holder
- 4.35P 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
Division 4.6--Conditions for the use of tax file numbers to facilitate consolidation or rollover
- 4.44 Definitions for Division 4.6
- 4.45 Conditions for use of tax file numbers
- 4.46 Consent to use RSA holder's tax file number
- 4.47 Procedure for searching for amounts to facilitate consolidation by rollover
PART 4AA--PORTABILITY--FORMS
- 4AA.01 Establishment of scheme
- 4AA.02 Request to rollover or transfer withdrawal benefit
- 4AA.03 Verification of data
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--CONTRIBUTION--STANDARDS
- 5.01 Interpretation
Division 5.1--Operating standards
Division 5.2--Data and payment matters relating to RSAs
- 5.04 Data and payment matters relating to RSAs
- 5.05 Application
- 5.06 RSA provider may give policy or account number to Commissioner of Taxation
- 5.07 Employee details for contribution
- 5.08 RSA provider must electronically receive contributions and information
- 5.09 Incomplete contribution information
- 5.10 Contributions to be allocated to an RSA holder
PART 6--MISCELLANEOUS
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
Division 6.3--Information to be given to APRA or Commissioner of Taxation and related matters
Division 6.3A--Cooperation with AFCA
- 6.10A Cooperation with AFCA
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
- 6.15 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
PART 7--TRANSITIONAL--MATTERS
- 7.1 Amendments made by Retirement Savings Accounts Amendment Regulation 2012 (No. 3)
- 7.2 Amendments made by the Tax and Superannuation Laws Amendment (Release Conditions for Non - concessional Contributions) Regulation 2015
- 7.3 Amendments made by the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016
- 7.4 Amendments made by the Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017
- 7.5 Amendments made by the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Regulations 2018
- 7.6 Amendments made by the Treasury Laws Amendment (Release of Superannuation on Compassionate Grounds) Regulations 2018
- 7.7 Amendments made by the Treasury Laws Amendment (Work Test Exemption) Regulations 2018
- 7.8 Amendments made by the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019
- 7.9 Amendments made by the Superannuation Legislation Amendment (2020 Measures No. 1) Regulations 2020
- 7.10 Amendments made by the Treasury Laws Amendment (Reuniting More Superannuation) Regulations 2021
- 7.11 Amendments made by the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2020
- 7.12 Amendments made by the Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022
- 7.13 Amendments made by the Superannuation Legislation Amendment (Broadening Contribution Rules) Regulations 2022
- 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