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RETIREMENT SAVINGS ACCOUNTS REGULATIONS 1997

- made under the Retirement Savings Accounts Act 1997

Table 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

  • 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 3A--DATA--AND PAYMENT MATTERS RELATING TO RSAS

  • 3A.01 Definitions
  • 3A.02 Prescribed RSA
  • 3A.03 Information to be given for register

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

  • 5.02 Operating standards
  • 5.03 Acceptance of contributions

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

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

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

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