Commonwealth Numbered Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997 No. 61, 1997 - SECT 16

In this Act, unless the contrary intention appears:
annuity has the same meaning as in the Superannuation Industry  (Supervision)
Act 1993 .
approved auditor means a person included in a class of persons specified in
regulations made for the purposes of this definition, but does not include a
person in respect of whom a disqualification order is in force under section
67.
approved deposit fund means a fund that is an approved deposit fund for the
purposes of the Superannuation Industry (Supervision) Act  1993 .
approved form means a form approved by the Commissioner, in writing, for the
purposes of the provision in which the expression appears.
associate has the meaning given by section 18.
Australian court means:

   (a)  the High Court; or

   (b)  a court created by the Parliament; or

   (c)  a court of a State or Territory.
AFIC Codes means the following:

   (a)  the AFIC (NSW) Code of New South Wales;

   (b)  the AFIC (Victoria) Code of Victoria;

   (c)  the AFIC (Queensland) Code of Queensland;

   (d)  the AFIC (Western Australia) Code of Western Australia;

   (e)  the AFIC (South Australia) Code of South Australia;

   (f)  the AFIC (Tasmania) Code of Tasmania;

   (g)  the AFIC (ACT) Code of the Australian Capital Territory;

   (h)  the AFIC (NT) Code of the Northern Territory.
authorised person means an officer of the Australian Public Service authorised
by the Commissioner, in writing, for the purposes of the provision in which
the expression appears;
bank means a body corporate authorised under Part II of the Banking  Act 1959
to carry on banking business in Australia.
books includes:

   (a)  any record; or

   (b)  any accounts or accounting records, however compiled, recorded or
        stored; or

   (c)  a document.
building society means a financial institution that is a building society for
the purposes of any of the AFIC Codes.
capital guaranteed has the meaning given by section 14.
Commissioner means the Insurance and Superannuation Commissioner appointed
under the Insurance and Superannuation Commissioner Act  1987 , or a person
for the time being acting as Insurance and Superannuation Commissioner under
that Act.
constitutional corporation means a body corporate that is:

   (a)  a trading corporation formed within the limits of the Commonwealth
        (within the meaning of paragraph 51(xx) of the Constitution); or

   (b)  a financial corporation formed within the limits of the Commonwealth
        (within the meaning of paragraph 51(xx) of the Constitution).
contribution includes a deposit into an account held at a bank or financial
institution and a payment of a premium to a life insurance company.
Corporations Law means the Corporations Law set out in the
Corporations Act 1989.
court means any court, when exercising jurisdiction under this Act.
Court means the Federal Court of Australia or the Supreme Court of a State or
a Territory.
credit union means a financial institution that is a credit union for the
purposes of any of the AFIC Codes.
data processing device means any article or material (for example, a disk)
from which information is capable of being reproduced with or without the aid
of any other article or device.
dependant has the meaning given by section 20.
director, in relation to a body corporate, has the same meaning as in the
Corporations Law.
disclose, in relation to information, means give, reveal or communicate in any
way.
eligibility age, in relation to an age pension, means:

   (a)  in the case of a man-65 years or, if another age is prescribed by the
        regulations in place of 65 years, the age so prescribed; or

   (b)  in the case of a woman-60 years or, if another age is prescribed by
        the regulations in place of 60 years, the age so prescribed.
eligible person has the meaning given by section 13.
employee has the meaning given by section 19.
employer has the meaning given by section 19.
executive officer, in relation to a body corporate, means a person, by
whatever name called and whether or not a director of the body, who is
concerned, or takes part, in the management of the body.
expert, in relation to a matter, means a person whose profession or reputation
gives authority to a statement made by him or her in relation to that matter.
financial institution means:

   (a)  a society or a special services provider for the purposes of any of
        the AFIC Codes; or

   (b)  if any of the AFIC Codes apply to friendly societies-a friendly
        society for the purposes of any of the AFIC Codes.
function includes duty.
half-year means a period of 6 months ending on 30 June or 31 December.
holder has the meaning given by section 9.
holds has the meaning given by section 9.
Income Tax Assessment Act means the Income Tax Assessment Act 1936.
inspector has the meaning given by section 96.
investment means any mode of application of money or other property for the
purpose of gaining interest, income or profit.
involved, in relation to a contravention, has the meaning given by section 21.
lawyer means a duly qualified legal practitioner and, in relation to a person,
means such a practitioner acting for the person.
legal personal representative means the executor of the will or administrator
of the estate of a deceased person, the trustee of the estate of a person
under a legal disability or a person who holds an enduring power of attorney
granted by a person.
life insurance company means:

   (a)  a body corporate registered under the Life Insurance Act 1995; or

   (b)  a public authority:

        (i)    that is constituted by a law of a State or Territory; and

        (ii)   that carries on life insurance business within the meaning of
               section 11 of that Act.
lodge means lodge with the Commissioner.
modifications includes additions, omissions and substitutions.
occurrence of an event includes the coming into existence of a state of
affairs.
old-age pension has the same meaning as in paragraph 51(xxiii) of the
Constitution.
owner, in relation to a policy, has the same meaning as in the Life  Insurance
Act 1995 .
pension (except in the expression Òold-age pensionÓ) means a benefit, if the
benefit is taken, under the regulations, to be a pension for the purposes of
this Act.
person affected by a reviewable decision, in relation to a reviewable
decision, means the person in relation to which the decision was made.
policy has the same meaning as in the Life Insurance Act 1995.
premises includes:

   (a)  a structure, building, aircraft, vehicle or vessel; and

   (b)  any land or place (whether enclosed or built on or not); and

   (c)  a part of a structure, building, aircraft, vehicle or vessel or of
        such a place.
premium means a premium in respect of a policy and includes an instalment of
premium.
prescribed means prescribed by the regulations.
procure includes cause.
produce includes permit access to.
protected document means a document given or produced to, or obtained by, the
Commissioner under or for the purposes of this Act, being a document
containing information relating to the affairs of any RSA provider other than
information that has already been lawfully made available to the public from
other sources.
protected information means information disclosed to, or obtained by, the
Commissioner under or for the purposes of this Act, being information relating
to the affairs of any RSA provider other than information that has already
been lawfully made available to the public from other sources.
provide has the meaning given by section 10.
provider has the meaning given by section 10.
regulated document, in relation to an RSA provider, means a document:

   (a)  issued, or authorised to be issued, by the RSA provider; and

   (b)  that the RSA provider knows, or ought reasonably to know (having
        regard to the RSA provider's abilities, experience, qualifications and
        other attributes), may influence a person's decision:

        (i)    to apply to become a holder of an RSA; or

        (ii)   to make an application, on behalf of an employee, for the
               employee to become the holder of an RSA.
regulated exempt public sector superannuation scheme means an exempt public
sector superannuation scheme (within the meaning of the
Superannuation Industry (Supervision) Act 1993) in respect of which either of
the following applies:

   (a)  the trustee of the scheme is a constitutional corporation;

   (b)  the sole or primary purpose of the scheme is the provision of old-age
        pensions.
regulated superannuation fund means a fund that is a regulated superannuation
fund for the purposes of the Superannuation Industry  (Supervision) Act 1993 .
relevant person in relation to bodies corporate, means:

   (a)  a responsible officer of the RSA provider; or

   (b)  an auditor of the RSA provider.
responsible officer, in relation to a body corporate, means:

   (a)  a director of the body; or

   (b)  a secretary of the body; or

   (c)  an executive officer of the body.
retirement savings account has the meaning given by section 8.
reviewable decision means:

   (a)  a decision of the Commissioner under subsection 24(2) to treat an
        application as having been withdrawn; or

   (b)  a decision of the Commissioner under subsection 26(2) refusing an
        application for approval; or

   (c)  a decision of the Commissioner under subsection 26(4) to specify
        conditions in an instrument of approval; or

   (d)  a decision of the Commissioner under subsection 28(4) to treat an
        application as having been withdrawn; or

   (e)  a decision of the Commissioner under section 29 or 30 to vary the
        approval of an RSA institution; or

   (f)  a decision of the Commissioner under section 29 to refuse to vary the
        approval of an RSA institution; or

   (g)  a decision of the Commissioner under section 57 to make a stop order;
        or

   (h)  a decision of the Commissioner under section 59 to revoke a stop
        order; or

   (i)  a decision of the Commissioner to make a disqualification order under
        section 67; or

   (j)  a decision of the Commissioner refusing to revoke a disqualification
        order under section 67; or

   (k)  a decision of the Commissioner under section 174 to make an exemption;
        or

   (l)  a decision of the Commissioner under section 177 to make a
        declaration; or

   (m)  a decision of the Commissioner under section 179 to revoke an
        exemption or declaration; or

   (n)  a decision of the Commissioner to give a direction under section 182;
        or

   (o)  a decision of the Commissioner refusing to revoke a direction under
        section 182; or

   (p)  a decision of the Commissioner under subsection 193(9).
RSA has the meaning given by section 8.
RSA institution has the meaning given by section 11.
RSA provider has the meaning given by section 12.
RSA standards officer means a person who is or has been appointed or employed
by the Commonwealth and who, because of that appointment or employment, or in
the course of that employment:

   (a)  may acquire, or has acquired, protected information; or

   (b)  may have, or has had, access to protected documents;
otherwise than by reason only of the operation of paragraph 191(7)(h), and
includes a person who is or has been:

   (c)  an inspector; or

   (d)  a delegate of the Commissioner under section 193.
statement, in Parts 5 and 7, includes a promise, estimate or forecast.
stop order means an order under section 57.
Superannuation Complaints Tribunal means the Superannuation Complaints
Tribunal established by the Superannuation (Resolution of  Complaints) Act
1993 .
superannuation entity means:

   (a)  a regulated superannuation fund; or

   (b)  an approved deposit fund.
superannuation interest has the same meaning as in the
Superannuation Industry (Supervision) Act 1993.
taxation officer means a person who is an officer for the purposes of section
16 of the Income Tax Assessment Act 1936.
tax file number has the meaning given by section 202A of the Income Tax
Assessment Act 1936 .
trustee, in relation to a fund, scheme or trust, means:

   (a)  if there is a trustee (within the ordinary meaning of that expression)
        of the fund, scheme or trust-the trustee; or

   (b)  in any other case-the person who manages the fund, scheme or trust.
unclaimed money has the meaning given by section 81.
year of income in relation to a person, means a period that is, for the
purposes of the Income Tax Assessment Act 1936, a year of income of the person
(subsection 6(2A) of that Act applies accordingly).