Commonwealth Numbered Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997 No. 61, 1997 - SECT 7

The following is a brief summary of the Act:
Brief summary of the Act
Main purpose-provision for RSAs
This Act provides for retirement savings accounts, or RSAs, to be offered by
certain financial institutions.
RSAs will provide benefits upon retirement or death and may also provide a
limited range of other benefits.
RSAs will have certain restrictions placed upon them to make them similar to
other superannuation products.
Concessional taxation and social security treatment of RSAs
RSAs are subject to concessional rules under income tax and social security
law.
Supervision of RSA business of providers
The Act also provides for the approval of the entities that can offer RSAs and
provides for supervision of the RSA business of those entities.
The general prudential supervision of these entities is not dealt with in this
Act.