Commonwealth Numbered Acts

RETIREMENT SAVINGS ACCOUNTS (CONSEQUENTIAL AMENDMENTS) ACT 1997 No. 62, 1997 - SCHEDULE 19

Schedule 19ŠAmendment of the Financial Transaction 
Reports Act 1988  1 Subsection 3(1)
Insert:
RSA has the same meaning as in the Retirement Savings Accounts Act  1997 . 2
After subsection 18(3)
Insert:

(3A) Subsection (3) does not apply in relation to accounts that are RSAs. 3
After subsection 18(4A)
Insert:

(4B) Subsections (2), (2A), (4) and (4A) do not apply in relation to
withdrawals:

   (a)  made as a result of a request under paragraph 50(1)(a) of the
        Retirement Savings Accounts Act 1997; or

   (b)  made as a result of the death of the person who is the holder of the
        account for the purposes of the Retirement Savings Accounts Act  1997
        ; or

   (c)  made under section 83, 84, 89, 195 or 196 of the Retirement Savings
        Accounts Act 1997; or

   (d)  that are used to make payments of insurance premiums in accordance
        with the terms and conditions of the account. 4 Subsection 18(8)
Omit "the account", substitute "an account other than an RSA". 5 Paragraph
18(8A)(a)
Omit "an account", substitute "an account other than an RSA". 6 At the end of
section 24
Add:

(8) This section does not apply in relation to a person (the employer) in
relation to an account if:

   (a)  the account is an RSA; and

   (b)  the employer made the application for the account on behalf of another
        person (the employee) under section 51 of the Retirement  Savings
        Accounts Act 1997 ; and

   (c)  the employer is the employer of the employee for the purposes of the
        Retirement Savings Accounts Act 1997.

[Minister's second reading speech made inŠ
House of Representatives on 4 December 1996
Senate on 5 March 1997]