RETIREMENT SAVINGS ACCOUNTS REGULATIONS (AMENDMENT) 1998 NO. 82 

RETIREMENT SAVINGS ACCOUNTS REGULATIONS (AMENDMENT) 1998 NO. 82 
- TABLE OF PROVISIONS

1.  Commencement  
2.  Amendment  
3.  Regulation 2.35 (Specific requirements)  
4.  Regulation 4.01 (Interpretation)  
5.  New regulation 4.17A  
6.  Regulation 4.18 (Redistribution of benefits by operation of terms  and conditions or action of RSA provider)  


RETIREMENT SAVINGS ACCOUNTS REGULATIONS (AMENDMENT) 1998 No. 82
- REG 1
1. Commencement


  1.1 Regulation 6 commences on 1 November 1998. 

  1.2 The remainder of these Regulations commence on gazettal. 


RETIREMENT SAVINGS ACCOUNTS REGULATIONS (AMENDMENT) 1998 No. 82
- REG 2
2. Amendment


  2.1 The Retirement Savings Accounts Regulations are amended as set 
out in these Regulations.


RETIREMENT SAVINGS ACCOUNTS REGULATIONS (AMENDMENT) 1998 No. 82
- REG 3
3. Regulation 2.35 (Specific requirements)


  3.1 Omit the regulation, substitute:
  "2.35. On request in writing by a concerned person or by an employer 
who:
  (a) contributes to the RSA on behalf of the RSA holder; or
  (b) would, apart from a temporary cessation of contributions, 
contribute to the RSA on behalf of the RSA holder;
the RSA provider must give to the concerned person or employer a copy 
of the terms and conditions of the RSA.". 


RETIREMENT SAVINGS ACCOUNTS REGULATIONS (AMENDMENT) 1998 No. 82
- REG 4
4. Regulation 4.01 (Interpretation)


  4.1 Subregulation 4.01 (2):
  Insert the following definition:
  "transitional period, in relation to a superannuation fund (within 
the meaning of the SIS Act), means the period beginning at the 
beginning of the fund's 1994-1995 year of income and ending:
  (a) in the case of a public sector superannuation scheme (within the 
meaning of the SIS Act)-at the end of the day when the scheme became 
an exempt public sector superannuation scheme; or 
  (b) in any other case-at the end of the day when the trustee of the 
fund lodges an election under section 19 of that Act.". 


RETIREMENT SAVINGS ACCOUNTS REGULATIONS (AMENDMENT) 1998 No. 82
- REG 5
5. New regulation 4.17A


  5.1 After regulation 4.17, insert:
When benefits rolled over or transferred are unrestricted non-preserved benefits
  "4.17A. Benefits rolled over or transferred to an RSA are 
unrestricted non-preserved benefits if:
  (a) the benefits were rolled over or transferred from:
    (i) a superannuation fund (Fund A) during its transitional period; or
    (ii) a regulated superannuation fund or an approved deposit fund 
to which the benefits were rolled over or transferred from a 
superannuation fund (Fund B) during its transitional period; and 
  (b) the RSA provider is reasonably satisfied that:
    (i) during the transitional period of Fund A or Fund B, there 
arose in relation to the benefits a circumstance that would have 
resulted in the satisfaction of a condition of release and a 'Nil' 
cashing restriction if the SIS Regulations applied; or
    (ii) before the benefits were rolled over or transferred to Fund A 
or Fund B from a regulated superannuation fund or an approved deposit 
fund, the relevant cashing restriction set out in Schedule 1 of the 
SIS Regulations in respect of the benefits was 'Nil'.". 


RETIREMENT SAVINGS ACCOUNTS REGULATIONS (AMENDMENT) 1998 No. 82
- REG 6
6. Regulation 4.18 (Redistribution of benefits by operation of terms 
and conditions or action of RSA provider)


  6.1 Subregulation 4.18 (2):
  After "but", insert ", subject to subregulation (3),".

  6.2 Add at the end:
  "(3) The RSA provider may alter the category of benefits from 
preserved benefits or restricted non-preserved benefits to 
unrestricted non-preserved benefits if, before the commencement of 
regulation 4.17A:
  (a) the benefits were rolled over or transferred from:
    (i) a superannuation fund (Fund A) during its transitional period; or
    (ii) a regulated superannuation fund or an approved deposit fund 
to which the benefits were rolled over or transferred from a 
superannuation fund (Fund B) during its transitional period; and 
  (b) the RSA provider is reasonably satisfied that:
    (i) during the transitional period of Fund A or Fund B, there 
arose in relation to the benefits a circumstance that would have 
resulted in the satisfaction of a condition of release and a 'Nil' 
cashing restriction if the SIS Regulations applied; or
    (ii) before the benefits were rolled over or transferred to Fund A 
or Fund B from a regulated superannuation fund or an approved deposit 
fund, the relevant cashing restriction set out in Schedule 1 of the 
SIS Regulations in respect of the benefits was 'Nil'.".


RETIREMENT SAVINGS ACCOUNTS REGULATIONS (AMENDMENT) 1998 No. 82
- NOTE 1


*1* Notified in the Commonwealth of Australia Gazette on 5 May 1998.


RETIREMENT SAVINGS ACCOUNTS REGULATIONS (AMENDMENT) 1998 No. 82
- NOTE 2


*2* Statutory Rules 1997 No. 116 as amended by 1997 Nos. 150, 151, 
242, 294, 308 and 342.


- NOTES


RETIREMENT SAVINGS ACCOUNTS REGULATIONS*2* (AMENDMENT) 1998 No. 82*1* 
- Dated 28 April 1998