Commonwealth Numbered Regulations

RETIREMENT SAVINGS ACCOUNTS REGULATIONS (AMENDMENT) 1998 No. 82 - REG 6

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'.".