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This is a Bill, not an Act. For current law, see the Acts databases.
1996-97
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
(As read a third
time)
Retirement
Savings Accounts (Consequential Amendments) Bill
1997
No. ,
1997
A Bill for an Act to amend
various Acts because of the enactment of the Retirement Savings Accounts Act
1997, and for related
purposes
9619340—880/4.3.1997—(193/97)
Cat. No. 96 7288 5 ISBN 0644 498668
Contents
This Bill originated in the House of Representatives; and,
having this day passed, is now ready for presentation to the Senate for its
concurrence.
L.M. BARLIN
Clerk of the House
of Representatives
House of Representatives
4 March
1997
A Bill for an Act to amend various Acts because of the
enactment of the Retirement Savings Accounts Act 1997, and for related
purposes
The Parliament of Australia enacts:
This Act may be cited as the Retirement Savings Accounts
(Consequential Amendments) Act 1997.
This Act commences on the day on which the Retirement Savings Accounts
Act 1997 commences.
Each Act that is specified in a Schedule to this Act is amended or
repealed as set out in the applicable items in the Schedule concerned, and any
other item in a Schedule to this Act has effect according to its
terms.
1 The Title
After “deposit funds”, insert “, retirement
savings accounts”.
2 Subsection 3(1) (definition of reviewable
decision)
Insert:
(a) a decision of the Commissioner under section 15;
3 Subsection 3(1)
Insert:
RSA provider has the same meaning as in the Retirement
Savings Accounts Act 1997.
4 Subsection 3(1)
Insert:
year of income, in relation to an RSA provider means a period
that is, for the purposes of the Tax Act, the year of income of the RSA provider
that commenced on 1 July 1997 or a subsequent year of income.
5 After Part III
Insert:
An RSA provider that lodges a return under section 44 of the
Retirement Savings Accounts Act 1997 is liable to pay a levy on that
lodgment.
(1) Levy payable by an RSA provider on the lodgment of a particular return
is due and payable on the day specified in a written notice given to the RSA
provider by the Commissioner.
(2) The specified day must not be earlier than 21 days after the day on
which the notice is given.
(1) If any levy payable by an RSA provider in relation to a return for a
year of income remains unpaid throughout the whole or part of:
(a) the calendar month beginning at the start of the day after the day on
which the levy became due and payable; or
(b) a later calendar month;
the RSA provider is liable to pay to the Commonwealth, in respect of that
calendar month, by way of penalty, the late payment penalty worked out under
subsection (2).
However, this rule does not apply if the levy was fully paid before the
15th day of the calendar month referred to in paragraph (a).
(2) The late payment penalty for a calendar month is the greater of the
following amounts:
(a) the amount worked out using the following formula and rounded up to
the nearest whole dollar:
(b) the amount worked out using the following formula and rounded up to
the nearest whole dollar:
(3) In subsection (2):
minimum basic levy amount, in relation to a year of income,
means the lowest basic levy amount applicable to returns for the year of income
for RSA providers that are RSA providers at all times during the year of
income.
unpaid levy means the amount of levy unpaid in relation to
the return as at the beginning of the calendar month.
(4) If the amounts worked out under subsection (2) for a calendar month
are equal, the late payment penalty for that calendar month is that
amount.
(5) Late payment penalty for a calendar month is due and payable at the
end of the calendar month.
The following amounts may be recovered by the Commonwealth as debts due
to the Commonwealth:
(a) levy that is due and payable;
(b) late payment penalty that is due and payable.
Levy and late payment penalty are payable to the Commissioner.
The Commissioner may remit the whole or a part of the
following:
(a) an amount of levy;
(b) an amount of late payment penalty.
(1) This section applies if:
(a) 2 or more amounts payable to the Commissioner by a person under this
Part would, apart from this section, be debts due to the Commonwealth under this
Part; and
(b) an amount (the debt payment) is paid to the Commissioner
in respect of one or more of those amounts; and
(c) the sum of the amounts payable exceeds the debt payment.
(2) If this section applies:
(a) despite any direction to the contrary by or on behalf of the person by
whom the amounts are payable or the person making the debt payment, the
Commissioner may apply the debt payment in partial discharge of the sum of the
amounts payable; and
(b) the Commonwealth may recover as a debt due to the Commonwealth the
amount by which the sum of the amounts payable exceeds the debt
payment.
(1) Nothing in a law passed before the commencement of this section
exempts a person from liability to levy.
(2) A law, or a provision of a law, passed after the commencement of this
section that purports to exempt an RSA provider from liability to pay taxes
under laws of the Commonwealth or to pay certain taxes under those laws that
include levy, other than a law or a provision that expressly exempts an RSA
provider from liability to pay levy, is not to be construed as exempting the RSA
provider from liability to pay levy.
In this Part:
basic levy amount has the meaning given by section 6 of the
Retirement Savings Accounts Supervisory Levy Act 1997.
levy means the levy imposed by the Retirement Savings
Accounts Supervisory Levy Act 1997.
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997.
6 Subsection 16(1)
After “Commissioner” (first occurring), insert “, or an
RSA provider that is affected by such a decision,”.
7 Subsection 16(1)
After “unit trust” (second occurring), insert “, or the
RSA provider,”.
8 Subsection 17(1)
After “reviewable decision” (first occurring), insert “,
or an RSA provider affected by such a decision,”.
9 Paragraph 17(1)(a)
After “trustees”, insert “, or the RSA
provider,”.
10 Paragraph 17(1)(b)
After “trustees”, insert “, or the RSA
provider,”.
11 Subsection 17(2)
After “unit trust”, insert “, or the RSA
provider,”.
12 Subsection 17(2)
After “the trustees” (second occurring), insert “, or the
RSA provider,”.
13 At the end of paragraph
22(2)(b)
Add:
or (c) levy imposed by the Retirement Savings Accounts Supervisory Levy
Act 1997.
1 Title
After “decisions”, insert “and
conduct”.
2 At the end of the Title
Add “and of RSA providers and insurers”.
3 Subsection 3(2) (definition of
complainant)
Omit “or 15B”, substitute “, 15B, 15E, 15F, 15H or
15J”.
4 Subsection 3(2) (definition of
complaint)
Omit “or 15B”, substitute “, 15B, 15E, 15F, 15H or
15J”.
5 Subsection 3(2) (at the end of the definition
of death benefit)
Add:
; or (d) a benefit:
(i) that is payable by an RSA provider in respect of the holder of an RSA
provided by the RSA provider; and
(ii) that is payable on or after the death of the RSA holder;
and
(iii) that is provided in accordance with subsection 15(3) or paragraph
15(4)(c) of the Retirement Savings Accounts Act 1997; or
(e) a benefit:
(i) that is payable by an insurer, in relation to a contract of insurance
where the premiums are paid from an RSA, in respect of the holder of an RSA
provided by an RSA provider; and
(ii) that is payable on or after the death of the RSA holder;
and
(iii) that is provided in accordance with subsection 15(3) or paragraph
15(4)(c) of the Retirement Savings Accounts Act 1997.
6 Subsection 3(2) (definition of disability
benefit)
Repeal the definition, substitute:
disability benefit means:
(a) a benefit that is:
(i) payable by the trustee of a regulated superannuation fund in the event
of a temporary or permanent cessation of employment because of a partially or
totally disabling physical or mental condition; and
(ii) provided in accordance with subparagraph 62(1)(b)(ii) of the
Supervision Act; or
(b) a benefit that is:
(i) payable by an RSA provider in the event of temporary or permanent
cessation of employment because of a partially or totally disabling physical or
mental condition; and
(ii) provided in accordance with paragraph 15(4)(b) of the Retirement
Savings Accounts Act 1997; or
(c) a benefit that is:
(i) payable by an insurer, in relation to a contract of insurance where
the premiums are paid from an RSA in the event of temporary or permanent
cessation of employment because of a partially or totally disabling physical or
mental condition; and
(ii) provided in accordance with paragraph 15(4)(b) of the Retirement
Savings Accounts Act 1997.
7 Subsection 3(2) (after paragraph (a) of the
definition of excluded complaint)
Insert:
(ab) a complaint about a decision of an RSA provider in relation to an RSA
that is declared by the regulations to be an RSA provider to which this Act does
not apply; or
8 Subsection 3(2) (definition of
insurer)
Add at the end:
or (d) in relation to a complaint under section 15E, 15F, 15H or 15J, the
life company that is a party to the policy to which the complaint
relates.
9 Subsection 3(2)
Insert:
holder, in relation to an RSA, has the same meaning as in the
Retirement Savings Accounts Act 1997.
10 Subsection 3(2)
Insert:
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997.
11 Subsection 3(2)
Insert:
RSA provider has the same meaning as in the Retirement
Savings Accounts Act 1997.
12 After paragraph 3(3)(b)
Insert:
or (ba) a contract of insurance where the premiums are paid from an
RSA;
13 Paragraph 3(3)(c)
After “policy”, insert “or contract”.
14 After subsection 3(3)
Insert:
(4) A reference in this Act to a representative of an RSA provider
includes a reference to an agent, employee or officer of the RSA provider, or of
an associate of the RSA provider, who engages in conduct in relation to an
RSA.
15 Section 4
After “an insurer”, insert “, an RSA
provider”.
Note: The heading to section 4 is altered by inserting
“, RSA provider”, after
“insurer”.
16 Section 4
After “trustee, insurer” (wherever occurring), insert “,
RSA provider”.
17 After paragraph 8(2)(b)
Insert:
or (c) a director or employee of an RSA provider; or
(d) a director or employee of an insurer;
18 Subsection 9(1)
Omit all the words from and including “either:”, substitute
“by 3 Tribunal members selected by the Tribunal
Chairperson.”.
19 After subsection 9(3A)
Insert:
(3B) If neither the Chairperson nor the Deputy Chairperson is present at a
particular meeting, the Tribunal member selected by the Chairperson is to
preside at that meeting.”.
20 After paragraph 10(1)(b)
Insert:
(ba) an RSA provider; or
(bb) an insurer; or
(bc) an RSA; or
21 Subsection 13(2)
Omit “and beneficiaries of approved deposit funds”, substitute
“, beneficiaries of approved deposit funds, holders of RSAs and
holders of annuity policies”.
22 After section 15D
Insert:
(1) A person who is, or claims to be, the holder, or the former holder of
an RSA may make a complaint (other than an excluded complaint) to the Tribunal,
that the conduct of the RSA provider, or of a representative of the RSA
provider, in respect of the opening of the RSA, was unfair or
unreasonable.
Note: Although a complaint is about the conduct of an RSA
provider, the Tribunal may join an insurer and any other person, as parties to
the complaint (see subsection 18(3A)). The Tribunal may then review any conduct
of the person joined that may be relevant to the complaint.
(2) A complaint under this section is to be made by sending or delivering
a written complaint to the office of the Tribunal.
(3) When a complaint is made under this section concerning the conduct of
the RSA provider, or of a representative of the RSA provider, in respect of the
opening of an RSA, the Tribunal must, in determining whether the conduct of the
RSA provider or of a representative of the RSA provider was unfair or
unreasonable, have regard, in particular, to the question whether that conduct
involved:
(a) undue influence or pressure on the RSA holder; or
(b) material misrepresentation made to the RSA holder;
in relation to the opening of the RSA.
(4) For the purposes of subsection (3), the Tribunal may take into
account:
(a) the age, physical and mental condition, educational attainments and
financial means of the RSA holder; and
(b) the relative bargaining positions of the RSA provider or the RSA
provider’s representative and of the RSA holder or any person acting for
the RSA holder; and
(c) the insurance and personal superannuation needs of the RSA holder or
of any other person having, or claiming to have, an interest in the RSA as known
to, or reasonably ascertainable by, the RSA provider or the RSA provider’s
representative; and
(d) the importance of ensuring that RSA providers act with fairness,
openness and propriety in relation to the opening of RSAs and take reasonable
steps to ensure that their representatives also act with fairness, openness and
propriety in relation to the opening of RSAs; and
(e) the objects of this Act; and
(f) any other matter that the Tribunal considers relevant.
(1) Subject to subsections (3) to (6) and section 15G, a person may, at
any time, make a complaint (other than an excluded complaint) to the Tribunal,
that a decision of an RSA provider in relation to a particular RSA holder or
former RSA holder, is or was unfair or unreasonable.
Note: Although a complaint is about a decision of an RSA
provider, the Tribunal may join an insurer and any other person, as parties to
the complaint (see subsection 18(3A)). The Tribunal may then review any decision
of the person joined that may be relevant to the complaint.
(2) If a person is given a notice by an RSA provider in respect of an RSA
setting out:
(a) the RSA provider’s decision in relation to the person’s
objection to the proposed payment of a death benefit under the RSA;
and
(b) the prescribed period within which the person must complain to the
Tribunal about the decision;
the person may only complain to the Tribunal within that period.
(3) The Tribunal cannot deal with a complaint under this section that must
be made within the prescribed period referred to in subsection (2) if the
complaint is not made within that period.
(4) The Tribunal cannot deal with a complaint under this section to the
extent that it relates to the management as a whole of:
(a) an RSA provider; or
(b) an RSA provider’s business; or
(c) an RSA provider’s investments.
(5) The Tribunal cannot deal with a complaint under this section about a
decision of an RSA provider relating to the payment of a disability benefit
because of total and permanent disability unless the complaint is made within a
period of one year after the making of the decision to which the complaint
relates.
(6) The Tribunal cannot deal with a complaint under this section about a
decision of an RSA provider relating to the payment of a disability benefit
because of total and permanent disability if:
(a) before the making of the decision, the person permanently ceased
particular employment because of the physical or mental condition that gave rise
to the claim for disability benefit; and
(b) the claim was not lodged, or is not lodged, with the RSA provider,
within one year after the person permanently ceased that employment because of
that physical or mental condition.
(7) Without limiting the meaning of a decision of an RSA provider relating
to the payment of a disability benefit in any other provision of this Act, that
expression means, for the purposes of subsections (5) and (6), the original
decision of the RSA provider in relation to the matter.
(8) For the purposes of subsection (7), if, as a result of a complaint
about the original decision of the RSA provider under arrangements made under
section 47 of the Retirement Savings Accounts Act 1997, the original
decision was confirmed or varied, or another decision was substituted for the
original decision:
(a) the decision as so confirmed or varied, or the substituted decision,
is taken to be the original decision; and
(b) the decision as so confirmed or varied, or the substituted decision,
is taken to have been made at the time when the original decision was
made.
(9) A complaint under this section is to be made by sending or delivering
a written complaint to the office of the Tribunal.
(10) When a complaint is made under this section about a decision of an
RSA provider under an RSA, the Tribunal must, in determining whether that
decision is or was unfair or unreasonable, have regard, in particular:
(a) to the seriousness of any failure to discharge an obligation under the
terms of the RSA; and
(b) to any action taken by the RSA provider that is contrary to the best
interests of the RSA holder or any other person having an interest under the
RSA.
(1) A person may make a complaint under section 15F concerning a decision
of an RSA provider in relation to an RSA only if:
(a) in the case of a decision that relates to the payment of a death
benefit:
(i) the person has an interest in the benefit; or
(ii) the person claims to be, or to be entitled to benefits through, a
person referred to in subparagraph (i); or
(iii) the person is acting for a person referred to in subparagraph (i) or
(ii); or
(b) in the case of a decision that does not relate to the payment of a
death benefit—the person is:
(i) the holder or the former holder of the RSA; or
(ii) a person acting for the holder or the former holder of the RSA, or
for the estate of such a person.
(2) A person does not have an interest in a death benefit for the purposes
of paragraph (1)(a) unless:
(a) the person:
(i) has been given written notice by the RSA provider of the proposed
payment of the benefit; and
(ii) has been given written notice by the RSA provider of the prescribed
period within which the person may object; and
(iii) has objected to the RSA provider within the prescribed period;
or
(b) the person has not been notified by the RSA provider of the proposed
payment of the benefit and the failure to notify was unreasonable; or
(c) the person has been notified by the RSA provider of the proposed
payment of the benefit but was not notified of the prescribed period to object
to the payment; or
(d) the person has been notified by the RSA provider of the proposed
payment of the benefit but was notified of a period less than the prescribed
period for the purposes of subparagraph (a)(ii).
(1) A person who is, or claims to be, the holder, or the former holder, of
an RSA may complain to the Tribunal that the conduct of an insurer, or of a
representative of an insurer, in respect of the sale of insurance benefits in
relation to a contract of insurance where the premiums are paid from an RSA, was
unfair or unreasonable.
Note: Although a complaint is about the conduct of an
insurer, the Tribunal may join the RSA provider and any other person, as parties
to the complaint (see subsection 18(3B)). The Tribunal may then review any
conduct of the person joined that may be relevant to the
complaint.
(2) A complaint under this section is to be made by sending or delivering
a written complaint to the office of the Tribunal.
(3) When a complaint is made under this section concerning the conduct of
the an insurer, or of a representative of an insurer, in respect of the entry
into a contract of insurance in connection with an RSA, the Tribunal must, in
determining whether the conduct of the insurer, or of a representative of the
insurer, was unfair or unreasonable, have regard, in particular, to the question
whether that conduct involved:
(a) undue influence or pressure on the RSA holder; or
(b) material misrepresentation made to the RSA holder;
in relation to entry into the contract.
(4) For the purposes of subsection (3), the Tribunal may take into
account:
(a) the age, physical and mental condition, educational attainments and
financial means of the RSA holder; and
(b) the relative bargaining positions of the insurer or the
insurer’s representative and of the RSA holder or any person acting for
the RSA holder; and
(c) the insurance and personal superannuation needs of the RSA holder or
of any other person having, or claiming to have, an interest in the RSA as known
to, or reasonably ascertainable by, the insurer or the insurer’s
representative; and
(d) the importance of ensuring that insurers act with fairness, openness
and propriety in relation to entering into contracts of insurance in connection
with RSAs and take reasonable steps to ensure that their representatives also
act with fairness, openness and propriety in relation to such conduct;
and
(e) the objects of this Act; and
(f) any other matter that the Tribunal considers relevant.
(1) Subject to subsections (3) to (6) and to section 15K, a person may, at
any time, complain to the Tribunal that a decision of an insurer in relation to
a contract of insurance where the premiums are paid from an RSA, is or was
unfair or unreasonable.
Note: Although a complaint is about a decision of an
insurer, the Tribunal may join the RSA provider and any other person, as parties
to the complaint (see subsection 18(3B)). The Tribunal may then review any
decision of the person joined that may be relevant to the
complaint.
(2) If a person is given a notice by an insurer in respect of a contract
of insurance setting out:
(a) the insurer’s decision in relation to the person’s
objection to the proposed payment of a death benefit in relation to the contract
of insurance; and
(b) the prescribed period within which the person must complain to the
Tribunal about the decision;
the person may only complain to the Tribunal within that period.
(3) The Tribunal cannot deal with a complaint under this section that must
be made within the prescribed period referred to in subsection (2) if the
complaint is not made within that period.
(4) The Tribunal cannot deal with a complaint under this section to the
extent that it relates to the management as a whole of:
(a) an insurer; or
(b) an insurer’s business; or
(c) an insurer’s investments.
(5) The Tribunal cannot deal with a complaint under this section about a
decision of an insurer relating to the payment of a disability benefit because
of total and permanent disability unless the complaint is made within a period
of one year after the making of the decision to which the complaint
relates.
(6) The Tribunal cannot deal with a complaint under this section about a
decision of an insurer relating to the payment of a disability benefit because
of total and permanent disability if:
(a) before the making of the decision, the person permanently ceased
particular employment because of the physical or mental condition that gave rise
to the claim for disability benefit; and
(b) the claim was not lodged, or is not lodged, with the insurer, within
one year after the person permanently ceased that employment because of the
physical or mental condition.
(7) Without limiting the meaning of a decision of an insurer relating to
the payment of a disability benefit in any other provision of this Act, that
expression means, for the purposes of subsections (5) and (6), the original
decision of the insurer in relation to the matter.
(8) For the purposes of subsection (7), if, as a result of a complaint
about the original decision of the insurer under arrangements made for dealing
with complaints, the original decision was confirmed or varied, or another
decision was substituted for the original decision:
(a) the decision as so confirmed or varied, or the substituted decision,
is taken to be the original decision; and
(b) the decision as so confirmed or varied, or the substituted decision,
is taken to have been made at the time when the original decision was
made.
(9) A complaint under this section is to be made by sending or delivering
a written complaint to the office of the Tribunal.
(10) When a complaint is made under this section about a decision of an
insurer in relation to a contract of insurance entered into in connection with
an RSA, the Tribunal must, in determining whether that decision is or was unfair
or unreasonable, have regard, in particular:
(a) to the seriousness of any failure to discharge an obligation under the
terms of the contract of insurance; and
(b) to any action taken by the insurer that is contrary to the best
interests of the RSA holder or any other person having an interest under the
contract of insurance.
(1) A person may make a complaint under section 15J concerning a decision
of an insurer in relation to a contract of insurance entered into in connection
with an RSA only if:
(a) in the case of a decision that relates to the payment of a death
benefit:
(i) the person has an interest in the benefit; or
(ii) the person claims to be, or to be entitled to benefits through, a
person referred to in subparagraph (i); or
(iii) the person is acting for a person referred to in subparagraph (i) or
(ii); or
(b) in the case of a decision that does not relate to the payment of a
death benefit—the person is:
(i) the holder or the former holder of the RSA; or
(ii) a person acting for the holder or the former holder of the RSA, or
for the estate of such a person.
(2) A person does not have an interest in a death benefit for the purposes
of paragraph (1)(a) unless:
(a) the person:
(i) has been given written notice by the insurer of the proposed payment
of the benefit; and
(ii) has been given written notice by the insurer of the prescribed period
within which the person may object; and
(iii) has objected to the insurer within the prescribed period;
or
(b) the person has not been notified by the insurer of the proposed
payment of the benefit and the failure to notify was unreasonable; or
(c) the person has been notified by the insurer of the proposed payment of
the benefit but was not notified of the prescribed period to object to the
payment; or
(d) the person has been notified by the insurer of the proposed payment of
the benefit but was notified of a period less than the prescribed period for the
purposes of subparagraph (a)(ii).
23 At the end of section 17
Add:
(3) If the complainant sends or delivers a complaint under section 15E or
15F to an office of the Tribunal, the Tribunal must:
(a) by notice in writing given to the complainant, acknowledge receipt of
the complaint; and
(b) by notice in writing given to the RSA provider concerned:
(i) tell the RSA provider that a complaint has been made to the Tribunal
and identify the complainant; and
(ii) give details of the complaint; and
(iii) tell the RSA provider of the RSA provider’s obligations under
section 24.
(4) If the complainant sends or delivers a complaint under section 15H or
15J to an office of the Tribunal, the Tribunal must:
(a) by notice in writing given to the complainant, acknowledge receipt of
the complaint; and
(b) by notice in writing given to the insurer concerned:
(i) tell the insurer that a complaint has been made to the Tribunal and
identify the complainant; and
(ii) give details of the complaint; and
(iii) tell the insurer of the insurer’s obligations under
section 24.
24 Paragraph 17A(3)(a)
Omit “or 15B”, substitute “15B, 15E, 15F, 15H or
15J”.
25 Paragraph 17A(3)(b)
After “18(3)”, insert “, (3A) or (3B)”.
26 Paragraph 17A(4)(a)
Omit “or 15B”, substitute “15B, 15E, 15F, 15H or
15J”.
27 Paragraph 17A(4)(c)
Omit “or (3)(c)”, substitute “, (3)(c), (3A)(e) or
(3B)(e)”.
28 After subsection 18(3)
Insert:
(3A) The parties to a complaint under section 15E or 15F are:
(a) the complainant; and
(b) the RSA provider; and
(c) if the subject matter of the complaint relates to a death benefit or a
disability benefit in relation to a contract of insurance relating to an RSA,
and the Tribunal decides that the insurer should be a party to the
complaint—the insurer; and
(d) if the subject matter of the complaint relates to a disability benefit
(whether in relation to a contract of insurance or otherwise) and the Tribunal
decides that a person other than an RSA provider or insurer is responsible for
determining either or both of the existence and the extent of the disability
(whether total and permanent or otherwise)—that person; and
(e) if any other person has applied to the Tribunal to be made a party to
the complaint (whether under section 24A or otherwise) and the Tribunal decides
that the person should be a party to the complaint—that person.
(3B) The parties to a complaint under section 15H or 15J are:
(a) the complainant; and
(b) the insurer; and
(c) if the subject matter of the complaint relates to a death benefit or a
disability benefit in relation to a contract of insurance relating to an RSA and
the Tribunal decides that the RSA provider should be a party to the
complaint—the RSA provider; and
(d) if the subject matter of the complaint relates to a disability benefit
(whether in relation to a contract of insurance or otherwise) and the Tribunal
decides that a person other than an RSA provider or insurer is responsible for
determining either or both of the existence and the extent of the disability
(whether total and permanent or otherwise)—that person; and
(e) if any other person has applied to the Tribunal to be made a party to
the complaint (whether under section 24A or otherwise) and the Tribunal decides
that the person should be a party to the complaint—that person.
29 At the end of section 19
Add:
(3) The Tribunal cannot deal with a complaint under section 15E or 15F
unless the complainant satisfies the Tribunal that:
(a) a complaint about the same subject matter was previously made to an
appropriate person under arrangements for dealing with such complaints made
under section 47 of the Retirement Savings Accounts Act 1997;
and
(b) the complaint so made was not settled to the satisfaction of the
complainant within 90 days or such longer period as the Tribunal
allows.
(4) The Tribunal cannot deal with a complaint under section 15H or 15J
unless the complainant satisfies the Tribunal that the complainant has made all
reasonable efforts to have the complaint resolved by the insurer who entered
into the contract of insurance to which the complaint relates.
30 Paragraph 22(3)(a)
After “trustee”, insert “, RSA provider, insurer or other
decision maker”.
31 Subsection 24(1)
Omit “or insurer” (wherever occurring), substitute “,
insurer or RSA provider”.
32 Subsection 24(1)
Omit “or 15B”, substitute “, 15B, 15E, 15F, 15H or
15J”.
33 Subsections 24(2) and
(3)
Repeal the subsections, substitute:
(2) Subject to subsection (4), if, in relation to a complaint under
section 14, 14A, 15E, 15F, 15H, or 15J, a relevant person (as determined under
subsection (3)) is notified under section 17A that the person has been joined as
a party to the complaint under section 18, the person must, within 28 days after
receiving notice of the joinder, or such longer period as the Tribunal allows,
give to the Tribunal a copy of all documents or parts of documents:
(a) that are in the possession, or under the control, of the person;
and
(b) that are considered by the person to be relevant to the
complaint.
(3) The following table sets out the persons who are relevant persons for
the purposes of subsection (2) in relation to particular complaints:
|
Relevant persons for the purposes of subsection (2) |
||
|---|---|---|
|
|
Section under which complaint is made |
|
|
1 |
14 |
insurer or other decision-maker |
|
2 |
14A |
insurer |
|
3 |
15E |
insurer |
|
4 |
15F |
insurer or other decision-maker |
|
5 |
15H |
RSA provider |
|
6 |
15J |
RSA provider or other decision-maker |
34 Subsection 24(4)
After “an insurer”, insert “, the RSA
provider”.
35 Subsection 24(4)
After “trustee, insurer”, insert “, RSA
provider”.
36 Paragraph 24(6)(c)
Omit “or 15B”, substitute “, 15B, 15E, 15F, 15H or
15J”.
37 Subsection 24(7)
After “insurer,”, insert “RSA provider,”.
38 After subsection 24A(2)
Insert:
(2A) If:
(a) a complaint under section 15F has been made concerning a decision of
an RSA provider; and
(b) the decision concerns the payment of a death benefit;
the RSA provider must, within 28 days, or such longer period as the
Tribunal allows, after the RSA provider receives a notice of the complaint under
subsection 17(3), give written notice in accordance with subsection (3) to all
persons (other than the complainant) whom the RSA provider believes may have an
interest in the outcome of the complaint.
Penalty: Imprisonment for one year.
(2B) If:
(a) a complaint under section 15J has been made concerning a decision of
an insurer; and
(b) the decision concerns the payment of a death benefit;
the insurer must, within 28 days, or such longer period as the Tribunal
allows, after the insurer receives a notice of the complaint under subsection
17(4), give written notice in accordance with subsection (3) to all persons
(other than the complainant) whom the insurer believes may have an interest in
the outcome of the complaint.
Penalty: Imprisonment for one year.
39 Subsections 24A(3) and
(4)
Omit “or (2)”, substitute “, (2), (2A) or
(2B)”.
40 Subsection 24A(4)
Omit “or insurer”, wherever occurring, substitute “,
insurer or RSA provider”.
41 Paragraph 24A(6)(a)
Omit “or 15B”, substitute “, 15B, 15F, or
15J”.
42 Paragraph 24A(6)(b)
After “15A”, insert “, 15E or 15H”.
43 After subsection 26(1A)
Insert:
(1B) Subject to this section, making a complaint under section 15F to the
Tribunal concerning a decision of an RSA provider in relation to an RSA does not
affect the operation of the decision of the RSA provider or, if an insurer or
other decision-maker is joined as a party to the complaint, of a decision of the
insurer or other decision-maker, or prevent the taking of action to implement
any such decision.
(1C) Subject to this section, making a complaint under section 15J to the
Tribunal concerning a decision of an insurer in relation to a contract of
insurance entered in connection with an RSA does not affect the operation of the
decision of the insurer or, if an RSA provider or other decision-maker is joined
as a party to the complaint, of a decision of the RSA provider or other
decision-maker, or prevent the taking of action to implement any such
decision.
44 After subsection 26(2A)
Insert:
(2B) The Tribunal may, on a request being made by a person making a
complaint under section 15F concerning a decision of an RSA provider in relation
to an RSA, if it thinks it is desirable to do so after taking into account the
interests of any persons who may be affected by the request, make an order or
orders staying or otherwise affecting the operation or implementation of the
whole or part of a decision of the RSA provider or, if appropriate, of an
insurer or other decision-maker whose decision is relevant to the subject matter
of the complaint.
(2C) The Tribunal may, on a request being made by a person making a
complaint under section 15J concerning a decision of an insurer in relation to a
contract of insurance entered in connection with an RSA, if it thinks it is
desirable to do so after taking into account the interests of any persons who
may be affected by the request, make an order or orders staying or otherwise
affecting the operation or implementation of the whole or part of a decision of
the insurer, or if appropriate, of an RSA provider or other decision-maker whose
decision is relevant to the subject matter of the complaint.
45 Subsection 26(3)
Omit “or (2A)”, substitute “, (2A), (2B) or
(2C)”.
46 Subsection 26(4)
Omit “or (2A)” (wherever occurring), substitute “, (2A),
(2B) or (2C)”.
47 Subsection 26(5)
Omit “or (2A)”, substitute “, (2A), (2B) or
(2C)”.
48 Paragraph 36(b)
Repeal the paragraph, substitute:
(b) is to act as speedily as proper consideration of the review allows,
having regard to:
(i) the objectives laid down by section 11; and
(ii) if the complaint relates to a fund—the interests of all the
members of the fund; and
49 Subsection 37C(3)
Omit “insurer that”, substitute “insurer,
that”.
50 Subparagraph
37C(5)(b)(ii)
Omit “be or”, substitute “be, or”.
51 After 37C
Insert:
(1) For the purpose of reviewing the conduct of an RSA provider, or of a
representative of an RSA provider, that is the subject of a complaint under
section 15E concerning the opening of an RSA:
(a) the Tribunal has all the powers, obligations and discretions that are
conferred on the RSA provider; and
(b) subject to subsection (4), must make a determination in accordance
with subsection (3).
(2) If an insurer has been joined as a party to a complaint under section
15E:
(a) the Tribunal must, when reviewing the RSA provider’s conduct,
also review any conduct of the insurer that is relevant to the complaint;
and
(b) for that purpose, has all the powers, obligations and discretions that
are conferred on the insurer; and
(c) must make a determination in accordance with subsection (5).
(3) On reviewing the conduct of an RSA provider, or a representative of an
RSA provider, that is the subject of a complaint under section 15E, the Tribunal
must make a determination in writing, so far as concerns the RSA to which the
complaint relates, either:
(a) doing all or any of the following:
(i) setting aside the whole or a part of the terms and conditions of the
RSA in their application to the complainant;
(ii) varying the terms and conditions of the RSA in their application to
the complainant;
(iii) requiring any party to the RSA to repay all money or particular
money received under the RSA;
(iv) requiring any party to the RSA to pay any additional interest, worked
out in a manner prescribed in the regulations; or
(b) declaring that, in all the circumstances of the case, action of a kind
referred to in paragraph (a) is not appropriate.
(4) The Tribunal must not make a determination under subsection (3) to
take action of a kind referred to in paragraph (3)(a) in respect of a complaint
under section 15E concerning the conduct of an RSA provider, or of a
representative of an RSA provider, if the Tribunal is of the view that the
conduct of the RSA provider, or of the representative, was fair and reasonable
in all the circumstances.
(5) On reviewing the conduct of an insurer, or a representative of an
insurer, that has been joined as a party to a complaint under section 15E, the
Tribunal must make a determination in writing, so far as concerns the contract
of insurance to which the complaint relates, either:
(a) doing all or any of the following:
(i) setting aside the whole or a part of the terms and conditions of the
contract of insurance in their application to the complainant;
(ii) varying the terms and conditions of the contract of insurance in
their application to the complainant;
(iii) requiring any party to the contract of insurance to repay all money
or particular money received under the contract;
(iv) requiring any party to the contract of insurance to pay any
additional interest, worked out in a manner prescribed in the regulations;
or
(b) declaring that, in all the circumstances of the case, action of a kind
referred to in paragraph (a) is not appropriate.
(6) The Tribunal may only exercise its determination-making power under
paragraph (3)(a) or (5)(a) for the purpose of placing the complainant as nearly
as practicable in such a position that the unfairness, unreasonableness or both,
that the Tribunal has determined to exist in relation to the conduct that is the
subject of the complaint, no longer exists.
(1) For the purpose of reviewing the decision of an RSA provider in
relation to an RSA where that decision is the subject of a complaint under
section 15F:
(a) the Tribunal has all of the powers, obligations and discretions that
are conferred on the RSA provider; and
(b) subject to subsection (6), must make a determination in accordance
with subsection (3).
(2) If an insurer or other person has been joined as a party to a
complaint under section 15F:
(a) the Tribunal must, when reviewing the RSA provider’s decision,
also review any decision of the insurer or other person that is relevant to the
complaint; and
(b) for that purpose, has all the powers, obligations and discretions that
are conferred on the insurer or other person; and
(c) subject to subsection (6), must make a determination in accordance
with subsection (3).
(3) On reviewing a decision of an RSA provider, insurer or other person
that is the subject of, or relevant to, a complaint under section 15F, the
Tribunal must make a determination in writing:
(a) affirming the decision; or
(b) remitting the matter to which the decision relates to the RSA
provider, insurer or other person for reconsideration in accordance with the
directions of the Tribunal; or
(c) varying the decision; or
(d) setting aside the decision and substituting a decision for the
decision so set aside.
(4) The Tribunal may only exercise its determination-making power under
subsection (3) for the purpose of placing the complainant as nearly as
practicable in such a position that the unfairness, unreasonableness or both,
that the Tribunal has determined to exist in relation to the RSA
provider’s decision that is the subject of the complaint, no longer
exists.
(5) The Tribunal must not do anything under subsection (3) that would be
contrary to law or to the terms and conditions of the RSA or the contract of
insurance.
(6) The Tribunal must affirm a decision referred to in subsection (3) if
it satisfied that the decision, in its operation in relation to:
(a) the complainant; and
(b) so far as concerns a complaint regarding a payment of a death
benefit—any person (other than the complainant or RSA provider)
who:
(i) has become party to the complaint; and
(ii) has an interest in the death benefit or claims to be entitled to
benefits through a person having an interest in the death benefit;
was fair and reasonable in all the circumstances.
(1) For the purpose of reviewing the conduct of an insurer, or of a
representative of an insurer, that is the subject of a complaint under section
15H concerning the entry into a contract of insurance in connection with an
RSA:
(a) the Tribunal has all the powers, obligations and discretions that are
conferred on the insurer; and
(b) subject to subsection (4), must make a determination in accordance
with subsection (3).
(2) If an RSA provider has been joined as a party to a complaint under
section 15H:
(a) the Tribunal must, when reviewing the insurer’s conduct, also
review any conduct of the RSA provider that is relevant to the complaint;
and
(b) for that purpose, has all the powers, obligations and discretions that
are conferred on the RSA provider; and
(c) must make a determination in accordance with subsection (5).
(3) On reviewing the conduct of an insurer, or a representative of an
insurer, that is the subject of a complaint under section 15H, the Tribunal must
make a determination in writing, so far as concerns the contract of insurance to
which the complaint relates, either:
(a) doing all or any of the following:
(i) setting aside the whole or a part of the terms and conditions of the
contract of insurance in their application to the complainant;
(ii) varying the terms and conditions of the contract of insurance in
their application to the complainant;
(iii) requiring any party to the contract of insurance to repay all money
or particular money received under the contract;
(iv) requiring any party to the contract of insurance to pay any
additional interest, worked out in a manner prescribed in the regulations;
or
(b) declaring that, in all the circumstances of the case, action of a kind
referred to in paragraph (a) is not appropriate.
(4) The Tribunal must not make a determination under subsection (3) to
take action of a kind referred to in paragraph (3)(a) in respect of a complaint
under section 15H concerning the conduct of an insurer, or of a representative
of an insurer, if the Tribunal is of the view that the conduct of the insurer,
or of the representative, was fair and reasonable in all the
circumstances.
(5) On reviewing the conduct of an RSA provider, or a representative of an
RSA provider, that is joined as a party to a complaint under section 15H, the
Tribunal must make a determination in writing, so far as concerns the RSA to
which the complaint relates, either:
(a) doing all or any of the following:
(i) setting aside the whole or a part of the terms and conditions of the
RSA in their application to the complainant;
(ii) varying the terms and conditions of the RSA in their application to
the complainant;
(iii) requiring any party to the RSA to repay all money or particular
money received under the RSA;
(iv) requiring any party to the RSA to pay any additional interest, worked
out in a manner prescribed in the regulations; or
(b) declaring that, in all the circumstances of the case, action of a kind
referred to in paragraph (a) is not appropriate.
(6) The Tribunal may only exercise its determination-making power under
paragraph (3)(a) or (5)(a) for the purpose of placing the complainant as nearly
as practicable in such a position that the unfairness, unreasonableness or both,
that the Tribunal has determined to exist in relation to the conduct that is the
subject of the complaint, no longer exists.
(1) For the purpose of reviewing the decision of an insurer in relation to
a contract of insurance entered in connection with an RSA where that decision is
the subject of a complaint under section 15J:
(a) the Tribunal has all of the powers, obligations and discretions that
are conferred on the insurer; and
(b) subject to subsection (6), must make a determination in accordance
with subsection (3).
(2) If an RSA provider or another person has been joined as a party to a
complaint under section 15J:
(a) the Tribunal must, when reviewing the insurer’s decision, also
review any decision of the RSA provider or other person that is relevant to the
complaint; and
(b) for that purpose, has all the powers, obligations and discretions that
are conferred on the RSA provider or other person; and
(c) subject to subsection (6), must make a determination in accordance
with subsection (3).
(3) On reviewing a decision of an insurer, RSA provider or other person
that is the subject of, or relevant to, a complaint under section 15J, the
Tribunal must make a determination in writing:
(a) affirming the decision; or
(b) remitting the matter to which the decision relates to the insurer, RSA
provider or other person for reconsideration in accordance with the directions
of the Tribunal; or
(c) varying the decision; or
(d) setting aside the decision and substituting a decision for the
decision so set aside.
(4) The Tribunal may only exercise its determination-making power under
subsection (3) for the purpose of placing the complainant as nearly as
practicable in such a position that the unfairness, unreasonableness or both,
that the Tribunal has determined to exist in relation to the insurer’s
decision that is the subject of the complaint, no longer exists.
(5) The Tribunal must not do anything under subsection (3) that would be
contrary to law or to the terms and conditions of the contract of insurance or
the RSA.
(6) The Tribunal must affirm a decision referred to in subsection (3) if
it is satisfied that the decision, in its operation in relation to:
(a) the complainant; and
(b) so far as concerns a complaint regarding a payment of a death
benefit—any person (other than the complainant or insurer) who:
(i) has become party to the complaint; and
(ii) has an interest in the death benefit or claims to be entitled to
benefits through a person having an interest in the death benefit;
was fair and reasonable in all the circumstances.
52 Subsection 41(3)
After “insurer” (wherever occurring), insert “, RSA
provider”.
53 After subsection 44(2)
Insert:
(2A) If the determination was made as a result of a section 15E or 15F
complaint, the Tribunal may direct the RSA provider to inform, if the
Tribunal’s determination was in relation to a particular holder of an
RSA—all or any of the other holders of RSAs provided by the RSA provider
of the Tribunal’s determination.
(2B) If the determination was made as a result of a section 15H or 15J
complaint, the Tribunal may direct the insurer to inform, if the
Tribunal’s determination was in relation to a particular holder of an
RSA—all or any of the other parties to contracts of insurance entered into
with the insurer in connection with the provision of RSAs of the
Tribunal’s determination.
54 Subsection 44(3)
After “trustee”, insert “, RSA provider”.
55 Paragraph 47(2A)(b)
Omit “or 15A”, substitute “, 15A, 15E or
15H”.
56 Subsection 47(2A)
Omit “of implementation”, substitute “or
implementation”.
57 Paragraph 47(2B)(b)
After “15B”, insert “, 15F or 15J”.
58 Paragraph 47(2B)(d)
After “insurer’s”, insert “ or RSA
provider’s”.
59 At the end of paragraph
53(2)(c)
Add:
(iii) a director or employee of an RSA provider; or
(iv) a director or employee of an insurer; or
60 Subsection 59(1)
After “(3)(c)”, insert “, (3A)(c), (3A)(d), (3A)(e),
(3B)(c), (3B)(d) or (3B)(e)”.
61 Paragraph 59(2)(a)
After “(2A),”, insert “(2B), (2C),”.
62 After section 64
Insert:
If, in connection with a complaint made to the Tribunal under this Act, a
Tribunal member becomes aware of a breach in the terms and conditions relating
to an annuity policy, a life policy or an RSA, he or she must, as soon as
practicable:
(a) if he or she is a Tribunal member other than the Tribunal
Chairperson—give particulars of the breach to the Tribunal Chairperson;
or
(b) if he or she is the Tribunal Chairperson—give particulars of the
breach to the Commissioner.
1 Subsection 5(1)
Insert:
provider, in relation to an RSA, has the same meaning as in
the Retirement Savings Accounts Act 1997.
2 Subsection 5(1)
Insert:
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997.
3 Subsection 5(1)
Insert:
RSA holder has the same meaning as in the Retirement
Savings Accounts Act 1997.
4 At the end of paragraph
116(2)(d)
Add:
(v) the amount of money a bankrupt holds in an RSA;
(vi) a payment to a bankrupt from an RSA received on or after the date of
the bankruptcy, if the payment is not a pension or annuity within the meaning of
the Retirement Savings Accounts Act 1997.
5 After subsection 116(8)
Insert:
(8A) The regulations may provide for the provider of an RSA to issue a
written evidentiary certificate about the amount of money a bankrupt holds in an
RSA. The regulations may provide that, in proceedings under this Act, the
certificate is prima facie evidence of the amount of money a bankrupt holds in
an RSA for the purposes of subsection (5).
6 Section 139L (after subparagraph (a)(i) of the
definition of income)
Insert:
(ia) an annuity or pension paid to the bankrupt from an RSA;
7 After sub-subparagraph
249(6)(a)(ii)(B)
Insert:
or (BA) a payment from an RSA;
8 After sub-subparagraph
249(7)(a)(ii)(B)
Insert:
or (BA) a payment from an RSA;
9 After sub-subparagraph
249(8)(a)(ii)(B)
Insert:
or (BA) a payment from an RSA;
10 After section 302A
Insert:
(1) This section applies to a provision in the terms and conditions of an
RSA to the extent to which the provision has the effect that:
(a) any part of the amount of money a bankrupt holds in an RSA is
cancelled, forfeited, reduced or qualified; or
(b) the provider of the RSA is empowered to exercise a discretion relating
to such an amount to the detriment of an RSA holder;
if the RSA holder:
(c) becomes a bankrupt; or
(d) commits an act of bankruptcy; or
(e) executes a deed of assignment or a deed of arrangement under this
Act.
(2) The provision is void.
1 Subsection 10(1)
Insert:
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997.
2 Subsection 10(1)
Insert:
RSA provider has the same meaning as in the Retirement
Savings Accounts Act 1997.
3 Paragraph 15(1)(b)
Repeal the paragraph, substitute:
(b) on the request of the beneficiary, an amount equal to the
beneficiary’s interest is paid by the fund:
(i) to a life insurance company or registered organisation for the
purchase of an annuity in the name of the beneficiary; or
(ii) into an RSA specified by the beneficiary;
4 After paragraph 153(1)(c)
Insert:
(ca) both:
(i) the interest was issued pursuant to an application under Part 9 of the
Retirement Savings Accounts Act 1997 made to the first trustee by an RSA
provider on the first person’s behalf; and
(ii) if the application is the first application under that Part made to
the first trustee by the RSA provider on behalf of any person—the
application is an eligible application; or
5 At the end of subsection
157(4)
Add “of this Act or Part 9 of the Retirement Savings Accounts Act
1997.”.
6 Subsection 157A(1)
After “under Part 24”, insert “, or Part 9 of the
Retirement Savings Accounts Act 1997,”.
7 Subsection 157A(1)
Omit “that Part”, substitute “those
Parts”.
8 Subsection 157A(1)
After “transferor fund”, insert “or RSA provider, as the
case requires,”.
Note: The heading to section 157A is altered by adding at
the end “or Part 9 of the Retirement Savings Accounts Act
1997”.
9 At the end of subsection
157A(1)
Add “of this Act or section 87 of the Retirement Savings Accounts
Act 1997”.
10 At the end of subsection
248(1)
Add “of this Act or section 87 of the Retirement Savings Accounts
Act 1997.”.
11 Subsection 299M(2)
After “amount to”, insert “an RSA, to”.
Note 1: The heading to section 299M is altered by inserting
“RSA provider or”, after
“inform”.
Note 2: The heading to subsection 299M(2) is altered by
inserting “an RSA,”, after “benefits
to”.
12 Subsection 299M(2)
After “inform”, insert “the RSA
provider,”.
13 Subsection 299M(3)
After “transferred to”, insert “an RSA,
to”.
14 Subsection 299M(3)
After “any”, insert “RSA provider or
any”.
15 Subsection 299N(2)
After “amount to”, insert “an RSA, to”.
Note 1: The heading to section 299N is altered by inserting
“RSA provider or”, after
“inform”.
Note 2: The heading to subsection 299N(2) is altered by
inserting “an RSA”, after “benefits
to”.
16 Subsection 299N(2)
After “inform”, insert “the RSA
provider,”.
17 Subsection 299N(3)
After “transferred to”, insert “an RSA
to”.
18 Subsection 299N(3)
After “any”, insert “RSA provider or
any”.
19 Paragraph 299N(4)(a)
After “informs”, insert “an RSA provider
or”.
20 Paragraph 299N(4)(b)
After “second trustee”, insert “or the RSA
provider”.
21 Subsection 299R(1)
After “informs”, insert “an RSA provider
or”.
Note: The heading to section 299R is altered by omitting
“trustee where trustee informed by another trustee” and
substituting “RSA provider or trustee”.
22 Paragraph 299R(1)(a)
Before “second trustee”, insert “RSA provider or
the”.
23 Paragraph 299R(1)(a)
After “future operation of this Act”, insert “or the
Retirement Savings Accounts Act 1997”.
24 Paragraph 299R(1)(b)
Before “second trustee”, insert “RSA provider or
the”.
25 Subsection 299R(2)
After “informs”, insert “an RSA provider
or”.
26 Paragraph 299R(2)(a)
Before “second trustee”, insert “RSA provider or
the”.
27 Paragraph 299R(2)(a)
After “future operation of this Act”, insert “or the
Retirement Savings Accounts Act 1997”.
28 Paragraph 299R(2)(b)
Before “second trustee”, insert “RSA provider or
the”.
1 Section 3
Insert:
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997.
2 Section 3
Insert:
RSA provider has the same meaning as in the Retirement
Savings Accounts Act 1997.
3 After paragraph 4(3)(c)
Insert:
or (d) a director or employee of an RSA provider, or of a body corporate
that is related to an RSA provider;
4 After paragraph 8(aa)
Insert:
(ab) any RSA or any RSA provider;
5 Subparagraph 11(2)(c)(i)
Omit “or (c)”, substitute “, (c) or
(d)”.
1 Subsection 3(1)
Insert:
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997.
2 At the end of subparagraph
6(7)(a)(i)
Add “or”.
3 After subparagraph
6(7)(a)(ii)
Insert:
(iia) an RSA nominated by the person, being an RSA that is held by the
person; or
4 Paragraph 6(7)(b)
Omit “or approved deposit fund”, substitute “approved
deposit fund or RSA”.
1 At the end of section 3B
Add:
(2) An RSA, within the meaning of the Retirement Savings Accounts Act
1997, is also a preservation fund for the purposes of this
Act.
1 After paragraph 26B(4)(b)
Insert:
(ba) if the person nominates an RSA within 90 days after the benefit
became payable—the RSA; or
Note: The heading to subsection 26B(4) is altered by
omitting “or an approved deposit fund”, and substituting
“, an approved deposit fund or an RSA”.
2 Subsection 26B(6)
Insert:
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997.
1 Subsection 69(3)
After “unclaimed moneys”, insert “, other than unclaimed
moneys held in RSAs (within the meaning of the Retirement Savings Accounts
Act 1997),”.
1 Subsection 11(1)
Insert:
holder has the same meaning as in the Retirement Savings
Accounts Act 1997.
2 Subsection 11(1)
Insert:
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997.
3 Subsection 11(1)
Insert:
RSA provider has the same meaning as in the Retirement
Savings Accounts Act 1997.
4 Subsection 26(3)
Repeal the subsection, substitute:
(3) This section extends to the provision of insurance cover in respect
of:
(a) a person who is seeking to become a member of a superannuation or
retirement scheme; or
(b) a person who is a holder, or is applying to become a holder, of an
RSA.
5 After section 32
Insert:
This Division extends to the case where there was a failure to comply
with the duty of disclosure, or a misrepresentation was made, to the insurer in
relation to a holder, or a person applying to become a holder, of an RSA as
though:
(a) the insurance cover provided in relation to that RSA in respect of
that person were provided by a contract between the insurer as insurer and the
RSA provider as the insured; and
(b) that contract has been entered into at the time when the holder became
the holder, or the person applying to become the holder, became the
holder.
6 After section 48
Insert:
(1) Where a person who is not a party to a contract of life insurance
entered into in connection with an RSA, where the owner of the policy is an RSA
provider, is specified or referred to in the contract, whether by name or
otherwise, as a person to whom the insurance cover provided by the contract
extends, that person has a right to recover a benefit from the insurer in
accordance with the contract notwithstanding that he or she is not a party to
the contract.
(2) Subject to the contract, a person who has such a right:
(a) has, in relation to his or her claim, the same obligations to the
insurer as he or she would have if he or she were the insured; and
(b) may discharge the insured’s obligations in relation to the
payment of a benefit.
(3) The insurer has the same defences to an action under this section as
he or she would have in an action by the insured.
7 Subsection 64(1)
After “superannuation contract”, insert “, or an
RSA,”.
1 Subsection 3(1)
Insert:
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997.
2 After subsection 129C(1)
Insert:
(1A) A body corporate authorised to carry on insurance business under this
Act must comply with any determination made in respect of it by the
Superannuation Complaints Tribunal as a result of it being joined under section
18 to a complaint under section 15E or 15F or a complaint under section 15H or
15J of the Superannuation (Resolution of Complaints) Act 1993,
concerning insurance benefits under a contract of insurance, where the premiums
are paid from an RSA.
1 Subsection 151A(1)
Add at the end:
; (d) as a result of it being joined as a party to a complaint under
section 15E or 15F of that Act, concerning insurance benefits under a contract
of insurance, where the premiums are paid from an RSA (within the meaning of the
Retirement Savings Accounts Act 1997); or
(e) as a result of it being a party to a complaint under section 15H or
15J of that Act, concerning insurance benefits under a contract of insurance,
where the premiums are paid from an RSA (within the meaning of the Retirement
Savings Accounts Act 1997).
2 Subsection 216(1)
After “unclaimed money”, insert “, other than unclaimed
money held in RSAs (within the meaning of the Retirement Savings Accounts
Act 1997),”.
1 Subsection 6(1)
Insert:
hold, in relation to an RSA, has the same meaning as in the
Retirement Savings Accounts Act 1997.
2 Subsection 6(1)
Insert:
holder, in relation to an RSA, has the same meaning as in the
Retirement Savings Accounts Act 1997.
3 Subsection 6(1)
Insert:
provider, in relation to an RSA, has the same meaning as in
the Retirement Savings Accounts Act 1997.
4 Subsection 6(1)
Insert:
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997.
5 Subsection 6(1)
Insert:
RSA provider has the same meaning as in the Retirement
Savings Accounts Act 1997.
6 After subsection 26AFB(4)
Insert:
(4A) If, in a year of income, a taxpayer receives or obtains a benefit of
any kind out of, or attributable to, an RSA and the benefit is provided in
breach of the Retirement Savings Accounts Act 1997 or regulations under
that Act, the assessable income of the taxpayer of the year of income is to
include the amount or value of that benefit.
(4B) Subsection (4A) does not apply to a benefit, or to a part of a
benefit, if the Commissioner, having regard to any matters relating to the
receiving or obtaining of the benefit by the taxpayer as the Commissioner
considers relevant, is satisfied that it would be unreasonable for that
subsection to apply to the whole or to that part of the benefit.
Note: The heading to section 26AFB is replaced by the
heading: “Assessable income to include certain
benefits”.
7 After paragraph
26AH(7)(a)
Insert:
or (aa) the eligible policy is an RSA; or
8 After section 26D
Insert:
(1) All benefits provided in respect of, and amounts that are paid from,
an RSA (including amounts taken to be paid from an RSA under subsection (2)) are
taken to have an Australian source.
(2) If the premiums of an insurance policy are paid from an RSA, any
amounts paid by the insurer under the policy are taken to be paid by the RSA
provider as a benefit of the RSA.
9 Subsection 27A(1) (definition of
pension)
Repeal the definition, substitute:
pension means:
(a) a pension, within the meaning of the Superannuation Industry
(Supervision) Act 1993; or
(b) a pension, within the meaning of the Retirement Savings Accounts
Act 1997.
10 Subsection 27A(1) (after paragraph (b) of the
definition of superannuation fund)
Insert:
and (c) an RSA;
Note: An RSA is a retirement savings account. It is
regulated by the Retirement Savings Accounts Act 1997.
11 Subsection 27A(1) (paragraph (a) of the
definition of taxed superannuation fund)
Repeal the paragraph, substitute:
(a) is, or has been:
(i) an eligible superannuation fund in relation to any year of income;
or
(ii) an RSA; and
12 Subsection 27A(1) (paragraph (c) of the
definition of taxed superannuation fund)
Before “is a resident”, insert “in the case of an
eligible superannuation fund—”
13 At the end of subsection
27A(12)
Add:
; or (d) paid to an RSA held by the taxpayer.
14 Paragraph 27A(13)(a)
Omit “or (c)”, substitute “, (c) or (d)”.
15 At the end of section
27A
Add:
(22) For the purposes of this Subdivision:
(a) an RSA is taken to be a fund; and
(b) the holder of the RSA is taken to be a member of that fund.
16 Subparagraph
27D(1)(b)(i)
Omit “or (c)”, substitute “, (c) or (d)”.
17 Subsection 46(1)
Insert:
standard component has the same meaning as in Division
8.
18 Subsection 46(1) (definition of non-fund
component)
Repeal the definition.
19 Subsection 46(1A)
Omit “non-fund”, substitute “standard”.
20 Subsection 46(6AA)
Omit “non-fund”, substitute “standard”.
21 Subsection 46A(1)
Insert:
standard component has the same meaning as in Division
8.
22 Subsection 46A(1) (definition of non-fund
component)
Repeal the definition.
23 Subsection 46A(6A)
Omit “non-fund”(wherever occurring), substitute
“standard”.
24 Subsection 46A(8AA)
Omit “non-fund”, substitute “standard”.
25 After section 82AAD
Insert:
If a taxpayer pays an amount as a contribution to an RSA for the purpose
of making provision for superannuation benefits for an eligible employee, the
amount is taken, for the purposes of section 82AAC, to be a contribution
paid to a complying superannuation fund.
26 After section 82AAQA
Insert:
(1) This section applies if:
(a) a deduction has been allowed to a taxpayer under section 82AAC in
respect of a contribution made to an RSA; and
(b) during the year of income, the taxpayer receives an amount by way of a
refund of the contribution.
(2) The taxpayer’s assessable income of the year of income includes
the amount received by the taxpayer.
27 At the end of section
82AAR
Add:
(4) A deduction is not allowable under a provision of this Act other than
this Subdivision in respect of an amount paid by a taxpayer as a contribution to
an RSA for the purpose of making provision for superannuation benefits for, or
for dependants of, an employee.
28 After subsection
82AAT(1C)
Insert:
(1CA) A person who has made a contribution to an RSA during a year of
income is entitled to an allowable deduction for the contribution in the
person’s assessment for the year of income if all the following conditions
are met:
(a) the person is an eligible person in relation to the year of
income;
(b) the person made the contribution in order to obtain superannuation
benefits for the person or for dependants of the person in the event of the
person’s death;
(c) the person has given a notice under subsection (1CB) in respect of the
contribution and the provider of the RSA has acknowledged that notice under
subsection (1CB).
The deduction cannot be more than the amount covered by the notice under
subsection (1CB), and is also subject to the limits in subsection (2).
(1CB) A person who is making, or has made, a contribution to an RSA may
give a written notice to the provider of the RSA, stating that the person
intends to claim a deduction under this section for the whole or a specified
part of the contribution. The RSA provider must, without delay, give the person
a notice acknowledging receipt of the person’s notice.
(1CC) The following restrictions apply to notices under subsection
(1CB):
(a) a person cannot give a notice that covers the whole or any part of an
amount covered by a previous notice;
(b) a person cannot give a notice to the provider of an RSA after the
person has ceased to hold the RSA;
(c) a person cannot revoke or withdraw a notice (but may vary it under
subsection (1CD)).
(1CD) A person may at any time give written notice to the provider of an
RSA reducing the amount covered by a notice under subsection (1CB), but not
below the amount that has been allowed as a deduction to the person under this
section for contributions covered by the notice.
29 Subsection 82AAT(1E)
After “(1A)”, insert “or (1CB)”.
30 Subsection 82AAT(1F)
After “complying superannuation fund”, insert “, or to an
RSA,”.
31 Paragraph 82AAT(2A)(a)
Omit “paragraph (1)(d) and subsection (1A)”, substitute
“paragraphs (1)(d) and (1CA)(c) and subsections (1A) and
(1CB)”.
32 Subsection 82AAT(3)
After “27A(12)(a)”, insert “or
27A(12)(d)”.
33 Subsection 110(1) (after subparagraph (b)(ii)
of the definition of AD/RLA policy)
Insert:
(iia) an RSA;
34 Subsection 110(1) (definition of
annuity)
Repeal the definition, substitute:
annuity means:
(a) an annuity, within the meaning of the Superannuation Industry
(Supervision) Act 1993; or
(b) a pension, within the meaning of the Retirement Savings Accounts
Act 1997.
35 Subsection 110(1) (paragraph (a) of the
definition of exempt policy)
After “eligible policy”, insert “other than an
RSA”.
36 Subsection 110(1) (after subparagraph (b)(i)
of the definition of exempt policy)
Insert:
(ia) an RSA;
37 Subsection 110(1)
Insert:
general fund assessable income means:
(a) assessable income other than fund assessable income; and
(b) so much of the fund assessable income as relates to RSAs;
but does not include:
(c) AD premiums; or
(d) specified roll-over amounts (other than those paid into an RSA);
or
(e) amounts included in assessable income under section 275.
38 Subsection 110(1)
Insert:
general fund component means the component of the taxable
income determined under section 116CJ for the general fund class.
39 Subsection 110(1) (definition of life
assurance policy)
Repeal the definition, substitute:
life assurance policy includes:
(a) an instrument securing the grant of an annuity, whether or not for a
term dependent upon human life; and
(b) an RSA where the provider is a life assurance company.
40 Subsection 110(1) (definition of non-fund
assessable income)
Repeal the definition.
41 Subsection 110(1) (definition of non-fund
component)
Repeal the definition.
42 Subsection 110(1)
Insert:
RSA component means the component of the general fund
component worked out under section 116DAD.
43 Subsection 110(1)
Insert:
standard component means the component of the general fund
component worked out under section 116DAD.
44 Subsection 110(1)
Insert:
taxable contribution has the same meaning as in Part
IX.
45 After subsection 111(1A)
Insert:
(1B) Subsection (1) is subject to section 116DAB which deals with
RSAs.
46 Subsection 111AC(1)
After “superannuation premiums”, insert “or RSA
contributions”.
Note: The heading to section 111AC is altered by adding at
the end “and RSA contributions”.
47 Subsection 111AC(2)
After “superannuation policies” (wherever occurring), insert
“or RSAs”.
48 Paragraph 111AC(2)(e)
After “superannuation premiums”, insert “or RSA
contributions”.
49 Subsection 111AC(3)
After “superannuation premiums”, insert “and RSA
contributions”.
50 Paragraph 111AC(6)(b)
After “superannuation premiums”, insert “and RSA
contributions”.
51 Subsection 111AD(1) (after paragraph (a) of
the definition of relevant life assurance premiums)
Insert:
(aa) RSA contributions; or
52 Subsection 111C(4) (paragraph (a) of the
definition of Assessable income)
After “superannuation premiums”, insert “, and RSA
contributions,”.
53 Subparagraph
112(1)(a)(i)
After “superannuation premiums”, insert “, and RSA
contributions,”.
54 After paragraph
112A(1A)(a)
Insert:
and (aa) taxable contributions; and
55 Subsection 113(5) (paragraph (a) of the
definition of assessable income)
After “superannuation premiums”, insert “, and RSA
contributions,”.
56 Paragraph 113A(1)(c)
After “superannuation premiums”, insert “, and RSA
contributions,”.
57 Paragraph 113A(2)(b)
After “superannuation premiums”, insert “, RSA
contributions”.
58 After paragraph
113A(5)(a)
Insert:
(aa) RSA contributions; or
59 Subsection 116CA(1) (table item
3)
Repeal the item, substitute:
|
3 |
General fund |
RSA |
60 Subsection 116CA(2)
(table)
After item 2, insert:
|
3 |
General fund |
RSA |
61 Subsection 116CC(2)
Omit “non-fund class” (wherever occurring), substitute
“general fund class”.
62 Paragraph 116CD(5)(a)
Omit “non-fund”, substitute “general
fund”.
63 Before paragraph
116CD(6)(a)
Insert:
(aa) general fund;
64 Subsection 116CE(2)
Omit “non-fund” (wherever occurring), substitute “general
fund”.
65 Paragraph 116CE(2)(a)
Omit “116CC(2)”, substitute “116CB(3) or
116CC(2)”.
66 After paragraph
116CE(2)(a)
Insert:
(aa) any assessable income allocated to that class under subsection (5) of
this section; and
(ab) any amounts covered by paragraph 116DAC(2)(a) or (b); and
67 Paragraph 116CF(4)(a)
After “superannuation premiums”, insert “and RSA
contributions”.
68 At the end of section
116CF
Add:
(8) For the purposes of the application of subsection (2) to the general
fund class of assessable income, the definition of income of class
has effect as if RSA contributions to which section 111AC applies were
assessable income of that class.
69 Paragraph 116CH(1)(a)
Omit “non-fund”, substitute “general
fund”.
70 Before paragraph
116CH(2)(a)
Insert:
(aa) general fund;
71 After Subdivision A of Division 8 of Part
III
Insert:
This Subdivision sets out how to calculate the taxable income of an RSA
provider that is a life assurance company and the components of that taxable
income.
Note: Other RSAs are covered by Division 7A of Part
IX.
The taxable income of an RSA provider that is a life assurance company
includes all taxable contributions made during the year of income, to RSAs
provided by the RSA provider.
(1) This section sets out how to calculate the RSA amount of an RSA
provider’s general fund component.
(2) The RSA amount of an RSA provider is the sum of:
(a) all taxable contributions made; and
(b) other amounts (other than contributions) credited;
during the year of income, to RSAs provided by the RSA provider, reduced by
any amounts paid from the RSA other than benefits paid to, or in respect of, the
holder of the RSA.
(3) In calculating the RSA amount, any amount of tax paid in respect of an
RSA is taken not to have been an amount paid from the RSA.
Note: The heading to section 116DAC is altered by omitting
“component” and substituting
“amount”.
(4) In calculating the sum, the amounts set out in subsections (5) and (6)
are taken not to have been credited.
(5) Amounts credited to an RSA where an annuity was paid from the RSA in
respect of so much of the year of income as the RSA existed.
(6) Where an annuity was being paid from an RSA, in respect of a part, but
not the whole, of so much of the year of income as the RSA existed, amounts
worked out using the following formula:
(1) The general fund component of an RSA provider that is a life assurance
company is divided into the RSA component and the standard
component.
(2) The RSA component is equal to the RSA amount worked out under section
116DAC.
(3) The standard component is the amount (if any) remaining after
deducting the RSA component from the general fund component.
(1) This section applies if:
(a) an RSA provider has no taxable income; or
(b) the RSA provider has no general fund component; or
(c) the general fund component of an RSA provider is less than the RSA
amount.
(2) If, apart from this subsection, an RSA provider has no taxable income,
or the taxable income is less than the RSA amount:
(a) the RSA provider is taken to have both a taxable income and a tax loss
in relation to the year of income; and
(b) the taxable income is taken to equal the RSA amount; and
(c) the tax loss is taken to be the amount that would have been the RSA
provider’s tax loss if the RSA amount were not income derived;
and
(d) the general fund component and the RSA component of that component are
taken to be equal to the RSA amount; and
(e) all other components of taxable income are taken to be nil.
(3) If, apart from this subsection, the taxable income of an RSA provider
is equal to or greater than the RSA amount:
(a) the general fund component and the RSA component of that component are
taken to be equal to the RSA amount; and
(b) an amount equal to the difference between the RSA amount and the
amount that would, apart from this subsection, have been the general fund
component is to be applied in reducing the other components of taxable income in
the following order:
(i) if the RSA provider is an ordinary life assurance
company—AD/RLA;
(ii) CS/RA;
(iii) NCS.
No deduction is allowable in respect of amounts credited to
RSAs.
Any amounts that, but for the operation of subsection 116DAC(3), would
have been taken into account under paragraph 116DAC(2)(b) in calculating the RSA
component of the RSA provider’s general fund component for the year of
income, are exempt.
72 Section 116DC
Omit “non-fund”, substitute “general
fund”.
Note: The heading to section 116DC is altered by omitting
“non-fund” and substituting “general
fund”.
73 Section 116DE
Omit “non-fund”, substitute “general
fund”.
Note: The heading to section 116DE is altered by omitting
“non-fund” and substituting “general
fund”.
74 Section 116DF
Omit “non-fund” (wherever occurring), substitute “general
fund”.
75 Section 140C (definition of
pension)
Repeal the definition, substitute:
pension means:
(a) a pension, within the meaning of the Superannuation Industry
(Supervision) Act 1993; or
(b) a pension, within the meaning of the Retirement Savings Accounts
Act 1997.
76 Subsection 159SJ(1) (definition of
rebatable superannuation pension)
After “a superannuation pension”, insert “paid from an
RSA or paid from a fund”.
77 Subsection 159SZ(2) (definition of
eligible personal superannuation contributions)
Omit the definition, substitute:
eligible personal superannuation contributions, in relation
to a taxpayer, means:
(a) contributions made by the taxpayer to a fund where:
(i) the fund is a complying superannuation fund in relation to the year of
income of the fund in which the contributions are made; and
(ii) the contributions are made to obtain superannuation benefits for the
taxpayer or, in the event of the death of the taxpayer, for dependants of the
taxpayer; and
(b) contributions made by the taxpayer to an RSA where the contributions
are made to obtain superannuation benefits for the taxpayer or, in the event of
the death of the taxpayer, for dependants of the taxpayer.
78 Section 160APA
Insert:
general fund component has the same meaning as in Division 8
of Part III.
79 Section 160APA (definition of non-fund
component)
Repeal the definition.
80 After subsection
160APAAA(2)
Insert:
(2A) If the company is an RSA provider, other than one that is a life
assurance company, the reduction amount in relation to a basic
amount that is attributable to a payment of tax is the whole, or any part, of
the payment that is attributable to the RSA business of the company.
81 Subsection 160APAAA(3)
After “(2)”, insert “or (2A)”.
82 After subsection
160APAAA(3)
Insert:
(3A) The regulations may provide for the method of calculating the amount
that is attributable to the RSA business of the company.
(3B) If regulations made under subsection (3A) provide for the calculation
to include the use of an estimate made by the company, the regulations may also
provide that a franking debit, worked out in accordance with the regulations, of
a company arises at a particular time if an estimate by the company is
incorrect.
(3C) If regulations are made under subsection (3A), the regulations may
also provide that a franking debit or a franking credit, worked out in
accordance with the regulations, of a company arises at a particular time where
it is necessary to ensure that the reductions made under this section properly
reflect the amount of the taxable income of the company for a year of income
that is attributable to the RSA business of the company.
83 Section 160APHB
Omit “non-fund” (wherever occurring), substitute “general
fund”.
84 Section 160APVA
Omit “Non-fund” (wherever occurring), substitute “General
fund”.
85 Section 160APVA
Omit “non-fund” (wherever occurring), substitute “general
fund”.
86 Subsection 160APVBA(2)
Omit “Non-fund” (wherever occurring), substitute “General
fund”.
87 Subsection 160APVBA(2)
Omit “non-fund”, substitute “general
fund”.
88 Subsection 160APVBB(2)
Omit “Non-fund” (wherever occurring), substitute “General
fund”.
89 Subsection 160APVBB(2)
Omit “non-fund”, substitute “general
fund”.
90 Section 160APVC
Omit “Non-fund” (wherever occurring), substitute “General
fund”.
91 Section 160APVC
Omit “non-fund” (wherever occurring), substitute “general
fund”.
92 Section 160APVD
Omit “Non-fund” (wherever occurring), substitute “General
fund”.
93 Section 160APVD
Omit “non-fund” (wherever occurring), substitute “general
fund”.
94 Section 160AQCCA
Omit “Non-fund” (wherever occurring), substitute “General
fund”.
95 Section 160AQCCA
Omit “non-fund” (wherever occurring), substitute “general
fund”.
96 Section 160AQCD
Omit “Non-fund” (wherever occurring), substitute “General
fund”.
97 Section 160AQCD
Omit “non-fund” (wherever occurring), substitute “general
fund”.
98 Section 160AQCE
Omit “Non-fund” (wherever occurring), substitute “General
fund”.
99 Section 160AQCE
Omit “non-fund” (wherever occurring), substitute “general
fund”.
100 Subsection 160AQCJ(2)
Omit “Non-fund” (wherever occurring), substitute “General
fund”.
101 Subsection 160AQCJ(2)
Omit “non-fund”, substitute “general
fund”.
102 Subsection 160AQCK(2)
Omit “Non-fund” (wherever occurring), substitute “General
fund”.
103 Subsection 160AQCK(2)
Omit “non-fund”, substitute “general
fund”.
104 Subsection 160AQCL(2)
Omit “Non-fund” (wherever occurring), substitute “General
fund”.
105 Subsection 160AQCL(2)
Omit “non-fund”, substitute “general
fund”.
106 At the end of Division 16 of Part
IIIA
Add:
(1) This Part does not apply in respect of the disposal of a right to, or
to any part of, an RSA.
(2) For the purposes of subsection (1), but without limiting the
generality of section 160M, an act, transaction or event that results in the
payment of an amount to a person out of an RSA constitutes the disposal of the
right of the person to the amount.
107 At the end of section
202
Add:
; and (k) to facilitate:
(i) the administration of Part 8 and 11 of the Retirement Savings
Accounts Act 1997 in relation to individuals; and
(ii) the administration of that Act in relation to RSA
providers.
108 Section 202A (definition of
interest-bearing account)
After “any facility”, insert “, other than an
RSA,”.
109 Section 202A (definition of
interest-bearing deposit)
After “deposit of money”, insert “, other than into an
RSA,”.
110 At the end of Division 4 of Part
VA
Add:
If a person (the first person) who is the holder of an RSA
has quoted his or her tax file number to the provider of the RSA in connection
with the operation or possible future operation of the Retirement Savings
Accounts Act 1997, the first person is taken, so long as he or she continues
to be the holder of the RSA, to have quoted that tax file number to the provider
of the RSA as mentioned in subregulation 98(8) and regulation 100 of the Income
Tax Regulations.
111 Subsection 221AK(1)
Insert:
general fund component has the same meaning as in Division 8
of Part III.
112 Subsection 221AK(1) (definition of
non-fund component)
Repeal the definition.
113 Subparagraph
221AL(b)(ii)
Omit “non-fund”, substitute “general
fund”.
114 Subparagraph
221AZB(3)(b)(ii)
Omit “non-fund”, substitute “general
fund”.
115 Subparagraph
221AZE(2)(b)(ii)
Omit “non-fund”, substitute “general
fund”.
116 Subsection 221A(1) (definition of
pension)
Repeal the definition, substitute:
pension means:
(a) a pension, within the meaning of the Superannuation Industry
(Supervision) Act 1993; or
(b) a pension, within the meaning of the Retirement Savings Accounts
Act 1997.
117 Subsection 267(1) (definition of
pension)
Repeal the definition, substitute:
pension means:
(a) a pension, within the meaning of the Superannuation Industry
(Supervision) Act 1993; or
(b) a pension, within the meaning of the Retirement Savings Accounts
Act 1997.
118 Subsection 267(1)
Insert:
RSA component has the meaning given by section
299D.
119 Subsection 267(1) (definition of
specified roll-over amount)
After “entity” (wherever occurring), insert “or RSA
provider”.
120 Subsection 267(1) (at the end of the
definition of standard component)
Add:
; or (d) in relation to an RSA—has the meaning given by
section 299D.
121 Subsection 274(1)
After “PST)”, insert “or an RSA”.
122 After paragraph
274(1)(b)
Insert:
(ba) in the case of an RSA:
(i) contributions made for the purpose of making provision for
superannuation benefits for another person; and
(ii) a specified roll-over amount; and
(iii) a contribution of the kind mentioned in paragraph 82AAT(1CA)(b), to
the extent to which the contribution:
(A) is covered by a notice under subsection 82AAT(1CB) received by the RSA
provider before the date on which the RSA provider lodges its return of income
for the contribution year; and
(B) has not been rolled-over as mentioned in paragraph 27A(13)(a);
and
(iv) a contribution made under section 65 of the Superannuation
Guarantee (Administration) Act 1992;
123 After subsection 274(2)
Insert:
(3) Subject to this Division, if:
(a) in a year of income (the notice year) an RSA provider
receives a notice under subsection 82AAT(1CB) in relation to contributions that
were made to an RSA provided by the RSA provider during a year of income (the
contribution year); and
(b) the RSA provider receives the notice after the date on which the RSA
provider lodged its return of income for the contribution year;
the contributions, to the extent to which they are covered by the notice,
are taxable contributions in relation to the notice year.
124 After subsection 276(1)
Insert:
(2) Subject to this section, if:
(a) in a year of income (the notice year) an RSA provider
receives a notice under subsection 82AAT(1CD) in relation to contributions that
were made to an RSA provided by the RSA provider in an earlier year of income
(the contribution year); and
(b) the RSA provider receives the notice after the date on which the RSA
provider lodged its return of income for the contribution year; and
(c) apart from this section, the assessable income of the RSA provider of
the contribution year would include an amount (the clawback
amount) that would not have been included if the RSA provider had
received the notice before that date;
the clawback amount is allowable as a deduction from the assessable income
of the RSA provider for the notice year.
125 Subsections 276(3) and
(4)
After “fund” (wherever occurring), insert “or RSA
provider”.
126 After section 277
Insert:
In determining the deductions allowable from the assessable income of an
RSA provider that is not a life assurance company, any amount that is paid to
the RSA provider as mentioned in subsection 274(1), or is a contribution to
which subsection 82AAT(1CA) applies, is taken to be assessable income of the RSA
provider (whether or not it is a taxable contribution).
127 After Division 7 of Part
IX
Insert:
This Division sets out how to calculate the taxable income of an RSA
provider, other than one that is a life assurance company.
Note: RSA providers that are life assurance companies are
covered by Division 8 of Part III.
The taxable income of an RSA provider (other than a life assurance
company) includes all taxable contributions made during the year of income to
RSAs provided by the RSA provider.
(1) This section sets out how to calculate the RSA amount of an RSA
provider’s taxable income.
(2) The RSA amount is the sum of:
(a) all taxable contributions made; and
(b) other amounts (other than contributions) credited;
during the year of income, to RSAs provided by the RSA provider, reduced by
any amounts paid from the RSA other than benefits paid to, or in respect of, the
holder of the RSA.
(3) In calculating the RSA amount, any amount of tax paid in respect of an
RSA is taken not to have been an amount paid from the RSA.
Note: The heading to section 299C is altered by omitting
“component” and substituting
“amount”.
(4) In calculating the sum, the amounts set out in subsections (5) and (6)
are taken not to have been credited.
(5) Amounts credited to an RSA where a pension was paid from the RSA in
respect of so much of the year of income as the RSA existed.
(6) Where a pension was being paid from an RSA, in respect of a part, but
not the whole, of so much of the year of income as the RSA existed, amounts
worked out using the following formula:
If, apart from this section:
(a) the taxable income of an RSA provider is less than the RSA amount;
or
(b) the RSA provider has no taxable income;
then:
(c) the RSA provider is taken to have both a taxable income and a tax loss
in relation to the year of income; and
(d) the taxable income is taken to equal the RSA amount; and
(e) the tax loss is taken to be the amount that would have been the RSA
provider’s tax loss if the RSA amount were not income derived.
(1) The taxable income of an RSA provider (other than a life assurance
company) is divided into the RSA component and the standard
component.
(2) The RSA component is equal to the RSA amount worked out under section
299C.
(3) The standard component is the amount (if any) remaining after
deducting the RSA component from the taxable income.
(1) Any amounts paid, during a year of income, as premiums for an
insurance policy that is wholly to provide death or disability benefits under
RSAs provided by the RSA provider are allowable as deductions in calculating the
taxable income for the year of income of the RSA provider.
(2) No deduction is allowable in respect of amounts withdrawn from, or
benefits paid in relation to, RSAs.
(3) No deduction is allowable for amounts credited to RSAs.
(1) If an RSA provider receives in a year of income a rebate or refund of
a premium which has, in whole or in part, been allowed or is allowable as a
deduction under subsection 299E(1), so much of that rebate or refund as is
attributable to that deduction is to be included in the assessable income of the
RSA provider for the year of income.
(2) Nothing in subsection (1) limits the circumstances in which other
rebates or refunds are included in the assessable income.
Any amounts that, but for the operation of subsection 299C(4), would have
been taken into account under paragraph 299C(2)(b) in calculating the RSA
component of the RSA provider’s income for the year of income are
exempt.
1 Title
After “employers to”, insert “RSAs
or”.
1 Subsection 6(1)
Insert:
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997.
2 Subsection 6(1)
Insert:
RSA provider has the same meaning as in the Retirement
Savings Accounts Act 1997.
3 Subsection 14(1)
After “a superannuation fund”, insert “, or the holder of
an RSA,”.
4 Paragraphs 14(1)(a), (ab) and
(b)
After “the fund”, insert “or the RSA”.
5 Paragraph 14(2)(c)
After “the fund”, insert “or the RSA”.
6 Subsection 14(3)
After “the fund”, insert “or the RSA”.
7 Paragraph 15A(4)(a)
After “superannuation fund”, insert “or an RSA
provider”.
8 Subsection 15A(6) (definition of benefit
body)
After “company”, insert “, an RSA
provider”.
9 Subsection 15A(6) (definition of
pension)
Repeal the definition, substitute:
pension means a pension within the meaning of the
Superannuation Industry (Supervision) Act 1993 or the Retirement
Savings Accounts Act 1997.
10 Subsection 23(1)
After “relation”, insert “to RSAs and”.
Note: The heading to section 23 is altered by inserting
“RSA or to” after “made
to”.
11 Paragraph 23(2)(a)
After “superannuation fund”, insert “or an
RSA”.
12 Paragraph 23(2)(c)
After “superannuation fund”, insert “or an
RSA”.
13 Subsection 23(2) (definition of
A)
After “the fund”, insert “or the RSA”.
14 Paragraph 23(3)(a)
After “superannuation fund”, insert “or an
RSA”.
15 Paragraph 23(3)(c)
After “superannuation fund”, insert “or an
RSA”.
16 Subsection 23(3) (definition of
A)
After “the fund”, insert “or the RSA”.
17 Paragraph 23(4)(a)
After “superannuation fund”, insert “or an
RSA”.
18 Subsection 23(4) (definition of
A)
After “the fund”, insert “or the RSA,”.
19 Subsection 23(4) (sub-subparagraph (A) of the
definition of A)
After “superannuation fund”, insert “or the
RSA”.
20 Subsection 23(4) (sub-subparagraph (B) of the
definition of A)
After “the fund”, insert “or the RSA”.
21 Subsection 23(4) (sub-subparagraph (B) of the
definition of B)
After “the fund” (wherever occurring), insert “or the
RSA”.
22 Paragraph 23(4A)(a)
After “a superannuation fund”, insert “or an
RSA”.
23 Paragraph 23(4A)(e)
After “superannuation fund”, insert “or the
RSA”.
24 Paragraph 23(5)(a)
After “superannuation fund”, insert “or an
RSA”.
25 Subsection 23(5) (definition of
A)
After “the fund”, insert “or the RSA”.
26 Subsection 23(5) (sub-subparagraph (A) of the
definition of A)
After “superannuation fund”, insert “or the
RSA”.
27 Subsection 23(5) (sub-subparagraph (B) of the
definition of A)
After “the fund”, insert “or the RSA”.
28 Subsection 23(5) (sub-subparagraph (B) of the
definition of B)
After “the fund” (wherever occurring), insert “or the
RSA”.
29 Subsection 23(6A)
After “superannuation fund”, insert “or an
RSA”.
30 Subsection 23(7)
After “superannuation fund”, insert “or an
RSA”.
31 Subsection 23(8)
After “superannuation fund”, insert “or an
RSA”.
32 Subsection 23(8A)
After “fund” (wherever occurring), insert “or
RSA”.
33 Subsection 23(9A)
After “superannuation fund” (wherever occurring), insert
“or RSA”.
34 Paragraph 65(1)(a)
After “of the employee,”, insert “to an
RSA,”.
1 Section 3
After “superannuation fund”, insert “or
RSA”.
2 Section 4
Insert:
provider, in relation to an RSA, has the same meaning as in
the Retirement Savings Accounts Act 1997.
3 Section 4
Insert:
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997.
4 Section 4
Insert:
RSA provider has the same meaning as in the Retirement
Savings Accounts Act 1997.
5 Section 4 (definition of superannuation
contribution)
After “superannuation fund”, insert “, an
RSA”.
6 Section 14
After “to superannuation fund”, insert “or
RSA”
7 Section 14
After “to a superannuation fund”, insert “or
RSA”.
8 Section 56
After “superannuation funds”, insert “or
RSAs”.
9 Heading to Division 4 of Part
7
Repeal the heading, substitute:
10 Paragraph 61(1)(a)
After “account balance”, insert “to a specified RSA
or”.
Note: The heading to section 61 is replaced by the heading
“Transfer to RSA or superannuation fund”.
11 Subsection 61(4)
Omit “to the trustee”, substitute “to the provider of the
RSA, or to the trustee”.
12 Subsection 61(4)
Omit “that the trustee”, substitute “that the RSA
provider or the trustee”.
13 Paragraph 61(7)(b)
Omit “the trustee”, substitute “the RSA provider or the
trustee”.
1 Subsection 136(1) (at the end of paragraph (j)
of the definition of fringe benefit)
Add:
or (iii) the making of a payment of money to an RSA (within the meaning of
the Retirement Savings Accounts Act 1997);
1 Subsection 3(1)
Insert:
general fund component has the same meaning as in Division 8
of Part III of the Assessment Act.
2 Subsection 3(1) (definition of non-fund
component)
Repeal the definition.
3 Subsection 3(1)
Insert:
RSA component:
(a) in relation to a life assurance company—has the same meaning as
in Division 8 of Part III of the Assessment Act; or
(b) in any other case—has the same meaning as in Part IX of the
Assessment Act.
4 Subsection 3(1) (definition of standard
component)
Repeal the definition, substitute:
standard component:
(a) in relation to a life assurance company—has the same meaning as
in Division 8 of Part III of the Assessment Act; or
(b) in any other case—has the same meaning as in Part IX of the
Assessment Act.
5 After paragraph 23(2)(c)
Insert:
(ca) an RSA provider; or
6 After paragraph 23(4A)(b)
Insert:
(ba) in respect of the RSA component of the general fund
component—15%;
7 Paragraph 23(4A)(c)
Omit “non-fund component”, substitute “standard component
of the general fund component”.
8 After subsection 23(4B)
Insert:
(4BA) The rates of tax in respect of the taxable income of a company,
other than a life assurance company that is an RSA provider are:
(a) in respect of the RSA component—15%; and
(b) in respect of the standard component—36%.
(193/96)