RETIREMENT SAVINGS ACCOUNTS REGULATIONS 1997

Commonwealth Consolidated Regulations

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RETIREMENT SAVINGS ACCOUNTS REGULATIONS 1997

- made under the Retirement Savings Accounts Act 1997

TABLE OF PROVISIONS

PART 1--PRELIMINARY

1.01. Name of Regulations
1.03. Interpretation
1.04. Eligible person--section 13 of the Act
1.05. Approved auditor
1.05A. Meaning of growth phase
1.06. Lost RSA holder
1.07. Meaning of pension--section 16 of the Act
1.08. Commutation of market linked pension
1.08AA. Commutation of market linked pension--limited period for full commutation
1.08A. Commutation of an account - based pension
1.09. Interdependency relationships (Act s 20A)

PART 2--INFORMATION--FOR RSA HOLDERS AND OTHERS

Division 2.3A--Information about RSA interest subject to payment split

2.18A. Application of Division 2.3A
2.18B. Operating standards
2.18C. Information to be provided by RSA provider--growth phase
2.18D. Other information to be given by RSA provider--adverse effect on benefits

PART 3--BENEFIT--PROTECTION STANDARDS

Division 3.1--Introductory

3.01. Interpretation
3.02. RSA provider may provide greater protection

Division 3.2--Treatment of benefits

3.03. Operating standards
3.04. Minimum benefits
3.05. How benefits are to be treated
3.06. Mandated employer contributions
3.06A. Priority in deducting surcharge or instalment
3.06B. Refund of costs

Division 3.3--RSA holder-protection standards

3.07. Interpretation
3.08. Operating standards
3.09. RSA holder - protection standards not to apply to certain protected RSA holders
3.10. RSA holder - protection standards not to apply to pensions or annuities
3.11. RSA holder - protection standards not to apply to traditional life insurance policies
3.12. RSA holder - protection standards
3.13. Costs not to be deferred

PART 3A--DATA--AND PAYMENT MATTERS RELATING TO RSAS

3A.01. Definitions
3A.02. Prescribed RSA
3A.03. Information to be given for register

PART 4--PAYMENT--STANDARDS

Division 4.1--Introductory

Subdivision 4.1.1--General interpretation

4.01. Interpretation
4.01AA. Meaning of non - commutable allocated pension
4.01A. Meaning of terminal medical condition
4.01B. Conditions of release for temporary residents
4.03. RSA changeover day

Subdivision 4.1.2--Preserved benefits

4.04. Preserved benefits--before 1 July 1999
4.05. Preserved benefits--on and after 1 July 1999
4.08. Effect of rollover or transfer on preserved benefits

Subdivision 4.1.3--Restricted non-preserved benefits

4.09. Restricted non - preserved benefits--before 1 July 1999
4.10. Restricted non - preserved benefits--on and after 1 July 1999
4.12. Effect of rollover or transfer on restricted non - preserved benefits

Subdivision 4.1.4--Unrestricted non-preserved benefits

4.13. Unrestricted non - preserved benefits
4.14. Movement of benefits between categories by satisfaction of conditions of release
4.15. Effect of rollover or transfer on unrestricted non - preserved benefits

Subdivision 4.1.5--Miscellaneous

4.17. Contributions and benefits taken to be preserved benefits
4.17A. When benefits rolled over or transferred are unrestricted non - preserved benefits
4.17B. Investment earnings taken to be unrestricted non - preserved benefits
4.18. Redistribution of benefits by operation of terms and conditions or action of RSA provider

Division 4.2--Payment of benefits

4.19. Operating standards
4.20. Restriction on payment
4.20A. Payment and commutation of pension in breach of standards
4.20B. Benefits to be paid as soon as practicable where member satisfies compassionate ground relating to coronavirus

Division 4.3--Cashing of benefits

4.21. Voluntary cashing of preserved benefits
4.22. Voluntary cashing of restricted non - preserved benefits
4.22A. Release of benefits on compassionate grounds
4.22B. Release of benefits on compassionate ground--coronavirus
4.23. Voluntary cashing of unrestricted non - preserved benefits
4.23A. Compulsory cashing of benefits--temporary residents
4.23B. Cashing of benefits in an RSA--payment to Commissioner of Taxation
4.24. Compulsory cashing of benefits
4.25. Effect of rollover or transfer on post - 65 employer - financed benefits
4.26. Limitation on cashing of benefits in favour of persons other than RSA holders or their legal personal representatives
4.27. When benefits may be cashed in favour of persons other than RSA holders
4.28. Effect of payment of benefits
4.29. Priority in cashing benefits in certain cases

Division 4.4--Rollover and transfer of benefits

4.30. Definition
4.31. Operating standards
4.32. Rollover
4.33. Transfer
4.34. When RSA holder's consent need not be given

Division 4.4A--Compulsory rollover and transfer of benefits in RSAs

4.35. Application of Division 4.4A
4.35A. Data and payment matters relating to RSAs
4.35B. Request forms
4.35C. Request for rollover or transfer of RSA holder's withdrawal benefit
4.35D. Action by receiving entity on receipt of request
4.35E. Transferring entity must electronically receive request
4.35F. Transferring entity may request information if not provided
4.35G. Validation of RSA holder's details by transferring entity
4.35H. Verification of self managed superannuation fund and RSA holder's details
4.35J. Rollover or transfer of RSA holder's withdrawal benefit
4.35K. Timeframes for rollovers and transfers
4.35L. RSA holder details for rollover or transfer
4.35M. Receiving entity must electronically receive information and payment
4.35N. Receiving entity must allocate amount to RSA holder
4.35P. When an RSA provider may refuse to roll over or transfer an amount

Division 4.5--Spouse contributions-splitting amounts

4.37. Interpretation
4.38. Meaning of taxed splittable contribution and untaxed splittable contribution
4.39. Meaning of splittable contribution
4.40. Application of Division 4.5
4.41. Application to roll over, transfer or allot an amount of contributions
4.42. Decision on application
4.43. Receiving spouse

Division 4.6--Conditions for the use of tax file numbers to facilitate consolidation or rollover

4.44. Definitions for Division 4.6
4.45. Conditions for use of tax file numbers
4.46. Consent to use RSA holder's tax file number
4.47. Procedure for searching for amounts to facilitate consolidation by rollover

PART 4AA--PORTABILITY--FORMS

4AA.01. Establishment of scheme
4AA.02. Request to rollover or transfer withdrawal benefit
4AA.03. Verification of data

PART 4A--RSA--INTERESTS SUBJECT TO PAYMENT SPLIT

Division 4A.1--General

4A.01. Purpose of Part 4A
4A.01A. Relevant condition of release
4A.02. Operating standards
4A.03. RSA provider to give payment split notice

Division 4A.2--Options available for interests

4A.04. Application of Division 4A.2
4A.05. RSA provider may open a new RSA
4A.06. Request to retain a non - member spouse interest
4A.07. Request to roll over or transfer benefits
4A.08. Request for lump sum payment
4A.09. Requirements for requests
4A.10. Giving effect to a request
4A.11. RSA provider's options if no request received
4A.12. Confirming a non - member spouse RSA
4A.13. Rolling over or transferring the non - member spouse's interest
4A.14. Paying a lump sum

Division 4A.3--Options available for certain RSA interests

4A.15. Application of Division 4A.3
4A.16. Request to open new RSA
4A.17. Request for transfer of benefits
4A.18. Request for lump sum payment
4A.19. Requirements for requests
4A.20. Giving effect to a request
4A.21. RSA provider options if no request received
4A.22. Opening a new RSA
4A.23. Rolling over or transferring transferable benefits
4A.24. Paying a lump sum

Division 4A.4--Splittable payments--payment standards for non-member spouse entitlements

4A.25. Application of Division 4A.4
4A.27. Preservation of non - member spouse entitlements
4A.28. Cashing of non - member spouse entitlements

PART 5--CONTRIBUTION--STANDARDS

5.01. Interpretation

Division 5.1--Operating standards

5.02. Operating standards
5.03. Acceptance of contributions

Division 5.2--Data and payment matters relating to RSAs

5.04. Data and payment matters relating to RSAs
5.05. Application
5.06. RSA provider may give policy or account number to Commissioner of Taxation
5.07. Employee details for contribution
5.08. RSA provider must electronically receive contributions and information
5.09. Incomplete contribution information
5.10. Contributions to be allocated to an RSA holder

PART 6--MISCELLANEOUS

Division 6.1--Reconsideration and review of decisions

6.01. Notice of reviewable decisions and reasons for decisions
6.02. Reconsideration of certain decisions
6.03. ART review of reconsidered decisions

Division 6.2--Matters prescribed or specified in relation to RSA institutions and providers

6.04. Application for approval as an RSA institution

Division 6.3--Information to be given to APRA or Commissioner of Taxation and related matters

6.08. Operating standards--disclosure of information to APRA
6.10. Lodgment of annual returns

Division 6.3A--Cooperation with AFCA

6.10A. Cooperation with AFCA

Division 6.4--Other matters

6.11. RSA holder benefits--specified age
6.12. Prescribed regulatory agencies
6.13. Period to notify RSA holder or employer of suspension or revocation
6.15. Amount to be transferred
6.16. Period within which audit report must be given
6.16A. Conditional offer of goods or services--exemptions
6.17. Payment of benefit to eligible rollover fund
6.18. Report of inspector--prescribed agencies
6.19. Statements made at an examination--manner of authentication

PART 7--TRANSITIONAL--MATTERS

7.1. Amendments made by Retirement Savings Accounts Amendment Regulation 2012 (No. 3)
7.2. Amendments made by the Tax and Superannuation Laws Amendment (Release Conditions for Non - concessional Contributions) Regulation 2015
7.3. Amendments made by the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016
7.4. Amendments made by the Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017
7.5. Amendments made by the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Regulations 2018
7.6. Amendments made by the Treasury Laws Amendment (Release of Superannuation on Compassionate Grounds) Regulations 2018
7.7. Amendments made by the Treasury Laws Amendment (Work Test Exemption) Regulations 2018
7.8. Amendments made by the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019
7.9. Amendments made by the Superannuation Legislation Amendment (2020 Measures No. 1) Regulations 2020
7.10. Amendments made by the Treasury Laws Amendment (Reuniting More Superannuation) Regulations 2021
7.11. Amendments made by the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2020
7.12. Amendments made by the Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022
7.13. Amendments made by the Superannuation Legislation Amendment (Broadening Contribution Rules) Regulations 2022
7.14. Amendment made by the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2024
SCHEDULE 1 Payment limits for pensions with a commencement day before 1 January 2006
SCHEDULE 1A Payment limits for pensions with a commencement day on or after 1 January 2006
SCHEDULE 2 Conditions of release and cashing restrictions--preserved benefits and restricted non-preserved benefits
SCHEDULE 4 Payments for market linked pensions
SCHEDULE 5 Minimum payment amount for an account-based pension

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