Commonwealth Consolidated Regulations

RETIREMENT SAVINGS ACCOUNTS REGULATIONS 1997 - REG 3.06A

  (1)   This regulation applies if an RSA provider has decided to reduce an RSA holder's benefits in an RSA in connection with payment of a superannuation contributions surcharge or an advance instalment of surcharge.

  (2)   In reducing the RSA holder's benefits, the RSA provider must:

  (a)   if possible--deduct an amount equal to the whole of the amount of the reduction from the preserved benefits; and

  (b)   if the required deduction cannot be met under paragraph   (a)--deduct the balance from the restricted non - preserved benefits; and

  (c)   if the required deduction cannot be met under paragraphs   (a) and (b)--deduct the balance from the unrestricted non - preserved benefits.