Commonwealth Numbered Regulations

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RETIREMENT SAVINGS ACCOUNTS AMENDMENT REGULATIONS 2007 (NO. 1) (SLI NO 104 OF 2007) - SCHEDULE 1

Amendments commencing on day after registration

(regulation 3)

   

[1]           Subparagraph 1.07 (3A) (e) (vi)

omit

payment split; and

insert

payment split; or

[2]           After subparagraph 1.07 (3A) (e) (vi)

insert

                        (vii)    for the purpose of paying an amount to give effect to a release authority under:

                                   (A)     section 292‑ 415 of the Income Tax Assessment Act 1997 ; or

                                   (B)     section 292‑80C of the Income Tax (Transitional Provisions) Act 1997 ;

                                 in respect of the primary beneficiary; and

[3]           Paragraph 1.08 (2) (c)

omit

subregulation (3).

insert

subregulation (3); or

[4]           After paragraph 1.08 (2) (c)

insert

               (d)    for the purpose of paying an amount to give effect to a release authority under:

                          (i)    section 292‑ 415 of the Income Tax Assessment Act 1997 ; or

                         (ii)    section 292‑80C of the Income Tax (Transitional Provisions) Act 1997 ;

                        in respect of the primary beneficiary.

[5]           Subregulation 4.01 (2), definition of non‑commutable allocated pension , after sub‑subparagraph (b) (i) (C)

insert

                                   (D)     to ensure that a payment may be made for the purpose of giving effect to a release authority under:

                                                (I)     section 292‑ 415 of the Income Tax Assessment Act 1997 ; or

                                               (II)     section 292‑80C of the Income Tax (Transitional Provisions) Act 1997 ; or

[6]           After regulation 4.20

Insert

4.20A       Payment and commutation of pension in breach of standards

                If an RSA provider provides a pension under rules which meet the standards of subregulation 1.07 (3A), the RSA provider must not:

                (a)    pay the pension in a way that does not meet the standards of that subregulation; or

               (b)    allow the pension to be commuted except in accordance with that subregulation.

[7]           Subregulation 4.23A (3)

after

the Department of Immigration and Multicultural and Indigenous Affairs,

insert

the Department of Immigration and Multicultural Affairs or the Department of Immigration and Citizenship,

[8]           Subregulation 5.03 (3)

omit

subregulation (5)

insert

subregulations (4B) and (5)

[9]           Subregulation 5.03 (4)

omit

Subject to subregulation (5)

insert

Subject to subregulations (4B) and (5)

[10]         Subregulation 5.03 (4A)

omit

Subject to subregulation (5)

insert

Subject to subregulations (4B) and (5)

[11]         After subregulation 5.03 (4A)

insert

      (4B)   An RSA institution may accept contributions that are made by an RSA holder in respect of the RSA holder:

                (a)    in accordance with an item in the following table; and

               (b)    during the period specified in the item.

 

Item

If the RSA holder ...

the RSA institution may accept contributions that are made by the RSA holder in respect of the RSA holder if ...

1

was 64 at any time between 10 May 2006 and 5 September 2006 (inclusive)

the contributions are made in the period 10 May 2006 to 30 June 2007 (inclusive) , whether or not the RSA holder has been gainfully employed on at least a part‑time basis

2

was 74 at any time between 10 May 2006 and 5 September 2006 (inclusive)

   (a)  the contributions are made in the period 10 May 2006 to 30 June 2007 (inclusive) ; and

   (b)  the RSA holder was gainfully employed on at least a part‑time basis in either the 2005--06 or 2006--07 financial year

[12]         Subregulation 5.03 (6)

omit

has worked

insert

was gainfully employed for

[13]         After subregulation 5.03 (6)

insert

Note     gainfully employed is defined in regulation 1.03.

[14]         Schedule 2, items 108A, 108B and 109

substitute

 

109

Compassionate ground

A single lump sum, not exceeding an amount determined, in writing, by APRA, being an amount that:

 

 

   (a)  taking account of the ground and of the person's financial capacity, is reasonably required; and

 

 

   (b)  in the case of the ground mentioned in paragraph 4.22A (1) (b) -- in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of:

         (i)   3 months' repayments; and

        (ii)   12 months' interest on the outstanding balance of the loan.

110

Attaining preservation age

One or more of the following:

   (a)  a non‑commutable allocated annuity within the meaning of Part 6 of the SIS Regulations;

   (b)  a non‑commutable allocated pension;

 

 

   (c)  a non‑commutable annuity within the meaning of Part 6 of the SIS Regulations;

   (d)  a non‑commutable pension

112

Either:

   (a)  a person gives a release authority to a superannuation provider under subsection 292‑ 410 (1) of the Income Tax Assessment Act 1997 ; or

Restrictions contained in subsections 292‑ 415 (1) and (2) of the Income Tax Assessment Act 1997

 

   (b)  the Commissioner of Taxation gives a release authority to a superannuation provider under subsection 292‑ 410 (4) of the Income Tax Assessment Act 1997

 

113

A person gives a transitional release authority to a superannuation provider under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997

Restrictions contained in subsections 292‑80C (1) and (2) of the Income Tax (Transitional Provisions) Act 1997

114

Any other condition, if expressed to be a condition of release, in an approval under paragraph 15 (4) (d) of the Act

Restrictions expressed in the approval to be cashing restrictions applying to the condition of release


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