Commonwealth Numbered Regulations

RETIREMENT SAVINGS ACCOUNTS AMENDMENT REGULATIONS 2009 (NO. 2) (SLI NO 45 OF 2009) - SCHEDULE 1

(regulation 3)

[1]           Schedule 1, clause 2

omit

clauses 3 and 4,

insert

clauses 3, 3A and 4,

[2]           Schedule 1, after clause 3

insert

    3A.       For the financial year commencing on 1 July 2008, the minimum limit is half of the amount determined under the formula in clause 2.

[3]           Schedule 1A, clause 2 

omit

clauses 3 and 4,

insert

clauses 3, 3A and 4,

[4]           Schedule 1A, after clause 3

insert

    3A.       For the financial year commencing on 1 July 2008, the minimum limit is half of the amount determined under the formula in clause 2.

[5]           Schedule 4, after clause 8

before the table, insert

       9.       Clause 8 does not apply if clause 10 applies.

     10.       For the financial year commencing on 1 July 2008, an amount is taken to have been determined in accordance with clause 1 if the amount is:

                (a)    not less than 45% of the amount determined in accordance with clause 1; and

               (b)    not greater than 110% of the amount determined in accordance with clause 1.

[6]           Schedule 5, subclause 1 (1)

omit

clauses 2 and 3,

insert

clauses 2, 3 and 3A,

[7]           Schedule 5, after clause 3

insert

     3A       For the financial year commencing on 1 July 2008, the amount of payments is half of the amount worked out using the formula in clause 1.