Commonwealth Numbered Regulations

[Index] [Table] [Search] [Search this Regulation] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

1997 No. 116 RETIREMENT SAVINGS ACCOUNTS REGULATIONS - REG 1.03

Interpretation
1.03. (1) In these Regulations, unless the contrary intention appears:

"Act" means the Retirement Savings Accounts Act 1997;

"commencement day", in relation to a pension, means the first day of the
period to which the first payment of the pension relates;

"contributions", in relation to an RSA, includes:

   (a)  payments of shortfall components to the RSA; and

   (b)  payments to the RSA from the Superannuation Holding Accounts  Reserve;
        but does not include benefits that have been rolled over or
        transferred to the RSA;

"costs", in relation to the benefits of the holder of an RSA in the RSA as at
any time, means the total costs charged to those benefits down to that time
and includes:

   (a)  the direct costs of establishing, operating and terminating the RSA;
        and

   (b)  any administrative, insurance and taxation costs relating to the
        establishment, operation and termination of the RSA;

"eligible rollover fund" has the same meaning as in Part 24 of the SIS Act;

"eligible termination payment" has the same meaning as in Subdivision AA of
Division 2 of Part III of the Tax Act;

"employer contribution", in relation to an RSA, means a contribution by, or on
behalf of, an employer of an RSA holder;

"exempt public sector superannuation scheme" has the same meaning as in the
SIS Act;

"full-time", in relation to being gainfully employed, means gainfully employed
for at least 30 hours each week;

"gainfully employed" means employed or self-employed for gain or reward in any
business, trade, profession, vocation, calling, occupation or employment;

"industrial authority" means:

   (a)  a court, or a tribunal or other body or person, constituted under a
        law of the Commonwealth, a State or a Territory with power of
        conciliation or arbitration in relation to industrial disputes; or

   (b)  a special board constituted under the law of a State relating to
        factories;

"investment earnings", in relation to the benefits (or to benefits of a
particular kind) of an RSA holder as at any time, means the total of the
amounts credited to the RSA:

   (a)  if the RSA is an account - by way of positive interest; or

   (b)  if the RSA is a policy - by way of positive investment returns or
        increases in the value of assets in which the policy is invested; down
        to that time in respect of those benefits;

"lost RSA holder" has the meaning given by regulation 1.06;

"mandated employer contributions", in relation to an RSA holder, means
contributions by, or on behalf of, an employer that are equal to the sum of:

   (a)  the contributions made by, or on behalf of, the employer to an RSA in
        relation to the RSA holder, that:

        (i)    reduce the employer's potential liability for the
               superannuation guarantee charge imposed by section 5 of the
               Superannuation Guarantee Charge Act 1992; or

        (ii)   are payments of shortfall components; and

   (b)  the contributions (other than contributions of the kind specified in
        paragraph (a)) made by, or on behalf of, the employer to the RSA in
        relation to the RSA holder in or towards satisfaction of the
        employer's obligation to make contributions for the RSA holder, being
        an obligation under an agreement certified, or an award made, on or
        after 1 July 1986 by an industrial authority;

"mandated employer-financed benefits", in relation to an RSA holder as at a
particular time, means benefits equal to the sum of:

   (a)  the amount of the mandated employer contributions (if any) made to the
        RSA down to that time; and

   (b)  the amount of the mandated employer-financed benefits (if any) paid
        into the RSA down to that time; and

   (c)  the amount of the investment earnings on those contributions and
        benefits down to that time; less the costs applicable to the amounts
        down to that time;

"member" has the same meaning as in the SIS Regulations;

"part-time", in relation to being gainfully employed, means gainfully employed
for at least 10 hours, and less than 30 hours, each week;

"protected RSA holder" means an RSA holder who has withdrawal  benefits, or
benefits of any other type that are payable on closing the RSA otherwise than
voluntarily, net of any applicable exit fee, that:

   (a)  are less than $1,000; and

   (b)  contain, or have contained, benefits that are mandated employer-
        financed benefits;

"reporting period" means a reporting period under Division 2.3;

"reviewable decision" means a decision of the Commissioner to determine a form
of consent under paragraph 4.30 (b);

"RSA holder contributions", in relation to an RSA holder, means contributions
by, or on behalf of, the RSA holder to the RSA, but does not include
employer contributions made in respect of the RSA holder;

"RSA holder-financed benefits", in relation to an RSA holder as at a
particular time, means benefits equal to the sum of:

   (a)  the amount of the RSA holder contributions (if any) made to the RSA
        down to that time; and

   (b)  the amount of the RSA holder-financed benefits (if any) paid into the
        RSA down to that time; and

   (c)  the amount of the investment earnings on those contributions and
        benefits down to that time; less the costs applicable to those amounts
        down to that time;

"RSA holder-protection standards" means the standards set out in subregulation
3.12 (2) and regulation 3.13;

"SGA Act" means the Superannuation Guarantee (Administration) Act  1992 ;

"shortfall component" has the same meaning as in the SGA Act;

"SIS Act" means the Superannuation Industry (Supervision)  Act 1993 ;

"SIS Regulations" means the Superannuation Industry (Supervision) Regulations;

"Superannuation Holding Accounts Reserve" means the Reserve established by
section 8 of the Small Superannuation Accounts  Act 1995 ;

"Tax Act" means the Income Tax Assessment Act 1936;

"withdrawal benefit", in relation to an RSA holder, means the total amount of
the benefits that would be payable:

   (a)  to the RSA holder; and

   (b)  in respect of the RSA holder, to:

        (i)    another RSA; or

        (ii)   the trustee of a superannuation entity; if the RSA holder
               voluntarily ceased to be an RSA holder.
(2) For the purposes of the definition of "protected RSA holder" in
subregulation (1), a benefit in an RSA is taken to contain or to have
contained mandated employer-financed benefits unless the RSA provider knows
otherwise. 


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback