Commonwealth Numbered Regulations

1997 No. 116 RETIREMENT SAVINGS ACCOUNTS REGULATIONS - REG 1.06

1.06. (1) An RSA holder is taken to be a lost RSA holder at a particular time
if:

   (a)  he or she is uncontactable, that is, if and only if:

        (i)    the RSA provider has never had an address for the RSA holder;
               or

        (ii)   2 written communications or, if the RSA provider so chooses, 1
               written communication have been sent by the RSA provider to the
               RSA holder's last known address and returned unclaimed; or

   (b)  the RSA holder is an inactive RSA holder, that is, if and only if:

        (i)    he or she has been an RSA holder for longer than 2 years; and

        (ii)   the RSA has not received a contribution or rollover in respect
               of him or her within the last 2 years of his or her being an
               RSA holder; unless:

   (c)  within the last 2 years of the RSA holder's being an RSA holder, the
        RSA provider has verified that the RSA holder's address is correct and
        has no reason to believe that that address is now incorrect; or

   (d)  the RSA holder is permanently excluded from being a lost RSA  holder.

(2) For the purposes of subregulation (1), and subject to subregulation (3),
an RSA holder is permanently excluded from being a lost RSA holder if:

   (a)  the RSA holder is an inactive RSA holder who has indicated by a
        positive act (for example, deferring a benefit in the RSA) that he or
        she wishes to continue to be an RSA holder; or

   (b)  the RSA holder has contacted the RSA provider at any time after the
        time at which he or she became an RSA holder and indicated that he or
        she wishes to continue being an RSA holder.

(3) The RSA provider may decide that:

   (a)  an RSA holder, a class of RSA holders, or all RSA holders cannot be
        permanently excluded from becoming lost RSA holders; or

   (b)  an RSA holder who is, a class of RSA holders who are, or all RSA
        holders who are permanently excluded from being lost is or are not to
        continue being permanently excluded from being lost. [NOTE: The
        consequences of an RSA holder becoming a lost RSA holder are:

   (a)  that the RSA provider must protect the benefits of the RSA holder (see
        Division 3.3); and

   (b)  that the RSA provider must report certain details to the Commissioner
        of Taxation (see regulation 6.09); and

   (c)  that if the RSA holder is transferred to a fund the RSA provider must
        supply certain information regarding the RSA holder to the trustee of
        the fund (see Division 2.8). There may also be consequences regarding
        the information to be supplied to the RSA holder (see regulation
        2.04).]