Commonwealth Numbered Regulations

1997 No. 116 RETIREMENT SAVINGS ACCOUNTS REGULATIONS - REG 4.12

4.12. (1) If:

   (a)  on a day during the 1998 calendar year that is, or is after, the day
        that is the RSA changeover day in relation to an RSA holder, benefits
        of that RSA holder are rolled over or transferred into
another RSA ("the transferee RSA"); and

   (b)  the RSA institution providing the transferee RSA does not decide, on
        or before the day on which it receives those benefits, that that day
        is the RSA changeover day in respect of those benefits as benefits in
        the transferee RSA; then, despite regulation 4.09, the portion of
        those benefits that is to be taken to be restricted non-preserved
        benefits in the transferee  RSA is the same as the portion of those
        benefits that comprised restricted non-preserved benefits immediately
        before the rollover or transfer.

(2) Nothing in this regulation is to be taken as:

   (a)  derogating from regulation 4.14 or Subdivision 4.1.5; or

   (b)  affecting the operation of regulation 4.09 in relation to:

        (i)    contributions made to the transferee RSA; or

        (ii)   benefits rolled over or transferred to the transferee RSA from
               other RSAs in relation to which an RSA changeover day has not
               been decided in respect of the RSA holder whose benefits are
               rolled over or transferred.