Commonwealth Numbered Regulations

1997 No. 116 RETIREMENT SAVINGS ACCOUNTS REGULATIONS - REG 5.03

5.03. (1) Subject to subregulation (5), an RSA institution may accept
contributions that are made in respect of an RSA holder who is under age 65
only if:

   (a)  the contributions are mandated employer contributions; or

   (b)  the contributions are not mandated employer contributions and the RSA
        holder:

        (i)    has, at any time in the period of 2 years immediately preceding
               the date of acceptance, engaged in full-time or part-time
               gainful employment; or

        (ii)   ceased full-time or part-time gainful employment because of
               ill-health (whether physical or mental) that, at the date of
               acceptance, prevents the RSA holder from engaging in employment
               of the kind that the RSA holder engaged in at the onset of the
               ill-health; or

        (iii)  is on authorised leave from his or her employer, and:

                (A)  the leave is for the purposes of raising children of whom
                     the RSA holder is a parent, or for whom he or she has
                     assumed the responsibility of a parent; and

                (B)  he or she has been on that leave for less than 7 years
                     consecutively; and

                (C)  he or she has a statutory or contractual right to resume
                     employment at the end of the leave; and

                (D)  he or she was the RSA holder of the RSA immediately
                     before going on the leave.

(2) In subparagraph (1) (b) (iii):

"authorised leave", in relation to an RSA holder, means leave that is:

   (a)  approved by the RSA holder's employer; or

   (b)  authorised by:

        (i)    a law of the Commonwealth, a State or a Territory; or

        (ii)   an agreement certified, or an award made, by a tribunal or body
               having the authority to do so under a law of the Commonwealth,
               a State or a Territory.

(3) Subject to subregulation (5), an RSA institution may accept contributions
that are made in respect of an RSA holder who has reached age 65 but not age
70 only if:

   (a)  the contributions are mandated employer contributions; or

   (b)  the RSA holder is gainfully employed on a part-time or full-time
        basis.

(4) Subject to subregulation (5), an RSA institution may accept contributions
that are made in respect of an RSA holder who has reached age 70 only if the
contributions are mandated employer  contributions.

(5) An RSA institution may accept contributions in respect of an RSA holder if
the RSA institution is reasonably satisfied that the contribution is in
respect of a period during which, under subregulation (1), (3) or (4), the RSA
institution may accept the contribution in respect of that RSA holder, even
though the contribution is actually made after that period.