Commonwealth Numbered Regulations

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RETIREMENT SAVINGS ACCOUNTS REGULATIONS (AMENDMENT) 1997 No. 308 - REG 8

8. New regulations 3.06A and 3.06B
8.1 After regulation 3.06, insert: Priority in deducting surcharge or
instalment

"3.06A. (1) This regulation applies if an RSA provider has decided to reduce
an RSA holder's benefits in an RSA in connection with payment of a
superannuation contributions surcharge or an advance instalment of surcharge.



"(2) In reducing the RSA holder's benefits, the RSA provider must:

   (a)  if possible—deduct an amount equal to the whole of the amount of the
        reduction from the preserved benefits; and

   (b)  if the required deduction cannot be met under paragraph (a)— deduct
        the balance from the restricted non-preserved benefits; and

   (c)  if the required deduction cannot be met under paragraphs (a) and
        (b)—deduct the balance from the unrestricted non-preserved benefits.

Refund of costs

"3.06B. The RSA provider may refund to an RSA costs charged against the RSA
holder's benefits in the RSA.". 


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