Commonwealth Numbered Regulations

RETIREMENT SAVINGS ACCOUNTS REGULATIONS (AMENDMENT) 1998 No. 176 - REG 12

12.1 Omit the regulation, substitute: Restricted non-preserved benefits-on and
after 1 July 1999

"4.10. (1) Subject to regulations 4.12 and 4.14 and to Subdivision 4.1.5, the
amount of the restricted non-preserved benefits of the holder of an RSA in the
RSA at any time on or after 1 July 1999 is the sum of the following amounts:

   (a)  the RSA holder's restricted non-preserved benefits on 30 June 1999
        worked out under regulation 4.09;

   (b)  any restricted non-preserved benefits received by the RSA for the RSA
        holder from another RSA, a regulated superannuation fund or an exempt
        public sector superannuation scheme on and after 1 July 1999.

"(2) However, if:

   (a)  on or after 1 July 1999, a deduction is allowed for the RSA holder
        under section 82AAT of the Income Tax Assessment Act 1936 for an RSA
        holder contribution made before 1 July 1999; and

   (b)  the benefits arising from the contribution were previously allocated
        to restricted non-preserved benefits; the benefits are taken to be
        preserved benefits.".