Retirement Savings Accounts Amendment Regulations 1999 (No. 1) (Cth)

Retirement Savings Accounts Amendment Regulations 1999 (No. 1)

Statutory Rules 1999No. 13

I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations under theRetirement Savings Accounts Act 1997.

Dated 4 February 1999.

WILLIAM DEANE

Governor-General

By His Excellency’s Command,

C. R. Kemp

Assistant Treasurer

Retirement Savings Accounts Amendment Regulations 1999 (No. 1)1

Statutory Rules 1999No. 132

made under the

Retirement Savings Accounts Act 1997

   

Contents

Page

• •
• •

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1Name of regulations

 These regulations are the Retirement Savings Accounts Amendment Regulations 1999 (No. 1).

2Commencement

 These regulations commence on gazettal.

3Amendment of Retirement Savings Accounts Regulations

Schedule 1 amends the Retirement Savings Accounts Regulations.

Schedule 1Amendment of Retirement Savings Accounts Regulations

(regulation 3)

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[1]Regulation 1.01

substitute

1.01Name of regulations

 These regulations are the Retirement Savings Accounts Regulations 1997.

[2]Subregulation 1.03 (1), definition of withdrawal benefit, subparagraph (b) (ii)

substitute

• (ii)

  the trustee of a superannuation entity or an EPSSS;

[3]Subregulation 1.03 (1)

insert

EPSSS means an exempt public sector superannuation scheme.

[4]

Note   Omit paragraph (c) of the note following regulation 1.06, and insert:

(c) that, if the RSA holder is transferred to a superannuation entity or an EPSSS, the RSA provider must supply certain information about the RSA holder to the trustee of the superannuation entity or the EPSSS (see Division 2.8).

[5]Subregulation 2.28 (3)

after

 superannuation entity,

insert

 or an EPSSS,

[6]Subregulation 2.29 (1)

omit

 institution, or superannuation entity to

insert

 institution, superannuation entity or EPSSS to

[7]Subregulation 2.29 (1)

omit

 institution or superannuation entity chosen

insert

 institution, superannuation entity or EPSSS chosen

[8]Paragraph 2.29 (2) (e)

omit

 institution or superannuation entity

insert

 institution, superannuation entity or EPSSS

[9]Subregulation 2.29 (3)

omit

 institution, or superannuation entity other than the eligible rollover fund.

insert

 institution, about a superannuation entity other than the eligible rollover fund or about an EPSSS.

[10]Subparagraph 2.43 (3) (b) (ii)

omit

 period.

insert

 period; or

[11]After subparagraph 2.43 (3) (b) (ii)

insert

• (iii)

  the trustee of the EPSSS to which the amount is being transferred, information to the same general effect as that required under Subdivision 2.4.2 of the SIS Regulations in respect of the RSA holder’s exit reporting period.

[12]Subregulation 3.01 (1), definition of superannuation system, paragraph (h)

substitute

• (h)

  EPSSSs.

[13]Subregulation 3.01 (1), definition of transferred

substitute

transferred, in relation to the benefits of the holder of an RSA paid out of, or received by, the RSA, means paid to, or received from:

• (a)

  another RSA provided by an RSA institution; or

• (b)

  a superannuation entity; or

• (c)

  an EPSSS;

otherwise than upon the satisfaction by the RSA holder of a condition of release (within the meaning of Part 4) for all those benefits.

[14]Subregulation 4.01 (6)

omit

 a superannuation entity.

insert

 a superannuation entity or an EPSSS.

[15]Paragraph 4.10 (1) (b)

omit

 exempt public sector superannuation scheme

insert

 EPSSS

[16]Sub-subparagraph 4.24 (2) (a) (iii) (C)

omit

 fund;

insert

 fund; or

[17]After sub-subparagraph 4.24 (2) (a) (iii) (C)

insert

• (D)

  an EPSSS;

[18]Sub-subparagraph 4.24 (2) (b) (iii) (C)

omit

 fund;

insert

 fund; or

[19]After sub-subparagraph 4.24 (2) (b) (iii) (C)

insert

• (D)

  an EPSSS;

[20]Paragraph 4.24 (5) (b)

after

 regulated superannuation fund

insert

 or an EPSSS

[21]Regulation 4.31

after

 superannuation entity

insert

 or an EPSSS

[22]Subparagraph 4.32 (b) (ii)

after

 superannuation entity

insert

 or EPSSS

[23]Subparagraph 4.33 (b) (ii)

after

 superannuation entity

insert

 or EPSSS

Notes

1. These regulations amend Statutory Rules 1997 No. 116, as amended by 1997 Nos. 150, 151, 242, 294, 308 and 342; 1998 Nos. 82, 176, 178 and 192.

2. Made by the Governor-General on 4 February 1999, and notified in the Commonwealth of Australia Gazette