Retirement Savings Accounts Amendment Regulations 2000 (No. 1) (Cth)

Retirement Savings Accounts Amendment Regulations 2000 (No. 1)1

Statutory Rules 2000 No. 2792

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 the Retirements Savings Accounts Act 1997.

Dated 11 October 2000

WILLIAM DEANE

Governor-General

By His Excellency’s Command

C. R. KEMP

Assistant Treasurer

1Name of Regulations

 These Regulations are the Retirement Savings Accounts Amendment Regulations 2000 (No. 1).

2Commencement

 These Regulations commence, or are taken to have commenced, as follows:

• (a)

  on gazettal — regulations 1 to 3;

• (b)

  on 1 July 1999 — Schedule 1.

3Amendment of Retirement Savings Accounts Regulations 1997

Schedule 1 amends the Retirement Savings Accounts Regulations 1997.

Schedule 1Amendment taken to have commenced on 1 July 1999

Do not delete: Schedule Part placeholder

(regulation 3)

[1]After regulation 4.17A

insert

4.17BInvestment earnings taken to be unrestricted non-preserved benefits

• (1)

  An investment earning in relation to a benefit of any kind is an unrestricted non-preserved benefit on a day if:

  • (a)

    the benefit was cashed, before that day, in the form of a non-commutable life pension; and

  • (b)

    the pension has commenced to be paid before that day.

• (2)

  An investment earning in relation to a benefit of any kind is an unrestricted non-preserved benefit on a day if:

  • (a)

    the benefit was cashed, before that day, in the form of a non-commutable life annuity; and

  • (b)

    the annuity has commenced to be paid before that day.

• (3)

  An investment earning in relation to a benefit is an unrestricted non-preserved benefit on a day if:

  • (a)

    the benefit is an unrestricted non-preserved benefit; and

  • (b)

    the benefit was cashed, before that day, in the form of a pension; and

  • (c)

    the pension has commenced to be paid before that day.

• (4)

  An investment earning in relation to a benefit is an unrestricted non-preserved benefit on a day if:

  • (a)

    the benefit is an unrestricted non-preserved benefit; and

  • (b)

    the benefit was cashed, before that day, in the form of an annuity; and

  • (c)

    the annuity has commenced to be paid before that day.

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; 1999 Nos. 13 and 315.

2. Notified in the Commonwealth of Australia Gazette