Retirement Savings Accounts Amendment Regulations 2002 (No. 2) (Cth)

Retirement Savings Accounts Amendment Regulations 2002 (No. 2)1

Statutory Rules 2002 No. 472

I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Retirement Savings Accounts Act 1997.

Dated 28 February 2002

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

HELEN COONAN

Minister for Revenue and Assistant Treasurer

1Name of Regulations

 These Regulations are the Retirement Savings Accounts Amendment Regulations 2002 (No. 2).

2Commencement

 These Regulations commence on gazettal.

3Amendment of Retirement Savings Accounts Regulations 1997

Schedule 1 amends the Retirement Savings Accounts Regulations 1997.

Schedule 1Amendments

(regulation 3)

  

[1]Subregulation 1.03 (1), after definition of member

insert

non-member spouse, in relation to an RSA interest that is subject to a payment split, means the person who is the non-member spouse in relation to the interest under Part VIIIB of the Family Law Act 1975.

[2]Subregulation 1.03 (1), after definition of part-time

insert

payment split means a payment split under Part VIIIB of the Family Law Act 1975.

[3]Subregulation 1.03 (1), after definition of RSA holder‑protection standards

insert

RSA interest means an interest that a person has as the holder of an RSA, but does not include a reversionary interest.

[4]After subregulation 2.04 (3)

insert

• (4)

  For this regulation, the non-member spouse in relation to an RSA interest that is subject to a payment split is taken to be an RSA holder.

[5]Regulation 2.24

after

a decision of an RSA provider

insert

(other than a decision that gives effect to a payment split)

[6]Regulation 2.27

omit

The RSA provider

insert

• (1)

  Subject to subregulation (2), the RSA provider

[7]Regulation 2.27

insert

• (2)

  Subregulation (1) does not apply to an event or decision in relation to an RSA that relates to a payment split in respect of the RSA.

[8]Subregulation 2.28 (1)

omit

subregulation (2),

insert

subregulation (2) (other than a change that gives effect to a payment split),

[9]Subregulation 2.28 (3)

after

transferred

insert

(otherwise than under a payment split)

[10]Subregulation 2.29 (1)

after the first mention of

paid

insert

(otherwise than under a payment split)

[11]Paragraph 2.34 (3) (c)

substitute

• (c)

  has a right or claim under the RSA (including, if a payment split applies to the RSA, the non-member spouse in relation to the relevant RSA interest);

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; 2000 No. 279; 2002 No. 20.

2. Notified in the Commonwealth of Australia Gazette