Retirement Savings Accounts Amendment Regulations 2002 (No. 3) (Cth)

Retirement Savings Accounts Amendment Regulations 2002 (No. 3)1

Statutory Rules 2002 No. 902

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 2 May 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. 3).

2Commencement

 These Regulations commence on 1 July 2002.

3Amendment of Retirement Savings Accounts Regulations 1997

Schedule 1 amends the Retirement Savings Accounts Regulations 1997.

Schedule 1Amendments

(regulation 3)

  

[1]Subregulation 4.01 (2), after definition of condition of release

insert

eligible temporary resident visa means a visa of one of the subclasses mentioned in Schedule 3, within the meaning of Part 2 of Schedule 1 to the Migration Regulations 1994.

Note   Some of the subclasses of visa mentioned in Schedule 3 no longer exist. However, the subclasses remain relevant for regulation 4.23A.

[2]After regulation 4.23

insert

4.23ACompulsory cashing of benefits — temporary residents

• (1)

  The benefits of an RSA holder must be cashed in accordance with subregulation (2) or (3) if:

  • (a)

    the RSA provider receives a request from the RSA holder; and

  • (b)

    subregulation (2) or (3) is complied with.

• (2)

  If the RSA holder’s withdrawal benefit in the RSA is less than $5 000, the RSA provider must receive:

  • (a)

    a copy of a visa, or evidence of a visa, showing that the RSA holder was the holder of an eligible temporary resident visa that has expired or that has been cancelled; and

  • (b)

    a copy of the RSA holder’s passport showing that the RSA holder has departed from Australia.

Note   For the ways of giving evidence of a visa, see regulation 2.17 of the Migration Regulations 1994.

• (3)

  If the RSA holder’s withdrawal benefit in the RSA is at least $5 000, the RSA provider must be satisfied, based on a written statement from the Department of Immigration and Multicultural and Indigenous Affairs, that:

  • (a)

    the RSA holder was the holder of an eligible temporary resident visa that has expired or has been cancelled; and

  • (b)

    the RSA holder has permanently departed from Australia.

• (4)

  The benefits must be cashed in the period mentioned in subregulation (5):

  • (a)

    as a single lump sum that is at least the amount of the RSA holder’s withdrawal benefit in the RSA; or

  • (b)

    if the RSA provider receives any combination of contributions, transfers and rollovers after cashing the benefits:

    • (i)

      in a way that ensures that an amount that is at least the amount of the RSA holder’s withdrawal benefit in the RSA is cashed; and

    • (ii)

      without requiring an additional application from the member.

• (5)

  For subregulation (4), the period is:

  • (a)

    if the RSA provider receives a request from the RSA holder not later than 31 October 2002 — 3 months after the request is lodged; and

  • (b)

    in any other case — 28 days after the request is lodged.

Note   A payment made under this regulation is a ‘departing Australia superannuation payment’ for the purposes of the Income Tax Assessment Act 1936.

[3]Schedule 2, item 104

substitute

104

Temporary resident permanently departing Australia in circumstances described in regulation 4.23, and requesting in writing the release of the temporary resident’s benefits

Amount that is at least the amount of the temporary resident’s withdrawal benefit in the RSA, paid: (a) as a single lump sum; or (b) if the RSA provider receives any combination of contributions, transfers and rollovers after cashing the benefits — in a way that ensures that the amount is cashed

[4]After Schedule 2

insert

Schedule 3Eligible temporary resident visas

(subregulation 4.01 (2))

• 1.

  Subclass 301 (Australian Requirement)

• 2.

  Subclass 303 (Emergency (Temporary Visa Applicant))

• 3.

  Subclass 304 (Special equivalent 1989)

• 4.

  Subclass 305 (Interdependency)

• 5.

  Subclass 309 (Spouse (Provisional))

• 6.

  Subclass 310 (Interdependency (Provisional))

• 7.

  Subclass 410 (Retirement)

• 8.

  Subclass 411 (Exchange)

• 9.

  Subclass 412 (Independent Executive)

• 10.

  Subclass 413 (Executive)

• 11.

  Subclass 414 (Specialist)

• 12.

  Subclass 415 (Foreign Government Agency)

• 13.

  Subclass 416 (Special Program)

• 14.

  Subclass 417 (Working Holiday)

• 15.

  Subclass 418 (Educational)

• 16.

  Subclass 419 (Visiting Academic)

• 17.

  Subclass 420 (Entertainment)

• 18.

  Subclass 421 (Sport)

• 19.

  Subclass 422 (Medical Practitioner)

• 20.

  Subclass 423 (Media and Film Staff)

• 21.

  Subclass 424 (Public Lecturer)

• 22.

  Subclass 425 (Family Relationship)

• 23.

  Subclass 426 (Domestic Worker (Temporary) — Diplomatic or Consular)

• 24.

  Subclass 427 (Domestic Worker (Temporary) — Executive)

• 25.

  Subclass 428 (Religious Worker)

• 26.

  Subclass 429 (Homosexual Partner)

• 27.

  Subclass 430 (Supported Dependant)

• 28.

  Subclass 432 (Expatriate (Temporary))

• 29.

  Subclass 433 (Subsequent Entry)

• 30.

  Subclass 434 (PRC Citizen)

• 31.

  Subclass 435 (Sri Lankan)

• 32.

  Subclass 436 (Lebanese (Temporary))

• 33.

  Subclass 437 (PRC (Temporary))

• 34.

  Subclass 438 (Refugee (Temporary))

• 35.

  Subclass 439 (Extended Eligibility)

• 36.

  Subclass 441 (Gulf Conflict (Temporary))

• 37.

  Subclass 442 (Occupational Trainee)

• 38.

  Subclass 443 (Citizens of Former Yugoslavia)

• 39.

  Subclass 445 (Dependent Child)

• 40.

  Subclass 446 (Confirmatory (Temporary))

• 41.

  Subclass 447 (Secondary Movement Offshore Entry (Temporary))

• 42.

  Subclass 448 (Kosovar Safe Haven (Temporary))

• 43.

  Subclass 449 (Humanitarian Stay (Temporary))

• 44.

  Subclass 450 (Resolution of Status — Family Member (Temporary))

• 45.

  Subclass 451 (Secondary Movement Relocation (Temporary))

• 46.

  Subclass 456 (Business (Short Stay))

• 47.

  Subclass 457 (Business (Long Stay))

• 48.

  Subclass 459 (Sponsored Business Visitor (Short Stay))

• 49.

  Subclass 490 (Refugee and Humanitarian)

• 50.

  Subclass 497 (Graduate — Skilled)

• 51.

  Subclass 499 (Olympic (Support))

• 52.

  Subclass 550 (Private Subsidised Student)

• 53.

  Subclass 551 (AIDAB Student)

• 54.

  Subclass 552 (EMSS Student)

• 55.

  Subclass 553 (Formal Course Student)

• 56.

  Subclass 554 (Trainee (Non-formal))

• 57.

  Subclass 555 (ELICOS Trainee (English Language))

• 58.

  Subclass 556 (Student (Restricted))

• 59.

  Subclass 560 (Student)

• 60.

  Subclass 561 (Student (Category B))

• 61.

  Subclass 562 (Iranian Postgraduate Student)

• 62.

  Subclass 563 (Iranian Postgraduate Student Dependant)

• 63.

  Subclass 570 (Independent ELICOS Sector)

• 64.

  Subclass 571 (Schools Sector)

• 65.

  Subclass 572 (Vocational Education and Training Sector)

• 66.

  Subclass 573 (Higher Education Sector)

• 67.

  Subclass 574 (Masters and Doctorate Sector)

• 68.

  Subclass 575 (Non-award Foundation/Other Sector)

• 69.

  Subclass 576 (AusAID or Defence Sector)

• 70.

  Subclass 660 (Tourist)

• 71.

  Subclass 661 (Tourist (Special Arrangement))

• 72.

  Subclass 662 (Business Visitor)

• 73.

  Subclass 663 (Close Family Visitor)

• 74.

  Subclass 664 (Visitor (Other))

• 75.

  Subclass 665 (Medical Treatment Visitor)

• 76.

  Subclass 670 (Tourist (Short Stay))

• 77.

  Subclass 672 (Business (Short Stay))

• 78.

  Subclass 673 (Close Family Visitor (Short Stay))

• 79.

  Subclass 674 (Other Visitor (Short Stay))

• 80.

  Subclass 675 (Medical Treatment (Short Stay))

• 81.

  Subclass 676 (Tourist (Short Stay))

• 82.

  Subclass 679 (Sponsored Family Visitor (Short Stay))

• 83.

  Subclass 680 (Tourist (Long Stay))

• 84.

  Subclass 682 (Business Visitor (Long Stay))

• 85.

  Subclass 683 (Close Family Visitor (Long Stay))

• 86.

  Subclass 684 (Other Visitor (Long Stay))

• 87.

  Subclass 685 (Medical Treatment (Long Stay))

• 88.

  Subclass 686 (Tourist (Long Stay))

• 89.

  Subclass 771 (Transit)

• 90.

  Subclass 773 (Border)

• 91.

  Subclass 780 (Refugee A)

• 92.

  Subclass 781 (Refugee B)

• 93.

  Subclass 783 (PRC (Temporary))

• 94.

  Subclass 784 (Domestic Protection)

• 95.

  Subclass 785 (Temporary Protection)

• 96.

  Subclass 786 (Temporary (Humanitarian Concern))

• 97.

  Subclass 820 (Spouse)

• 98.

  Subclass 822 (Family (Extended Eligibility))

• 99.

  Subclass 823 (Economic (Extended Eligibility))

• 100.

  Subclass 824 (Other (Extended Eligibility))

• 101.

  Subclass 825 (Processing)

• 102.

  Subclass 826 (Interdependency)

• 103.

  Subclass 827 (Refugee D (Restricted))

• 104.

  Subclass 828 (Limited Extended Eligibility)

• 105.

  Subclass 829 (PRC (Extended Eligibility))

• 106.

  Subclass 850 (Resolution of Status (Temporary))

• 107.

  Subclass 956 (Electronic Travel Authority (Business Entrant — Long Validity))

• 108.

  Subclass 976 (Electronic Travel Authority (Visitor))

• 109.

  Subclass 977 (Electronic Travel Authority (Business Entrant — Short Validity))

• 110.

  Subclass 995 (Diplomatic (Temporary))

Note   Some of the subclasses of visa mentioned in this Schedule no longer exist. However, the subclasses remain relevant for regulation 4.23A.

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 Nos. 20 and 47.

2. Notified in the Commonwealth of Australia Gazette