Retirement Savings Accounts Amendment Regulations 2003 (No. 1) (Cth)

Retirement Savings Accounts Amendment Regulations 2003 (No. 1)1

Statutory Rules 2003 No. 412

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 20 March 2003

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 2003 (No. 1).

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 4.01 (2), definition of eligible temporary resident visa

substitute

eligible temporary resident visa means a visa:

1. (a)

   of one of the subclasses mentioned in Schedule 3, within the meaning of Part 2 of Schedule 1 to the Migration Regulations 1994; and

2. (b)

   that is held by a person who is not a New Zealand citizen.

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

[2]Subregulation 4.23A (3)

omit

If the RSA holder’s withdrawal benefit in the RSA is at least $5 000, the RSA provider

insert

The RSA provider

[3]After subregulation 4.23A (3)

insert

1. (3A)

   For subregulation (3), the statement may be in electronic form.

[4]Schedule 2, item 104, column 2

omit

regulation 4.23,

insert

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, 47, 90, 149, 200 and 352.

2. Notified in the Commonwealth of Australia Gazette