Retirement Savings Accounts Amendment Regulations 2005 (No. 2) (Cth)

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Retirement Savings Accounts Amendment Regulations 2005 (No. 2)1

Select Legislative Instrument 2005 No. 149

I, PHILIP MICHAEL JEFFERY, 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 29 June 2005

P. M. JEFFERY

Governor-General

By His Excellency’s Command

MAL BROUGH

Minister for Revenue and Assistant Treasurer

1Name of Regulations

These Regulations are the Retirement Savings Accounts Amendment Regulations 2005 (No. 2).

2Commencement

These Regulations commence on 1 July 2005.

3Amendment of Retirement Savings Accounts Regulations 1997

Schedule 1 amends the Retirement Savings Accounts Regulations 1997.

Schedule 1Amendment

(regulation 3)

[1]After regulation 6.16

insert

6.16AConditional offer of goods or services — exemptions

  1. (1)

    For subsections 78 (1) and (2) of the Act, the following kinds of goods and services are prescribed:

    1. (a)

      the supply of a business loan to a person by an RSA provider, or an associate of an RSA provider, that is supplied:

      1. (i)

        on condition that the person holds an RSA; and

      2. (ii)

        on a commercial arm’s length basis;

    2. (b)

      a service that is supplied by an RSA provider, or an associate of an RSA provider, to a person for the forwarding of superannuation contributions and information:

      1. (i)

        to other RSAs or superannuation funds; and

      2. (ii)

        on behalf of the person; and

      3. (iii)

        in relation to employees of the person who have chosen those RSAs or funds;

    3. (c)

      advice or an administration service that relates to the payment of superannuation contributions to an RSA provider, that is supplied by an RSA provider, or an associate of an RSA provider, of the fund to:

      1. (i)

        a person; or

      2. (ii)

        the employees of the person;

    4. (d)

      the supply, or the offer to supply, goods or services to a person by an RSA provider, or an associate of an RSA provider, if:

      1. (i)

        the supply or offer is available to the employees of the person who holds an RSA with the RSA provider; and

      2. (ii)

        the terms of the supply or offer to each employee are no less advantageous than the terms supplied or offered to the person.

  2. (2)

    Paragraph (1) (a) does not apply to the supply of a business loan that is supplied on the condition that a person other than the person receiving the loan holds an RSA.

Note

1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See

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