Retirement Savings Accounts Amendment Regulations 2006 (No. 1) (Cth)

Retirement Savings Accounts Amendment Regulations 2006 (No. 1)¹

Select Legislative Instrument 2006 No. 188

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 13 July 2006

P. M. JEFFERY

Governor‑General

By His Excellency’s Command

PETER DUTTON

Minister for Revenue and Assistant Treasurer

Name of Regulations

These Regulations are the Retirement Savings Accounts Amendment Regulations 2006 (No. 1).

Commencement

These Regulations commence on the day after they are registered.

Amendment of Retirement Savings Accounts Regulations 1997

Schedule 1 amends the Retirement Savings Accounts Regulations 1997.

Schedule 1 Amendments

(regulation 3)

[1] Paragraph 1.07 (2) (d)

omit

the payments in a year, except a payment by way of commutation,

insert

the payments in a year (excluding payments by way of commutation but including payments made under a payment split)

[2] Paragraph 1.07 (2) (da)

omit

the payments in a year, except a payment by way of commutation,

insert

the payments in a year (excluding payments by way of commutation but including payments made under a payment split)

[3] Subregulation 4.41 (1)

after

made

insert

to that RSA provider

[4] Paragraph 4.41 (1) (b)

omit

rolled over or transferred

insert

rolled over, transferred or cashed

[5] Paragraph 4.41 (2) (c)

substitute

(c)subject to subregulation (3), if, at the time of application:

(i)the RSA holder’s spouse is aged 65 years or more; or

(ii)both:

(A)the RSA holder’s spouse is aged between the relevant preservation age and 65 years; and

(B)the RSA holder’s spouse satisfies the condition of release specified in item 101 of Schedule 2.

[6] Subregulation 4.41 (3)

substitute

(3)Despite paragraph (2) (c), an application is not taken to be invalid under that paragraph if the application includes a statement by the RSA holder’s spouse to the effect that, at the time of application, the spouse:

(a)is aged less than the relevant preservation age; or

(b)both:

(i)is aged between the relevant preservation age and 65 years; and

(ii)does not satisfy the condition of release specified in item 101 of Schedule 2.

[7] Subregulation 4A.05 (8)

substitute

(8)At the time that the payment split notice is given or, if a payment split notice is not required, within 28 days after the later of:

(a)the operative time; and

(b)the time when the RSA provider creates the non‑member spouse interest;

the RSA provider must give to the member spouse and the non‑member spouse a written notice stating:

(c)that the new interest has been created; and

(d)that the value of the original interest has been reduced; and

(e)the amount of the non‑member spouse interest.

[8] Subregulation 4A.11 (4)

substitute

(4)If the RSA provider does not take an action under subregulation (1), the RSA provider must give to the non‑member spouse a written notice:

(a)confirming that the non‑member spouse has an RSA; and

(b)informing the non‑member spouse of the relevant cooling‑off arrangements.

(5)The RSA provider must take an action under subregulation (1) or (4) within 6 months after the later of:

(a)the operative time; and

(b)the time when the RSA provider creates the non‑member spouse interest.

Note

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