Retirement Savings Accounts Amendment Regulations 2009 (No. 2) (Cth)

Retirement Savings Accounts Amendment Regulations 2009 (No. 2)¹

Select Legislative Instrument 2009 No. 45

I, QUENTIN BRYCE, 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 March 2009

QUENTIN BRYCE

Governor-General

By Her Excellency’s Command

NICK SHERRY

Minister for Superannuation and Corporate Law

Name of Regulations

These Regulations are the Retirement Savings Accounts Amendment Regulations 2009 (No. 2).

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] Schedule 1, clause 2

omit

clauses 3 and 4,

insert

clauses 3, 3A and 4,

[2] Schedule 1, after clause 3

insert

3A.For the financial year commencing on 1 July 2008, the minimum limit is half of the amount determined under the formula in clause 2.

[3] Schedule 1A, clause 2

omit

clauses 3 and 4,

insert

clauses 3, 3A and 4,

[4] Schedule 1A, after clause 3

insert

3A.For the financial year commencing on 1 July 2008, the minimum limit is half of the amount determined under the formula in clause 2.

[5] Schedule 4, after clause 8

before the table, insert

Clause 8 does not apply if clause 10 applies.

For the financial year commencing on 1 July 2008, an amount is taken to have been determined in accordance with clause 1 if the amount is:

(a)not less than 45% of the amount determined in accordance with clause 1; and

(b)not greater than 110% of the amount determined in accordance with clause 1.

[6] Schedule 5, subclause 1 (1)

omit

clauses 2 and 3,

insert

clauses 2, 3 and 3A,

[7] Schedule 5, after clause 3

insert

3AFor the financial year commencing on 1 July 2008, the amount of payments is half of the amount worked out using the formula in clause 1.

Note

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