Retirement Savings Accounts Regulations (Amendment) (Cth)

Statutory Rules 1998No. 192 1

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Retirement Savings Accounts Regulations2 (Amendment)

I, WILLIAM PATRICK DEANE, 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 30 June 1998.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

Ian Campbell

Parliamentary Secretary to the Treasurer

for the

Treasurer

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1.   Commencement

1.1   These regulations commence on 1 July 1998.

2.   Amendment

2.1   The Retirement Savings Accounts Regulations are amended as set out in these regulations.

3.   Regulation 1.03 (Interpretation)

3.1   Subregulation 1.03 (1) (definition of reviewable decision):

Omit “the Commissioner”, substitute “APRA”.

4.   Regulation 2.12 (Reporting periods)

4.1   Subregulation 2.12 (2):

Omit “the Commissioner”, substitute “APRA”.

5.   Regulation 4.01 (Interpretation)

5.1   Subregulation 4.01 (2) (definition of transitional period):

Omit “1994–1995”, substitute “1994–95”.

6.   Regulation 4.22A (Release of benefits on compassionate grounds)

6.1   Subregulation 4.22A (1):

Omit “the Commissioner”, substitute “APRA”.

6.2   Paragraph 4.22A (1) (f):

Omit “the Commissioner”, substitute “APRA”.

6.3   Subregulation 4.22A (2):

Omit all the words before paragraph (a), substitute:

 “(2) APRA must determine in writing that, for subregulation 4.21 (1) or 4.22 (2), the person satisfies a condition of release on a compassionate ground if APRA considers that:”.

6.4   Subregulations 4.22A (3), (4) and (5):

Omit “The Commissioner”, substitute “APRA”.

6.5   Subregulation 4.22A (5):

Omit “the Commissioner”, substitute “APRA”.

7.   Regulation 4.27 (When benefits may be cashed in favour of persons other than RSA holders)

7.1   Paragraph 4.27 (a):

Omit “the Commissioner”, substitute “APRA”.

8.   Regulation 4.30 (Definition)

8.1   Definition of consent, paragraph (b):

Omit “the Commissioner”, substitute “APRA”.

9.   Regulation 6.01 (Notice of reviewable decisions and reasons for decisions)

9.1   Subregulations 6.01 (1), (2) and (3):

Omit “the Commissioner” (wherever occurring), substitute “APRA”.

9.2   Subregulation 6.01 (2):

Omit “the Commissioner’s”, substitute “APRA’s”.

10.   Regulation 6.02 (Reconsideration of certain decisions)

10.1   Subregulations 6.02 (1), (3) and (4):

Omit “the Commissioner” (wherever occurring), substitute “APRA”.

11.   Regulation 6.03 (AAT review of reconsidered decisions)

11.1   Omit “the Commissioner”, substitute “APRA”.

12.   Division 6.3 (Information to be given to Commissioner or Commissioner of Taxation and related matters)

12.1   Heading:

Omit “to Commissioner”, substitute “to APRA”.

13.   Regulation 6.08 (Operating standards—disclosure of information to APRA)

13.1   Subregulation 6.08 (1):

Omit “the Commissioner”, substitute “APRA”.

13.2   Subregulation 6.08 (3):

Omit “the Commissioner”, substitute “APRA”.

14.   Regulation 6.12 (Prescribed regulatory agencies)

14.1   Paragraph 6.12 (a):

Omit the paragraph.

15.   Regulation 6.18 (Report of inspector—prescribed agencies)

15.1   Paragraph 6.18 (c):

Omit the paragraph.

16.   Regulation 6.20 (Definition of financial sector supervisory agency)

16.1   Omit the regulation.

17.   Regulation 6.21 (Definition of law enforcement agency)

17.1   Omit the regulation.

18.   Schedule 2 (Conditions of release and cashing restrictions—preserved benefits and restricted non-preserved benefits)

18.1   Item 108A:

Omit “the Commissioner”, substitute “APRA”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 June 1998.

2. Statutory Rules 1997 No. 116 as amended by 1997 Nos. 150, 151, 242, 294, 308 and 342; 1998 No. 82.