Retirement Savings Accounts Regulations (Amendment) (Cth)

Statutory Rules 1998No. 178 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,

C. R. KEMP

Assistant Treasurer

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1.   Commencement

1.1   This regulation and regulations 2 and 3 are taken to have commenced on 1 January 1998.

1.2   Regulation 4 commences on 1 July 1998.

2.   Amendment

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

3.   Regulation 4.01 (Interpretation)

3.1   Subregulation 4.01 (2) (definition of Commonwealth income support payment):

Omit “Social Security Act 1991;”, substitute “Social Security Act1991; or

• (e)

  a drought relief payment under the Farm Household Support Act 1992 as in force immediately before the commencement of the Farm Household Support Amendment (Restart and Exceptional Circumstances) Act 1997; or

• (f)

  an exceptional circumstances relief payment under the Farm Household Support Act 1992; or

• (g)

  a payment of salary or wages made under the employment scheme of the Commonwealth that is known as the Community Development Employment Projects Scheme;”.

4.   Regulation 4.01 (Interpretation)

4.1   Subregulation 4.01 (2) (definition of Commonwealth income support payment):

Omit the definition, substitute:

“Commonwealth income support payment means:

• (a)

  an income support supplement, service pension or social security pension as defined in subsection 23 (1) of the Social Security Act 1991; or

• (b)

  a social security benefit as defined in that subsection, other than:

  • (i)

    an austudy payment; or

  • (ii)

    a youth allowance paid to a person who is undertaking full-time study; or

• (c)

  a drought relief payment under the Farm Household Support Act 1992 as in force immediately before the commencement of the Farm Household Support Amendment (Restart and Exceptional Circumstances) Act 1997; or

• (d)

  an exceptional circumstances relief payment under the Farm Household Support Act 1992; or

• (e)

  a payment of salary or wages made under the employment scheme of the Commonwealth that is known as the Community Development Employment Projects Scheme.”.

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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 Nos. 82 and 176.