Retirement Savings Accounts Regulations (Amendment) (Cth)

Statutory Rules 1997No. 342 1

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Retirement Savings Accounts Regulations2 (Amendment)

I, The 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 8 December 1997.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

C. R. KEMP

Assistant Treasurer

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1.   Amendment

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

[NOTE:  These Regulations commence on gazettal: see Acts Interpretation Act 1901, s 48.]

2.   Regulation 4.01 (Interpretation)

2.1   Paragraph 4.01 (5) (a):

Omit the paragraph, substitute:

• “(a)

  the RSA provider is satisfied:

  • (i)

    based on written evidence provided by at least one Commonwealth department or agency responsible for administering a class of Commonwealth income support payments, that:

    • (A)

      the person has received Commonwealth income support payments for a continuous period of 26 weeks; and

    • (B)

      the person was in receipt of payments of that kind on the date of the written evidence; and

  • (ii)

    that the person is unable to meet reasonable and immediate family living expenses; or”. 

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

3.1   Subparagraph 4.22A (1) (e) (iv):

Omit the subparagraph, substitute:

• “(iv)

  burial; or”.

3.2   Subregulation 4.22A (1):

Add at the end:

• “(f)

  to meet expenses in other cases where the release is consistent with a ground mentioned in paragraphs (a) to (e), as the Commissioner determines.”. 

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

4.1   Part 1:

After item 103, insert:

“104

Permanent departure from Australia, being a departure by the RSA holder from Australia, before 1 July 1998, in relation to which: (a) the RSA provider is reasonably satisfied that it is for the purpose of permanent residence outside Australia; and (b) the written request for release of benefits was made before 1 July 1998

Nil”.

4.2   Item 105:

Omit “$15,000”, substitute “$10,000”.

 

5.   Application

5.1   The amendments made by regulation 2 and subregulation 4.2 do not apply in relation to an application made to an RSA provider before the commencement of these Regulations.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 9 December 1997.

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