Retirement Savings Accounts Regulations (Amendment) (Cth)

Statutory Rules 1997No. 294 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 15 October 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 1.03 (Interpretation)

2.1 Subregulation 1.03 (1)

Insert the following definitions:

“‘capital gains tax exempt component’ has the same meaning as ‘CGT exempt component’ in subsection 27A (1) of the Tax Act;

‘eligible spouse contributions’ has the meaning given by section 159TC of the Tax Act;”.

3.   Regulation 4.01 (Interpretation)

3.1   Subregulation 4.01 (2) (definition of “restricted non-preserved contributions”):

Omit “or the Superannuation Industry (Supervision) (Transitional Provisions) Regulations”, substitute “the Superannuation Industry (Supervision) (Transitional Provisions) Regulations, the SIS Regulations or these Regulations”.

3.2   Subregulation 4.01 (3):

After “credit of an RSA holder”, insert “(except eligible spouse contributions)”.

4.   Regulation 4.04 (Preserved benefits—before RSA changeover day)

4.1   Regulation 4.04:

Add at the end:

• “; and (d)

  the amount of benefits arising from eligible spouse contributions; and

• (e)

  the amount of benefits arising from a capital gains tax exempt component rolled over to the RSA because of subsection 160ZZPZF (1), 160ZZPZH (7) or 160ZZPZI (5) of the Tax Act.”.

5.   Regulation 4.13 (Unrestricted non-preserved benefits)

5.1   Subregulation 4.13 (2):

Omit “are amounts that:”, substitute “are amounts (other than an amount that is a capital gains tax exempt component) that:”.

6.   Regulation 5.03 (Acceptance of contributions)

6.1   Subregulation 5.03 (1):

Add at the end:

• “; or (c)

  the contributions are eligible spouse contributions.”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 16 October 1997.

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