Commonwealth Consolidated Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997

TABLE OF PROVISIONS

           Long Title

   PART 1--PRELIMINARY

           Division 1--Preliminary

   1.      Short title  
   2.      Commencement  
   3.      General administration of Act  
   4.      Application of Act not to be excluded or modified  
   5.      Act extends to external Territories  
   6.      Crown to be bound  

           Division 2--Summary and outline of the Act

   7.      Brief summary of the Act  

   PART 2--KEY--CONCEPTS AND OTHER DEFINITIONS

           Division 1--Key concepts

   8.      Definition of RSA  
   9.      Meaning of hold and holder  
   10.     Meaning of provide and provider  
   11.     Who is an RSA institution ?  
   12.     Who is an RSA provider ?  
   13.     Who is an eligible person ?  
   14.     What capital guaranteed means  
   15.     RSA benefits  

           Division 2--Interpretation

   16.     Definitions  
   17.     Approvals, determinations etc. by Regulator  
   18.     Associates  
   19.     Definitions of employee and employer  
   20.     Definition of dependant  
   20A.    Interdependency relationship  
   21.     Persons involved in contravention  

   PART 3--APPROVAL--OF RSA INSTITUTIONS

   22.     Object of Part  
   23.     Application for approval  
   24.     Further information may be requested  
   25.     Period within which application for approval is to be decided  
   26.     Deciding an application for approval  
   27.     When an approval is in force  
   28.     Application for variation of an approval  
   29.     An application must be decided within a period of time  
   30.     APRA may vary an approval on its own initiative  
   31.     Notifying the RSA institution of the outcome of an application  
   32.     When a variation of approval comes into force  
   33.     Suspension or revocation of approval  
   34.     Consequences of suspension or revocation  
   35.     Notification of breach of conditions  
   36.     Interpretation  

   PART 4--OPERATING--STANDARDS ETC. AND ANNUAL RETURNS FOR RSAS

           Division 1--Object of Part

   37.     Object of Part  

           Division 2--Operating standards

   38.     Operating standards for RSAs  
   39.     Prescribed operating standards must be complied with  

           Division 3--Portability forms

   39A.    Portability forms  

           Division 4--Other provisions relating to the operation of RSAs

   40.     Interest off - set arrangements etc. not permitted  
   41.     Certain uses of RSAs prohibited  
   42.     RSA provider not to breach capital guarantee  
   43.     Civil liability where section 42 contravened  
   43A.    Rules about cashing benefits after death of RSA holder  
   44.     RSA provider to give copy of audit report to APRA  

   PART 4A--DATA--AND PAYMENT REGULATIONS AND STANDARDS RELATING TO RSAS

           Division 1--Data and payment regulations and standards relating to RSAs

   45.     Object of Part  
   45A.    Alternative constitutional basis  
   45B.    Data and payment regulations and standards relating to RSAs  
   45C.    Relationship between standards and other law  

           Division 2--Compliance with data and payment regulations and standards relating to RSAs

   45D.    Compliance requirement--RSA providers  
   45E.    Compliance requirement--employers  
   45F.    Regulator's power to give directions in certain circumstances--RSA providers  
   45G.    Regulator's power to give directions in certain circumstances--employers  

           Division 3--Infringement notices

   45H.    When an infringement notice may be given  
   45J.    Matters to be included in notice  
   45K.    Extension of time to pay amount  
   45L.    Withdrawal of an infringement notice  
   45M.    Effect of payment of amount  
   45N.    Effect of this Division  

           Division 4--Information

              Subdivision A--Correction and rectification of information

   45P.    Correction and rectification of information  

              Subdivision B--Register of information about certain RSAs

   45Q.    Register of information about certain RSAs  
   45R.    RSA providers to provide information for inclusion in register  

   PART 5--DUTIES--ETC. OF RSA PROVIDERS AND EMPLOYERS

           Division 1--Preliminary

   46.     Contravention of Part does not affect validity of a transaction or any other act  

           Division 2--Duties of RSA providers

   47.     Dispute resolution systems  
   48.     Duty to keep minutes and records  
   49.     Duty to keep reports  

   PART 6--RECORDS--, AUDITS AND AUDITORS

   63.     Object of Part  
   64.     Records  
   65.     Audit of records  
   66.     Obligations of auditors--compliance  
   66A.    Auditor may give information to the Regulator  
   66B.    Self incrimination  
   67.     Court power of disqualification  
   67A.    Court power to revoke or vary a disqualification etc.  
   67AA.   Privilege against exposure to penalty--disqualification under section 67  
   67B.    Disqualified persons not to be auditor of RSA provider  
   68.     APRA may refer matters to a professional association  
   69.     Auditor must notify the Regulator of attempts to unduly influence etc. the auditor etc.  
   70.     Giving false or misleading information to auditor  

   PART 7--PROHIBITED--CONDUCT IN RELATION TO RSAS

   74.     Civil liability where section 78 contravened  
   78.     Improper conduct in the provision of RSAs  
   79.     Contravention of Part does not affect validity of transactions etc.  

   PART 9--FACILITY--TO PAY BENEFITS TO ELIGIBLE ROLLOVER FUNDS

   87.     Object of Part  
   88.     Interpretation  
   89.     Payment of benefits to eligible rollover fund  
   90.     Operating standards for RSA providers--information and records  

   PART 10--MONITORING--AND INVESTIGATION

           Division 1--Objects of Part

   91.     Objects of Part  

           Division 2--Monitoring

   92.     Information to be given to Regulator  
   93.     Regulator may require production of books  
   94.     Access to premises  
   94A.    Alternative constitutional basis  

           Division 3--Investigations by the Regulator

   95.     Investigation of RSA provider  
   96.     Inspectors  
   97.     Delegation by inspector  
   98.     Regulator may exercise powers of inspector  
   99.     Inspector may enter premises for purposes of an investigation  
   100.    Inspector may require production of books  
   101.    Powers of inspector to require assistance from, and examine, current and former relevant persons and other persons  
   102.    Application for warrant to seize books not produced  
   103.    Grant of warrant  
   104.    Powers if books produced or seized  
   105.    Powers if books not produced  

           Division 4--Examinations

   106.    Application of Division  
   107.    Requirements made of an examinee  
   108.    Examination to be in private  
   109.    Examinee's lawyer may attend  
   110.    Record of examination  
   111.    Giving copies of record to other persons  
   112.    Copies given subject to conditions  
   113.    Record to accompany report  

           Division 5--Reports

   114.    Report of inspector  

           Division 6--Offences

   115.    Compliance with requirements made under this Act  
   116.    Concealing books relevant to investigation  
   117.    Self - incrimination  
   118.    Legal professional privilege  
   119.    Powers of Court where non - compliance with this Act  

           Division 7--Evidentiary use of certain material

   120.    Statements made at an examination: proceedings against examinee  
   121.    Statements made at an examination: other proceedings  
   122.    Weight of evidence admitted under section 121  
   123.    Objection to admission of statements made at examination  
   124.    Copies of, or extracts from, certain books  
   125.    Report under Division 5  
   126.    Exceptions to admissibility of report  
   127.    Material otherwise admissible  

           Division 8--Miscellaneous

   128.    Regulator may cause civil proceeding to be begun  
   129.    Person complying with requirement not to incur liability to another person  
   129A.   Authorisation of members of staff  

   PART 11--TAX--FILE NUMBERS

           Division 1--Object of Part

   130.    Object of Part  

           Division 2--Quotation of holder's tax file number

   131.    Employee may quote to employer  
   132.    Employer may inform RSA provider of tax file number  
   133.    Employer must inform RSA provider of tax file number  
   133A.   Use of tax file number to validate information  

           Division 3--Quotation, use and transfer of holder's tax file number

   134.    Holder or applicant may quote tax file number  
   135.    RSA provider may request holder's or applicant's tax file number  
   136.    RSA provider must request person becoming holder of an RSA to quote tax file number  
   137.    Use of tax file number for certain purposes  
   137A.   Use of tax file number to locate amounts or for consolidation  
   137B.   Use of tax file number to validate information  
   138.    RSA provider must inform other RSA provider or trustee of certain superannuation entities of tax file number for certain purposes  
   138A.   Portability forms  

           Division 4--Method of quotation of tax file numbers, including deemed quotation

   139.    Method of quoting tax file number  
   140.    Employee taken to have quoted to RSA provider where RSA provider informed by employer  
   140A.   Holder taken to have quoted where Commissioner gives notice  
   141.    Information provided by RSA provider taken to have been provided by holder  
   142.    Person claiming benefit taken to have quoted where he or she provided tax file number in connection with claim  
   143.    Holder or applicant taken to have quoted if he or she quoted for other purposes  

           Division 4A--Commissioner of Taxation may issue notices about tax file numbers

   143A.   Effect of mistaken quotation of tax file number  
   143B.   Effect of invalid quotation of tax file number  
   143C.   Commissioner of Taxation may inform RSA provider of tax file number  
   143D.   Validation notice--holders of RSAs  
   143E.   Validation notice--employees  
   143F.   Commissioner of Taxation may provide electronic interface  

           Division 5--Provision of tax file numbers in forms etc.

   144.    Forms etc. may require tax file number  
   145.    Failure to quote tax file number  

           Division 6--General

   146.    State insurance  
   147.    This Part to be superannuation law  
   147A.   Transitional provisions  

   PART 12--OFFENCES--RELATING TO RECORDS ETC.

   148.    Object of Part  
   149.    Interpretation  
   151.    Incorrectly keeping records etc.  
   154.    Incorrectly keeping or making records  
   155.    Incorrectly keeping records with intention of deceiving or misleading etc.  
   156.    Falsifying or concealing identity with intention of deceiving or misleading etc.  

   PART 13--POWERS--OF COURTS

   157.    Object of Part  
   158.    Power to grant relief  
   159.    Power of Court to give directions with respect to meetings ordered by the Court  
   160.    Irregularities  
   161.    Power of Court to prohibit payment or transfer of money or property  
   162.    Court may order the disclosure of information or the publication of advertisements--contravention of provisions relating to provision of RSAs etc.  
   163.    Injunctions  
   164.    Effect of sections 161, 162 and 163  
   165.    Power of Court to punish for contempt of court  
   166.    Court may resolve transitional difficulties  

   PART 14--PROCEEDINGS

   167.    Object of Part  
   168.    Power of Regulator to intervene in proceeding  
   169.    Civil proceeding not to be stayed  
   170.    Evidence of contravention  
   171.    Vesting of property  

   PART 15--EXEMPTIONS--AND MODIFICATIONS

   172.    Object of Part  
   173.    Interpretation  
   174.    Regulator's powers of exemption--modifiable provisions  
   175.    Regulator's powers of exemption--general issues  
   176.    Enforcement of conditions to which exemption is subject  
   177.    Regulator's powers of modification--modifiable provisions  
   178.    Regulator's powers of modification--general issues  
   179.    Revocation of exemptions and modifications  
   180.    Publication of exemptions and modifications etc.  

   PART 16--MISCELLANEOUS

   181.    Object of Part  
   182.    Regulator may direct RSA institutions not to accept employer contributions  
   183.    RSA contributions--deductions from salary or wages to be remitted promptly  
   185.    Conduct by directors, servants and agents  
   186.    Conviction does not relieve defendant from civil liability  
   188.    Civil immunity where defendant was complying with this Act  
   189.    Review of certain decisions  
   190.    Statements to accompany notification of decisions  
   195.    This Act and the regulations have effect subject to the Crimes (Superannuation Benefits) Act 1989 and the Australian Federal Police Act 1979  
   196.    Payment out of an RSA in accordance with the Bankruptcy Act 1966  
   197.    Concurrent operation of State/Territory laws  
   200.    Regulations