Commonwealth Consolidated Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997 - SECT 3

  (1)   Subject to subsection   (3):

  (a)   APRA has the general administration of:

  (i)   Part   3; and

  (ii)   Division   4 of Part   4 (Other provisions relating to the operation of RSAs); and

  (iii)   Parts   6 and 9, and Part   11 (except the provisions mentioned in subparagraph   (e)(ii)); and

  (iv)   section   183; and

  (b)   APRA also has the general administration of sections   37 to 39 and section   49 to the extent that it is not conferred on either of the following:

  (i)   ASIC by paragraph   (d);

  (ii)   the Commissioner of Taxation by paragraph   (g); and

  (bb)   APRA also has the general administration of Divisions   2 and 3 of Part   4A to the extent that administration of the provisions is not conferred on the Commissioner of Taxation by paragraph   (f); and

  (c)   ASIC has the general administration of:

  (i)   Part   5 (other than section   49); and

  (ii)   Part   7; and

  (d)   ASIC also has the general administration of sections   37 to 39 and section   49 to the extent to which they relate to:

  (i)   the keeping and retaining of records in relation to RSA's; or

  (ii)   the disclosure of information to holders of RSA's; or

  (iii)   the disclosure of information about RSA's (including disclosure of information to ASIC but not including disclosure of information to APRA); or

  (iv)   any other matter prescribed by the regulations for the purposes of this paragraph; and

  (e)   the Commissioner of Taxation has the general administration of:

  (i)   Division   3 of Part   4 (Portability forms); and

  (ii)   Division   2 of Part   11, section   138A, Division   4A of Part   11 and subsection   144(2A) (about tax file numbers); and

  (f)   the Commissioner of Taxation has the general administration of:

  (i)   Division   1 of Part   4A; and

  (ii)   Division   2 of Part   4A, to the extent it relates to employers; and

  (iii)   Division   2 of Part   4A, to the extent it relates to payments and information given to the Commissioner of Taxation; and

  (iv)   Division   4 of Part   4A; and

  (g)   the Commissioner of Taxation has the general administration of regulations made under section   38 to the extent that the regulations relate to the making and notification of determinations that an amount of benefits in an RSA may be released on compassionate grounds.

Note:   An effect of a provision being administered by the Commissioner of Taxation (see paragraphs   (e), (f) and (g)) is that people who acquire information under the provision are subject to the confidentiality obligations and exceptions in Division   355 in Schedule   1 to the Taxation Administration Act 1953 .

  (2)   The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA's administration of the provisions it administers and on ASIC for the purposes of ASIC's administration of the provisions it administers:

  (a)   Parts   1 and 2;

  (b)   Part   10;

  (c)   Parts   12 to 15;

  (d)   Part   16 (other than section   183).

Note:   Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section   16.

  (2A)   Powers and duties are also conferred by Part   10 on the Commissioner of Taxation for the purposes of the administration of the provisions he or she administers.

Note:   Generally, the Commissioner of Taxation is not referred to in these provisions, Regulator is used instead. See the definition of Regulator in section   16.

  (3)   The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act.