Retirement Savings Accounts Act 1997

PART 2 - KEY CONCEPTS AND OTHER DEFINITIONS  

Division 2 - Interpretation  

SECTION 16  

16   DEFINITIONS  

In this Act, unless the contrary intention appears:

ADI
(authorised deposit-taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959 .

annuity
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

approved auditor
means a person included in a class of persons specified in regulations made for the purposes of this definition, but does not include a person who is disqualified from being or acting as an auditor of all RSA providers under section 67 .

approved deposit fund
means a fund that is an approved deposit fund for the purposes of the Superannuation Industry (Supervision) Act 1993 .

approved form
means a form approved by the Regulator, in writing, for the purposes of the provision in which the expression appears.

APRA
means the Australian Prudential Regulation Authority.

ASIC
means the Australian Securities and Investments Commission.

associate
has the meaning given by section 18 .

Australian court
means:

(a) the High Court; or

(b) a court created by the Parliament; or

(c) a court of a State or Territory.

AFIC Codes
(Repealed by Act No 44 of 1999)

authorised person
means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs.

bank
(Omitted by No 48 of 1998)

books
includes:

(a) any record; or

(b) any accounts or accounting records, however compiled, recorded or stored; or

(c) a document.

building society
(Repealed by Act No 44 of 1999)

capital guaranteed
has the meaning given by section 14 .

Chief Executive Medicare
(Repealed by No No 23 of 2018)

Commissioner
(Omitted by No 54 of 1998)

constitutional corporation
means a body corporate that is:

(a) a trading corporation formed within the limits of the Commonwealth (within the meaning of paragraph 51(xx) of the Constitution); or

(b) a financial corporation formed within the limits of the Commonwealth (within the meaning of paragraph 51(xx) of the Constitution).

contributing employer
means an employer having obligations under Part 4A (about the data and payment regulations and standards relating to RSAs).

contribution
includes a deposit into an account held at an ADI or a prescribed financial institution and a payment of a premium to a life insurance company.

Corporations Law
(Repealed by No 55 of 2001)

court
means any court, when exercising jurisdiction under this Act.

Court
means the Federal Court of Australia or the Supreme Court of a State or a Territory.

credit union
(Repealed by Act No 44 of 1999)

data and payment matter relating to RSAs
has the meaning given by subsection 45B(5) .

data and payment regulations and standards relating to RSAs
means:

(a) the regulations made under section 45B ; and

(b) the standards issued by the Commissioner of Taxation under that section.

data and payment standard relating to RSAs
means a standard issued by the Commissioner of Taxation under section 45B .

data processing device
means any article or material (for example, a disk) from which information is capable of being reproduced with or without the aid of any other article or device.

dependant
has the meaning given by section 20 .

director
, in relation to a body corporate, has the same meaning as in the Corporations Act 2001 .

disclose
, in relation to information, means give, reveal or communicate in any way.

eligibility age
(Repealed by No 128 of 1999)

eligible person
has the meaning given by section 13 .

eligible superannuation entity
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

employee
has the meaning given by section 19 .

employer
has the meaning given by section 19 .

executive officer
, in relation to a body corporate, means a person, by whatever name called and whether or not a director of the body, who is concerned, or takes part, in the management of the body.

expert
, in relation to a matter, means a person whose profession or reputation gives authority to a statement made by him or her in relation to that matter.

financial institution
(Repealed by No 44 of 1999)

function
includes duty.

half-year
means a period of 6 months ending on 30 June or 31 December.

holder
has the meaning given by section 9 .

holds
has the meaning given by section 9 .

Income Tax Assessment Act
means the Income Tax Assessment Act 1936 .

inspector
has the meaning given by section 96 .

interdependency relationship
has the meaning given by section 20A .

investment
means any mode of application of money or other property for the purpose of gaining interest, income or profit.

involved
, in relation to a contravention, has the meaning given by section 21 .

lawyer
means a duly qualified legal practitioner and, in relation to a person, means such a practitioner acting for the person.

legal personal representative
means the executor of the will or administrator of the estate of a deceased person, the trustee of the estate of a person under a legal disability or a person who holds an enduring power of attorney granted by a person.

life insurance company
means:

(a) a body corporate registered under section 21 of the Life Insurance Act 1995 ; or

(b) a public authority:

(i) that is constituted by a law of a State or Territory; and

(ii) that carries on life insurance business within the meaning of section 11 of that Act.

lodge
(Repealed by No 121 of 2001)

member of the staff of APRA
has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998 .

member of the staff of ASIC
has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 2001 .

modifications
includes additions, omissions and substitutions.

occurrence of an event
includes the coming into existence of a state of affairs.

old-age pension
has the same meaning as in paragraph 51(xxiii) of the Constitution.

owner
, in relation to a policy, has the same meaning as in the Life Insurance Act 1995 .

pension
(except in the expression " old-age pension " ) means a benefit, if the benefit is taken, under the regulations, to be a pension for the purposes of this Act.

person affected by a reviewable decision
, in relation to a reviewable decision, means the person in relation to which the decision was made.

policy
has the same meaning as in the Life Insurance Act 1995 .

premises
includes:

(a) a structure, building, aircraft, vehicle or vessel; and

(b) any land or place (whether enclosed or built on or not); and

(c) a part of a structure, building, aircraft, vehicle or vessel or of such a place.

premium
means a premium in respect of a policy and includes an instalment of premium.

prescribed
means prescribed by the regulations.

prescribed financial institution
means a body prescribed by the regulations for the purposes of this definition.

procure
includes cause.

produce
includes permit access to.

protected document
(Omitted by No 54 of 1998)

protected information
(Omitted by No 54 of 1998)

provide
has the meaning given by section 10 .

provider
has the meaning given by section 10 .

regulated document
, in relation to an RSA provider, means a document:

(a) issued, or authorised to be issued, by the RSA provider; and

(b) that the RSA provider knows, or ought reasonably to know (having regard to the RSA provider ' s abilities, experience, qualifications and other attributes), may influence a person ' s decision:

(i) to apply to become a holder of an RSA; or

(ii) to make an application, on behalf of an employee, for the employee to become the holder of an RSA.

regulated exempt public sector superannuation scheme
means an exempt public sector superannuation scheme (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) in respect of which either of the following applies:

(a) the trustee of the scheme is a constitutional corporation;

(b) the sole or primary purpose of the scheme is the provision of old-age pensions.

regulated exempt public sector superannuation scheme
has the meaning given by Part 25A of the Superannuation Industry (Supervision) Act 1993 .

regulated superannuation fund
means a fund that is a regulated superannuation fund for the purposes of the Superannuation Industry (Supervision) Act 1993 .

Regulator
means:

(a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and

(b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC; and

(c) (Repealed by No No 23 of 2018)

(d) the Commissioner of Taxation, if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by the Commissioner of Taxation.

relevant person
in relation to bodies corporate, means:

(a) a responsible officer of the RSA provider; or

(b) an auditor of the RSA provider.

responsible officer
, in relation to a body corporate, means:

(a) a director of the body; or

(b) a secretary of the body; or

(c) an executive officer of the body.

retirement savings account
has the meaning given by section 8 .

reviewable decision
means:

(a) a decision of APRA under subsection 24(2) to treat an application as having been withdrawn; or

(b) a decision of APRA under subsection 26(2) refusing an application for approval; or

(c) a decision of APRA under subsection 26(4) to specify conditions in an instrument of approval; or

(d) a decision of APRA under subsection 28(4) to treat an application as having been withdrawn; or

(e) a decision of APRA under section 29 or 30 to vary the approval of an RSA institution; or

(f) a decision of APRA under section 29 to refuse to vary the approval of an RSA institution; or

(g) a decision of the Regulator to give or vary a direction under section 45F or 45G ; or

(i) (Repealed by No 25 of 2008)

(j) (Repealed by No 25 of 2008)

(k) a decision of the Regulator under section 174 to make an exemption; or

(l) a decision of the Regulator under section 177 to make a declaration; or

(m) a decision of the Regulator under section 179 to revoke an exemption or declaration; or

(n) a decision of the Regulator to give a direction under section 182 ; or

(o) a decision of the Regulator refusing to revoke a direction under section 182 .

(p) (Repealed by No 121 of 2001)

RSA
has the meaning given by section 8 .

RSA institution
has the meaning given by section 11 .

RSA provider
has the meaning given by section 12 .

RSA standards officer
(Omitted by No 54 of 1998)

statement
, in Parts 5 and 7 , includes a promise, estimate or forecast.

stop order
(Repealed by No 123 of 2001)

Superannuation Acts
means:

(a) this Act; and

(b) the Superannuation Contributions Tax (Assessment and Collection) Act 1997 ; and

(c) the Superannuation Contributions Tax (Members of Constitutionally Protected Funds) Assessment and Collection Act 1997 ; and

(d) the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

(e) (Repealed by No 23 of 2018)

Superannuation Complaints Tribunal
(Repealed by No 13 of 2018)

superannuation data and payment regulations and standards
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

superannuation entity
means:

(a) a regulated superannuation fund; or

(b) an approved deposit fund.

superannuation interest
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

Surcharge Acts

taxation officer
(Repealed by No 145 of 2010)

tax file number
has the meaning given by section 202A of the Income Tax Assessment Act 1936 .

trustee
, in relation to a fund, scheme or trust, means:

(a) if there is a trustee (within the ordinary meaning of that expression) of the fund, scheme or trust - the trustee; or

(b) in any other case - the person who manages the fund, scheme or trust.

unclaimed money
(Repealed by No 128 of 1999)

year of income
in relation to a person, means a period that is, for the purposes of the Income Tax Assessment Act 1936 , a year of income of the person (subsection 6(2A) of that Act applies accordingly).