Retirement Savings Accounts Act 1997

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

Division 4 - Other provisions relating to the operation of RSAs  

SECTION 40   INTEREST OFF-SET ARRANGEMENTS ETC. NOT PERMITTED  

40(1)   [Arrangements prohibited]  

An RSA provider must not enter into any interest off-set arrangements or combination account arrangements where one of the accounts involved is an RSA.

Penalty: 100 penalty units.

40(1A)   [Strict liability]  

Subsection (1) is an offence of strict liability.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

For strict liability , see section 6.1 of the Criminal Code .

40(2)   [Effect on validity of transaction]  

A contravention of subclause (1) does not affect the validity of a transaction to the extent that the transaction relates to an account other than an RSA.