Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

Division 4.4A - Compulsory rollover and transfer of benefits in RSAs  

REGULATION 4.35N   RECEIVING ENTITY MUST ALLOCATE AMOUNT TO RSA HOLDER  

4.35N(1)    
This regulation applies to an RSA provider (the receiving entity ) if:

(a) the receiving entity receives a rollover or transfer of an amount that is the whole or a part of an RSA holder ' s withdrawal benefit from:

(i) a regulated superannuation fund or approved deposit fund; or

(ii) another RSA provider; or

(iii) the Commissioner of Taxation; and

(b) for a rollover or transfer received from another RSA provider (the transferring entity ):

(i) the transferring entity made the rollover or transfer in accordance with any applicable Standards specified under subsection 45B(3) of the Act; and

(ii) the information required by subregulation 4.35L(1) and any applicable Standards made under subsection 45B(3) of the Act was sent in relation to the rollover or transfer; and

(iii) the information was sent in the way required by any applicable Standards made under subsection 45B(3) of the Act; and

(c) for a rollover or transfer received from a regulated superannuation fund or approved deposit fund (the transferring fund ):

(i) the transferring fund made the rollover or transfer in accordance with any applicable Standards specified under subsection 34K(3) of the SIS Act; and

(ii) the information required by subregulation 6.34B(1) of the SIS Regulations, and any applicable Standards specified under subsection 34K(3) of the SIS Act, was sent in relation to the rollover or transfer; and

(iii) the information was sent in the way required by any applicable Standards made under subsection 34K(3) of the SIS Act; and

(d) for a rollover or transfer received from the Commissioner of Taxation - the Commissioner made the rollover or transfer in accordance with any applicable Standards specified under subsection 45B(3) of the Act that would apply if the rollover or transfer were being made by an RSA provider.

4.35N(2)    
If the receiving entity accepts the rollover or transfer, and receives it in accordance with any applicable Standards made under subsection 45B(3) of the Act, the receiving entity must allocate the amount transferred or rolled over to the RSA holder ' s account as soon as possible, but in any case no later than 3 business days after the receiving entity has received:

(a) the rollover or transfer of the amount; and

(b) either:

(i) the information mentioned in subparagraph (1)(b)(ii), sent in accordance with any applicable Standards made under subsection 45B(3) of the Act; or

(ii) the information mentioned in subparagraph (1)(c)(ii), sent in accordance with any applicable Standards made under subsection 34K(3) of the SIS Act.