Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022 (F2022L00241)

Schedule 1   Amendments

Retirement Savings Accounts Regulations 1997

5   Subregulation 5.03(1A)

Repeal the subregulation, substitute:

(1A) Despite items 2 and 3 of the table in subregulation (1), the RSA institution may also accept contributions made in respect of an RSA holder, and received on or before the day that is 28 days after the end of the month in which the RSA holder turns 75, that are:

(a) employer contributions other than mandated employer contributions; or

(b) RSA holder contributions other than downsizer contributions.

Note: Other rules may be relevant to making certain contributions in respect of an RSA holder. For example:

(a) downsizer contributions are limited to persons aged 60 or over (see paragraph 292-102(1)(a) of the 1997 Tax Act); and

(b) there are rules about deducting personal contributions to an RSA (see Subdivision 290-C of the 1997 Tax Act). In particular, work test conditions apply to deducting certain contributions made from age 67 until the day referred to in subregulation (1A) (see subsection 290-165(1A) of the 1997 Tax Act).