Retirement Savings Accounts Act 1997
View history note
Hide history noteDiv 3 repealed by No 102 of 2004, s 3 and Sch 1 item 1A, effective 1 July 2005.
(Repealed by No 102 of 2004)
S 52 repealed by No 102 of 2004, s 3 and Sch 1 item 1A, effective 1 July 2005. S 52 formerly read:
S 52(1A) inserted by No 123 of 2001, s 3 and Sch 1 item 268, effective 11 March 2002. A defendant bears an evidential burden in relation to the matter in subsection (3) (see subsection
13.3(3)
of the
Criminal Code
).
EMPLOYERS MUST PROVIDE EMPLOYEES WITH ALTERNATIVE OPTIONS
52(1)
This section sets out the procedures that an employer must go through:
(a)
if the employer gives an application form for an RSA to an employee; or
(b)
before an employer makes an application for an RSA on behalf of an employee.
52(1A)
For the purposes of this section, the regulations may:
(a)
require that particular information is to be given to persons; and
(b)
specify formal requirements (including, for example, requirements about layout and type size) that documents used to give information to persons must comply with.
52(2)
An employer who gives an application form for an RSA to an employee must, at the same time, give the employee:
(a)
any prescribed information about that RSA; and
(b)
if the employee is paid by means of electronic funds transfer to a financial institution that is an RSA institution
-
an application form for an RSA provided by that RSA institution; and
(c)
if there is an industry-based regulated superannuation fund that the employee is eligible to join
-
an application form for that industry fund; and
(d)
if there is no industry-based regulated superannuation fund that the employee is eligible to join
-
an application form for a regulated superannuation fund; and
(e)
a written notice stating that, unless the employer is currently making contributions for the benefit of the employee to another RSA or to a regulated superannuation fund, the employer may make an application for the RSA on behalf of the employee if the employee does not, within 28 days:
(i)
make an application for the RSA, for another RSA, or to become a member of a regulated superannuation fund; or
(ii)
give the employer a written notice electing to become the holder of the RSA, the holder of another RSA or a member of a specified regulated superannuation fund.
52(3)
An employer must not make an application, on behalf of any particular employee, for an RSA unless the conditions in subsection (4) or (5) are satisfied.
Note:
S 52(3) amended by No 31 of 2001, s 3 and Sch 1 item 107, by inserting the note at the end, effective 15 December 2001.
52(4)
The conditions in this subsection for an employer to be able to make an application, on behalf of any particular employee, for an RSA are that:
(a) the employer has given the employee an application form for the RSA together with the other documents specified in subsection (2); and
(b) the 28 day period referred to in paragraph (2)(e) has ended; and
(c) the employee has not made an application for the RSA, for another RSA, or to become a member of a regulated superannuation fund; and
(d) the employee has not given the employer a written notice electing to become the holder of the RSA, the holder of another RSA or a member of a specified regulated superannuation fund; and
(e) the employer is not making contributions for the benefit of the employee to another RSA or to a regulated superannuation fund.
52(5)
The conditions in this subsection for an employer to be able to make an application, on behalf of any particular employee, for an RSA (the nominated RSA ) are that:
(a) the employer has given the employee an application form for an RSA (which may be the nominated RSA or another RSA) together with the other documents specified in subsection (2); and
(b) the employee has given the employer a written notice electing to become the holder of the nominated RSA.
52(6)
An employer who intentionally or recklessly contravenes subsection (2) or (3) is guilty of an offence punishable on conviction by a fine not exceeding 10 penalty units.
Note:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
S 52(6) amended by No 31 of 2001, s 3 and Sch 1 item 108, by inserting the note at the end, effective 15 December 2001.
52(7)
Where an employee has become the holder of an RSA as a result of:
(a) an application that was made using an application form provided by the employee's employer in contravention of subsection (2); or
(b) as a result of an application that was made by the employee's employer in contravention of subsection (3);
the RSA provider must, at the request of the employee, transfer the balance in the RSA to another RSA, or a superannuation entity, specified by the employee. The request must be made within 6 months of the RSA being opened. The balance must be transferred as soon as is practicable. No exit fees may be imposed.
52(8)
An RSA provider who intentionally or recklessly contravenes subsection (7) is guilty of an offence punishable on conviction by a fine not exceeding 10 penalty units.
Note:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
S 52(8) amended by No 31 of 2001, s 3 and Sch 1 item 110, by inserting the note at the end, effective 15 December 2001.
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