Retirement Savings Accounts Act 1997
Subject to subsection (3) : (a) APRA has the general administration of:
(i) Part 3 ; and
(ii) Division 4 of Part 4 (Other provisions relating to the operation of RSAs); and
(iii) Parts 6 and 9 , and Part 11 (except the provisions mentioned in subparagraph (e)(ii) ); and
(b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on either of the following:
(iv) section 183 ; and
(i) ASIC by paragraph (d) ;
(ba) (Repealed by No No 23 of 2018) (bb) APRA also has the general administration of Divisions 2 and 3 of Part 4A to the extent that administration of the provisions is not conferred on the Commissioner of Taxation by paragraph (f) ; and (c) ASIC has the general administration of:
(ii) the Commissioner of Taxation by paragraph (g) ; and
(i) Part 5 (other than section 49 ); and
(ii) Part 7 ; and
(d) ASIC also has the general administration of sections 37 to 39 and section 49 to the extent to which they relate to:
(iii) (Repealed by No 13 of 2018)
(i) the keeping and retaining of records in relation to RSA ' s; or
(ii) the disclosure of information to holders of RSA ' s; or
(iii) the disclosure of information about RSA ' s (including disclosure of information to ASIC but not including disclosure of information to APRA); or
(e) the Commissioner of Taxation has the general administration of:
(iv) any other matter prescribed by the regulations for the purposes of this paragraph; and
(i) Division 3 of Part 4 (Portability forms); and
(f) the Commissioner of Taxation has the general administration of:
(ii) Division 2 of Part 11 , section 138A , Division 4A of Part 11 and subsection 144(2A) (about tax file numbers); and
(i) Division 1 of Part 4A ; and
(ii) Division 2 of Part 4A , to the extent it relates to employers; and
(iii) Division 2 of Part 4A , to the extent it relates to payments and information given to the Commissioner of Taxation; and
(g) the Commissioner of Taxation has the general administration of regulations made under section 38 to the extent that the regulations relate to the making and notification of determinations that an amount of benefits in an RSA may be released on compassionate grounds.
(iv) Division 4 of Part 4A ; and
Note:
An effect of a provision being administered by the Commissioner of Taxation (see paragraphs (e) , (f) and (g) ) is that people who acquire information under the provision are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953 .
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Hide history note3(2)
The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA ' s administration of the provisions it administers and on ASIC for the purposes of ASIC ' s administration of the provisions it administers: (a) Parts 1 and 2 ; (b) Part 10 ; (c) Parts 12 to 15 ; (d) Part 16 (other than section 183 ).
Note:
Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16 .
3(2A)
Powers and duties are also conferred by Part 10 on the Commissioner of Taxation for the purposes of the administration of the provisions he or she administers.
Note:
Generally, the Commissioner of Taxation is not referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16 .
3(3)
The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act.
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