Retirement Savings Accounts Regulations (Amendment) 1998 (176 of 1998)

12.   Regulation 4.10 (Restricted non-preserved benefits - on and after RSA changeover day)

12.1 Omit the regulation, substitute:

Restricted non-preserved benefits - on and after 1 July 1999

" 4.10.(1) Subject to regulations 4.12 and 4.14 and to Subdivision 4.1.5, the amount of the restricted non-preserved benefits of the holder of an RSA in the RSA at any time on or after 1 July 1999 is the sum of the following amounts:

(a) the RSA holder's restricted non-preserved benefits on 30 June 1999 worked out under regulation 4.09;

(b) any restricted non-preserved benefits received by the RSA for the RSA holder from another RSA, a regulated superannuation fund or an exempt public sector superannuation scheme on and after 1 July 1999.

" (2) However, if:

(a) on or after 1 July 1999, a deduction is allowed for the RSA holder under section 82AAT of the Income Tax Assessment Act 1936 for an RSA holder contribution made before 1 July 1999; and

(b) the benefits arising from the contribution were previously allocated to restricted non-preserved benefits;

the benefits are taken to be preserved benefits.".