Retirement Savings Accounts Act 1997

PART 1 - PRELIMINARY

Division 2 - Summary and outline of the Act

SECTION 7

7 BRIEF SUMMARY OF THE ACT
The following is a brief summary of the Act:

Main purpose - provision for RSAs

This Act provides for retirement savings accounts, or RSAs, to be offered by certain financial institutions.

RSAs will provide benefits upon retirement or death and may also provide a limited range of other benefits.

RSAs will have certain restrictions placed upon them to make them similar to other superannuation products.

Concessional taxation and social security treatment of RSAs

RSAs are subject to concessional rules under income tax and social security law.

Supervision of RSA business of providers

The Act also provides for the approval of the entities that can offer RSAs and provides for supervision of the RSA business of those entities.

The general prudential supervision of these entities is not dealt with in this Act.