Retirement Savings Accounts Regulations 1997

PART 5 - CONTRIBUTION STANDARDS  

Division 5.2 - Data and payment matters relating to RSAs  

REGULATION 5.09   INCOMPLETE CONTRIBUTION INFORMATION  

5.09(1)    
This regulation applies to an RSA provider if:

(a) the RSA provider receives a contribution from an employer for an RSA holder; and

(b) the contribution is not accompanied by all of the information mentioned in subregulation 5.07(2) .

5.09(2)    
The RSA provider must, no later than 5 business days after receiving the contribution, ask the employer to give the RSA provider the correct and complete information mentioned in subregulation 5.07(2) for the RSA holder.

5.09(3)    
If an employer receives a request from an RSA provider under subregulation (2), the employer must make all reasonable efforts to give the RSA provider the complete or correct information for the RSA holder no later than 10 business days after receiving the request.

5.09(4)    
If the RSA holder is still unable to allocate the contribution to an RSA holder, the RSA provider must refund the contribution to the employer no later than 20 business days after receiving the contribution.

5.09(5)    
If a contribution is refunded under subregulation (4), the contribution is taken not to have been made to the RSA provider by the employer.