Retirement Savings Accounts Act 1997
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S 54 repealed by No 123 of 2001, s 3 and Sch 1 item 269, effective 11 March 2002. S 54 formerly read:
S 54(1) substituted by No 31 of 2001, s 3 and Sch 1 item 114, effective 15 December 2001. S 54(1) formerly read: unless the employer received such material from the RSA institution in respect of another application made to the RSA institution. S 54(1A) inserted by No 31 of 2001, s 3 and Sch 1 item 115, effective 15 December 2001. Note 1: Chapter
2
of the
Criminal Code
sets out the general principles of criminal responsibility. Note 2: A defendant bears an evidential burden in relation to the matter in subsections (1A), (2) and (3) (see subsection
13.3(3)
of the
Criminal Code
). S 54(4) amended by No 31 of 2001, s 3 and Sch 1 item 116, by inserting the notes at the end, effective 15 December 2001.
INFORMATION TO BE GIVEN TO EMPLOYERS WHO APPLY FOR RSAs ON BEHALF OF EMPLOYEES
54(1)
An RSA institution must ensure that an employer who makes an application on behalf of an employee for an RSA for the employee has received documents issued, or authorised to be issued, by the RSA institution that:
(a)
contain all the information that the regulations referred to in section
56
require to be given to the employer; and
(b)
comply with the formal requirements specified in those regulations.
54(1)
An RSA institution must ensure that an employer who makes an application, on behalf of an employee, for an RSA for the employee, has received documents issued, or authorised to be issued, by the RSA institution that:
(a)
contain all the information that the regulations referred to in section 56 require to be given to the employer; and
(b)
comply with the formal requirements specified in those regulations;
54(1A)
Subsection (1) does not apply if the employer received such documents from the RSA institution in respect of another application made to the RSA institution.
54(2)
Despite subsection (1), the RSA institution does not have to be satisfied that the person has received information that relates to an event or change of circumstances that happened after the RSA institution first received an application from that employer.
54(3)
Subsection (1) does not apply if the person makes an application in circumstances specified in the regulations.
54(4)
An RSA provider who intentionally or recklessly contravenes a requirement of this section is guilty of an offence punishable on conviction by a fine not exceeding 100 penalty units.
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