Retirement Savings Accounts Act 1997

Part 8 repealed by No 128 of 1999, s 3 and Sch 1 item 16, effective 13 October 1999. For transitional and saving provisions, see the history note to s 3(1).

S 84 repealed by No 128 of 1999, s 3 and Sch 1 item 16, effective 13 October 1999. S 84 formerly read:

PAYMENT OF UNCLAIMED MONEY TO A STATE OR TERRITORY AUTHORITY  
84(1)
If a law of a State or Territory satisfies the requirements of this section, then the RSA provider must, instead of complying with subsections 82(1) and 83(1) , pay the amount worked out under paragraph (2)(c) to a State or Territory authority in accordance with that law.

84(2)
The first requirement is that the law requires:

(a) an RSA provider to prepare, at the end of each half-year, a statement, in a form approved by a State or Territory authority, of all unclaimed money (within the meaning of subsection 81(1) or (2) ) that is held in RSAs provided by the RSA provider; and

(b) that the statement be given to a State or Territory authority on or before:

(i) in relation to a half-year ending on 30 June in a calendar year - 31 October in that calendar year; and

(ii) in relation to a half-year ending on 31 December in a calendar year - 30 April in the following calendar year; and

(c) the RSA provider to pay to the State or Territory authority, when the statement is given, an amount worked out in accordance with a formula corresponding to the formula in subsection 83(1) ; and

(d) the State or Territory authority to keep a register that contains particulars of:

(i) the unclaimed money paid to it by the RSA provider; and

(ii) particulars of the holder of each RSA in respect of which there is unclaimed money.

84(3)
The second requirement is that the law contains provisions:

(a) corresponding to subsection 82(2) , that require the statement to contain particulars relating to any unclaimed money paid after the end of the half-year as are required by the form approved by the State or Territory authority; and

(b) corresponding to subsection 82(3) , that authorise the approval of the form of the statement to require or permit the statement to be given on a data processing device; and

(c) corresponding to subsection 82(5) , that empower the State or Territory authority to extend the period in which the statement must be lodged; and

(d) corresponding to subsection 83(2) , that require the State or Territory authority to pay unclaimed money to a person in circumstances corresponding to those set out in that subsection; and

(e) corresponding to subsection 83(3) , that require the State or Territory authority to return amounts in circumstances corresponding to those set out in that subsection.

84(4)
Discharge of RSA provider from liability. The RSA provider is, upon payment to a State or Territory authority of an amount as required by this section, discharged from further liability in respect of that amount.

84(5)
RSA provider not to contravene section. An RSA provider must not intentionally or recklessly contravene this section.

Penalty: 100 penalty units.

For transitional and saving provisions, see the history note to s 3(1).