Retirement Savings Accounts Regulations (Amendment) 1997

(294 of 1997)

15 October 1997

Made under Retirement Savings Accounts Act 1997

1.   Amendment

1.1 The Retirement Savings Accounts Regulations are amended as set out in these Regulations.

[NOTE: These Regulations commence on gazettal: see Acts Interpretation
Act 1901, s 48.

2.   Regulation 1.03 (Interpretation)

2.1 Subregulation 1.03 (1)

Insert the following definitions:

" 'capital gains tax exempt component' has the same meaning as 'CGT exempt component' in subsection 27A (1) of the Tax Act;

'eligible spouse contributions' has the meaning given by section 159TC of the Tax Act;".

3.   Regulation 4.01 (Interpretation)

3.1 Subregulation 4.01 (2) (definition of "restricted non-preserved contributions"):

Omit "or the Superannuation Industry (Supervision) (Transitional Provisions) Regulations", substitute "the Superannuation Industry (Supervision) (Transitional Provisions) Regulations, the SIS Regulations or these Regulations".

3.2 Subregulation 4.01 (3):

After "credit of an RSA holder", insert "(except eligible spouse contributions)".

4.   Regulation 4.04 (Preserved benefits - before RSA changeover day)

4.1 Regulation 4.04:

Add at the end:

"; and (d) the amount of benefits arising from eligible spouse contributions; and

(e) the amount of benefits arising from a capital gains tax exempt component rolled over to the RSA because of subsection 160ZZPZF (1), 160ZZPZH (7) or 160ZZPZI (5) of the Tax Act.".

5.   Regulation 4.13 (Unrestricted non-preserved benefits)

5.1 Subregulation 4.13 (2):

Omit "are amounts that:", substitute "are amounts (other than an amount that is a capital gains tax exempt component) that:".

6.   Regulation 5.03 (Acceptance of contributions)

6.1 Subregulation 5.03 (1):

Add at the end:

"; or (c) the contributions are eligible spouse contributions.".