Retirement Savings Accounts Regulations (Amendment) 1997

(342 of 1997)

8 December 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 4.01 (Interpretation)

2.1 Paragraph 4.01 (5) (a):

Omit the paragraph, substitute:

"(a) the RSA provider is satisfied:

(i) based on written evidence provided by at least one Commonwealth department or agency responsible for administering a class of Commonwealth income support payments, that:

(A) the person has received Commonwealth income support payments for a continuous period of 26 weeks; and

(B) the person was in receipt of payments of that kind on the date of the written evidence; and

(ii) that the person is unable to meet reasonable and immediate family living expenses; or".

3.   Regulation 4.22A (Release of benefits on compassionate grounds)

3.1 Subparagraph 4.22A (1) (e) (iv):

Omit the subparagraph, substitute:

"(iv) burial; or".

3.2 Subregulation 4.22A (1):

Add at the end:

"(f) to meet expenses in other cases where the release is consistent with a ground mentioned in paragraphs (a) to (e), as the Commissioner determines.".

4.   Schedule 2 (Conditions of release and cashing restrictions - preserved benefits and restricted non-preserved benefits)

4.1 Part 1:

After item 103, insert:

4.2 Item 105:

Omit "$15,000", substitute "$10,000".

5.   Application

5.1 The amendments made by regulation 2 and subregulation 4.2 do not apply in relation to an application made to an RSA provider before the commencement of these Regulations.