Retirement Savings Accounts Amendment Regulations 2009 (No. 1)
(14 of 2009)
Dated 5 February 2009
Retirement Savings Accounts Act 1997
1 Name of Regulations
These Regulations are theRetirement Savings Accounts Amendment Regulations 2009 (No. 1).
2 Commencement
These Regulations commence as follows:
(a) on the day after they are registered - regulations 1 to 3 and Schedule 1;
(b) on 1 April 2009 - regulation 4 and Schedule 2.
3 Amendment of Retirement Savings Accounts Regulations 1997 - Schedule 1
Schedule 1 amends theRetirement Savings Accounts Regulations 1997.
4 Amendment of Retirement Savings Accounts Regulations 1997 - Schedule 2
Schedule 2 amends theRetirement Savings Accounts Regulations 1997.
Schedule 1 Amendments commencing on day after registration
[1] Subparagraph 1.07 (3A) (e) (i)
substitute
(i) if the pension is not funded from the commutation of:
(A) another pension that is provided under terms and conditions that meet the standards of this subregulation; or
(B) an annuity that is provided under a contract that meets the standards of subregulation 1.05 (2), (3), (9) or (10) of the SIS Regulations; or
(C) a pension that is provided under rules that meet the standards of subregulation 1.06 (2), (3), (7) or (8) of the SIS Regulations;
and the commutation is made within 6 months after the commencement day of the pension; or
[2] Subparagraph 1.07 (3A) (e) (vii)
omit
primary beneficiary; and
insert
primary beneficiary; or
[3] After subparagraph 1.07 (3A) (e) (vii)
insert
(viii) the market linked pension was commenced in contravention of Part 4 and the commutation would result in an obligation to pay an amount to the Commissioner of Taxation under subsection 20F (1) of theSuperannuation (Unclaimed Money and Lost Members) Act 1999; and
[4] Subregulation 3.01 (1), after definition of rolled over
insert
superannuation provider means:
(a) an RSA provider; or
(b) the trustee of a regulated superannuation fund; or
(c) the trustee of an approved deposit fund.
[5] Subregulation 3.01 (1), definition of superannuation system, paragraphs (d) and (e)
substitute
(d) the Commissioner of Taxation in the Commissioner of Taxation's role as the maker of payments to a superannuation provider under theSuperannuation (Unclaimed Money and Lost Members) Act 1999; and
[6] Subregulation 4.01 (2), definition of condition of release
substitute
condition of release means a condition of release specified in column 2 of Schedule 2, and an RSA holder is taken to have satisfied a condition of release if the event specified in that condition has occurred in relation to the RSA holder.
[7] Subregulation 4.01 (2), definition of eligible temporary resident visa, including the note
omit
[8] Subregulation 4.01 (2), definition of non-commutable allocated pension, subparagraph (b) (ii)
omit
'Nil'.
insert
'Nil'; or
[9] Subregulation 4.01 (2), definition of non-commutable allocated pension, after subparagraph (b) (ii)
insert
(iii) the purpose of the commutation is to satisfy an obligation to pay an amount to the Commissioner of Taxation under subsection 20F (1) of theSuperannuation (Unclaimed Money and Lost Members) Act 1999.
[10] Subregulation 4.01 (2), after definition of permanent incapacity
insert
permanent resident means a holder of a permanent visa under theMigration Act 1958 that has not ceased to be in effect.
[11] Subregulation 4.01 (2), after definition of temporary incapacity
insert
temporary resident means a holder of a temporary visa under theMigration Act 1958.
[12] Subregulation 4.23A (1)
substitute
(1) This regulation applies to the benefits of an RSA holder if:
(a) the RSA holder:
(i) was a temporary resident; and
(ii) is not an Australian citizen, New Zealand citizen or permanent resident; and
(iii) has left Australia; and
(b) the RSA holder's visa has ceased to be in effect.
(1A) The RSA holder's benefits must be cashed if:
(a) the RSA provider receives a request from the RSA holder that the benefits be cashed; and
(b) subregulation (2) or (3) is complied with.
[13] Paragraph 4.23A (2) (a)
substitute
(a) a copy, or other evidence, of a visa showing that the RSA holder was a temporary resident but the RSA holder's temporary visa has ceased to be in effect; and
[14] Paragraph 4.23A (2) (b)
omit
the RSA holder has departed from Australia
insert
the RSA holder has left Australia
[15] Subregulation 4.23A (3)
substitute
(3) The RSA provider must be satisfied, based on a written statement from the Department of Immigration and Citizenship, that:
(a) the RSA holder was a temporary resident but the RSA holder's temporary visa has ceased to be in effect; and
(b) the RSA holder has left Australia.
[16] Subregulation 4.23A (5), note
substitute
Note A payment made under this regulation is a departing Australia superannuation payment within the meaning of section 301-170 of the 1997 Tax Act.
[17] After regulation 4.23A
insert
4.23B Cashing of benefits in an RSA - payment to Commissioner of Taxation
If an RSA provider is required to pay an amount to the Commissioner of Taxation under theSuperannuation (Unclaimed Money and Lost Members) Act 1999 for a person's interest in an RSA, the amount must be cashed in favour of the Commissioner of Taxation as a lump sum.
Note An amount to be paid under theSuperannuation (Unclaimed Money and Lost Members) Act 1999 must be paid by the time required under that Act.
[18] Paragraph 4.26 (1) (b)
substitute
(b) unless the conditions of subregulation (4) or (5) are satisfied.
[19] After subregulation 4.26 (4)
insert
(5) The conditions of this subregulation are satisfied if the RSA holder's benefits are cashed in favour of the Commissioner of Taxation to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999.
[20] Schedule 2, item 104
substitute
|
104 |
Former temporary resident to whom regulation 4.23A applies, requesting in writing the release of his or her benefits |
Amount that is at least the amount of the temporary resident's withdrawal benefit in the RSA, paid: (a) as a single lump sum; or |
|
(b) if the RSA provider receives any combination of contributions, transfers and rollovers after cashing the benefits - in a way that ensures that the amount is cashed |
||
|
104A |
The RSA provider is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 for the person's interest in the RSA |
Amount that the RSA provider is required to pay to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 for the person's interest in the RSA, paid as a lump sum to the Commissioner |
[21] Schedule 3
omit
Schedule 2 Amendments commencing on 1 April 2009
[1] Subregulation 4.01 (2), definition of condition of release
omit
Schedule 2, and
insert
Schedule 2, and, subject to regulation 4.01B,
[2] After regulation 4.01A
insert
4.01B Conditions of release for temporary residents
(1) This regulation applies to an RSA holder who is or was a temporary resident.
(2) This regulation does not apply to an RSA holder who:
(a) is an Australian citizen, a New Zealand citizen or a permanent resident; or
(b) is, at any time, the holder of a Subclass 405 (Investor Retirement) visa or a Subclass 410 (Retirement) visa described in Schedule 2 to the Migration Regulations 1994.
(3) The only conditions of release that can be satisfied in respect of an RSA holder to whom this regulation applies are:
(a) a condition of release that was satisfied by the RSA holder before 1 April 2009; and
(b) the conditions of release in items 102, 102A, 103, 104, 104A, 108 and 112 of Schedule 2.
[3] After subregulation 4.21 (1)
insert
Note For conditions of release for temporary residents, see regulation 4.01B.
[4] After subregulation 4.22 (1)
insert
Note For conditions of release for temporary residents, see regulation 4.01B.