Retirement Savings Accounts Amendment Regulations 2009 (No. 2)

(45 of 2009)

13 March 2009

Retirement Savings Accounts Act 1997

1   Name of Regulations

These Regulations are theRetirement Savings Accounts Amendment Regulations 2009 (No. 2).

2   Commencement

These Regulations commence on the day after they are registered.

3   Amendment of Retirement Savings Accounts Regulations 1997

Schedule 1 amends theRetirement Savings Accounts Regulations 1997.

Schedule 1   Amendments

[1]   Schedule 1, clause 2

omit

clauses 3 and 4,

insert

clauses 3, 3A and 4,

[2]   Schedule 1, after clause 3

insert

3A.For the financial year commencing on 1 July 2008, the minimum limit is half of the amount determined under the formula in clause 2.

[3]   Schedule 1A, clause 2

omit

clauses 3 and 4,

insert

clauses 3, 3A and 4,

[4]   Schedule 1A, after clause 3

insert

3A.For the financial year commencing on 1 July 2008, the minimum limit is half of the amount determined under the formula in clause 2.

[5]   Schedule 4, after clause 8

before the table, insert

9.Clause 8 does not apply if clause 10 applies.

10.For the financial year commencing on 1 July 2008, an amount is taken to have been determined in accordance with clause 1 if the amount is:

(a) not less than 45% of the amount determined in accordance with clause 1; and

(b) not greater than 110% of the amount determined in accordance with clause 1.

[6]   Schedule 5, subclause 1 (1)

omit

clauses 2 and 3,

insert

clauses 2, 3 and 3A,

[7]   Schedule 5, after clause 3

insert

3AFor the financial year commencing on 1 July 2008, the amount of payments is half of the amount worked out using the formula in clause 1.