Retirement Savings Accounts Act 1997

PART 4A - DATA AND PAYMENT REGULATIONS AND STANDARDS RELATING TO RSAS

History

Pt 4A inserted by No 91 of 2012, s 3 and Sch 1 item 1, effective 29 June 2012. No 91 of 2012 (as amended by No 158 of 2012 and No 110 of 2014), s 3 and Sch 1 Pt 4 contains the following application provision:

Part 4 - Application provision
20 Application of amendments
(1)
The amendments made by this Schedule apply in relation to:

(a) a trustee of an eligible superannuation entity; or

(b) an RSA provider;
in relation to conduct that occurs on or after 1 July 2013.

(1A)
Subject to subitems (2), (3) and (3A), the amendments made by this Schedule apply in relation to an entity that is an employer in relation to conduct that occurs on or after 1 July 2015.
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History

S 20(1A) inserted by No 110 of 2014, s 3 and Sch 5 item 144, effective 1 July 2014.

(2)
The amendments made by this Schedule apply in relation to an entity that is a medium to large employer on 1 July 2014 in relation to conduct that occurs on or after 1 July 2014.

(3)
The amendments made by this Schedule apply in relation to an entity that is a small employer on 1 July 2014 in relation to conduct that occurs on or after:

(a) if paragraph (b) does not apply - 1 July 2015; or

(b) if the regulations prescribe a day after 1 July 2015 for the purposes of this paragraph - that day.

(3A)
The amendments made by this Schedule apply in relation to an entity in relation to conduct that occurs on or after a day (the test day ) in the period beginning on 2 July 2014 and ending on 30 June 2015 if:

(a) neither subitem (2) nor (3) applies to the entity; and

(b) the entity starts to be an employer on the test day; and

(c) at a time on the test day, the entity is a medium to large employer.
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History

S 20(3A) inserted by No 110 of 2014, s 3 and Sch 5 item 145, effective 1 July 2014.

(4)
In this item:
medium to large employer
, at a particular time, means an employer that employs 20 or more employees at that time.

small employer
, at a particular time, means an employer that employs fewer than 20 employees at that time.

(5)
For the purpose of calculating the number of employees employed by an employer at a particular time, count all employees employed by the employer at that time.

(6)
The Governor-General may make regulations prescribing matters:

(a) required or permitted by this Schedule to be prescribed; or

(b) necessary or convenient to be prescribed for carrying out or giving effect to this Schedule.

Division 2 - Compliance with data and payment regulations and standards relating to RSAs

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SECTION 45F REGULATOR ' S POWER TO GIVE DIRECTIONS IN CERTAIN CIRCUMSTANCES - RSA PROVIDERS

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45F(1)
The Regulator may give an RSA provider a direction of a kind specified in subsection (4) if the Regulator reasonably believes that the RSA provider has contravened, or is likely to contravene:

(a) a particular regulation made under this Part; or

(b) a particular data and payment standard relating to RSAs.

45F(2)
In deciding whether to give a direction, and deciding the content of the direction, the Regulator must take account of the following matters:

(a) the extent (if any) to which the RSA provider is operating in a way that is contrary to the object of this Part;

(b) any other matter that the Regulator considers relevant.

45F(3)
The direction must be given by notice in writing to the RSA provider.

45F(4)
The kinds of direction that an RSA provider may be given are directions to do any one or more of the following by a specified time:

(a) do a specified act that the Regulator considers is necessary to address the contravention mentioned in subsection (1) (or prevent the likely contravention mentioned in that subsection);

(b) refrain from doing an act, if the Regulator considers the refraining is necessary to address the contravention mentioned in subsection (1) (or prevent the likely contravention mentioned in that subsection).

45F(5)
The time specified in the direction must be 21 days or more after the day the direction is given.

45F(6)
The RSA provider must comply with the direction by the specified time.

Note:

Section 288-110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection.

Strict liability offence

45F(7)
A person commits an offence of strict liability if the person contravenes subsection (6).

Penalty: 50 penalty units.

Note:

For offences of strict liability, see subsection 6.1(1) of the Criminal Code .

45F(8)
The Regulator may, by notice in writing to the RSA provider, vary the direction or the time specified if, at the time of the variation, the Regulator considers that the variation is necessary and appropriate.

45F(9)
The direction has effect until the Regulator revokes it by notice in writing to the RSA provider. The Regulator may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate.

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