Retirement Savings Accounts Act 1997
The following is a brief summary of the Act:
Brief summary of the Act
Main purpose - provision for RSAs
This Act provides for retirement savings accounts, or RSAs, to be offered by certain financial institutions.
RSAs will provide benefits upon retirement or death and may also provide a limited range of other benefits.
RSAs will have certain restrictions placed upon them to make them similar to other superannuation products.
Concessional taxation and social security treatment of RSAs
RSAs are subject to concessional rules under income tax and social security law.
Supervision of RSA business of providers
The Act also provides for the approval of the entities that can offer RSAs and provides for supervision of the RSA business of those entities.
The general prudential supervision of these entities is not dealt with in this Act.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
