Retirement Savings Accounts Regulations 1997
Subject to subregulation (1A) and regulations 4.27 , 4A.24 and 4A.28 , an RSA holder ' s interest in an RSA must not be cashed in favour of a person other than the RSA holder or the RSA holder ' s legal personal representative:
(a) unless:
(i) the RSA holder has died; and
(ii) the conditions of subregulation (2) or (3) are satisfied; or
(b) unless the conditions of subregulation (4) or (5) are satisfied.
View history note
Hide history note4.26(1A)
Subregulation (1) does not apply if, under a law of the Commonwealth, a State or a Territory mentioned in the table, a court makes a forfeiture order (however called) forfeiting part or all of the benefits of the RSA holder to the Commonwealth, a State or a Territory.
| Item | Law | Provision(s) |
| Commonwealth | ||
| 1.1 | Proceeds of Crime Act 2002 | Section 47 |
| Section 48 | ||
| Section 49 | ||
| Section 92 | ||
| New South Wales | ||
| 2.1 | Confiscation of Proceeds of Crime Act 1989 | Subsection 18(1) |
| 2.2 | Criminal Assets Recovery Act 1990 | Section 22 |
| Victoria | ||
| 3.1 | Confiscation Act 1997 | Division 1 of Part 3 |
| Section 35 | ||
| Part 4 | ||
| Subsection 157(6) | ||
| Queensland | ||
| 4.1 | Criminal Proceeds Confiscation Act 2002 | Section 58 |
| Section 58A | ||
| Section 151 | ||
| Part 5 of Chapter 3 | ||
| Western Australia | ||
| 5.1 | Criminal Property Confiscation Act 2000 | Section 30, to the extent that it applies to confiscation under section 6 in satisfaction of a person ' s liability under section 20 |
| Section 30, to the extent that it applies to confiscation under section 7 | ||
| South Australia | ||
| 6.1 | Criminal Assets Confiscation Act 2005 | Section 47 |
| Tasmania | ||
| 7.1 | Crime (Confiscation of Profits) Act 1993 | Section 16 |
| Australian Capital Territory | ||
| 8.1 | Confiscation of Criminal Assets Act 2003 | Section 54 |
| Section 58 | ||
| Section 62 | ||
| Section 67 | ||
| Northern Territory | ||
| 9.1 | Criminal Property Forfeiture Act 2002 | Section 75 |
| Section 76 | ||
| Section 80 | ||
| Section 96 | ||
| Section 97 | ||
| Section 99 |
4.26(2)
The conditions of this subregulation are satisfied if the benefits are cashed in favour of either or both of the following:
(a) the RSA holder ' s legal personal representative;
(b) one or more of the RSA holder ' s dependants.
4.26(3)
The conditions of this subregulation are satisfied if:
(a) the RSA provider has not, after making reasonable inquiries, found either a legal personal representative, or a dependant, of the RSA holder; and
(b) the person in whose favour the benefits are cashed is an individual.
4.26(4)
The conditions of this subregulation are satisfied if:
(a) the RSA provider has received a release authority in respect of the RSA holder under section 131-15 or 135-40 in Schedule 1 to the Taxation Administration Act 1953 ; and
(b) the benefits are cashed in favour of the Commissioner of Taxation in accordance with the authority.
4.26(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 .
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