PART 5
-
CONTRIBUTION STANDARDS
Division 5.1
-
Operating standards
History
Div 5.1 heading inserted by SLI No 61 of 2013, reg 4 and Sch 2 item 4, effective 1 July 2013.
REGULATION 5.03
ACCEPTANCE OF CONTRIBUTIONS
5.03(1)
An RSA institution may accept contributions only in accordance with the following table and subregulations
(1A)
,
(2)
,
(4)
and
(6)
.
|
Acceptance of contributions
|
|
Item
|
If an RSA holder:
|
then the RSA institution may accept contributions made in respect of the RSA holder that are:
|
| 1 |
is less than 55 years |
(a) |
employer contributions; or |
| |
|
(b) |
RSA holder contributions. |
| 2 |
is between 55 and 74 years |
(a) |
employer contributions; or |
| (b) |
RSA holder contributions. |
| 3 |
is 75 years or older |
(a) |
mandated employer contributions; or |
| |
|
(b) |
downsizer contributions. |
Note:
For table item 2, RSA holder contributions include downsizer contributions.
History
Reg 5.03(1) amended by FRLI No F2022L01286, reg 4 and Sch 1 item 1, by substituting the table, effective 1 January 2023. For application provision, see note under reg
7.13
. The table formerly read:
|
Item
|
If an RSA holder
…
|
the RSA institution may accept contributions made in respect of the RSA holder that are
…
|
| 1 |
is under 60 |
(a) |
employer contributions; or |
| |
|
(b) |
RSA holder contributions |
| 2 |
is not under 60, but is under 75 |
(a) |
employer contributions; or |
| (b) |
RSA holder contributions (including downsizer contributions) |
| 3 |
is not under 75 |
(a) |
mandated employer contributions; or |
| |
|
(b) |
downsizer contributions |
Reg 5.03(1) amended by FRLI No F2022L00241, reg 4 and Sch 1 items 3 and 4, by inserting
"
(1A),
"
and substituting the table, effective 1 April 2022. For application provision, see reg
7.12
. The table formerly read:
|
Item
|
If the RSA holder ...
|
the RSA institution may accept
…
|
| 1 |
is under 65 |
contributions that are made in respect of the RSA holder |
| 1A |
is not under 65, but is under 67 |
contributions that are made in respect of the RSA holder that are: |
| |
|
(a) |
mandated employer contributions; or |
| |
|
(b) |
employer contributions (except mandated employer contributions); or |
| |
|
(c) |
RSA holder contributions; or |
| |
|
(d) |
downsizer contributions |
| 2 |
is not under 67, but is under 70 |
contributions that are made in respect of the RSA holder that are: |
| |
|
(a) |
mandated employer contributions; or |
| |
|
(b) |
if the RSA holder has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made: |
| |
|
|
(i) |
employer contributions (except mandated employer contributions); or |
| |
|
|
(ii) |
RSA holder contributions; or |
| |
|
(c) |
downsizer contributions; or |
| |
|
(d) |
if the RSA holder has not been gainfully employed, either on a full-time or a part-time basis, during the financial year in which the contributions are made, but all of the requirements mentioned in subregulation (1A) are satisfied for the RSA holder: |
| |
|
|
(i) |
employer contributions (except mandated employer contributions); or |
| |
|
|
(ii) |
RSA holder contributions |
| 3 |
is not under 70, but is under 75 |
contributions that are made in respect of the RSA holder that are: |
| |
|
(a) |
mandated employer contributions; or |
| |
|
(b) |
if the RSA holder has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made
-
contributions received on or before the day that is 28 days after the end of the month in which the RSA holder turns 75 that are: |
| |
|
|
(i) |
employer contributions (except mandated employer contributions); or |
| |
|
|
(ii) |
RSA holder contributions; or |
| |
|
(c) |
downsizer contributions; or |
| |
|
(d) |
if the RSA holder has not been gainfully employed, either on a full-time or a part-time basis, during the financial year in which the contributions are made, but all of the requirements mentioned in subregulation (1A) are satisfied for the RSA holder
-
contributions received on or before the day that is 28 days after the end of the month on which the RSA holder turns 75 that are: |
| |
|
|
(i) |
employer contributions (except mandated employer contributions); or |
| |
|
|
(ii) |
RSA holder contributions |
| 4 |
is not under 75 |
mandated employer contributions or downsizer contributions |
Reg 5.03(1) amended by FRLI No F2020L00645, reg 4 and Sch 1 items 1
-
4, by inserting table item 1A, substituting
"
67
"
for
"
65
"
in table item 2, column headed
"
If the RSA holder
…
"
, omitting
"
made by the RSA holder
"
after
"
RSA holder contributions
"
from para (b)(ii) of table item 3, column headed
"
the RSA institution may accept
…
"
and
"
made by the RSA holder
"
after
"
RSA holder contributions
"
from para (d)(ii) of table item 3, column headed
"
the RSA institution may accept
…
"
, effective 30 May 2020 and applicable in relation to contributions made in the 2020-21 financial year and later financial years.
Reg 5.03(1) amended by FRLI No F2018L01682, reg 4 and Sch 1 items 1 and 2, by inserting para (d) at the end of the cell at table items 2 and 3, column headed
"
the RSA institution may accept ...
"
, effective 1 January 2019.
Reg 5.03(1) amended by FRLI No F2018L00210, reg 4 and Sch 2 items 1 and 2, by inserting para (c) in table items 2 and 3, column headed
"
the RSA institution may accept ...
"
and
"
or downsizer contributions
"
in table item 4, effective 8 March 2018.
Reg 5.03(1) amended by FRLI No F2017L00321, reg 4 and Sch 3 item 1, by omitting
"
(3),
"
before
"
(4)
"
, applicable in relation to the financial year starting on 1 July 2017 and later financial years.
Reg 5.03(1) amended by SLI No 91 of 2015, reg 4 and Sch 1 items 31 and 32, by substituting
"
contributions.
"
for
"
contributions; or
"
in para (b)(ii) and repealing para (c) in table item 2, column headed
"
the RSA institution may accept ...
"
, effective 1 July 2015. SLI No 91 of 2015, reg 4 and Sch 1 items 40 to 45 contains the following application and transitional provisions:
Part 3
-
Application and transitional provisions
40 General savings provision
40
The repeals and amendments made by this Schedule do not apply in relation to acts done or omitted to be done, or states of affairs existing:
(a)
before 1 July 2015; or
(b)
on or after 1 July 2015 as a result of the operation of:
(i)
Part 3 of Schedule 1 to the
Tax and Superannuation Laws Amendment (2015 Measures No 1) Act 2015
; or
(ii)
this Part (including this item).
41 Making and amending assessments, and doing other things, in relation to past matters
41
Even though a legislative instrument is amended by this Schedule, the amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument:
(a)
making or amending an assessment (including under a provision that is itself repealed or amended);
(b)
exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);
in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
42 Saving of provisions about effect of assessments
42
If a provision or part of a provision that is repealed or amended by this Schedule deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
43 Repeals disregarded for the purposes of dependent provisions
43
If the operation of a provision (the
subject provision
) of any Act or legislative instrument made under any Act depends to any extent on a provision of a legislative instrument that is repealed by this Schedule, the repeal is disregarded so far as it affects the operation of the subject provision.
44 Interaction with other laws
44
This Part does not limit the operation of section
7
of the
Acts Interpretation Act 1901
.
45 Repeal of this Part
45
This Part is repealed on 1 January 2020.
Para (c) in table item 2, column headed
"
the RSA institution may accept ...
"
formerly read:
(c)
payments from an FHSA of a kind mentioned in subparagraph 31(1)(b)(i) or (ii) of the
First Home Saver Accounts Act 2008
.
Reg 5.03(1) amended by SLI No 23 of 2010, reg 3 and Sch 1 item 1, by substituting table item 2, effective 27 February 2010. Table item 2 formerly read:
2 ... is not under 65, but is under 70 ... contributions that are made in respect of the RSA holder that are: ... (a) mandated employer contributions; or ... (b) ...if the RSA holder has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made: ... (i) employer contributions (except mandated employer contributions); or ... (ii) RSA holder contributions
5.03(1A)
Despite items 2 and 3 of the table in subregulation
(1)
, the RSA institution may also accept contributions made in respect of an RSA holder, and received on or before the day that is 28 days after the end of the month in which the RSA holder turns 75 years, that are:
(a)
employer contributions other than mandated employer contributions; or
(b)
RSA holder contributions other than downsizer contributions.
Note:
Other rules may be relevant to making certain contributions in respect of an RSA holder. For example:
(a) downsizer contributions are limited to persons aged 55 or over (see paragraph
292-102(1)(a)
of the 1997 Tax Act); and
(b) there are rules about deducting personal contributions to an RSA (see Subdivision
290-C
of the 1997 Tax Act). In particular, work test conditions apply to deducting certain contributions made from age 67 until the day referred to in subregulation
(1A)
(see subsection
290-165(1A)
of the 1997 Tax Act).
History
Reg 5.03(1A) amended by FRLI No F2022L01286, reg 4 and Sch 1 items 2 and 3, by inserting
"
years
"
and substituting
"
55
"
for
"
60
"
in para (a) of the note, effective 1 January 2023. For application provision, see note under reg
7.13
.
Reg 5.03(1A) substituted by FRLI No F2022L00241, reg 4 and Sch 1 item 5, effective 1 April 2022. For application provision, see reg
7.12
. Reg 5.03(1A) formerly read:
5.03(1A)
For the purposes of paragraph (d) of item 2 or 3 of the table in subregulation (1), the requirements are the following:
(a)
the RSA holder has been gainfully employed on at least a part-time basis during the financial year (the
previous financial year
) ending before the financial year in which the contributions are made;
(b)
the RSA holder has a total superannuation balance (within the meaning of section 307-230 of the 1997 Tax Act) of less than $300,000 at the end of the previous financial year;
(c)
no contributions have been accepted by an RSA institution in respect of the RSA holder, in the previous financial year or any earlier financial year, because of the operation of paragraph (d) of item 2 or 3 of the table in subregulation (1);
(d)
no contributions have been accepted by a regulated superannuation fund in respect of the RSA holder, in the previous financial year or any earlier financial year, because of the operation of paragraph (d) of item 2 or 3 of the table in subregulation 7.04(1) of the
Superannuation Industry (Supervision) Regulations 1994
.
Reg 5.03(1A) inserted by FRLI No F2018L01682, reg 4 and Sch 1 item 3, effective 1 January 2019.
5.03(2)
In addition to subregulations
(1)
and
(1A)
, the RSA institution must not accept any RSA holder contributions if the RSA holder
'
s tax file number has not been quoted (for superannuation purposes) to the RSA provider.
History
Reg 5.03(2) amended by FRLI No F2022L00241, reg 4 and Sch 1 item 6, by substituting
"
subregulations (1) and (1A)
"
for
"
subregulation (1)
"
, effective 1 April 2022. For application provision, see reg
7.12
.
5.03(3)
(Repealed by FRLI No F2017L00321)
History
Reg 5.03(3) repealed by FRLI No F2017L00321, reg 4 and Sch 3 item 2, applicable in relation to the financial year starting on 1 July 2017 and later financial years. Reg 5.03(3) formerly read:
5.03(3)
In addition to subregulation (1), the RSA institution must not accept any RSA-capped contributions in a financial year in respect of an RSA holder that exceed:
(a)
if the RSA holder is 64 or less on 1 July of the financial year
-
3 times the amount of the non-concessional contributions cap; or
(b)
if the RSA holder is 65 but less than 75 on 1 July of the financial year
-
the non-concessional contributions cap.
5.03(4)
If an RSA institution receives an amount in a manner that is inconsistent with subregulation
(1)
,
(1A)
or
(2)
:
(a)
the RSA institution must return the amount to the entity or person that paid the amount within 30 days of becoming aware that the amount was received in a manner that is inconsistent with subregulation
(1)
,
(1A)
or
(2)
, unless:
(i)
the amount was received in a manner that is inconsistent with subregulation
(2)
; and
(ii)
the RSA holder
'
s tax file number is quoted (for superannuation purposes) within 30 days of the amount being received by the RSA institution; and
(b)
the RSA institution is also authorised to take any of the following action to the extent that the rules of the RSA institution allow:
(i)
if the price at which the interest could have been acquired on the day on which the amount is returned is less than the price on the day on which the interest was acquired, the amount that would otherwise be returned to the entity or person that paid the amount may be reduced by the amount of the difference between the prices;
(ii)
if the price at which the interest could have been acquired on the day of return of the amount is greater than the price on the day on which the interest was acquired, the amount that would otherwise be returned to the entity or person that paid the amount may be increased by the amount of the difference between the prices;
(iii)
if the price at which the interest could be acquired cannot be determined in accordance with the contract or legal relationship on the day on which the amount is returned, the price is to be determined:
(A)
on the basis of the most recent day on which a price was calculated in accordance with the contract or legal relationship; or
(B)
if there is no day of that kind
-
as soon as practicable after the decision is made to return the amount;
(iv)
in addition to subparagraph (i), the amount that would, but for this subparagraph, be returned to the entity or person that paid the amount may be reduced to account for reasonable administration costs and transaction costs, incurred by the RSA institution, that:
(A)
are reasonably related to the acquisition of the interest and the return of the amount; and
(B)
do not exceed the true cost of an arm
'
s length transaction;
other than costs related to commissions or similar benefits;
(v)
if:
(A)
the interest is a risk insurance interest, or the part of an interest that is a risk insurance interest; and
(B)
the interest has been issued for a specific period, or the premium for the interest has been paid in relation to cover for a specific period; and
(C)
a proportion of the specific period has already passed when the decision is made to return the amount to the entity or person that paid the amount;
the amount that would otherwise be returned to the entity or person that paid the amount may be reduced by the sum of:
(D)
that part of any amount received in a manner inconsistent with subregulation
(1)
,
(1A)
or
(2)
as has been paid by the RSA institution to any person in connection with the risk insurance product and which is not recoverable by the RSA institution from that person; and
(E)
the proportion equal to the proportion of the period that has passed of the difference between the amount that would otherwise be returned and the amount referred to in paragraph (a).
History
Reg 5.03(4) amended by FRLI No F2022L00241, reg 4 and Sch 1 items 7
-
9, by inserting
"
, (1A)
"
(first occurring),
"
, (1A)
"
in para (a) and
"
, (1A)
"
in para (b)(v)(D), effective 1 April 2022. For application provision, see reg
7.12
.
Reg 5.03(4) amended by FRLI No F2017L00321, reg 4 and Sch 1 items 3
-
5, by substituting
"
or (2)
"
for
"
, (2) or (3)
"
(first and second occurring), para (a)(i) and (ii) and
"
or (2)
"
for
"
, (2) or (3)
"
in para (b)(v)(D), applicable in relation to the financial year starting on 1 July 2017 and later financial years. Para (a)(i) and (ii) formerly read:
(i)
for an amount received in a manner that is inconsistent with subregulation (2)
-
the RSA holder
'
s tax file number is quoted (for superannuation purposes) within 30 days of the amount being received by the RSA institution; or
(ii)
for an amount received in a manner that is inconsistent with subregulation (3)
-
a valid notice under section 290-170 of the 1997 Tax Act is received by the RSA institution within 30 days of the amount being received by the RSA institution; and
Reg 5.03(4) amended by SLI No 203 of 2007, reg 3 and Sch 1 item 1, by substituting
"
entity or person that paid the amount
"
for
"
RSA holder
"
in para (4)(a), (4)(b)(i), (ii) and (iv), para (4)(b)(v)(C) and (4)(b)(v), effective 1 July 2007.
5.03(5)
If an RSA institution acts under subregulation
(4)
, the RSA institution is taken not to have contravened the Act or these Regulations in relation to the acceptance of the amount or in relation to the return of the amount to the entity or person that paid the amount.
History
Reg 5.03(5) amended by SLI No 203 of 2007, reg 3 and Sch 1 item 1, by substituting
"
entity or person that paid the amount
"
for
"
RSA holder
"
, effective 1 July 2007.
5.03(6)
An RSA institution may accept contributions in respect of an RSA holder if the RSA institution is reasonably satisfied that the contribution is in respect of a period during which, under an item in the table in subregulation
(1)
or under subregulation
(1A)
, the RSA institution may accept the contribution in respect of that RSA holder, even though the contribution is actually made after that period.
History
Reg 5.03(6) amended by FRLI No F2022L00241, reg 4 and Sch 1 item 10, by inserting
"
or under subregulation (1A)
"
, effective 1 April 2022. For application provision, see reg
7.12
.
5.03(7)
In this regulation:
administration costs
has the same meaning as in subregulation
5.01(1)
.
downsizer contribution
means a contribution covered under section
292-102
of the 1997 Tax Act.
History
Definition of
"
downsizer contribution
"
inserted by FRLI No F2018L00210, reg 4 and Sch 2 item 3, effective 8 March 2018.
employer contribution
has the same meaning as in subregulation
1.03(1)
.
FHSA
(Repealed by SLI No 91 of 2015)
History
Definition of
"
FHSA
"
repealed by SLI No 91 of 2015, reg 4 and Sch 1 item 33, effective 1 July 2015. For application and transitional provisions see note under s
5.03(1)
. The definition formerly read:
FHSA
has the meaning given by section
8
of the
First Home Saver Accounts Act 2008
.
mandated employer contributions
has the same meaning as in subregulation
1.03(1)
.
non-concessional contributions cap
(Repealed by FRLI No F2017L00321)
History
Definition of
"
non-concessional contributions cap
"
repealed by FRLI No F2017L00321, reg 4 and Sch 3 item 6, applicable in relation to the financial year starting on 1 July 2017 and later financial years. The definition formerly read:
non-concessional contributions cap
means the amount mentioned in subsection 292-85(2) of the 1997 Tax Act.
quoted (for superannuation purposes)
has the same meaning as in section
295-615
of the 1997 Tax Act.
RSA-capped contributions
(Repealed by FRLI No F2017L00321)
History
Definition of
"
RSA-capped contributions
"
repealed by FRLI No F2017L00321, reg 4 and Sch 3 item 6, applicable in relation to the financial year starting on 1 July 2017 and later financial years. The definition formerly read:
RSA-capped contributions
means the RSA holder contributions described in the definition of that expression in subregulation 1.03(1), other than the following:
(a)
a contribution to which a valid and acknowledged notice under section 290-170 of the 1997 Tax Act relates;
(b)
a contribution that meets the requirements of paragraph 292-95(1)(d) of the 1997 Tax Act;
(c)
a contribution that meets the requirements of subsection 292-100(9) of the 1997 Tax Act;
(d)
a payment made by the Commissioner of Taxation under section 65 of the
Superannuation Guarantee (Administration) Act 1992
;
(e)
a payment made by the Commissioner of Taxation under section 61 or 61A of the
Small Superannuation Accounts Act 1995
;
(f)
a Government co-contribution made under the
Superannuation (Government Co-contributions for Low Income Earners) Act 2003
;
(g)
a contribution that is a directed termination payment within the meaning of section 82-10F of the
Income Tax (Transitional Provisions) Act 1997
.
RSA holder contributions
has the same meaning as in subregulation
1.03(1)
.
tax file number
has the meaning given by section
16
of the Act.
transaction costs
means any of the following:
(a)
brokerage paid because of an investment transaction;
(b)
a cost arising from maintenance of a property investment;
(c)
stamp duty on an investment transaction.
History
Reg 5.03(7) amended by SLI No 23 of 2010, reg 3 and Sch 1 item 2, by inserting the definition of
FHSA
, effective 27 February 2010.
History
Reg 5.03 substituted by SLI No 104 of 2007, reg 5 and Sch 3 item 52, effective 1 July 2007. Reg 5.03 formerly read:
REGULATION 5.03 ACCEPTANCE OF CONTRIBUTIONS
5.03(1)
Subject to subregulation (5), an RSA institution may accept contributions that are made in respect of an RSA holder who is under age 65.
History
Reg 5.03(1) substituted by SR No 147 of 2004, reg 3 and Sch 1 item 9, effective 1 July 2004. Reg 5.03(1) formerly read:
5.03(1)
Subject to subregulation (5), an RSA institution may accept contributions that are made in respect of an RSA holder who is under age 65 only if:
(a)
the contributions are mandated employer contributions; or
(b)
the contributions are not mandated employer contributions and the RSA holder:
(i)
has, at any time in the period of 2 years immediately preceding the date of acceptance, engaged in full-time or part-time gainful employment; or
(ii)
ceased full-time or part-time gainful employment because of ill-health (whether physical or mental) that, at the date of acceptance, prevents the RSA holder from engaging in employment of the kind that the RSA holder engaged in at the onset of the ill-health; or
(iii)
is on authorised leave from his or her employer, and:
(A)
the leave is for the purposes of raising children of whom the RSA holder is a parent, or for whom he or she has assumed the responsibility of a parent; and
(B)
he or she has been on that leave for less than 7 years consecutively; and
(C)
he or she has a statutory or contractual right to resume employment at the end of the leave; and
(D)
he or she was the RSA holder of the RSA immediately before going on the leave; or
(c)
the contributions are eligible spouse contributions; or
(d)
subject to subregulation (2A), the contributions are made in respect of a child, other than:
(i)
contributions made in respect of the child by, or on behalf of, an employer of the child; and
(ii)
contributions made by a child in respect of himself or herself; or
(e)
the contributions are made:
(i)
in respect of a person who is entitled to a first child tax offset under Subdivision
61-I
of the
Income Tax Assessment Act 1997
; and
(ii)
within 1 year after the person was notified by the Commissioner of Taxation that the person is entitled to the first child tax offset; or
(f)
the contributions are in satisfaction of an entitlement under a payment split; or
(g)
the contributions are Government co-contributions made under the
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
.
Reg 5.03(1) amended by SR No 11 of 2004, reg 3 and Sch 1 items 3 and 4, by substituting
"
split; or
"
for
"
split.
"
in para (f) and inserting para (g), effective 20 February 2004.
Reg 5.03(1) amended by SR No 352 of 2002, reg 3 and Sch 1 items 24 and 25, by substituting
"
offset; or
"
for
"
offset.
"
and inserting para (f), effective 28 December 2002.
Reg 5.03(1)(d) and (e) inserted by SR No 149 of 2002, reg 3 and Sch 1 items 4 and 5, effective 1 July 2002.
Reg 5.03(1) amended by SR No 294 of 1997.
5.03(2)
(Repealed by SR No 147 of 2004)
History
Reg 5.03(2) repealed by SR No 147 of 2004, reg 3 and Sch 1 item 10, effective 1 July 2004. Reg 5.03(2) formerly read:
5.03(2)
In subparagraph (1)(b)(iii):
`authorised leave
'
, in relation to an RSA holder, means leave that is:
(a)
approved by the RSA holder
'
s employer; or
(b)
authorised by:
(i)
a law of the Commonwealth, a State or a Territory; or
(ii)
an agreement certified, or an award made, by a tribunal or body having the authority to do so under a law of the Commonwealth, a State or a Territory.
5.03(2A)
(Omitted by SR No 147 of 2004)
History
Reg 5.03(2A) omitted by SR No 147 of 2004, reg 3 and Sch 2 item 3, effective 1 September 2004. Reg 5.03(2A) formerly read:
5.03(2A)
An RSA institution must not accept contributions made in respect of a child of a total of more than $3 000 in each period of 3 years beginning on the date that the first contribution is made in respect of the child.
Reg 5.03(2A) amended by SR No 147 of 2004, reg 3 and Sch 1 item 11, by substituting
"
An RSA
"
for
"
For paragraph (1)(d), an RSA
"
, effective 1 July 2004.
Reg 5.03(2A) inserted by SR No 149 of 2002, reg 3 and Sch 1 item 6, effective 1 July 2002.
5.03(3)
Subject to subregulations (4B) and (5), an RSA institution may accept contributions that are made in respect of an RSA holder who has reached age 65 but not age 70 only if:
(a)
the contributions are mandated employer contributions; or
(b)
the RSA holder has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made.
History
Reg 5.03(3) amended by SLI No 104 of 2007, reg 3 and Sch 1 item 8, by substituting
"
subregulations (4B) and (5)
"
for
"
subregulation (5)
"
, effective 28 April 2007.
Reg 5.03(3) amended by SR No 147 of 2004, reg 3 and Sch 1 item 12, by substituting para (b), effective 1 July 2004. Para (b) formerly read:
(b)
the RSA holder is gainfully employed on a part-time or full-time basis.
5.03(4)
Subject to subregulations (4B) and (5), an RSA institution may accept contributions that are made in respect of an RSA holder who has reached age 70 but not age 75 only if:
(a)
the contributions are mandated employer contributions; or
(b)
the contributions are made by the RSA holder in respect of the RSA holder and the RSA holder has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made.
History
Reg 5.03(4) amended by SLI No 104 of 2007, reg 3 and Sch 1 item 9, by substituting
"
Subject to subregulations (4B) and (5)
"
for
"
Subject to subregulation (5)
"
, effective 28 April 2007.
Reg 5.03(4) amended by SR No 147 of 2004, reg 3 and Sch 1 item 13, by substituting para (b), effective 1 July 2004. Para (b) formerly read:
(b)
the contributions are made by the RSA holder in respect of the RSA holder and the RSA holder is gainfully employed on a full-time or part-time basis.
Reg 5.03(4) and (4A) substituted for reg 5.03(4) by SR No 149 of 2002, reg 3 and Sch 1 item 7, effective 1 July 2002. Reg 5.03(4) formerly read:
5.03(4)
Subject to subregulation (5), an RSA institution may accept contributions that are made in respect of an RSA holder who has reached age 70 only if the contributions are mandated employer contributions.
5.03(4A)
Subject to subregulations (4B) and (5), an RSA institution may accept contributions that are made in respect of an RSA holder who has reached age 75 only if the contributions are mandated employer contributions.
History
Reg 5.03(4A) amended by SLI No 104 of 2007, reg 3 and Sch 1 item 10, by substituting
"
Subject to subregulations (4B) and (5)
"
for
"
Subject to subregulation (5)
"
, effective 28 April 2007.
Reg 5.03(4) and (4A) substituted for reg 5.03(4) by SR No 149 of 2002, reg 3 and Sch 1 item 7, effective 1 July 2002.
5.03(4B)
An RSA institution may accept contributions that are made by an RSA holder in respect of the RSA holder:
(a)
in accordance with an item in the following table; and
(b)
during the period specified in the item.
|
Item
|
If the RSA holder
…
|
the RSA institution may accept contributions that are made by the RSA holder in respect of the RSA holder if
…
|
| 1 |
was 64 at any time between 10 May 2006 and 5 September 2006 (inclusive) |
the contributions are made in the period 10 May 2006 to 30 June 2007 (inclusive), whether or not the RSA holder has been gainfully employed on at least a part-time basis |
| 2 |
was 74 at any time between 10 May 2006 and 5 September 2006 (inclusive) |
(a) |
the contributions are made in the period 10 May 2006 to 30 June 2007 (inclusive); and |
| |
|
(b) |
the RSA holder was gainfully employed on at least a part-time basis in either the 2005-06 or 2006-07 financial year |
History
Reg 5.03(4B) inserted by SLI No 104 of 2007, reg 3 and Sch 1 item 11, effective 28 April 2007.
5.03(5)
An RSA institution may accept contributions in respect of an RSA holder if the RSA institution is reasonably satisfied that the contribution is in respect of a period during which, under subregulation (1), (3) or (4), the RSA institution may accept the contribution in respect of that RSA holder, even though the contribution is actually made after that period.
5.03(6)
In this regulation, a person is gainfully employed on a part-time basis during a financial year if the person was gainfully employed for at least 40 hours in a period of not more than 30 consecutive days in that financial year.
Note:
gainfully employed
is defined in regulation
1.03
.
History
Reg 5.03(6) amended by SLI No 104 of 2007, reg 3 and Sch 1 items 12 and 13, by substituting
"
was gainfully employed for
"
for
"
has worked
"
and inserting the note, effective 28 April 2007.
Reg 5.03(6) substituted by SR No 147 of 2004, reg 3 and Sch 1 item 14, effective 1 July 2004. Reg 5.03(6) formerly read:
5.03(6)
In this regulation:
child
means an individual who is under age 18.
Reg 5.03(6) inserted by SR No 149 of 2002, reg 3 and Sch 1 item 8, effective 1 July 2002.
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