Retirement Savings Accounts Regulations 1997

PART 5 - CONTRIBUTION STANDARDS  

Division 5.2 - Data and payment matters relating to RSAs  

REGULATION 5.10   CONTRIBUTIONS TO BE ALLOCATED TO AN RSA HOLDER  

5.10(1)    
This regulation applies to an RSA provider if:

(a) all of the following apply:

(i) the RSA provider receives a contribution from an employer for an RSA holder;

(ii) the contribution was made in accordance with any applicable Standards made under subsection 45B(3) of the Act;

(iii) the information mentioned in subregulation 5.07(2) for the employee was given by the employer to the RSA provider;

(iv) the information was given in accordance with any applicable Standards made under subsection 45B(3) of the Act; or

(b) both of the following apply:

(i) the RSA provider receives a contribution from the Commissioner of Taxation for an RSA holder;

(ii) the Commissioner made the contribution in accordance with any applicable Standards made under subsection 45B(3) of the Act that would apply if the contribution were being made by an employer.

5.10(2)    
If the RSA provider accepts the contribution, and receives it in accordance with any applicable Standards made under subsection 45B(3) of the Act, the RSA provider must allocate the contribution to the RSA holder as soon as practicable, but in any case no later than 3 business days after both the contribution and the information mentioned in subregulation 5.07(2) have been received by the RSA provider.