Corporations Regulations 2001

SCHEDULE 10A - MODIFICATIONS OF PART 7.9 OF THE ACT  

(regulations 7.9.02 , 7.9.04 , 7.9.05 , 7.9.06 , 7.9.09C , 7.9.11C , 7.9.11N , 7.9.11V , 7.9.12 , 7.9.24 , 7.9.27 , 7.9.30 , 7.9.43 , 7.9.47 , 7.9.51 , 7.9.56 , 7.9.60 , 7.9.61 , 7.9.63 , 7.9.73 and 8.4.02 )

PART 8 - MODIFICATIONS RELATING TO PERIODIC STATEMENTS FOR RSA PROVIDERS  

SECTION 8.1  

8.1    
After subsection 1017D(7)

insert

(8)
If:

(a) a person ceases to be an RSA holder before RSA information in respect of a particular reporting period (the relevant period ) is given; and

(b) either:

(i) the RSA provider gives, or intends to give, information to the person in respect of a reporting period that is the same as, or includes the whole of, the relevant period; or

(ii) if the person ceases to be an RSA holder by reason of death - the RSA provider complies in relation to the person with the relevant requirements of this Act and the regulations;

the RSA provider need not give RSA information, in respect of the relevant period, to or in relation to the person.

(9)
If, at the end of a reporting period, an RSA holder is a protected RSA holder, the RSA provider need give the RSA holder only the following information for the reporting period:

(a) the contact details of the RSA provider;

(b) either:

(i) the amount of the RSA holder ' s withdrawal benefit at the end of the reporting period; or

(ii) the total of the amounts that have been received by the RSA provider in respect of the RSA holder;

(c) the effective rate of net interest applied to the RSA for each year of the previous 5 years ending at the end of the reporting period;

(d) the compound average of the annual effective rate of net interest applied to the RSA for each year of the previous 5 years ending at the end of the reporting period;

(e) details (in summary form) of arrangements that the RSA provider has to deal with inquiries or complaints;

(f) a statement that other information is available on request;

(g) a suggestion that the RSA holder may wish to consider:

(i) other superannuation arrangements that may provide a greater return over the long term; and

(ii) seeking advice on alternative investment strategies that may be more suitable;

(h) if the RSA provider reduced the RSA holder ' s benefits in connection with payment of a superannuation contributions surcharge or an advance instalment of surcharge:

(i) the amount deducted; and

(ii) if there is a difference between the amount deducted and the amount assessed under subsection 15(1) of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 or between the amount deducted and the amount determined under subsection 15(2) of that Act - a statement explaining the difference.

(10)
A nil amount need not be disclosed.

(11)
If, in relation to an RSA holder, the RSA provider takes advantage of subsections (13) to (16), the RSA provider must not, in relation to the RSA holder, take advantage of subsection (9).

(12)
If, at the end of a reporting period, an RSA has not been in existence for 5 years, the references in paragraphs (9)(c) and (d) to 5 years are taken to be references to the whole period of existence of the RSA.

(13)
If, at the end of a reporting period, an RSA provider has a reasonable expectation that an RSA holder will have a withdrawal benefit of at least $1,500 within 12 months after the end of the reporting period, the RSA provider need not show, in RSA information provided to the RSA holder, the effect of the RSA holder-protection standards.

(14)
For subsection (12), an RSA provider is not taken to have a reasonable expectation that the RSA holder will have a withdrawal benefit of $1,500 within the period of 12 months mentioned in that subsection if termination of the RSA holder ' s employment with a current employer would be likely to result in the RSA holder ' s withdrawal benefit being below $1,500 at the end of that period.

(15)
If, at the end of the 12-month period, the RSA holder ' s withdrawal benefit has not reached $1,500, the RSA provider must show, in RSA information provided to the RSA holder for each reporting period ending on or after the end of the 12-month period, the effect of the RSA holder-protection standards.

(16)
An RSA provider must not take advantage of subsection (13) in respect of a person more than once unless, after an occasion on which the RSA provider does so but before the next occasion, the person ceases to be the holder of the RSA and subsequently becomes the holder of an RSA provided by the same RSA provider.

(17)
In this section:

mandated employer-financed benefits
has the same meaning as in the Retirement Savings Accounts Regulations 1997 .

protected member
has the same meaning as in the Retirement Savings Accounts Regulations 1997 .

RSA holder-protection standards
has the same meaning as in the Retirement Savings Accounts Regulations 1997 .