Retirement Savings Accounts Amendment Regulation 2013 (No. 1) (13 of 2013)

Schedule 1   Amendments

[5]   After Part 4

insert

Part 4AA Portability Forms

4AA.01 Establishment of scheme

(1)The purpose of this Part is to establish a scheme under which:

(a)an RSA holder may give the Commissioner of Taxation a request to roll over or transfer the RSA holder's withdrawal benefit held by an RSA provider; and

(b)the Commissioner of Taxation may pass the request mentioned in paragraph (a) to the RSA provider.

(2)This Part is made for section 39A of the Act.

4AA.02 Request to rollover or transfer withdrawal benefit

(1)An RSA holder may give the Commissioner of Taxation a request to roll over or transfer the RSA holder's withdrawal benefit held by the RSA provider if:

(a)the Commissioner of Taxation holds information about the holder's RSA; and

(b)the request is to roll over or transfer an amount that is the whole of the holder's withdrawal benefit to a complying superannuation fund.

(2)The request to the Commissioner of Taxation must:

(a)be in the approved form; and

(b)contain the information required by the Commissioner.

4AA.03 Verification of data

(1)The Commissioner of Taxation must:

(a)confirm the identity of the RSA holder and his or her membership of the complying superannuation fund to which the roll over or transfer is to be made; and

(b)confirm the ownership of the withdrawal benefit; and

(c)identify the account in the complying superannuation fund to which the roll over or transfer is to be made; and

(d)then give the request to the RSA provider that holds the RSA holder's withdrawal benefit.

(2)Despite subregulation (1), the Commissioner may decline to give the request to the RSA provider if:

(a)the request does not comply with the requirements mentioned in regulation 4AA.02; or

(b)it appears to the Commissioner that conduct has been, is being, or is proposed to be, engaged in by a trustee or an investment manager of the complying superannuation fund to which the roll over or transfer is to be made that is likely to adversely affect the values of the interests of beneficiaries of that fund; or

(c)the request cannot be received electronically by the RSA provider.