Retirement Savings Accounts and Related Legislation Amendment Regulation 2013 (No. 1) (61 of 2013)

Schedule 2   Amendments commencing 1 July 2013

Retirement Savings Accounts Regulations 1997

5   At the end of Part 5

Add:

Division 5.2 - Data and payment matters relating to RSAs

5.04 Data and payment matters relating to RSAs

For subsection 45B(1) of the Act, regulations 5.05 to 5.10 prescribe matters to be complied with.

5.05 Application

(1)This regulation is made for subitem 20(6) of Part 4 of Schedule 1 to the Superannuation Legislation Amendment (Stronger Super) Act 2012 (the amending Act ).

(2)This Division applies in relation to a medium to large employer on 1 July 2014 in relation to conduct that occurs on or after 1 July 2014.

(3)This Division applies in relation to a small employer on 1 July 2015 in relation to conduct that occurs on or after 1 July 2015.

(4)In this regulation:

medium to large employer has the meaning given by subitem 20(4) of Part 4 of Schedule 1 to the amending Act.

small employer has the meaning given by subitem 20(4) of Part 4 of Schedule 1 to the amending Act.

5.06 RSA provider may give policy or account number to Commissioner of Taxation

An RSA provider may give the Commissioner of Taxation the policy number, or account number, for an RSA holder of an RSA provided by the RSA provider.

5.07 Employee details for contribution

(1)This regulation applies to an employer who makes a contribution for an employee to an RSA provider.

(2)The employer must give the following information to the RSA provider for the RSA, in relation to the contribution:

(a)the employee's full name;

(b)the employee's residential address;

(c)the employee's tax file number;

(d)the employee's telephone number.

(3)However, the employer is not required to give the information mentioned in subregulation (2) to the RSA provider if the employee has not given the information to the employer, and the employer has made reasonable efforts to obtain the information from the employee.

(4)The employer must give the information to the RSA provider on the same day as the employer makes the contribution to the RSA.

Note:Standards made under subsection 45B(3) of the Act may set out how the information in subregulation (2) is to be given to the RSA provider, additional information that must be given, and how the contribution must be made.

(5)The employer must assign a payment reference number to the contribution and include the payment reference number with the contribution.

(6)The payment reference number must be unique to:

(a)the contribution; or

(b)a number of contributions made together on the same day by the employer.

Note:Standards made under subsection 45B(3) of the Act may set out how the payment reference number is to be determined.

5.08 RSA provider must electronically receive contributions and information

(1)This regulation applies on and after 1 July 2014 to an RSA provider if:

(a)either or both of the following is sent to the RSA provider by an employer:

(i)a contribution and the information mentioned in subregulation 5.07(2);

(ii)any other information relating to a contribution; and

(b)the information is sent to the RSA provider on or after 1 July 2014; and

(c)the information is, or the information and contribution are, sent to the RSA provider in accordance with any applicable Standards made under subsection 45B(3) of the Act.

(2)The RSA provider must be able to receive the information, or the information and contribution, electronically.

Note:Standards made under subsection 45B(3) of the Act may set out additional requirements for how the information and contribution are to be received by the RSA provider.

5.09 Incomplete contribution information

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

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

(b)the contribution is not accompanied by all of the information mentioned in subregulation 5.07(2).

(2)The RSA provider must, no later than 5business days after receiving the contribution, ask the employer to give the RSA provider the correct and complete information mentioned in subregulation 5.07(2) for the RSA holder.

(3)If an employer receives a request from an RSA provider under subregulation (2), the employer must make all reasonable efforts to give the RSA provider the complete or correct information for the RSA holder no later than 10business days after receiving the request.

(4)If the RSA holder is still unable to allocate the contribution to an RSA holder, the RSA provider must refund the contribution to the employer no later than20 business days after receiving the contribution.

(5)If a contribution is refunded under subregulation (4), the contribution is taken not to have been made to the RSA provider by the employer.

5.10 Contributions to be allocated to an RSA holder

(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.

(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 3business days after both the contribution and the information mentioned in subregulation 5.07(2) have been received by the RSA provider.

Superannuation Industry (Supervision) Regulations 1994