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Retirement Savings Accounts Act 1997
No. 61, 1997
In force
Administered by
Department of the Treasury
Superseded version
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C2004A05159
28 May 1997
-
04 June 1997
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Part 1—Preliminary
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Division 1—Preliminary
1 Short title
2 Commencement
3 General administration of Act
4 Application of Act not to be excluded or modified
5 Act extends to external Territories
6 Crown to be bound
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Division 2—Summary and outline of the Act
7 Brief summary of the Act
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Part 2—Key concepts and other definitions
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Division 1—Key concepts
8 Definition of RSA
9 Meaning of hold and holder
10 Meaning of provide and provider
11 Who is an RSA institution?
12 Who is an RSA provider?
13 Who is an eligible person?
14 What capital guaranteed means
15 RSA benefits
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Division 2—Interpretation
16 Definitions
17 Approvals, determinations etc. by Commissioner
18 Associates
19 Definitions of employee and employer
20 Definition of dependant
21 Persons involved in contravention
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Part 3—Approval of RSA institutions
22 Object of Part
23 Application for approval
24 Further information may be requested
25 Period within which application for approval is to be decided
26 Deciding an application for approval
27 When an approval is in force
28 Application for variation of an approval
29 An application must be decided within a period of time
30 Commissioner may vary an approval on his or her own initiative
31 Notifying the RSA institution of the outcome of an application
32 When a variation of approval comes into force
33 Suspension or revocation of approval
34 Consequences of suspension or revocation
35 Notification of breach of conditions
36 Interpretation
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Part 4—Operating standards etc. and annual returns for RSAs
37 Object of Part
38 Operating standards for RSAs
39 Prescribed operating standards must be complied with
40 Interest off-set arrangements etc. not permitted
41 Certain uses of RSAs prohibited
42 RSA provider not to breach capital guarantee
43 Civil liability where section 42 contravened
44 RSA provider to lodge annual returns
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Part 5—Duties etc. of RSA providers and employers
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Division 1—Preliminary
45 Object of Part
46 Contravention of Part does not affect validity of a transaction or any other act
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Division 2—Duties of RSA providers
47 Duty to establish arrangements for dealing with inquiries or complaints
48 Duty to keep minutes and records
49 Duty to keep reports
50 Duty to transfer balance of RSA
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Division 3—Offering RSAs and applications for RSAs
51 Application forms
52 Employers must provide employees with alternative options
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Division 4—Provisions relating to information given to prospective RSA holders
53 Information to be given to a person before becoming an RSA holder
54 Information to be given to employers who apply for RSAs on behalf of employees
55 Documents to be given to employees
56 Regulations requiring the giving of information
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Division 5—Stop orders
57 Order to stop contracts etc. for provision of new RSAs
58 When a stop order is in force
59 Revocation of stop order
60 Effect of stop order
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Division 6—How certain money to be held
61 RSA provider to comply with requirements of the regulations in relation to certain money
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Division 7—Cooling-off period
62 Cooling-off period where employer applies for RSA
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Part 6—Records, audits and auditors
63 Object of Part
64 Records
65 Audit of records
66 Obligations of auditors—compliance
67 Auditors—disqualification orders
68 Commissioner may refer matters to a professional association
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Part 7—Prohibited conduct in relation to RSAs
69 Object of Part
70 Regulated acts
71 Fraudulently inducing a person to engage in a regulated act—criminal liability
72 Misleading conduct in connection with a regulated act—civil liability
73 Misleading conduct by RSA providers—civil liability
74 Civil liability where section 72, 73 or 78 contravened
75 Regulated documents not to be false or misleading—criminal liability
76 Regulated documents not to be false or misleading—civil liability
77 Statements by experts
78 Improper conduct in the provision of RSAs
79 Contravention of Part does not affect validity of transactions etc.
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Part 8—Payment of unclaimed RSA money to the Commissioner of Taxation
80 Object of Part
81 Meaning of unclaimed money
82 Statement of unclaimed money
83 Payment of unclaimed money to Commissioner of Taxation
84 Payment of unclaimed money to a State or Territory authority
85 Register of unclaimed money
86 Meaning of State or Territory authority
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Part 9—Facility to pay benefits to eligible rollover funds
87 Object of Part
88 Interpretation
89 Payment of benefits to eligible rollover fund
90 Operating standards for RSA providers—information and records
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Part 10—Monitoring and investigating RSA providers
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Division 1—Objects of Part
91 Objects of Part
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Division 2—Monitoring RSA providers
92 Information to be given to Commissioner
93 Commissioner may require production of books
94 Access to premises
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Division 3—Investigations by Commissioner
95 Investigation of RSA provider
96 Inspectors
97 Delegation by inspector
98 Commissioner may exercise powers of inspector
99 Inspector may enter premises for purposes of an investigation
100 Inspector may require production of books
101 Powers of inspector to require assistance from, and examine, current and former relevant persons and other persons
102 Application for warrant to seize books not produced
103 Grant of warrant
104 Powers if books produced or seized
105 Powers if books not produced
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Division 4—Examinations
106 Application of Division
107 Requirements made of an examinee
108 Examination to be in private
109 Examinee’s lawyer may attend
110 Record of examination
111 Giving copies of record to other persons
112 Copies given subject to conditions
113 Record to accompany report
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Division 5—Reports
114 Report of inspector
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Division 6—Offences
115 Persons to comply with requirements made under this Act
116 Concealing books relevant to investigation
117 Self-incrimination
118 Legal professional privilege
119 Powers of Court where non-compliance with this Act
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Division 7—Evidentiary use of certain material
120 Statements made at an examination: proceedings against examinee
121 Statements made at an examination: other proceedings
122 Weight of evidence admitted under section 121
123 Objection to admission of statements made at examination
124 Copies of, or extracts from, certain books
125 Report under Division 5
126 Exceptions to admissibility of report
127 Material otherwise admissible
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Division 8—Miscellaneous
128 Commissioner may cause civil proceeding to be begun
129 Person complying with requirement not to incur liability to another person
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Part 11—Tax file numbers
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Division 1—Object of Part
130 Object of Part
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Division 2—Quotation of holder’s tax file number
131 Employee may quote to employer
132 Employer may inform RSA provider of tax file number
133 Employer must inform RSA provider of tax file number
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Division 3—Quotation, use and transfer of holder’s tax file number
134 Holder or applicant may quote tax file number
135 RSA provider may request holder’s or applicant’s tax file number
136 RSA provider must request person becoming holder of an RSA to quote tax file number
137 Use of tax file number for certain purposes
138 RSA provider must inform other RSA provider or trustee of certain superannuation entities of tax file number for certain purposes
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Division 4—Method of quotation of tax file numbers, including deemed quotation
139 Method of quoting tax file number
140 Employee taken to have quoted to RSA provider where RSA provider informed by employer
141 Information provided by RSA provider taken to have been provided by holder
142 Person claiming benefit taken to have quoted where he or she provided tax file number in connection with claim
143 Holder or applicant taken to have quoted if he or she quoted for other purposes
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Division 5—Provision of tax file numbers in forms etc.
144 Forms etc. may require tax file number
145 Failure to quote tax file number
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Division 6—General
146 State insurance
147 This Part to be superannuation law
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Part 12—Offences relating to statements, records etc.
148 Object of Part
149 Interpretation
150 False or misleading statements
151 Incorrectly keeping records etc.
152 Recklessly making false or misleading statements
153 Intentionally making false or misleading statements
154 Intentionally or recklessly incorrectly keeping records etc.
155 Incorrectly keeping records with intention of deceiving or misleading etc.
156 Falsifying or concealing identity with intention of deceiving or misleading etc.
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Part 13—Powers of courts
157 Object of Part
158 Power to grant relief
159 Power of Court to give directions with respect to meetings ordered by the Court
160 Irregularities
161 Power of Court to prohibit payment or transfer of money or property
162 Court may order the disclosure of information or the publication of advertisements—contravention of provisions relating to provision of RSAs etc.
163 Injunctions
164 Effect of sections 161, 162 and 163
165 Power of Court to punish for contempt of court
166 Court may resolve transitional difficulties
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Part 14—Proceedings
167 Object of Part
168 Power of Commissioner to intervene in proceeding
169 Civil proceeding not to be stayed
170 Evidence of contravention
171 Vesting of property
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Part 15—Exemptions and modifications
172 Object of Part
173 Interpretation
174 Commissioner’s powers of exemption—modifiable provisions
175 Commissioner’s powers of exemption—general issues
176 Enforcement of conditions to which exemption is subject
177 Commissioner’s powers of modification—modifiable provisions
178 Commissioner’s powers of modification—general issues
179 Revocation of exemptions and modifications
180 Publication of exemptions and modifications etc.
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Part 16—Miscellaneous
181 Object of Part
182 Commissioner may direct RSA institutions not to accept employer contributions
183 RSA contributions—deductions from salary or wages to be remitted promptly
184 Compliance with determinations of the Superannuation Complaints Tribunal
185 Conduct by directors, servants and agents
186 Conviction does not relieve defendant from civil liability
187 Liability for damages
188 Civil immunity where defendant was complying with this Act
189 Review of certain decisions
190 Statements to accompany notification of decisions
191 Secrecy
192 How information may be given to the Commissioner of Taxation
193 Commissioner may collect statistical information
194 Commissioner may publish statistical information
195 This Act and the regulations have effect subject to the Crimes (Superannuation Benefits) Act 1989 and the Australian Federal Police Act 1979
196 Payment out of an RSA in accordance with the Bankruptcy Act 1966
197 Concurrent operation of State/Territory laws
198 Delegation
199 Annual reports
200 Regulations
