Federal Register of Legislation - Australian Government

Primary content

MD 1 Declarations/Other as made
Modification of the operation of regulation 4.24 of the Retirement Savings Accounts Regulations 1997.
Administered by: Treasury
General Comments: The Modification Declaration No 1 made under the Retirement Savings Account Act 1997 provides for transitional arrangements in respect of the amendments to subregulations 4.24(1) and 4.24(2) of the Retirement Savings Accounts Regulations 1997 made by the Retirement Savings Accounts Amendment Regulations 2004 (No 2) (SR No 147 of 2004).
Registered 06 May 2005
Tabling HistoryDate
Tabled HR10-May-2005
Tabled Senate10-May-2005
Date of repeal 17 Oct 2014
Repealed by Spent and Redundant Instruments Repeal Regulation 2014 (No. 2)
This Legislative Instrument has been subject to a Motion to Disallow:
Motion Date:
17-Aug-2005
Expiry Date:
12-Oct-2005
House:
Senate
Details:
Full
Resolution:
Withdrawn
Resolution Date:
Resolution Time:
Provisions:

 

 

Modification declaration No 1

Retirement Savings Accounts Act 1997

 

I, Brandon Khoo, a delegate of APRA under section 177 of the Act, DECLARE that subregulations 4.24(1) and 4.24(2) of the Regulations are to have effect in relation to RSA holders as if they were modified by inserting after subregulation 4.24(2):

 

“(2A)               During the period 1 July 2004 to 30 June 2005, the benefits of an RSA holder (including the RSA holder’s post-65 employer financed benefits) are not required to be cashed in accordance with paragraph 4.24(1)(a) or 4.24(2)(a).

 

(2B)                 An RSA provider’s failure to cash an RSA holder’s benefits (including the RSA holder’s post-65 employer financed benefits) in accordance with paragraph 4.24(1)(a) or 4.24(2)(a) during the period 1 July 2004 to the date of commencement of Modification Declaration No 1 is not a breach of those paragraphs.”

 

This Declaration commences on the date it is signed.

 

 

 

Dated 2 May 2005

 

 

 

 

[signed]

Brandon Khoo

Executive General Manager

Specialised Institutions Division


Interpretation

 

In this Declaration

 

Act means the Retirement Savings Accounts Act 1997

APRA means the Australian Prudential Regulation Authority

Regulations means the Retirement Savings Accounts Regulations 1997