Schedule 1 Amendments
(regulation 3)
[1] Before regulation 1
insert
Part 1 Preliminary
[2] Subregulation 2 (1), after definition of credit card transaction
insert
farm management deposit has the meaning given by section 393-25 of Schedule 2G to the Income Tax Assessment Act 1936.
first home saver account means an account:
(a) within the meaning of section 8 of the First Home Saver Accounts Act 2008; and
(b) that is provided by an ADI.
[3] Subregulation 2 (1), after definition of purchased payment facility
insert
retirement savings account means an account:
(a) within the meaning of subsection 8 (1) of the Retirement Savings Accounts Act 1997; and
(b) that is provided by an ADI.
[4] After regulation 4
insert
Part 2 Financial claims scheme
[5] Before regulation 5
insert
4A Clearance period
For subsection 16AF (1) of the Act, 5 business days is the prescribed period of clearance.
[6] After regulation 5
insert
6 Payment of entitlements to certain kinds of accounts by APRA
For subsection 16AH (5) of the Act, the following kinds of protected account are prescribed:
(a) retirement savings accounts;
(b) farm management deposits;
(c) first home saver accounts.
7 Recovery of overpayments
(1) This regulation is made for section 16AM of the Act.
(2) If an amount is paid to, or applied for the benefit of, an account-holder purportedly to meet an entitlement of the account-holder under Subdivision C of Division 2AA of Part II of the Act and the amount is in excess of the account-holder’s entitlement (if any) under that Subdivision, the excess amount is a debt due to APRA.
(3) APRA may recover the amount of the debt:
(a) by bringing proceedings for recovery of the debt in a court of competent jurisdiction; or
(b) by withholding the amount of the debt from another payment that would otherwise be paid to the account-holder under Subdivision C of Division 2AA of Part II of the Act; or
(c) from any distribution payable to the account-holder under Subdivision E of Division 2AA of Part II of the Act.
(4) Nothing in this regulation is intended to limit the way in which APRA may recover the debt.
(5) APRA may, if it considers it appropriate to do so in the particular circumstances of the case, waive the whole or a part of the debt.
8 Liquidator must admit debt or claim
For subsection 16AQ (2) of the Act, the liquidator must admit as a debt or claim the amount of the debt or claim, in relation to 1 or more protected accounts held by an account-holder with a declared ADI, that is in excess of the limit on payments prescribed by, or worked out under, regulations made for subsection 16AG (1) of the Act.
9 Payment of distributions to certain kinds of accounts by liquidator
For subsection 16AR (1) of the Act, the following kinds of protected account are prescribed:
(a) retirement savings accounts;
(b) farm management deposits;
(c) first home saver accounts.
10 Disclosure of information by APRA or liquidator to ADI regarding establishment of account
The following information is prescribed for paragraph 16AT (2) (b) of the Act in the circumstances where APRA or a liquidator establishes an account with an ADI under section 16AH or 16AR of the Act:
(a) the name, address and, if the account holder is an individual, date of birth of the account holder;
(b) the tax file number of the account holder;
(c) any information available to APRA or the liquidator that would assist the ADI, as a reporting entity under the Anti‑Money Laundering and Counter-Terrorism Financing Act 2006, to carry out its obligations under that Act in relation to the new account;
(d) if the account is a retirement savings account — information required in relation to a retirement savings account by or under section 390-10 of Schedule 1 to the Taxation Administration Act 1953;
(e) if the account is a farm management deposit — information required by or under Schedule 1 to the Income Tax (Farm Management Deposits) Regulations 1998;
(f) if the account is a first home saver account — information required by or under section 391-10 of Schedule 1 to the Taxation Administration Act 1953;
(g) information relating to the status of the account:
(i) obtained by APRA under subsection 16AK (1) of the Act for the purpose of establishing an account under section 16AH of the Act on behalf of the account-holder; or
(ii) used by the liquidator for the purpose of paying distributions to an account of the same kind held by an account-holder, or established by the liquidator on behalf of an account-holder, under section 16AR of the Act.