Federal Register of Legislation - Australian Government

Primary content

Regulations as made
This instrument amends the Retirement Savings Accounts Regulations 1997 and the Superannuation Industry (Supervision) Regulations 1994 to enable superannuation funds and Retirement Savings Account (RSA) institutions to accept downsizer contributions for people who are aged 55 years and over.
Administered by: Treasury
Registered 30 Sep 2022
Tabling HistoryDate
Tabled HR25-Oct-2022
Tabled Senate25-Oct-2022
To be repealed 09 Feb 2023
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms of Australia

 

Superannuation Legislation Amendment (Broadening Contribution Rules) Regulations 2022

I, General the Honourable David Hurley AC DSC (Retd), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated               29 September               2022

David Hurley

Governor‑General

By His Excellency’s Command

Stephen Jones

Assistant Treasurer
Minister for Financial Services

 

 

 

  

  


Contents

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

Schedule 1—Amendments                                                                                                                          2

Retirement Savings Accounts Regulations 1997                                                                             2

Superannuation Industry (Supervision) Regulations 1994                                                           2

 


1  Name

                   This instrument is the Superannuation Legislation Amendment (Broadening Contribution Rules) Regulations 2022.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The later of:

(a) the day after this instrument is registered; and

(b) the day Schedule 5 to the Treasury Laws Amendment (2022 Measures No. 2) Act 2022 commences.

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

1 January 2023

(paragraph (b) applies)

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under the following:

                     (a)  the Retirement Savings Accounts Act 1997;

                     (b)  the Superannuation Industry (Supervision) Act 1993.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

  

Retirement Savings Accounts Regulations 1997

1  Subregulation 5.03(1) (table)

Repeal the table, substitute:

 

Acceptance of contributions

Item

If an RSA holder:

then the RSA institution may accept contributions made in respect of the RSA holder that are:

1

is less than 55 years

(a) employer contributions; or

(b) RSA holder contributions.

2

is between 55 and 74 years

(a) employer contributions; or

(b) RSA holder contributions.

3

is 75 years or older

(a) mandated employer contributions; or

(b) downsizer contributions.

Note:          For table item 2, RSA holder contributions include downsizer contributions.

2  Subregulation 5.03(1A)

After “75”, insert “years”.

3  Subregulation 5.03(1A) (paragraph (a) of the note)

Omit “60”, substitute “55”.

4  In the appropriate position in Part 7

Insert:

7.13  Amendments made by the Superannuation Legislation Amendment (Broadening Contribution Rules) Regulations 2022

                   The amendments made by the Superannuation Legislation Amendment (Broadening Contribution Rules) Regulations 2022 apply in relation to contributions made on or after the commencement of those regulations.

Note:          Regulation 5.03, as in force immediately before the commencement of those regulations, continues to apply in relation to contributions made before that commencement.

Superannuation Industry (Supervision) Regulations 1994

5  Subregulation 7.04(1) (table)

Repeal the table, substitute:

 

Acceptance of contributions

Item

If a member:

then the fund may accept contributions made in respect of the member that are:

1

is less than 55 years

(a) employer contributions; or

(b) member contributions.

2

is between 55 and 74 years

(a) employer contributions; or

(b) member contributions.

3

is 75 years or older

(a) mandated employer contributions; or

(b) downsizer contributions.

Note:          For table item 2, member contributions include downsizer contributions.

6  Subregulation 7.04(1A)

After “75”, insert “years”.

7  Subregulation 7.04(1A) (paragraph (a) of the note)

Omit “60”, substitute “55”.

8  In the appropriate position in Part 14

Insert:

Division 14.32Transitional arrangements arising out of the Superannuation Legislation Amendment (Broadening Contribution Rules) Regulations 2022

14.34  Arrangements

                   The amendments made by the Superannuation Legislation Amendment (Broadening Contribution Rules) Regulations 2022 apply in relation to contributions made on or after the commencement of those regulations.

Note:          Regulation 7.04, as in force immediately before the commencement of those regulations, continues to apply in relation to contributions made before that commencement.