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Retirement Savings Accounts Act 1997
No. 61, 1997
In force
Administered by
Department of the Treasury
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C2026C00315 C51
01 July 2026
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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 Regulator
18 Associates
19 Definitions of employee and employer
20 Definition of dependant
20A Interdependency relationship
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 APRA may vary an approval on its 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
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Division 1—Object of Part
37 Object of Part
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Division 2—Operating standards
38 Operating standards for RSAs
39 Prescribed operating standards must be complied with
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Division 3—Portability forms
39A Portability forms
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Division 4—Other provisions relating to the operation of RSAs
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
43A Rules about cashing benefits after death of RSA holder
44 RSA provider to give copy of audit report to APRA
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Part 4A—Data and payment regulations and standards relating to RSAs
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Division 1—Data and payment regulations and standards relating to RSAs
45 Object of Part
45A Alternative constitutional basis
45B Data and payment regulations and standards relating to RSAs
45C Relationship between standards and other law
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Division 2—Compliance with data and payment regulations and standards relating to RSAs
45D Compliance requirement—RSA providers
45E Compliance requirement—employers
45F Regulator’s power to give directions in certain circumstances—RSA providers
45G Regulator’s power to give directions in certain circumstances—employers
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Division 3—Infringement notices
45H When an infringement notice may be given
45J Matters to be included in notice
45K Extension of time to pay amount
45L Withdrawal of an infringement notice
45M Effect of payment of amount
45N Effect of this Division
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Division 4—Information
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Subdivision A—Correction and rectification of information
45P Correction and rectification of information
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Subdivision B—Register of information about certain RSAs
45Q Register of information about certain RSAs
45R RSA providers to provide information for inclusion in register
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Part 5—Duties etc. of RSA providers and employers
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Division 1—Preliminary
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 Dispute resolution systems
48 Duty to keep minutes and records
49 Duty to keep reports
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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
66A Auditor may give information to the Regulator
66B Self incrimination
67 Court power of disqualification
67A Court power to revoke or vary a disqualification etc.
67AA Privilege against exposure to penalty—disqualification under section 67
67B Disqualified persons not to be auditor of RSA provider
68 APRA may refer matters to a professional association
69 Auditor must notify the Regulator of attempts to unduly influence etc. the auditor etc.
70 Giving false or misleading information to auditor
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Part 7—Prohibited conduct in relation to RSAs
74 Civil liability where section 78 contravened
78 Improper conduct in the provision of RSAs
79 Contravention of Part does not affect validity of transactions etc.
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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 investigation
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Division 1—Objects of Part
91 Objects of Part
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Division 2—Monitoring
92 Information to be given to Regulator
93 Regulator may require production of books
94 Access to premises
94A Alternative constitutional basis
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Division 3—Investigations by the Regulator
95 Investigation of RSA provider
96 Inspectors
97 Delegation by inspector
98 Regulator 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 Compliance 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 Regulator may cause civil proceeding to be begun
129 Person complying with requirement not to incur liability to another person
129A Authorisation of members of staff
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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
133A Use of tax file number to validate information
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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
137A Use of tax file number to locate amounts or for consolidation
137B Use of tax file number to validate information
138 RSA provider must inform other RSA provider or trustee of certain superannuation entities of tax file number for certain purposes
138A Portability forms
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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
140A Holder taken to have quoted where Commissioner gives notice
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 4A—Commissioner of Taxation may issue notices about tax file numbers
143A Effect of mistaken quotation of tax file number
143B Effect of invalid quotation of tax file number
143C Commissioner of Taxation may inform RSA provider of tax file number
143D Validation notice—holders of RSAs
143E Validation notice—employees
143F Commissioner of Taxation may provide electronic interface
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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
147A Transitional provisions
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Part 12—Offences relating to records etc.
148 Object of Part
149 Interpretation
151 Incorrectly keeping records etc.
154 Incorrectly keeping or making records
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 Regulator 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 Regulator’s powers of exemption—modifiable provisions
175 Regulator’s powers of exemption—general issues
176 Enforcement of conditions to which exemption is subject
177 Regulator’s powers of modification—modifiable provisions
178 Regulator’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 Regulator may direct RSA institutions not to accept employer contributions
183 RSA contributions—deductions from qualifying earnings etc. to be remitted promptly
185 Conduct by directors, servants and agents
186 Conviction does not relieve defendant from civil liability
188 Civil immunity where defendant was complying with this Act
189 Review of certain decisions
190 Statements to accompany notification of decisions
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
200 Regulations
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 3—Legislation history
Endnote 4—Amendment history
