1996

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Retirement Savings Accounts (Consequential Amendments) Bill 1996

No.      , 1996

(Treasury)

A Bill for an Act to amend various Acts because of the enactment of the Retirement Savings Accounts Act 1996, and for related purposes

9619321—1,055/3.12.1996—(193/96) Cat. No. 96 5608 1 ISBN 0644 480408

Contents
1	Short title	
2	Commencement	
3	Schedule(s)	
Schedule 1—Amendment of the Superannuation Entities (Taxation) Act 1987	
Schedule 2—Amendment of the Superannuation (Resolution of Complaints) Act 1993	
Schedule 3—Amendment of the Bankruptcy Act 1966	
Schedule 4—Amendment of the Superannuation Industry (Supervision) Act 1993	
Schedule 5—Amendment of the Insurance and Superannuation Commissioner Act 1987	
Schedule 6—Amendment of the Superannuation (Productivity Benefit) Act 1988	
Schedule 7—Amendment of the Superannuation Act 1976	
Schedule 8—Amendment of the Parliamentary Contributory Superannuation Act 1948	
Schedule 9—Amendment of the Banking Act 1959	
Schedule 10—Amendment of the Insurance Contracts Act 1984	
Schedule 11—Amendment of the Insurance Act 1973	
Schedule 12—Amendment of the Life Insurance Act 1995	
Schedule 13—Amendment of the Income Tax Assessment Act 1936	
Schedule 14—Amendment of the Superannuation Guarantee Charge Act 1992	
Schedule 15—Amendment of the Superannuation Guarantee (Administration) Act 1992	
Schedule 16—Amendment of the Small Superannuation Accounts Act 1995	
Schedule 17—Amendment of the Fringe Benefits Tax Assessment Act 1986	
Schedule 18—Amendment of the Income Tax Rates Act 1986	

A Bill for an Act to amend various Acts because of the enactment of the Retirement Savings Accounts Act 1996, and for related purposes
The Parliament of Australia enacts:
1  Short title
		This Act may be cited as the Retirement Savings Accounts (Consequential Amendments) Act 1996.
2  Commencement
		This Act commences on the day on which the Retirement Savings Accounts Act 1996 commences.
3  Schedule(s)
		Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendment of the Superannuation Entities (Taxation) Act 1987
1  The Title
After “deposit funds”, insert “, retirement savings accounts”.
2  Subsection 3(1) (definition of reviewable decision)
Insert:
	(a)	a decision of the Commissioner under section 15;
3  Subsection 3(1)
Insert:
RSA provider has the same meaning as in the Retirement Savings Accounts Act 1996.
4  Subsection 3(1)
Insert:
year of income, in relation to an RSA provider means a period that is, for the purposes of the Tax Act, the year of income of the RSA provider that commenced on 1 July 1997 or a subsequent year of income.
5  After Part III
Insert:
Part IIIAAA—Collection of Retirement Savings Accounts Supervisory Levy
10  Liability to levy
		An RSA provider that lodges a return under section 44 of the Retirement Savings Accounts Act 1996 is liable to pay a levy on that lodgment.
11  When levy due for payment
	(1)	Levy payable by an RSA provider on the lodgment of a particular return is due and payable on the day specified in a written notice given to the RSA provider by the Commissioner.
	(2)	The specified day must not be earlier than 21 days after the day on which the notice is given.
12  Late payment penalty
	(1)	If any levy payable by an RSA provider in relation to a return for a year of income remains unpaid throughout the whole or part of:
	(a)	the calendar month beginning at the start of the day after the day on which the levy became due and payable; or
	(b)	a later calendar month;
the RSA provider is liable to pay to the Commonwealth, in respect of that calendar month, by way of penalty, the late payment penalty worked out under subsection (2).
However, this rule does not apply if the levy was fully paid before the 15th day of the calendar month referred to in paragraph (a).
	(2)	The late payment penalty for a calendar month is the greater of the following amounts:
	(a)	the amount worked out using the following formula and rounded up to the nearest whole dollar:

	(b)	the amount worked out using the following formula and rounded up to the nearest whole dollar:

	(3)	In subsection (2):
minimum basic levy amount, in relation to a year of income, means the lowest basic levy amount applicable to returns for the year of income for RSA providers that are RSA providers at all times during the year of income.
unpaid levy means the amount of levy unpaid in relation to the return as at the beginning of the calendar month.
	(4)	If the amounts worked out under subsection (2) for a calendar month are equal, the late payment penalty for that calendar month is that amount.
	(5)	Late payment penalty for a calendar month is due and payable at the end of the calendar month.
13  Recovery of levy 
		The following amounts may be recovered by the Commonwealth as debts due to the Commonwealth:
	(a)	levy that is due and payable;
	(b)	late payment penalty that is due and payable.
14  Payment of levy and late payment penalty
		Levy and late payment penalty are payable to the Commissioner.
15  Remission of levy and penalties
		The Commissioner may remit the whole or a part of the following:
	(a)	an amount of levy;
	(b)	an amount of late payment penalty.
15A  Application of payments
	(1)	This section applies if:
	(a)	2 or more amounts payable to the Commissioner by a person under this Part would, apart from this section, be debts due to the Commonwealth under this Part; and
	(b)	an amount (the debt payment) is paid to the Commissioner in respect of one or more of those amounts; and
	(c)	the sum of the amounts payable exceeds the debt payment.
	(2)	If this section applies:
	(a)	despite any direction to the contrary by or on behalf of the person by whom the amounts are payable or the person making the debt payment, the Commissioner may apply the debt payment in partial discharge of the sum of the amounts payable; and
	(b)	the Commonwealth may recover as a debt due to the Commonwealth the amount by which the sum of the amounts payable exceeds the debt payment.
15B  Exempting laws ineffective
	(1)	Nothing in a law passed before the commencement of this section exempts a person from liability to levy.
	(2)	A law, or a provision of a law, passed after the commencement of this section that purports to exempt an RSA provider from liability to pay taxes under laws of the Commonwealth or to pay certain taxes under those laws that include levy, other than a law or a provision that expressly exempts an RSA provider from liability to pay levy, is not to be construed as exempting the RSA provider from liability to pay levy.
15C  Definitions
		In this Part:
basic levy amount has the meaning given by section 6 of the Retirement Savings Accounts Supervisory Levy Act 1996.
levy means the levy imposed by the Retirement Savings Accounts Supervisory Levy Act 1996.
RSA has the same meaning as in the Retirement Savings Accounts Act 1996.
6  Subsection 16(1)
After “Commissioner” (first occurring), insert “, or an RSA provider that is affected by such a decision,”.
7  Subsection 16(1)
After “unit trust” (second occurring), insert “, or the RSA provider,”.
8  Subsection 17(1)
After “reviewable decision” (first occurring), insert “, or an RSA provider affected by such a decision,”.
9  Paragraph 17(1)(a)
After “trustees”, insert “, or the RSA provider,”.
10  Paragraph 17(1)(b)
After “trustees”, insert “, or the RSA provider,”.
11  Subsection 17(2)
After “unit trust”, insert “, or the RSA provider,”.
12  Subsection 17(2)
After “the trustees” (second occurring), insert “, or the RSA provider,”.
13  At the end of paragraph 22(2)(b)
Add:
	or (c)	levy imposed by the Retirement Savings Accounts Supervisory Levy Act 1996.

Schedule 2—Amendment of the Superannuation (Resolution of Complaints) Act 1993
1  Title
After “decisions”, insert “and conduct”.
2  At the end of the Title
Add “and of RSA providers and insurers”.
3  Subsection 3(2) (definition of complainant)
Omit “or 15B”, substitute “, 15B, 15E, 15F, 15H or 15J”.
4  Subsection 3(2) (definition of complaint)
Omit “or 15B”, substitute “, 15B, 15E, 15F, 15H or 15J”.
5  Subsection 3(2) (at the end of the definition of death benefit)
Add:
	; or (d)	a benefit:
	(i)	that is payable by an RSA provider in respect of the holder of an RSA provided by the RSA provider; and
	(ii)	that is payable on or after the death of the RSA holder; and
	(iii)	that is provided in accordance with subsection 15(3) or paragraph 15(4)(c) of the Retirement Savings Accounts Act 1996; or
	(e)	a benefit:
	(i)	that is payable by an insurer, in relation to a contract of insurance where the premiums are paid from an RSA, in respect of the holder of an RSA provided by an RSA provider; and
	(ii)	that is payable on or after the death of the RSA holder; and
	(iii)	that is provided in accordance with subsection 15(3) or paragraph 15(4)(c) of the Retirement Savings Accounts Act 1996.
6  Subsection 3(2) (definition of disability benefit)
Repeal the definition, substitute:
disability benefit means:
	(a)	a benefit that is:
	(i)	payable by the trustee of a regulated superannuation fund in the event of a temporary or permanent cessation of employment because of a partially or totally disabling physical or mental condition; and
	(ii)	provided in accordance with subparagraph 62(1)(b)(ii) of the Supervision Act; or
	(b)	a benefit that is:
	(i)	payable by an RSA provider in the event of temporary or permanent cessation of employment because of a partially or totally disabling physical or mental condition; and
	(ii)	provided in accordance with paragraph 15(4)(b) of the Retirement Savings Accounts Act 1996; or
	(c)	a benefit that is:
	(i)	payable by an insurer, in relation to a contract of insurance where the premiums are paid from an RSA in the event of temporary or permanent cessation of employment because of a partially or totally disabling physical or mental condition; and
	(ii)	provided in accordance with paragraph 15(4)(b) of the Retirement Savings Accounts Act 1996.
7  Subsection 3(2) (after paragraph (a) of the definition of excluded complaint)
Insert:
	(ab)	a complaint about a decision of an RSA provider in relation to an RSA that is declared by the regulations to be an RSA provider to which this Act does not apply; or
8  Subsection 3(2) (definition of insurer)
Add at the end:
	or (d)	in relation to a complaint under section 15E, 15F, 15H or 15J, the life company that is a party to the policy to which the complaint relates.
9  Subsection 3(2)
Insert:
holder, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1996.
10  Subsection 3(2)
Insert:
RSA has the same meaning as in the Retirement Savings Accounts Act 1996.
11  Subsection 3(2)
Insert:
RSA provider has the same meaning as in the Retirement Savings Accounts Act 1996.
12  After paragraph 3(3)(b)
Insert:
	or (ba)	a contract of insurance where the premiums are paid from an RSA;
13  Paragraph 3(3)(c)
After “policy”, insert “or contract”.
14  After subsection 3(3)
Insert:
	(4)	A reference in this Act to a representative of an RSA provider includes a reference to:
	(a)	an agent, employee or officer of the RSA provider who engages in conduct in relation to an RSA; and
	(b)	any person, other than an agent, employee or officer of the RSA provider, who engages in such conduct.
15  Section 4
After “an insurer”, insert “, an RSA provider”.
Note:	The heading to section 4 is altered by inserting “, RSA provider”, after “insurer”.
16  Section 4
After “trustee, insurer” (wherever occurring), insert “, RSA provider”.
17  After paragraph 8(2)(b)
Insert:
	or (c)	a director or employee of an RSA provider; or
	(d)	a director or employee of an insurer;
18  After paragraph 10(1)(b)
Insert:
	(ba)	an RSA provider; or
	(bb)	an insurer; or
	(bc)	an RSA; or
19  Subsection 13(2)
Omit “and beneficiaries of approved deposit funds”, substitute “, beneficiaries of approved deposit funds, holders of RSAs and holders of annuity policies”.
20  After section 15D
Insert:
15E  Complaints about conduct of RSA providers concerning opening of RSAs
	(1)	A person who is, or claims to be, the holder, or the former holder of an RSA may make a complaint (other than an excluded complaint) to the Tribunal, that the conduct of the RSA provider, or of a representative of the RSA provider, in respect of the opening of the RSA, was unfair or unreasonable.
Note:	Although a complaint is about the conduct of an RSA provider, the Tribunal may join an insurer and any other person, as parties to the complaint (see subsection 18(3A)). The Tribunal may then review any conduct of the person joined that may be relevant to the complaint.
	(2)	A complaint under this section is to be made by sending or delivering a written complaint to the office of the Tribunal.
	(3)	When a complaint is made under this section concerning the conduct of the RSA provider, or of a representative of the RSA provider, in respect of the opening of an RSA, the Tribunal must, in determining whether the conduct of the RSA provider or of a representative of the RSA provider was unfair or unreasonable, have regard, in particular, to the question whether that conduct involved:
	(a)	undue influence or pressure on the RSA holder; or
	(b)	material misrepresentation made to the RSA holder;
in relation to the opening of the RSA.
	(4)	For the purposes of subsection (3), the Tribunal may take into account:
	(a)	the age, physical and mental condition, educational attainments and financial means of the RSA holder; and
	(b)	the relative bargaining positions of the RSA provider or the RSA provider’s representative and of the RSA holder or any person acting for the RSA holder; and
	(c)	the insurance and personal superannuation needs of the RSA holder or of any other person having, or claiming to have, an interest in the RSA as known to, or reasonably ascertainable by, the RSA provider or the RSA provider’s representative; and
	(d)	the importance of ensuring that RSA providers act with fairness, openness and propriety in relation to the opening of RSAs and take reasonable steps to ensure that their representatives also act with fairness, openness and propriety in relation to the opening of RSAs; and
	(e)	the objects of this Act; and
	(f)	any other matter that the Tribunal considers relevant.
15F  Complaints about decisions of RSA providers
	(1)	Subject to subsections (3) to (6) and section 15G, a person may, at any time, make a complaint (other than an excluded complaint) to the Tribunal, that a decision of an RSA provider in relation to a particular RSA holder or former RSA holder, is or was unfair or unreasonable.
Note:	Although a complaint is about a decision of an RSA provider, the Tribunal may join an insurer and any other person, as parties to the complaint (see subsection 18(3A)). The Tribunal may then review any decision of the person joined that may be relevant to the complaint.
	(2)	If a person is given a notice by an RSA provider in respect of an RSA setting out:
	(a)	the RSA provider’s decision in relation to the person’s objection to the proposed payment of a death benefit under the RSA; and
	(b)	the prescribed period within which the person must complain to the Tribunal about the decision;
the person may only complain to the Tribunal within that period.
	(3)	The Tribunal cannot deal with a complaint under this section that must be made within the prescribed period referred to in subsection (2) if the complaint is not made within that period.
	(4)	The Tribunal cannot deal with a complaint under this section to the extent that it relates to the management as a whole of:
	(a)	an RSA provider; or
	(b)	an RSA provider’s business; or
	(c)	an RSA provider’s investments.
	(5)	The Tribunal cannot deal with a complaint under this section about a decision of an RSA provider relating to the payment of a disability benefit because of total and permanent disability unless the complaint is made within a period of one year after the making of the decision to which the complaint relates.
	(6)	The Tribunal cannot deal with a complaint under this section about a decision of an RSA provider relating to the payment of a disability benefit because of total and permanent disability if:
	(a)	before the making of the decision, the person permanently ceased particular employment because of the physical or mental condition that gave rise to the claim for disability benefit; and
	(b)	the claim was not lodged, or is not lodged, with the RSA provider, within one year after the person permanently ceased that employment because of that physical or mental condition.
	(7)	Without limiting the meaning of a decision of an RSA provider relating to the payment of a disability benefit in any other provision of this Act, that expression means, for the purposes of subsections (5) and (6), the original decision of the RSA provider in relation to the matter.
	(8)	For the purposes of subsection (7), if, as a result of a complaint about the original decision of the RSA provider under arrangements made under section 47 of the Retirement Savings Accounts Act 1996, the original decision was confirmed or varied, or another decision was substituted for the original decision:
	(a)	the decision as so confirmed or varied, or the substituted decision, is taken to be the original decision; and
	(b)	the decision as so confirmed or varied, or the substituted decision, is taken to have been made at the time when the original decision was made.
	(9)	A complaint under this section is to be made by sending or delivering a written complaint to the office of the Tribunal.
	(10)	When a complaint is made under this section about a decision of an RSA provider under an RSA, the Tribunal must, in determining whether that decision is or was unfair or unreasonable, have regard, in particular:
	(a)	to the seriousness of any failure to discharge an obligation under the terms of the RSA; and
	(b)	to any action taken by the RSA provider that is contrary to the best interests of the RSA holder or any other person having an interest under the RSA.
15G  Who may make a complaint under section 15F
	(1)	A person may make a complaint under section 15F concerning a decision of an RSA provider in relation to an RSA only if:
	(a)	in the case of a decision that relates to the payment of a death benefit:
	(i)	the person has an interest in the benefit; or
	(ii)	the person claims to be, or to be entitled to benefits through, a person referred to in subparagraph (i); or
	(iii)	the person is acting for a person referred to in subparagraph (i) or (ii); or
	(b)	in the case of a decision that does not relate to the payment of a death benefit—the person is:
	(i)	the holder or the former holder of the RSA; or
	(ii)	a person acting for the holder or the former holder of the RSA, or for the estate of such a person.
	(2)	A person does not have an interest in a death benefit for the purposes of paragraph (1)(a) unless:
	(a)	the person:
	(i)	has been given written notice by the RSA provider of the proposed payment of the benefit; and
	(ii)	has been given written notice by the RSA provider of the prescribed period within which the person may object; and
	(iii)	has objected to the RSA provider within the prescribed period; or
	(b)	the person has not been notified by the RSA provider of the proposed payment of the benefit and the failure to notify was unreasonable; or
	(c)	the person has been notified by the RSA provider of the proposed payment of the benefit but was not notified of the prescribed period to object to the payment; or
	(d)	the person has been notified by the RSA provider of the proposed payment of the benefit but was notified of a period less than the prescribed period for the purposes of subparagraph (a)(ii).
15H  Complaints about conduct of insurers concerning sale of insurance benefits
	(1)	A person who is, or claims to be, the holder, or the former holder, of an RSA may complain to the Tribunal that the conduct of an insurer, or of a representative of an insurer, in respect of the sale of insurance benefits in relation to a contract of insurance where the premiums are paid from an RSA, was unfair or unreasonable.
Note:	Although a complaint is about the conduct of an insurer, the Tribunal may join the RSA provider and any other person, as parties to the complaint (see subsection 18(3B)). The Tribunal may then review any conduct of the person joined that may be relevant to the complaint.
	(2)	A complaint under this section is to be made by sending or delivering a written complaint to the office of the Tribunal.
	(3)	When a complaint is made under this section concerning the conduct of the an insurer, or of a representative of an insurer, in respect of the entry into a contract of insurance in connection with an RSA, the Tribunal must, in determining whether the conduct of the insurer, or of a representative of the insurer, was unfair or unreasonable, have regard, in particular, to the question whether that conduct involved:
	(a)	undue influence or pressure on the RSA holder; or
	(b)	material misrepresentation made to the RSA holder;
in relation to entry into the contract.
	(4)	For the purposes of subsection (3), the Tribunal may take into account:
	(a)	the age, physical and mental condition, educational attainments and financial means of the RSA holder; and
	(b)	the relative bargaining positions of the insurer or the insurer’s representative and of the RSA holder or any person acting for the RSA holder; and
	(c)	the insurance and personal superannuation needs of the RSA holder or of any other person having, or claiming to have, an interest in the RSA as known to, or reasonably ascertainable by, the insurer or the insurer’s representative; and
	(d)	the importance of ensuring that insurers act with fairness, openness and propriety in relation to entering into contracts of insurance in connection with RSAs and take reasonable steps to ensure that their representatives also act with fairness, openness and propriety in relation to such conduct; and
	(e)	the objects of this Act; and
	(f)	any other matter that the Tribunal considers relevant.
15J  Complaints about decisions of insurers
	(1)	Subject to subsections (3) to (6) and to section 15K, a person may, at any time, complain to the Tribunal that a decision of an insurer in relation to a contract of insurance where the premiums are paid from an RSA, is or was unfair or unreasonable.
Note:	Although a complaint is about a decision of an insurer, the Tribunal may join the RSA provider and any other person, as parties to the complaint (see subsection 18(3B)). The Tribunal may then review any decision of the person joined that may be relevant to the complaint.
	(2)	If a person is given a notice by an insurer in respect of a contract of insurance setting out:
	(a)	the insurer’s decision in relation to the person’s objection to the proposed payment of a death benefit in relation to the contract of insurance; and
	(b)	the prescribed period within which the person must complain to the Tribunal about the decision;
the person may only complain to the Tribunal within that period.
	(3)	The Tribunal cannot deal with a complaint under this section that must be made within the prescribed period referred to in subsection (2) if the complaint is not made within that period.
	(4)	The Tribunal cannot deal with a complaint under this section to the extent that it relates to the management as a whole of:
	(a)	an insurer; or
	(b)	an insurer’s business; or
	(c)	an insurer’s investments.
	(5)	The Tribunal cannot deal with a complaint under this section about a decision of an insurer relating to the payment of a disability benefit because of total and permanent disability unless the complaint is made within a period of one year after the making of the decision to which the complaint relates.
	(6)	The Tribunal cannot deal with a complaint under this section about a decision of an insurer relating to the payment of a disability benefit because of total and permanent disability if:
	(a)	before the making of the decision, the person permanently ceased particular employment because of the physical or mental condition that gave rise to the claim for disability benefit; and
	(b)	the claim was not lodged, or is not lodged, with the insurer, within one year after the person permanently ceased that employment because of the physical or mental condition.
	(7)	Without limiting the meaning of a decision of an insurer relating to the payment of a disability benefit in any other provision of this Act, that expression means, for the purposes of subsections (5) and (6), the original decision of the insurer in relation to the matter.
	(8)	For the purposes of subsection (7), if, as a result of a complaint about the original decision of the insurer under arrangements made for dealing with complaints, the original decision was confirmed or varied, or another decision was substituted for the original decision:
	(a)	the decision as so confirmed or varied, or the substituted decision, is taken to be the original decision; and
	(b)	the decision as so confirmed or varied, or the substituted decision, is taken to have been made at the time when the original decision was made.
	(9)	A complaint under this section is to be made by sending or delivering a written complaint to the office of the Tribunal.
	(10)	When a complaint is made under this section about a decision of an insurer in relation to a contract of insurance entered into in connection with an RSA, the Tribunal must, in determining whether that decision is or was unfair or unreasonable, have regard, in particular:
	(a)	to the seriousness of any failure to discharge an obligation under the terms of the contract of insurance; and
	(b)	to any action taken by the insurer that is contrary to the best interests of the RSA holder or any other person having an interest under the contract of insurance.
15K  Who may make a complaint under section 15J
	(1)	A person may make a complaint under section 15J concerning a decision of an insurer in relation to a contract of insurance entered into in connection with an RSA only if:
	(a)	in the case of a decision that relates to the payment of a death benefit:
	(i)	the person has an interest in the benefit; or
	(ii)	the person claims to be, or to be entitled to benefits through, a person referred to in subparagraph (i); or
	(iii)	the person is acting for a person referred to in subparagraph (i) or (ii); or
	(b)	in the case of a decision that does not relate to the payment of a death benefit—the person is:
	(i)	the holder or the former holder of the RSA; or
	(ii)	a person acting for the holder or the former holder of the RSA, or for the estate of such a person.
	(2)	A person does not have an interest in a death benefit for the purposes of paragraph (1)(a) unless:
	(a)	the person:
	(i)	has been given written notice by the insurer of the proposed payment of the benefit; and
	(ii)	has been given written notice by the insurer of the prescribed period within which the person may object; and
	(iii)	has objected to the insurer within the prescribed period; or
	(b)	the person has not been notified by the insurer of the proposed payment of the benefit and the failure to notify was unreasonable; or
	(c)	the person has been notified by the insurer of the proposed payment of the benefit but was not notified of the prescribed period to object to the payment; or
	(d)	the person has been notified by the insurer of the proposed payment of the benefit but was notified of a period less than the prescribed period for the purposes of subparagraph (a)(ii).
21  At the end of section 17
Add:
	(3)	If the complainant sends or delivers a complaint under section 15E or 15F to an office of the Tribunal, the Tribunal must:
	(a)	by notice in writing given to the complainant, acknowledge receipt of the complaint; and
	(b)	by notice in writing given to the RSA provider concerned:
	(i)	tell the RSA provider that a complaint has been made to the Tribunal and identify the complainant; and
	(ii)	give details of the complaint; and
	(iii)	tell the RSA provider of the RSA provider’s obligations under section 24.
	(4)	If the complainant sends or delivers a complaint under section 15H or 15J to an office of the Tribunal, the Tribunal must:
	(a)	by notice in writing given to the complainant, acknowledge receipt of the complaint; and
	(b)	by notice in writing given to the insurer concerned:
	(i)	tell the insurer that a complaint has been made to the Tribunal and identify the complainant; and
	(ii)	give details of the complaint; and
	(iii)	tell the insurer of the insurer’s obligations under section 24.
22  Paragraph 17A(3)(a)
Omit “or 15B”, substitute “15B, 15E, 15F, 15H or 15J”.
23  Paragraph 17A(3)(b)
After “18(3)”, insert “, (3A) or (3B)”.
24  Paragraph 17A(4)(a)
Omit “or 15B”, substitute “15B, 15E, 15F, 15H or 15J”.
25  Paragraph 17A(4)(c)
Omit “or (3)(c)”, substitute “, (3)(c), (3A)(e) or (3B)(e)”.
26  After subsection 18(3)
Insert:
	(3A)	The parties to a complaint under section 15E or 15F are:
	(a)	the complainant; and
	(b)	the RSA provider; and
	(c)	if the subject matter of the complaint relates to a death benefit or a disability benefit in relation to a contract of insurance relating to an RSA, and the Tribunal decides that the insurer should be a party to the complaint—the insurer; and
	(d)	if the subject matter of the complaint relates to a disability benefit (whether in relation to a contract of insurance or otherwise) and the Tribunal decides that a person other than an RSA provider or insurer is responsible for determining either or both of the existence and the extent of the disability (whether total and permanent or otherwise)—that person; and
	(e)	if any other person has applied to the Tribunal to be made a party to the complaint (whether under section 24A or otherwise) and the Tribunal decides that the person should be a party to the complaint—that person.
	(3B)	The parties to a complaint under section 15H or 15J are:
	(a)	the complainant; and
	(b)	the insurer; and
	(c)	if the subject matter of the complaint relates to a death benefit or a disability benefit in relation to a contract of insurance relating to an RSA and the Tribunal decides that the RSA provider should be a party to the complaint—the RSA provider; and
	(d)	if the subject matter of the complaint relates to a disability benefit (whether in relation to a contract of insurance or otherwise) and the Tribunal decides that a person other than an RSA provider or insurer is responsible for determining either or both of the existence and the extent of the disability (whether total and permanent or otherwise)—that person; and
	(e)	if any other person has applied to the Tribunal to be made a party to the complaint (whether under section 24A or otherwise) and the Tribunal decides that the person should be a party to the complaint—that person.
27  At the end of section 19
Add:
	(3)	The Tribunal cannot deal with a complaint under section 15E or 15F unless the complainant satisfies the Tribunal that:
	(a)	a complaint about the same subject matter was previously made to an appropriate person under arrangements for dealing with such complaints made under section 47 of the Retirement Savings Accounts Act 1996; and
	(b)	the complaint so made was not settled to the satisfaction of the complainant within 90 days or such longer period as the Tribunal allows.
	(4)	The Tribunal cannot deal with a complaint under section 15H or 15J unless the complainant satisfies the Tribunal that the complainant has made all reasonable efforts to have the complaint resolved by the insurer who entered into the contract of insurance to which the complaint relates.
28  Paragraph 22(3)(a)
After “trustee”, insert “, RSA provider, insurer or other decision maker”.
29  Subsection 24(1)
Omit “or insurer” (wherever occurring), substitute “, insurer or RSA provider”.
30  Subsection 24(1)
Omit “or 15B”, substitute “, 15B, 15E, 15F, 15H or 15J”.
31  Subsections 24(2) and (3)
Repeal the subsections, substitute:
	(2)	Subject to subsection (4), if, in relation to a complaint under section 14, 14A, 15E, 15F, 15H, or 15J, a relevant person (as determined under subsection (3)) is notified under section 17A that the person has been joined as a party to the complaint under section 18, the person must, within 28 days after receiving notice of the joinder, or such longer period as the Tribunal allows, give to the Tribunal a copy of all documents or parts of documents:
	(a)	that are in the possession, or under the control, of the person; and
	(b)	that are considered by the person to be relevant to the complaint.
	(3)	The following table sets out the persons who are relevant persons for the purposes of subsection (2) in relation to particular complaints:

Relevant persons for the purposes of subsection (2)	

Item	Section under which complaint is made	
Relevant persons	
1	14	insurer or other decision-maker	
2	14A	insurer	
3	15E	insurer	
4	15F	insurer or other decision-maker	
5	15H	RSA provider	
6	15J	RSA provider or other decision‑maker	
32  Subsection 24(4)
After “an insurer”, insert “, the RSA provider”.
33  Subsection 24(4)
After “trustee, insurer”, insert “, RSA provider”.
34  Paragraph 24(6)(c)
Omit “or 15B”, substitute “, 15B, 15E, 15F, 15H or 15J”.
35  Subsection 24(7)
After “insurer,”, insert “RSA provider,”.
36  After subsection 24A(2)
Insert:
	(2A)	If:
	(a)	a complaint under section 15F has been made concerning a decision of an RSA provider; and
	(b)	the decision concerns the payment of a death benefit;
the RSA provider must, within 28 days, or such longer period as the Tribunal allows, after the RSA provider receives a notice of the complaint under subsection 17(3), give written notice in accordance with subsection (3) to all persons (other than the complainant) whom the RSA provider believes may have an interest in the outcome of the complaint.
Penalty:	Imprisonment for one year.
	(2B)	If:
	(a)	a complaint under section 15J has been made concerning a decision of an insurer; and
	(b)	the decision concerns the payment of a death benefit;
the insurer must, within 28 days, or such longer period as the Tribunal allows, after the insurer receives a notice of the complaint under subsection 17(4), give written notice in accordance with subsection (3) to all persons (other than the complainant) whom the insurer believes may have an interest in the outcome of the complaint.
Penalty:	Imprisonment for one year.
37  Subsections 24A(3) and (4)
Omit “or (2)”, substitute “, (2), (2A) or (2B)”.
38  Subsection 24A(4)
Omit “or insurer”, wherever occurring, substitute “, insurer or RSA provider”.
39  Paragraph 24A(6)(a)
Omit “or 15B”, substitute “, 15B, 15F, or 15J”.
40  Paragraph 24A(6)(b)
After “15A”, insert “, 15E or 15H”.
41  After subsection 26(1A)
Insert:
	(1B)	Subject to this section, making a complaint under section 15F to the Tribunal concerning a decision of an RSA provider in relation to an RSA does not affect the operation of the decision of the RSA provider or, if an insurer or other decision-maker is joined as a party to the complaint, of a decision of the insurer or other decision-maker, or prevent the taking of action to implement any such decision.
	(1C)	Subject to this section, making a complaint under section 15J to the Tribunal concerning a decision of an insurer in relation to a contract of insurance entered in connection with an RSA does not affect the operation of the decision of the insurer or, if an RSA provider or other decision-maker is joined as a party to the complaint, of a decision of the RSA provider or other decision-maker, or prevent the taking of action to implement any such decision.
42  After subsection 26(2A)
Insert:
	(2B)	The Tribunal may, on a request being made by a person making a complaint under section 15F concerning a decision of an RSA provider in relation to an RSA, if it thinks it is desirable to do so after taking into account the interests of any persons who may be affected by the request, make an order or orders staying or otherwise affecting the operation or implementation of the whole or part of a decision of the RSA provider or, if appropriate, of an insurer or other decision-maker whose decision is relevant to the subject matter of the complaint.
	(2C)	The Tribunal may, on a request being made by a person making a complaint under section 15J concerning a decision of an insurer in relation to a contract of insurance entered in connection with an RSA, if it thinks it is desirable to do so after taking into account the interests of any persons who may be affected by the request, make an order or orders staying or otherwise affecting the operation or implementation of the whole or part of a decision of the insurer, or if appropriate, of an RSA provider or other decision-maker whose decision is relevant to the subject matter of the complaint.
43  Subsection 26(3)
Omit “or (2A)”, substitute “, (2A), (2B) or (2C)”.
44  Subsection 26(4)
Omit “or (2A)” (wherever occurring), substitute “, (2A), (2B) or (2C)”.
45  Subsection 26(5)
Omit “or (2A)”, substitute “, (2A), (2B) or (2C)”.
46  Paragraph 36(b)
Repeal the paragraph, substitute:
	(b)	is to act as speedily as proper consideration of the review allows, having regard to:
	(i)	the objectives laid down by section 11; and
	(ii)	if the complaint relates to a fund—the interests of all the members of the fund; and
47  Subsection 37C(3)
Omit “insurer that”, substitute “insurer, that”.
48  Subparagraph 37C(5)(b)(ii)
Omit “be or”, substitute “be, or”.
49  After 37C
Insert:
37D  Tribunal powers—complaints under section 15E
	(1)	For the purpose of reviewing the conduct of an RSA provider, or of a representative of an RSA provider, that is the subject of a complaint under section 15E concerning the opening of an RSA:
	(a)	the Tribunal has all the powers, obligations and discretions that are conferred on the RSA provider; and
	(b)	subject to subsection (4), must make a determination in accordance with subsection (3).
	(2)	If an insurer has been joined as a party to a complaint under section 15E:
	(a)	the Tribunal must, when reviewing the RSA provider’s conduct, also review any conduct of the insurer that is relevant to the complaint; and
	(b)	for that purpose, has all the powers, obligations and discretions that are conferred on the insurer; and
	(c)	must make a determination in accordance with subsection (5).
	(3)	On reviewing the conduct of an RSA provider, or a representative of an RSA provider, that is the subject of a complaint under section 15E, the Tribunal must make a determination in writing, so far as concerns the RSA to which the complaint relates, either:
	(a)	doing all or any of the following:
	(i)	setting aside the whole or a part of the terms and conditions of the RSA in their application to the complainant;
	(ii)	varying the terms and conditions of the RSA in their application to the complainant;
	(iii)	requiring any party to the RSA to repay all money or particular money received under the RSA;
	(iv)	requiring any party to the RSA to pay any additional interest, worked out in a manner prescribed in the regulations; or
	(b)	declaring that, in all the circumstances of the case, action of a kind referred to in paragraph (a) is not appropriate.
	(4)	The Tribunal must not make a determination under subsection (3) to take action of a kind referred to in paragraph (3)(a) in respect of a complaint under section 15E concerning the conduct of an RSA provider, or of a representative of an RSA provider, if the Tribunal is of the view that the conduct of the RSA provider, or of the representative, was fair and reasonable in all the circumstances.
	(5)	On reviewing the conduct of an insurer, or a representative of an insurer, that has been joined as a party to a complaint under section 15E, the Tribunal must make a determination in writing, so far as concerns the contract of insurance to which the complaint relates, either:
	(a)	doing all or any of the following:
	(i)	setting aside the whole or a part of the terms and conditions of the contract of insurance in their application to the complainant;
	(ii)	varying the terms and conditions of the contract of insurance in their application to the complainant;
	(iii)	requiring any party to the contract of insurance to repay all money or particular money received under the contract;
	(iv)	requiring any party to the contract of insurance to pay any additional interest, worked out in a manner prescribed in the regulations; or
	(b)	declaring that, in all the circumstances of the case, action of a kind referred to in paragraph (a) is not appropriate.
	(6)	The Tribunal may only exercise its determination-making power under paragraph (3)(a) or (5)(a) for the purpose of placing the complainant as nearly as practicable in such a position that the unfairness, unreasonableness or both, that the Tribunal has determined to exist in relation to the conduct that is the subject of the complaint, no longer exists.
37E  Tribunal powers—complaints under section 15F
	(1)	For the purpose of reviewing the decision of an RSA provider in relation to an RSA where that decision is the subject of a complaint under section 15F:
	(a)	the Tribunal has all of the powers, obligations and discretions that are conferred on the RSA provider; and
	(b)	subject to subsection (6), must make a determination in accordance with subsection (3).
	(2)	If an insurer or other person has been joined as a party to a complaint under section 15F:
	(a)	the Tribunal must, when reviewing the RSA provider’s decision, also review any decision of the insurer or other person that is relevant to the complaint; and
	(b)	for that purpose, has all the powers, obligations and discretions that are conferred on the insurer or other person; and
	(c)	subject to subsection (6), must make a determination in accordance with subsection (3).
	(3)	On reviewing a decision of an RSA provider, insurer or other person that is the subject of, or relevant to, a complaint under section 15F, the Tribunal must make a determination in writing:
	(a)	affirming the decision; or
	(b)	remitting the matter to which the decision relates to the RSA provider, insurer or other person for reconsideration in accordance with the directions of the Tribunal; or
	(c)	varying the decision; or
	(d)	setting aside the decision and substituting a decision for the decision so set aside.
	(4)	The Tribunal may only exercise its determination-making power under subsection (3) for the purpose of placing the complainant as nearly as practicable in such a position that the unfairness, unreasonableness or both, that the Tribunal has determined to exist in relation to the RSA provider’s decision that is the subject of the complaint, no longer exists.
	(5)	The Tribunal must not do anything under subsection (3) that would be contrary to law or to the terms and conditions of the RSA or the contract of insurance.
	(6)	The Tribunal must affirm a decision referred to in subsection (3) if it satisfied that the decision, in its operation in relation to:
	(a)	the complainant; and
	(b)	so far as concerns a complaint regarding a payment of a death benefit—any person (other than the complainant or RSA provider) who:
	(i)	has become party to the complaint; and
	(ii)	has an interest in the death benefit or claims to be entitled to benefits through a person having an interest in the death benefit;
was fair and reasonable in all the circumstances.
37F  Tribunal powers—complaints under section 15H
	(1)	For the purpose of reviewing the conduct of an insurer, or of a representative of an insurer, that is the subject of a complaint under section 15H concerning the entry into a contract of insurance in connection with an RSA:
	(a)	the Tribunal has all the powers, obligations and discretions that are conferred on the insurer; and
	(b)	subject to subsection (4), must make a determination in accordance with subsection (3).
	(2)	If an RSA provider has been joined as a party to a complaint under section 15H:
	(a)	the Tribunal must, when reviewing the insurer’s conduct, also review any conduct of the RSA provider that is relevant to the complaint; and
	(b)	for that purpose, has all the powers, obligations and discretions that are conferred on the RSA provider; and
	(c)	must make a determination in accordance with subsection (5).
	(3)	On reviewing the conduct of an insurer, or a representative of an insurer, that is the subject of a complaint under section 15H, the Tribunal must make a determination in writing, so far as concerns the contract of insurance to which the complaint relates, either:
	(a)	doing all or any of the following:
	(i)	setting aside the whole or a part of the terms and conditions of the contract of insurance in their application to the complainant;
	(ii)	varying the terms and conditions of the contract of insurance in their application to the complainant;
	(iii)	requiring any party to the contract of insurance to repay all money or particular money received under the contract;
	(iv)	requiring any party to the contract of insurance to pay any additional interest, worked out in a manner prescribed in the regulations; or
	(b)	declaring that, in all the circumstances of the case, action of a kind referred to in paragraph (a) is not appropriate.
	(4)	The Tribunal must not make a determination under subsection (3) to take action of a kind referred to in paragraph (3)(a) in respect of a complaint under section 15H concerning the conduct of an insurer, or of a representative of an insurer, if the Tribunal is of the view that the conduct of the insurer, or of the representative, was fair and reasonable in all the circumstances.
	(5)	On reviewing the conduct of an RSA provider, or a representative of an RSA provider, that is joined as a party to a complaint under section 15H, the Tribunal must make a determination in writing, so far as concerns the RSA to which the complaint relates, either:
	(a)	doing all or any of the following:
	(i)	setting aside the whole or a part of the terms and conditions of the RSA in their application to the complainant;
	(ii)	varying the terms and conditions of the RSA in their application to the complainant;
	(iii)	requiring any party to the RSA to repay all money or particular money received under the RSA;
	(iv)	requiring any party to the RSA to pay any additional interest, worked out in a manner prescribed in the regulations; or
	(b)	declaring that, in all the circumstances of the case, action of a kind referred to in paragraph (a) is not appropriate.
	(6)	The Tribunal may only exercise its determination-making power under paragraph (3)(a) or (5)(a) for the purpose of placing the complainant as nearly as practicable in such a position that the unfairness, unreasonableness or both, that the Tribunal has determined to exist in relation to the conduct that is the subject of the complaint, no longer exists.
37G  Tribunal powers—complaints under section 15J
	(1)	For the purpose of reviewing the decision of an insurer in relation to a contract of insurance entered in connection with an RSA where that decision is the subject of a complaint under section 15J:
	(a)	the Tribunal has all of the powers, obligations and discretions that are conferred on the insurer; and
	(b)	subject to subsection (6), must make a determination in accordance with subsection (3).
	(2)	If an RSA provider or another person has been joined as a party to a complaint under section 15J:
	(a)	the Tribunal must, when reviewing the insurer’s decision, also review any decision of the RSA provider or other person that is relevant to the complaint; and
	(b)	for that purpose, has all the powers, obligations and discretions that are conferred on the RSA provider or other person; and
	(c)	subject to subsection (6), must make a determination in accordance with subsection (3).
	(3)	On reviewing a decision of an insurer, RSA provider or other person that is the subject of, or relevant to, a complaint under section 15J, the Tribunal must make a determination in writing:
	(a)	affirming the decision; or
	(b)	remitting the matter to which the decision relates to the insurer, RSA provider or other person for reconsideration in accordance with the directions of the Tribunal; or
	(c)	varying the decision; or
	(d)	setting aside the decision and substituting a decision for the decision so set aside.
	(4)	The Tribunal may only exercise its determination-making power under subsection (3) for the purpose of placing the complainant as nearly as practicable in such a position that the unfairness, unreasonableness or both, that the Tribunal has determined to exist in relation to the insurer’s decision that is the subject of the complaint, no longer exists.
	(5)	The Tribunal must not do anything under subsection (3) that would be contrary to law or to the terms and conditions of the contract of insurance or the RSA.
	(6)	The Tribunal must affirm a decision referred to in subsection (3) if it is satisfied that the decision, in its operation in relation to:
	(a)	the complainant; and
	(b)	so far as concerns a complaint regarding a payment of a death benefit—any person (other than the complainant or insurer) who:
	(i)	has become party to the complaint; and
	(ii)	has an interest in the death benefit or claims to be entitled to benefits through a person having an interest in the death benefit;
was fair and reasonable in all the circumstances.
50  Subsection 41(3)
After “insurer” (wherever occurring), insert “, RSA provider”.
51  After subsection 44(2)
Insert:
	(2A)	If the determination was made as a result of a section 15E or 15F complaint, the Tribunal may direct the RSA provider to inform, if the Tribunal’s determination was in relation to a particular holder of an RSA—all or any of the other holders of RSAs provided by the RSA provider of the Tribunal’s determination.
	(2B)	If the determination was made as a result of a section 15H or 15J complaint, the Tribunal may direct the insurer to inform, if the Tribunal’s determination was in relation to a particular holder of an RSA—all or any of the other parties to contracts of insurance entered into with the insurer in connection with the provision of RSAs of the Tribunal’s determination.
52  Subsection 44(3)
After “trustee”, insert “, RSA provider”.
53  Paragraph 47(2A)(b)
Omit “or 15A”, substitute “, 15A, 15E or 15H”.
54  Subsection 47(2A)
Omit “of implementation”, substitute “or implementation”.
55  Paragraph 47(2B)(b)
After “15B”, insert “, 15F or 15J”.
56  Paragraph 47(2B)(d)
After “insurer’s”, insert “ or RSA provider’s”.
57  At the end of paragraph 53(2)(c)
Add:
	(iii)	a director or employee of an RSA provider; or
	(iv)	a director or employee of an insurer; or
58  Subsection 59(1)
After “(3)(c)”, insert “, (3A)(c), (3A)(d), (3A)(e), (3B)(c), (3B)(d) or (3B)(e)”.
59  Paragraph 59(2)(a)
After “(2A),”, insert “(2B), (2C),”.
60  After section 64
Insert:
64A  Tribunal chairperson to refer breaches of terms and conditions to the Commissioner
		If, in connection with a complaint made to the Tribunal under this Act, a Tribunal member becomes aware of a breach in the terms and conditions relating to an annuity policy, a life policy or an RSA, he or she must, as soon as practicable:
	(a)	if he or she is a Tribunal member other than the Tribunal Chairperson—give particulars of the breach to the Tribunal Chairperson; or
	(b)	if he or she is the Tribunal Chairperson—give particulars of the breach to the Commissioner.

Schedule 3—Amendment of the Bankruptcy Act 1966
1  Subsection 5(1)
Insert:
provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1996.
2  Subsection 5(1)
Insert:
RSA has the same meaning as in the Retirement Savings Accounts Act 1996.
3  Subsection 5(1)
Insert:
RSA holder has the same meaning as in the Retirement Savings Accounts Act 1996.
4  At the end of paragraph 116(2)(d)
Add:
	(v)	the amount of money a bankrupt holds in an RSA;
	(vi)	a payment to a bankrupt from an RSA received on or after the date of the bankruptcy, if the payment is not a pension or annuity within the meaning of the Retirement Savings Accounts Act 1996.
5  After subsection 116(8)
Insert:
	(8A)	The regulations may provide for the provider of an RSA to issue a written evidentiary certificate about the amount of money a bankrupt holds in an RSA. The regulations may provide that, in proceedings under this Act, the certificate is prima facie evidence of the amount of money a bankrupt holds in an RSA for the purposes of subsection (5).
6  Section 139L (after subparagraph (a)(i) of the definition of income)
Insert:
	(ia)	an annuity or pension paid to the bankrupt from an RSA;
7  After sub-subparagraph 249(6)(a)(ii)(B)
Insert:
	or (BA)	a payment from an RSA;
8  After sub-subparagraph 249(7)(a)(ii)(B)
Insert:
	or (BA)	a payment from an RSA;
9  After sub-subparagraph 249(8)(a)(ii)(B)
Insert:
	or (BA)	a payment from an RSA;
10  After section 302A
Insert:
302AB  Certain provisions in RSA’s terms and conditions to be void
	(1)	This section applies to a provision in the terms and conditions of an RSA to the extent to which the provision has the effect that:
	(a)	any part of the amount of money a bankrupt holds in an RSA is cancelled, forfeited, reduced or qualified; or
	(b)	the provider of the RSA is empowered to exercise a discretion relating to such an amount to the detriment of an RSA holder;
if the RSA holder:
	(c)	becomes a bankrupt; or
	(d)	commits an act of bankruptcy; or
	(e)	executes a deed of assignment or a deed of arrangement under this Act.
	(2)	The provision is void.

Schedule 4—Amendment of the Superannuation Industry (Supervision) Act 1993
1  Subsection 10(1)
Insert:
RSA has the same meaning as in the Retirement Savings Accounts Act 1996.
2  Subsection 10(1)
Insert:
RSA provider has the same meaning as in the Retirement Savings Accounts Act 1996.
3  Paragraph 15(1)(b)
Repeal the paragraph, substitute:
	(b)	on the request of the beneficiary, an amount equal to the beneficiary’s interest is paid by the fund:
	(i)	to a life insurance company or registered organisation for the purchase of an annuity in the name of the beneficiary; or
	(ii)	into an RSA specified by the beneficiary;
4  After paragraph 153(1)(c)
Insert:
	(ca)	both:
	(i)	the interest was issued pursuant to an application under Part 9 of the Retirement Savings Accounts Act 1996 made to the first trustee by an RSA provider on the first person’s behalf; and
	(ii)	if the application is the first application under that Part made to the first trustee by the RSA provider on behalf of any person—the application is an eligible application; or
5  At the end of subsection 157(4)
Add “of this Act or Part 9 of the Retirement Savings Accounts Act 1996.”.
6  Subsection 157A(1)
After “under Part 24”, insert “, or Part 9 of the Retirement Savings Accounts Act 1996,”.
7  Subsection 157A(1)
Omit “that Part”, substitute “those Parts”.
8  Subsection 157A(1)
After “transferor fund”, insert “or RSA provider, as the case requires,”.
Note:	The heading to section 157A is altered by adding at the end “or Part 9 of the Retirement Savings Accounts Act 1996”.
9  At the end of subsection 157A(1)
Add “of this Act or section 87 of the Retirement Savings Accounts Act 1996”.
10  At the end of subsection 248(1)
Add “of this Act or section 87 of the Retirement Savings Accounts Act 1996.”.
11  Subsection 299M(2)
After “amount to”, insert “an RSA, to”.
Note 1:	The heading to section 299M is altered by inserting “RSA provider or”, after “inform”.
Note 2:	The heading to subsection 299M(2) is altered by inserting “an RSA,”, after “benefits to”.
12  Subsection 299M(2)
After “inform”, insert “the RSA provider,”.
13  Subsection 299M(3)
After “transferred to”, insert “an RSA, to”.
14  Subsection 299M(3)
After “any”, insert “RSA provider or any”.
15  Subsection 299N(2)
After “amount to”, insert “an RSA, to”.
Note 1:	The heading to section 299N is altered by inserting “RSA provider or”, after “inform”.
Note 2:	The heading to subsection 299N(2) is altered by inserting “an RSA”, after “benefits to”.
16  Subsection 299N(2)
After “inform”, insert “the RSA provider,”.
17  Subsection 299N(3)
After “transferred to”, insert “an RSA to”.
18  Subsection 299N(3)
After “any”, insert “RSA provider or any”.
19  Paragraph 299N(4)(a)
After “informs”, insert “an RSA provider or”.
20  Paragraph 299N(4)(b)
After “second trustee”, insert “or the RSA provider”.
21  Subsection 299R(1)
After “informs”, insert “an RSA provider or”.
Note:	The heading to section 299R is altered by omitting “trustee where trustee informed by another trustee” and substituting “RSA provider or trustee”.
22  Paragraph 299R(1)(a)
Before “second trustee”, insert “RSA provider or the”.
23  Paragraph 299R(1)(a)
After “future operation of this Act”, insert “or the Retirement Savings Accounts Act 1996”.
24  Paragraph 299R(1)(b)
Before “second trustee”, insert “RSA provider or the”.
25  Subsection 299R(2)
After “informs”, insert “an RSA provider or”.
26  Paragraph 299R(2)(a)
Before “second trustee”, insert “RSA provider or the”.
27  Paragraph 299R(2)(a)
After “future operation of this Act”, insert “or the Retirement Savings Accounts Act 1996”.
28  Paragraph 299R(2)(b)
Before “second trustee”, insert “RSA provider or the”.

Schedule 5—Amendment of the Insurance and Superannuation Commissioner Act 1987
1  Section 3
Insert:
RSA has the same meaning as in the Retirement Savings Accounts Act 1996.
2  Section 3
Insert:
RSA provider has the same meaning as in the Retirement Savings Accounts Act 1996.
3  After paragraph 4(3)(c)
Insert:
	or (d)	a director or employee of an RSA provider, or of a body corporate that is related to an RSA provider;
4  After paragraph 8(aa)
Insert:
	(ab)	any RSA or any RSA provider;
5  Subparagraph 11(2)(c)(i)
Omit “or (c)”, substitute “, (c) or (d)”.

Schedule 6—Amendment of the Superannuation (Productivity Benefit) Act 1988
1  Subsection 3(1)
Insert:
RSA has the same meaning as in the Retirement Savings Accounts Act 1996.
2  At the end of subparagraph 6(7)(a)(i)
Add “or”.
3  After subparagraph 6(7)(a)(ii)
Insert:
	(iia)	an RSA nominated by the person, being an RSA that is held by the person; or
4  Paragraph 6(7)(b)
Omit “or approved deposit fund”, substitute “approved deposit fund or RSA”.

Schedule 7—Amendment of the Superannuation Act 1976
1  At the end of section 3B
Add:
	(2)	An RSA, within the meaning of the Retirement Savings Accounts Act 1996, is also a preservation fund for the purposes of this Act.

Schedule 8—Amendment of the Parliamentary Contributory Superannuation Act 1948
1  After paragraph 26B(4)(b)
Insert:
	(ba)	if the person nominates an RSA within 90 days after the benefit became payable—the RSA; or
Note:	The heading to subsection 26B(4) is altered by omitting “or an approved deposit fund”, and substituting “, an approved deposit fund or an RSA”.
2  Subsection 26B(6)
Insert:
RSA has the same meaning as in the Retirement Savings Accounts Act 1996.

Schedule 9—Amendment of the Banking Act 1959
1  Subsection 69(3)
After “unclaimed moneys”, insert “, other than unclaimed moneys held in RSAs (within the meaning of the Retirement Savings Accounts Act 1996),”.

Schedule 10—Amendment of the Insurance Contracts Act 1984
1  Subsection 11(1)
Insert:
holder has the same meaning as in the Retirement Savings Accounts Act 1996.
2  Subsection 11(1)
Insert:
RSA has the same meaning as in the Retirement Savings Accounts Act 1996.
3  Subsection 11(1)
Insert:
RSA provider has the same meaning as in the Retirement Savings Accounts Act 1996.
4  Subsection 26(3)
Repeal the subsection, substitute:
	(3)	This section extends to the provision of insurance cover in respect of:
	(a)	a person who is seeking to become a member of a superannuation or retirement scheme; or
	(b)	a person who is a holder, or is applying to become a holder, of an RSA.
5  After section 32
Insert:
32A  Non-disclosure or misrepresentation by holder of RSA
		This Division extends to the case where there was a failure to comply with the duty of disclosure, or a misrepresentation was made, to the insurer in relation to a holder, or a person applying to become a holder, of an RSA as though:
	(a)	the insurance cover provided in relation to that RSA in respect of that person were provided by a contract between the insurer as insurer and the RSA provider as the insured; and
	(b)	that contract has been entered into at the time when the holder became the holder, or the person applying to become the holder, became the holder.
6  After section 48
Insert:
48AA  Life policy in connection with an RSA for the benefit of another person
	(1)	Where a person who is not a party to a contract of life insurance entered into in connection with an RSA, where the owner of the policy is an RSA provider, is specified or referred to in the contract, whether by name or otherwise, as a person to whom the insurance cover provided by the contract extends, that person has a right to recover a benefit from the insurer in accordance with the contract notwithstanding that he or she is not a party to the contract.
	(2)	Subject to the contract, a person who has such a right:
	(a)	has, in relation to his or her claim, the same obligations to the insurer as he or she would have if he or she were the insured; and
	(b)	may discharge the insured’s obligations in relation to the payment of a benefit.
	(3)	The insurer has the same defences to an action under this section as he or she would have in an action by the insured.
7  Subsection 64(1)
After “superannuation contract”, insert “, or an RSA,”.

Schedule 11—Amendment of the Insurance Act 1973
1  Subsection 3(1)
Insert:
RSA has the same meaning as in the Retirement Savings Accounts Act 1996.
2  After subsection 129C(1)
Insert:
	(1A)	A body corporate authorised to carry on insurance business under this Act must comply with any determination made in respect of it by the Superannuation Complaints Tribunal as a result of it being joined under section 18 to a complaint under section 15E or 15F or a complaint under section 15H or 15J of the Superannuation (Resolution of Complaints) Act 1993, concerning insurance benefits under a contract of insurance, where the premiums are paid from an RSA.

Schedule 12—Amendment of the Life Insurance Act 1995
1  Subsection 151A(1)
Add at the end:
	; (d)	as a result of it being joined as a party to a complaint under section 15E or 15F of that Act, concerning insurance benefits under a contract of insurance, where the premiums are paid from an RSA (within the meaning of the Retirement Savings Accounts Act 1996); or
	(e)	as a result of it being a party to a complaint under section 15H or 15J of that Act, concerning insurance benefits under a contract of insurance, where the premiums are paid from an RSA (within the meaning of the Retirement Savings Accounts Act 1996).
2  Subsection 216(1)
After “unclaimed money”, insert “, other than unclaimed money held in RSAs (within the meaning of the Retirement Savings Accounts Act 1996),”.

Schedule 13—Amendment of the Income Tax Assessment Act 1936
1  Subsection 6(1)
Insert:
hold, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1996.
2  Subsection 6(1)
Insert:
holder, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1996.
3  Subsection 6(1)
Insert:
provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1996.
4  Subsection 6(1)
Insert:
RSA has the same meaning as in the Retirement Savings Accounts Act 1996.
5  Subsection 6(1)
Insert:
RSA provider has the same meaning as in the Retirement Savings Accounts Act 1996.
6  After subsection 26AFB(4)
Insert:
	(4A)	If, in a year of income, a taxpayer receives or obtains a benefit of any kind out of, or attributable to, an RSA and the benefit is provided in breach of the Retirement Savings Accounts Act 1996 or regulations under that Act, the assessable income of the taxpayer of the year of income is to include the amount or value of that benefit.
	(4B)	Subsection (4A) does not apply to a benefit, or to a part of a benefit, if the Commissioner, having regard to any matters relating to the receiving or obtaining of the benefit by the taxpayer as the Commissioner considers relevant, is satisfied that it would be unreasonable for that subsection to apply to the whole or to that part of the benefit.
Note:	The heading to section 26AFB is replaced by the heading: “Assessable income to include certain benefits”.
7  After paragraph 26AH(7)(a)
Insert:
	or (aa)	the eligible policy is an RSA; or
8  After section 26D
Insert:
26E  Income from RSAs
	(1)	All benefits provided in respect of, and amounts that are paid from, an RSA (including amounts taken to be paid from an RSA under subsection (2)) are taken to have an Australian source.
	(2)	If the premiums of an insurance policy are paid from an RSA, any amounts paid by the insurer under the policy are taken to be paid by the RSA provider as a benefit of the RSA.
9  Subsection 27A(1) (definition of pension)
Repeal the definition, substitute:
pension means:
	(a)	a pension, within the meaning of the Superannuation Industry (Supervision) Act 1993; or
	(b)	a pension, within the meaning of the Retirement Savings Accounts Act 1996.
10  Subsection 27A(1) (after paragraph (b) of the definition of superannuation fund)
Insert:
	and (c)	an RSA;
Note:	An RSA is a retirement savings account. It is regulated by the Retirement Savings Accounts Act 1996.
11  Subsection 27A(1) (paragraph (a) of the definition of taxed superannuation fund)
Repeal the paragraph, substitute:
	(a)	is, or has been:
	(i)	an eligible superannuation fund in relation to any year of income; or
	(ii)	an RSA; and
12  Subsection 27A(1) (paragraph (c) of the definition of taxed superannuation fund)
Before “is a resident”, insert “in the case of an eligible superannuation fund—”
13  At the end of subsection 27A(12)
Add:
	; or (d)	paid to an RSA held by the taxpayer.
14  Paragraph 27A(13)(a)
Omit “or (c)”, substitute “, (c) or (d)”.
15  At the end of section 27A
Add:
	(22)	For the purposes of this Subdivision:
	(a)	an RSA is taken to be a fund; and
	(b)	the holder of the RSA is taken to be a member of that fund.
16  Subparagraph 27D(1)(b)(i)
Omit “or (c)”, substitute “, (c) or (d)”.
17  Subsection 46(1)
Insert:
general fund component has the same meaning as in Division 8.
18  Subsection 46(1) (definition of non-fund component)
Repeal the definition.
19  Subsection 46(1A)
Omit “non-fund”, substitute “general fund”.
20  Subsection 46(6AA)
Omit “non-fund”, substitute “general fund”.
21  Subsection 46A(1)
Insert:
general fund component has the same meaning as in Division 8.
22  Subsection 46A(1) (definition of non-fund component)
Repeal the definition.
23  Subsection 46A(6A)
Omit “non-fund”(wherever occurring), substitute “general fund”.
24  Subsection 46A(8AA)
Omit “non-fund”, substitute “general fund”.
25  After section 82AAD
Insert:
82AADA  Deduction for contributions to RSAs
		If a taxpayer pays an amount as a contribution to an RSA for the purpose of making provision for superannuation benefits for an eligible employee, the amount is taken, for the purposes of section 82AAC, to be a contribution paid to a complying superannuation fund.
26  After section 82AAQA
Insert:
82AAQB  Assessable income to include contributions to RSAs that are refunded
	(1)	This section applies if:
	(a)	a deduction has been allowed to a taxpayer under section 82AAC in respect of a contribution made to an RSA; and
	(b)	during the year of income, the taxpayer receives an amount by way of a refund of the contribution.
	(2)	The taxpayer’s assessable income of the year of income includes the amount received by the taxpayer.
27  At the end of section 82AAR
Add:
	(4)	A deduction is not allowable under a provision of this Act other than this Subdivision in respect of an amount paid by a taxpayer as a contribution to an RSA for the purpose of making provision for superannuation benefits for, or for dependants of, an employee.
28  After subsection 82AAT(1C)
Insert:
	(1CA)	A person who has made a contribution to an RSA during a year of income is entitled to an allowable deduction for the contribution in the person’s assessment for the year of income if all the following conditions are met:
	(a)	the person is an eligible person in relation to the year of income;
	(b)	the person made the contribution in order to obtain superannuation benefits for the person or for dependants of the person in the event of the person’s death;
	(c)	the person has given a notice under subsection (1CB) in respect of the contribution and the provider of the RSA has acknowledged that notice under subsection (1CB).
The deduction cannot be more than the amount covered by the notice under subsection (1CB), and is also subject to the limits in subsection (2).
	(1CB)	A person who is making, or has made, a contribution to an RSA may give a written notice to the provider of the RSA, stating that the person intends to claim a deduction under this section for the whole or a specified part of the contribution. The RSA provider must, without delay, give the person a notice acknowledging receipt of the person’s notice.
	(1CC)	The following restrictions apply to notices under subsection (1CB):
	(a)	a person cannot give a notice that covers the whole or any part of an amount covered by a previous notice;
	(b)	a person cannot give a notice to the provider of an RSA after the person has ceased to hold the RSA;
	(c)	a person cannot revoke or withdraw a notice (but may vary it under subsection (1CD)).
	(1CD)	A person may at any time give written notice to the provider of an RSA reducing the amount covered by a notice under subsection (1CB), but not below the amount that has been allowed as a deduction to the person under this section for contributions covered by the notice.
29  Subsection 82AAT(1E)
After “(1A)”, insert “or (1CB)”.
30  Subsection 82AAT(1F)
After “complying superannuation fund”, insert “, or to an RSA,”.
31  Paragraph 82AAT(2A)(a)
Omit “paragraph (1)(d) and subsection (1A)”, substitute “paragraphs (1)(d) and (1CA)(c) and subsections (1A) and (1CB)”.
32  Subsection 82AAT(3)
After “27A(12)(a)”, insert “or 27A(12)(d)”.
33  Subsection 110(1) (after subparagraph (b)(ii) of the definition of AD/RLA policy)
Insert:
	(iia)	an RSA;
34  Subsection 110(1) (definition of annuity)
Repeal the definition, substitute:
annuity means:
	(a)	an annuity, within the meaning of the Superannuation Industry (Supervision) Act 1993; or
	(b)	a pension, within the meaning of the Retirement Savings Accounts Act 1996.
35  Subsection 110(1) (paragraph (a) of the definition of exempt policy)
After “eligible policy”, insert “other than an RSA”.
36  Subsection 110(1) (after subparagraph (b)(i) of the definition of exempt policy)
Insert:
	(ia)	an RSA;
37  Subsection 110(1)
Insert:
general fund assessable income means:
	(a)	assessable income other than fund assessable income; and
	(b)	so much of the fund assessable income as relates to RSAs;
but does not include:
	(c)	AD premiums; or
	(d)	specified roll-over amounts (other than those paid into an RSA); or
	(e)	amounts included in assessable income under section 275.
38  Subsection 110(1)
Insert:
general fund component means the component of the taxable income determined under section 116CJ for the general fund class.
39  Subsection 110(1) (definition of life assurance policy)
Repeal the definition, substitute:
life assurance policy includes:
	(a)	an instrument securing the grant of an annuity, whether or not for a term dependent upon human life; and
	(b)	an RSA where the provider is a life assurance company.
40  Subsection 110(1) (definition of non-fund assessable income)
Repeal the definition.
41  Subsection 110(1) (definition of non-fund component)
Repeal the definition.
42  Subsection 110(1)
Insert:
RSA component means the component of the general fund component worked out under section 116DAC.
43  Subsection 110(1)
Insert:
standard component means the component of the general fund component worked out under section 116DAD.
44  Subsection 110(1)
Insert:
taxable contribution has the same meaning as in Part IX.
45  After subsection 111(1A)
Insert:
	(1B)	Subsection (1) is subject to section 116DAB which deals with RSAs.
46  Subsection 111AC(1)
After “superannuation premiums”, insert “or RSA contributions”.
Note:	The heading to section 111AC is altered by adding at the end “and RSA contributions”.
47  Subsection 111AC(2)
After “superannuation policies” (wherever occurring), insert “or RSAs”.
48  Paragraph 111AC(2)(e)
After “superannuation premiums”, insert “or RSA contributions”.
49  Subsection 111AC(3)
After “superannuation premiums”, insert “and RSA contributions”.
50  Paragraph 111AC(6)(b)
After “superannuation premiums”, insert “and RSA contributions”.
51  Subsection 111AD(1) (after paragraph (a) of the definition of relevant life assurance premiums)
Insert:
	(aa)	RSA contributions; or
52  Subsection 111C(4) (paragraph (a) of the definition of Assessable income)
After “superannuation premiums”, insert “, and RSA contributions,”.
53  Subparagraph 112(1)(a)(i)
After “superannuation premiums”, insert “, and RSA contributions,”.
54  After paragraph 112A(1A)(a)
Insert:
	and (aa)	taxable contributions; and
55  Subsection 113(5) (paragraph (a) of the definition of assessable income)
After “superannuation premiums”, insert “, and RSA contributions,”.
56  Paragraph 113A(1)(c)
After “superannuation premiums”, insert “, and RSA contributions,”.
57  Paragraph 113A(2)(b)
After “superannuation premiums”, insert “, RSA contributions”.
58  After paragraph 113A(5)(a)
Insert:
	(aa)	RSA contributions; or
59  Subsection 116CA(1) (table item 3)
Repeal the item, substitute:

3	General fund	RSA	
60  Subsection 116CA(2) (table)
After item 2, insert:

3	General fund	RSA	
61  Subsection 116CC(2)
Omit “non-fund class” (wherever occurring), substitute “general fund class”.
62  Paragraph 116CD(5)(a)
Omit “non-fund”, substitute “general fund”.
63  Before paragraph 116CD(6)(a)
Insert:
	(aa)	general fund;
64  Subsection 116CE(2)
Omit “non-fund” (wherever occurring), substitute “general fund”.
65  Paragraph 116CE(2)(a)
Omit “116CC(2)”, substitute “116CB(3) or 116CC(2)”.
66  After paragraph 116CE(2)(a)
Insert:
	(aa)	any assessable income allocated to that class under subsection (5) of this section; and
	(ab)	any amounts included in the assessable income of an RSA provider under section 116 DAB; and
67  Paragraph 116CF(4)(a)
After “superannuation premiums”, insert “and RSA contributions”.
68  At the end of section 116CF
Add:
	(8)	For the purposes of the application of subsection (2) to the general fund class of assessable income, the definition of income of class has effect as if RSA contributions to which section 111AC applies were assessable income of that class.
69  Paragraph 116CH(1)(a)
Omit “non-fund”, substitute “general fund”.
70  Before paragraph 116CH(2)(a)
Insert:
	(aa)	general fund;
71  After Subdivision A of Division 8 of Part III
Insert:
Subdivision AA—RSA providers
116DAA  RSA component of general fund component
		The general fund component of an RSA provider that is a life assurance company is divided into the RSA component and the standard component.
Note:	Other RSAs are covered by Division 7A of Part IX.
116DAB  Amounts included in assessable income
		The following amounts are included in the assessable income of an RSA provider that is a life assurance company:
	(a)	all taxable contributions made; and
	(b)	subject to section 116DAF, other amounts (other than contributions) credited;
during the year of income, to RSAs provided by the RSA provider.
116DAC  Calculation of RSA component
	(1)	This section sets out how to calculate the RSA component of an RSA provider’s general fund component.
	(2)	The RSA component of an RSA provider’s general fund component is the lesser of the amount of the general fund component and the amount calculated by taking the sum of:
	(a)	all taxable contributions made; and
	(b)	other amounts (other than contributions) credited;
during the year of income, to RSAs provided by the RSA provider, and reducing that amount by any amounts paid from the RSA other than benefits paid to, or in respect of, the holder of the RSA.
	(3)	In calculating the sum, the amounts set out in subsections (4) and (5) are taken not to have been credited.
	(4)	Amounts credited to an RSA where an annuity was paid from the RSA in respect of so much of the year of income as the RSA existed.
	(5)	Where an annuity was being paid from an RSA, in respect of a part, but not the whole, of so much of the year of income as the RSA existed, amounts worked out using the following formula:

116DAD  Standard component of general fund component
		The standard component of the general fund component of an RSA provider is the amount (if any) remaining after deducting the RSA component from the general fund component.
116DAE  Deductions from assessable income of RSA providers
		No deduction is allowable in respect of amounts credited to RSAs.
116DAF  Exempt income of RSA providers
		Any amounts that, but for the operation of subsection 116DAC(3), would have been taken into account under paragraph 116DAC(2)(b) in calculating the RSA component of the RSA provider’s general fund component for the year of income, are exempt.
72  Section 116DC
Omit “non-fund”, substitute “general fund”.
Note:	The heading to section 116DC is altered by omitting “non-fund” and substituting “general fund”.
73  Section 116DE
Omit “non-fund”, substitute “general fund”.
Note:	The heading to section 116DE is altered by omitting “non-fund” and substituting “general fund”.
74  Section 116DF
Omit “non-fund” (wherever occurring), substitute “general fund”.
75  Section 140C (definition of pension)
Repeal the definition, substitute:
pension means:
	(a)	a pension, within the meaning of the Superannuation Industry (Supervision) Act 1993; or
	(b)	a pension, within the meaning of the Retirement Savings Accounts Act 1996.
76  Subsection 159SJ(1) (definition of rebatable superannuation pension)
After “a superannuation pension”, insert “paid from an RSA or paid from a fund”.
77  Subsection 159SZ(2) (definition of eligible personal superannuation contributions)
Omit the definition, substitute:
eligible personal superannuation contributions, in relation to a taxpayer, means:
	(a)	contributions made by the taxpayer to a fund where:
	(i)	the fund is a complying superannuation fund in relation to the year of income of the fund in which the contributions are made; and
	(ii)	the contributions are made to obtain superannuation benefits for the taxpayer or, in the event of the death of the taxpayer, for dependants of the taxpayer; and
	(b)	contributions made by the taxpayer to an RSA where the contributions are made to obtain superannuation benefits for the taxpayer or, in the event of the death of the taxpayer, for dependants of the taxpayer.
78  Section 160APA
Insert:
general fund component has the same meaning as in Division 8 of Part III.
79  Section 160APA (definition of non-fund component)
Repeal the definition.
80  After subsection 160APAAA(2)
Insert:
	(2A)	If the company is an RSA provider, other than one that is a life assurance company, the reduction amount in relation to a basic amount that is attributable to a payment of tax is the whole, or any part, of the payment that is attributable to the RSA business of the company.
81  Subsection 160APAAA(3)
After “(2)”, insert “or (2A)”.
82  After subsection 160APAAA(3)
Insert:
	(3A)	The regulations may provide for the method of calculating the amount that is attributable to the RSA business of the company.
	(3B)	If regulations made under subsection (3A) provide for the calculation to include the use of an estimate made by the company, the regulations may also provide that a franking debit, worked out in accordance with the regulations, of a company arises at a particular time if an estimate by the company is incorrect.
	(3C)	If regulations are made under subsection (3A), the regulations may also provide that a franking debit or a franking credit, worked out in accordance with the regulations, of a company arises at a particular time where it is necessary to ensure that the reductions made under this section properly reflect the amount of the taxable income of the company for a year of income that is attributable to the RSA business of the company.
83  Section 160APHB
Omit “non-fund” (wherever occurring), substitute “general fund”.
84  Section 160APVA
Omit “Non-fund” (wherever occurring), substitute “General fund”.
85  Section 160APVA
Omit “non-fund” (wherever occurring), substitute “general fund”.
86  Subsection 160APVBA(2)
Omit “Non-fund” (wherever occurring), substitute “General fund”.
87  Subsection 160APVBA(2)
Omit “non-fund”, substitute “general fund”.
88  Subsection 160APVBB(2)
Omit “Non-fund” (wherever occurring), substitute “General fund”.
89  Subsection 160APVBB(2)
Omit “non-fund”, substitute “general fund”.
90  Section 160APVC
Omit “Non-fund” (wherever occurring), substitute “General fund”.
91  Section 160APVC
Omit “non-fund” (wherever occurring), substitute “general fund”.
92  Section 160APVD
Omit “Non-fund” (wherever occurring), substitute “General fund”.
93  Section 160APVD
Omit “non-fund” (wherever occurring), substitute “general fund”.
94  Section 160AQCCA
Omit “Non-fund” (wherever occurring), substitute “General fund”.
95  Section 160AQCCA
Omit “non-fund” (wherever occurring), substitute “general fund”.
96  Section 160AQCD
Omit “Non-fund” (wherever occurring), substitute “General fund”.
97  Section 160AQCD
Omit “non-fund” (wherever occurring), substitute “general fund”.
98  Section 160AQCE
Omit “Non-fund” (wherever occurring), substitute “General fund”.
99  Section 160AQCE
Omit “non-fund” (wherever occurring), substitute “general fund”.
100  Subsection 160AQCJ(2)
Omit “Non-fund” (wherever occurring), substitute “General fund”.
101  Subsection 160AQCJ(2)
Omit “non-fund”, substitute “general fund”.
102  Subsection 160AQCK(2)
Omit “Non-fund” (wherever occurring), substitute “General fund”.
103  Subsection 160AQCK(2)
Omit “non-fund”, substitute “general fund”.
104  Subsection 160AQCL(2)
Omit “Non-fund” (wherever occurring), substitute “General fund”.
105  Subsection 160AQCL(2)
Omit “non-fund”, substitute “general fund”.
106  At the end of Division 16 of Part IIIA
Add:
160ZZJA  RSAs
	(1)	This Part does not apply in respect of the disposal of a right to, or to any part of, an RSA.
	(2)	For the purposes of subsection (1), but without limiting the generality of section 160M, an act, transaction or event that results in the payment of an amount to a person out of an RSA constitutes the disposal of the right of the person to the amount.
107  At the end of section 202
Add:
	; and (k)	to facilitate:
	(i)	the administration of Part 8 and 11 of the Retirement Savings Accounts Act 1996 in relation to individuals; and
	(ii)	the administration of that Act in relation RSA providers.
108  At the end of Division 4 of Part VA
Add:
202DI  Tax file number quoted for RSA purposes taken to be quoted for purposes of the taxation eligible termination payments
		If a person (the first person) who is the holder of an RSA has quoted his or her tax file number to the provider of the RSA in connection with the operation or possible future operation of the Retirement Savings Accounts Act 1996, the first person is taken, so long as he or she continues to be the holder of the RSA, to have quoted that tax file number to the provider of the RSA as mentioned in subregulation 98(8) and regulation 100 of the Income Tax Regulations.
109  Subsection 221AK(1)
Insert:
general fund component has the same meaning as in Division 8 of Part III.
110  Subsection 221AK(1) (definition of non-fund component)
Repeal the definition.
111  Subparagraph 221AL(b)(ii)
Omit “non-fund”, substitute “general fund”.
112  Subparagraph 221AZB(3)(b)(ii)
Omit “non-fund”, substitute “general fund”.
113  Subparagraph 221AZE(2)(b)(ii)
Omit “non-fund”, substitute “general fund”.
114  Subsection 221A(1) (definition of pension)
Repeal the definition, substitute:
pension means:
	(a)	a pension, within the meaning of the Superannuation Industry (Supervision) Act 1993; or
	(b)	a pension, within the meaning of the Retirement Savings Accounts Act 1996.
115  Subsection 267(1) (definition of pension)
Repeal the definition, substitute:
pension means:
	(a)	a pension, within the meaning of the Superannuation Industry (Supervision) Act 1993; or
	(b)	a pension, within the meaning of the Retirement Savings Accounts Act 1996.
116  Subsection 267(1)
Insert:
RSA component has the meaning given by section 299C.
117  Subsection 267(1) (definition of specified roll-over amount)
After “entity” (wherever occurring), insert “or RSA provider”.
118  Subsection 267(1) (at the end of the definition of standard component)
Add:
	; or (d)	in relation to an RSA—has the meaning given by section 299D.
119  Subsection 274(1)
After “PST)”, insert “or an RSA”.
120  After paragraph 274(1)(b)
Insert:
	(ba)	in the case of an RSA:
	(i)	contributions made for the purpose of making provision for superannuation benefits for another person; and
	(ii)	a specified roll-over amount; and
	(iii)	a contribution of the kind mentioned in paragraph 82AAT(1CA)(b), to the extent to which the contribution:
	(A)	is covered by a notice under subsection 82AAT(1CB) received by the RSA provider before the date on which the RSA provider lodges its return of income for the contribution year; and
	(B)	has not been rolled-over as mentioned in paragraph 27A(13)(a); and
	(iv)	a contribution made under section 65 of the Superannuation Guarantee (Administration) Act 1992;
121  After subsection 274(2)
Insert:
	(3)	Subject to this Division, if:
	(a)	in a year of income (the notice year) an RSA provider receives a notice under subsection 82AAT(1CB) in relation to contributions that were made to an RSA provided by the RSA provider during a year of income (the contribution year); and
	(b)	the RSA provider receives the notice after the date on which the RSA provider lodged its return of income for the contribution year;
the contributions, to the extent to which they are covered by the notice, are taxable contributions in relation to the notice year.
122  After subsection 276(1)
Insert:
	(2)	Subject to this section, if:
	(a)	in a year of income (the notice year) an RSA provider receives a notice under subsection 82AAT(1CD) in relation to contributions that were made to an RSA provided by the RSA provider in an earlier year of income (the contribution year); and
	(b)	the RSA provider receives the notice after the date on which the RSA provider lodged its return of income for the contribution year; and
	(c)	apart from this section, the assessable income of the RSA provider of the contribution year would include an amount (the clawback amount) that would not have been included if the RSA provider had received the notice before that date;
the clawback amount is allowable as a deduction from the assessable income of the RSA provider for the notice year.
123  Subsections 276(3) and (4)
After “fund” (wherever occurring), insert “or RSA provider”.
124  After section 277
Insert:
277AA  Deposits treated as assessable in determining deductions for RSA providers who are not life assurance companies
		In determining the deductions allowable from the assessable income of an RSA provider that is not a life assurance company, any amount that is paid to the RSA provider as mentioned in subsection 274(1), or is a contribution to which subsection 82AAT(1CA) applies, is taken to be assessable income of the RSA provider (whether or not it is a taxable contribution).
125  After Division 7 of Part IX
Insert:
Division 7A—RSA providers
299A  RSA component of taxable income
		The taxable income of an RSA provider (other than one that is a life assurance company) is divided into the RSA component and the standard component.
Note:	RSA providers that are life assurance companies are covered by Division 8 of Part III.
299B  Amounts included in assessable income
		The following amounts are included in the assessable income of an RSA provider that is not a life assurance company:
	(a)	all taxable contributions made; and
	(b)	subject to section 299G, other amounts (other than contributions) credited;
during the year of income, to RSAs provided by the RSA provider.
299C  Calculation of RSA component
	(1)	This section sets out how to calculate the RSA component of an RSA provider’s taxable income.
	(2)	The RSA component of an RSA provider’s taxable income is the lesser of the amount of the taxable income and the amount calculated by taking the sum of:
	(a)	all taxable contributions made; and
	(b)	other amounts (other than contributions) credited;
during the year of income, to RSAs provided by the RSA provider and reducing that amount by any amounts paid from the RSA other than benefits paid to, or in respect of, the holder of the RSA.
	(3)	In calculating the sum, the amounts set out in subsections (4) and (5) are taken not to have been credited.
	(4)	Amounts credited to an RSA where a pension was paid from the RSA in respect of so much of the year of income as the RSA existed.
	(5)	Where a pension was being paid from an RSA, in respect of a part, but not the whole, of so much of the year of income as the RSA existed, amounts worked out using the following formula:

299D  Standard component of taxable income
		The standard component of the taxable income of an RSA provider is the amount (if any) remaining after deducting the RSA component from the taxable income.
299E  Deductions from assessable income of RSA providers
	(1)	Any amounts paid, during a year of income, as premiums for an insurance policy that is wholly to provide death or disability benefits under RSAs provided by the RSA provider are allowable as deductions in calculating the taxable income for the year of income of the RSA provider.
	(2)	No deduction is allowable in respect of amounts withdrawn from, or benefits paid in relation to, RSAs.
	(3)	No deduction is allowable for amounts credited to RSAs.
299F  Clawback of rebates or refunds of deductible premiums
	(1)	If an RSA provider receives in a year of income a rebate or refund of a premium which has, in whole or in part, been allowed or is allowable as a deduction under subsection 299E(1), so much of that rebate or refund as is attributable to that deduction is to be included in the assessable income of the RSA provider for the year of income.
	(2)	Nothing in subsection (1) limits the circumstances in which other rebates or refunds are included in the assessable income.
299G  Exempt income of RSA providers
		Any amounts that, but for the operation of subsection 299C(3), would have been taken into account under paragraph 299C(2)(b) in calculating the RSA component of the RSA provider’s income for the year of income are exempt.

Schedule 14—Amendment of the Superannuation Guarantee Charge Act 1992
1  Title
After “employers to”, insert “RSAs or”.

Schedule 15—Amendment of the Superannuation Guarantee (Administration) Act 1992
1  Subsection 6(1)
Insert:
RSA has the same meaning as in the Retirement Savings Accounts Act 1996.
2  Subsection 6(1)
Insert:
RSA provider has the same meaning as in the Retirement Savings Accounts Act 1996.
3  Subsection 14(1)
After “a superannuation fund”, insert “, or the holder of an RSA,”.
4  Paragraphs 14(1)(a), (ab) and (b)
After “the fund”, insert “or the RSA”.
5  Paragraph 14(2)(c)
After “the fund”, insert “or the RSA”.
6  Subsection 14(3)
After “the fund”, insert “or the RSA”.
7  Paragraph 15A(4)(a)
After “superannuation fund”, insert “or an RSA provider”.
8  Subsection 15A(6) (definition of benefit body)
After “company”, insert “, an RSA provider”.
9  Subsection 15A(6) (definition of pension)
Repeal the definition, substitute:
pension means a pension within the meaning of the Superannuation Industry (Supervision) Act 1993 or the Retirement Savings Accounts Act 1996.
10  Subsection 23(1)
After “relation”, insert “to RSAs and”.
Note:	The heading to section 23 is altered by inserting “RSA or to” after “made to”.
11  Paragraph 23(2)(a)
After “superannuation fund”, insert “or an RSA”.
12  Paragraph 23(2)(c)
After “superannuation fund”, insert “or an RSA”.
13  Subsection 23(2) (definition of A)
After “the fund”, insert “or the RSA”.
14  Paragraph 23(3)(a)
After “superannuation fund”, insert “or an RSA”.
15  Paragraph 23(3)(c)
After “superannuation fund”, insert “or an RSA”.
16  Subsection 23(3) (definition of A)
After “the fund”, insert “or the RSA”.
17  Paragraph 23(4)(a)
After “superannuation fund”, insert “or an RSA”.
18  Subsection 23(4) (definition of A)
After “the fund”, insert “or the RSA,”.
19  Subsection 23(4) (sub-subparagraph (A) of the definition of A)
After “superannuation fund”, insert “or the RSA”.
20  Subsection 23(4) (sub-subparagraph (B) of the definition of A)
After “the fund”, insert “or the RSA”.
21  Subsection 23(4) (sub-subparagraph (B) of the definition of B)
After “the fund” (wherever occurring), insert “or the RSA”.
22  Paragraph 23(4A)(a)
After “a superannuation fund”, insert “or an RSA”.
23  Paragraph 23(4A)(e)
After “superannuation fund”, insert “or the RSA”.
24  Paragraph 23(5)(a)
After “superannuation fund”, insert “or an RSA”.
25  Subsection 23(5) (definition of A)
After “the fund”, insert “or the RSA”.
26  Subsection 23(5) (sub-subparagraph (A) of the definition of A)
After “superannuation fund”, insert “or the RSA”.
27  Subsection 23(5) (sub-subparagraph (B) of the definition of A)
After “the fund”, insert “or the RSA”.
28  Subsection 23(5) (sub-subparagraph (B) of the definition of B)
After “the fund” (wherever occurring), insert “or the RSA”.
29  Subsection 23(6A)
After “superannuation fund”, insert “or an RSA”.
30  Subsection 23(7)
After “superannuation fund”, insert “or an RSA”.
31  Subsection 23(8)
After “superannuation fund”, insert “or an RSA”.
32  Subsection 23(8A)
After “fund” (wherever occurring), insert “or RSA”.
33  Subsection 23(9A)
After “superannuation fund” (wherever occurring), insert “or RSA”.
34  Paragraph 65(1)(a)
After “of the employee,”, insert “to an RSA,”.

Schedule 16—Amendment of the Small Superannuation Accounts Act 1995
1  Section 3
After “superannuation fund”, insert “or RSA”.
2  Section 4
Insert:
provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1996.
3  Section 4
Insert:
RSA has the same meaning as in the Retirement Savings Accounts Act 1996.
4  Section 4
Insert:
RSA provider has the same meaning as in the Retirement Savings Accounts Act 1996.
5  Section 4 (definition of superannuation contribution)
After “superannuation fund”, insert “, an RSA”.
6  Section 14
After “to superannuation fund”, insert “or RSA”
7  Section 14
After “to a superannuation fund”, insert “or RSA”.
8  Section 56
After “superannuation funds”, insert “or RSAs”.
9  Heading to Division 4 of Part 7
Repeal the heading, substitute:
Division 4—Transfer of account balances to RSAs and superannuation funds
10  Paragraph 61(1)(a)
After “account balance”, insert “to a specified RSA or”.
Note:	The heading to section 61 is replaced by the heading “Transfer to RSA or superannuation fund”.
11  Subsection 61(4)
Omit “to the trustee”, substitute “to the provider of the RSA, or to the trustee”.
12  Subsection 61(4)
Omit “that the trustee”, substitute “that the RSA provider or the trustee”.
13  Paragraph 61(7)(b)
Omit “the trustee”, substitute “the RSA provider or the trustee”.

Schedule 17—Amendment of the Fringe Benefits Tax Assessment Act 1986
1  Subsection 136(1) (at the end of paragraph (j) of the definition of fringe benefit)
Add:
	or (iii)	the making of a payment of money to an RSA (within the meaning of the Retirement Savings Accounts Act 1996);

Schedule 18—Amendment of the Income Tax Rates Act 1986
1  Subsection 3(1)
Insert:
general fund component has the same meaning as in Division 8 of Part III of the Assessment Act.
2  Subsection 3(1) (definition of non-fund component)
Repeal the definition.
3  Subsection 3(1)
Insert:
RSA component:
	(a)	in relation to a life assurance company—has the same meaning as in Division 8 of Part III of the Assessment Act; or
	(b)	in any other case—has the same meaning as in Part IX of the Assessment Act.
4  Subsection 3(1) (definition of standard component)
Repeal the definition, substitute:
standard component:
	(a)	in relation to a life assurance company—has the same meaning as in Division 8 of Part III of the Assessment Act; or
	(b)	in any other case—has the same meaning as in Part IX of the Assessment Act.
5  After paragraph 23(2)(c)
Insert:
	(ca)	an RSA provider; or
6  After paragraph 23(4A)(b)
Insert:
	(ba)	in respect of the RSA component of the general fund component—15%;
7  Paragraph 23(4A)(c)
Omit “non-fund component”, substitute “standard component of the general fund component”.
8  After subsection 23(4B)
Insert:
	(4BA)	The rates of tax in respect of the taxable income of a company, other than a life assurance company that is an RSA provider are:
	(a)	in respect of the RSA component—15%; and
	(b)	in respect of the standard component—36%.