Commonwealth Numbered Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997

TABLE OF PROVISIONS

           Long Title

   1.      1 Short title  
   2.      2 Commencement  
   3.      3 General administration of Act  
   4.      4 Application of Act not to be excluded or modified  
   5.      5 Act extends to external Territories  
   6.      6 Crown to be bound  
   7.      7 Brief summary of the Act  
   8.      8 Definition of RSA  
   9.      9 Meaning of hold and holder  
   10.     10 Meaning of provide and provider  
   11.     11 Who is an RSA institution?  
   12.     12 Who is an RSA provider?  
   13.     13 Who is an eligible person?  
   14.     14 What capital guaranteed means  
   15.     15 RSA benefits  
   16.     16 Definitions  
   17.     17 Approvals, determinations etc. by Commissioner  
   18.     18 Associates  
   19.     19 Definitions of employee and employer  
   20.     20 Definition of dependant  
   21.     21 Persons involved in contravention  
   22.     22 Object of Part  
   23.     23 Application for approval  
   24.     24 Further information may be requested  
   25.     25 Period within which application for approval is to be decided  
   26.     26 Deciding an application for approval  
   27.     27 When an approval is in force  
   28.     28 Application for variation of an approval  
   29.     29 An application must be decided within a period of time  
   30.     30 Commissioner may vary an approval on his or her own initiative  
   31.     31 Notifying the RSA institution of the outcome of an application  
   32.     32 When a variation of approval comes into force  
   33.     33 Suspension or revocation of approval  
   34.     34 Consequences of suspension or revocation  
   35.     35 Notification of breach of conditions  
   36.     36 Interpretation  
   37.     37 Object of Part  
   38.     38 Operating standards for RSAs  
   39.     39 Prescribed operating standards must be complied with  
   40.     40 Interest off-set arrangements etc. not permitted  
   41.     41 Certain uses of RSAs prohibited  
   42.     42 RSA provider not to breach capital guarantee  
   43.     43 Civil liability where section 42 contravened  
   44.     44 RSA provider to lodge annual returns  
   45.     45 Object of Part  
   46.     46 Contravention of Part does not affect validity of a transaction or any other act  
   47.     47 Duty to establish arrangements for dealing with inquiries or complaints  
   48.     48 Duty to keep minutes and records  
   49.     49 Duty to keep reports  
   50.     50 Duty to transfer balance of RSA  
   51.     51 Application forms  
   52.     52 Employers must provide employees with alternative options  
   53.     53 Information to be given to a person before becoming an RSA holder  
   54.     54 Information to be given to employers who apply for RSAs on behalf of employees  
   55.     55 Documents to be given to employees  
   56.     56 Regulations requiring the giving of information  
   57.     57 Order to stop contracts etc. for provision of new RSAs  
   58.     58 When a stop order is in force  
   59.     59 Revocation of stop order  
   60.     60 Effect of stop order  
   61.     61 RSA provider to comply with requirements of the regulations in relation to certain money  
   62.     62 Cooling-off period where employer applies for RSA  
   63.     63 Object of Part  
   64.     64 Records  
   65.     65 Audit of records  
   66.     66 Obligations of auditors-compliance  
   67.     67 Auditors-disqualification orders  
   68.     68 Commissioner may refer matters to a professional association  
   69.     69 Object of Part  
   70.     70 Regulated acts  
   71.     71 Fraudulently inducing a person to engage in a regulated act- criminal liability  
   72.     72 Misleading conduct in connection with a regulated act-civil liability  
   73.     73 Misleading conduct by RSA providers-civil liability  
   74.     74 Civil liability where section 72, 73 or 78 contravened  
   75.     75 Regulated documents not to be false or misleading-criminal liability  
   76.     76 Regulated documents not to be false or misleading-civil liability  
   77.     77 Statements by experts  
   78.     78 Improper conduct in the provision of RSAs  
   79.     79 Contravention of Part does not affect validity of transactions etc.  
   80.     80 Object of Part  
   81.     81 Meaning of unclaimed money  
   82.     82 Statement of unclaimed money  
   83.     83 Payment of unclaimed money to Commissioner of Taxation  
   84.     84 Payment of unclaimed money to a State or Territory authority  
   85.     85 Register of unclaimed money  
   86.     86 Meaning of State or Territory authority  
   87.     87 Object of Part  
   88.     88 Interpretation  
   89.     89 Payment of benefits to eligible rollover fund  
   90.     90 Operating standards for RSA providers-information and records  
   91.     91 Objects of Part  
   92.     92 Information to be given to Commissioner  
   93.     93 Commissioner may require production of books  
   94.     94 Access to premises  
   95.     95 Investigation of RSA provider  
   96.     96 Inspectors  
   97.     97 Delegation by inspector  
   98.     98 Commissioner may exercise powers of inspector  
   99.     99 Inspector may enter premises for purposes of an investigation  
   100.    100 Inspector may require production of books  
   101.    101 Powers of inspector to require assistance from, and examine, current and former relevant persons and other persons  
   102.    102 Application for warrant to seize books not produced  
   103.    103 Grant of warrant  
   104.    104 Powers if books produced or seized  
   105.    105 Powers if books not produced  
   106.    106 Application of Division  
   107.    107 Requirements made of an examinee  
   108.    108 Examination to be in private  
   109.    109 Examinee's lawyer may attend  
   110.    110 Record of examination  
   111.    111 Giving copies of record to other persons Copies for proceedings  
   112.    112 Copies given subject to conditions  
   113.    113 Record to accompany report  
   114.    114 Report of inspector  
   115.    115 Persons to comply with requirements made under this Act  
   116.    116 Concealing books relevant to investigation  
   117.    117 Self-incrimination  
   118.    118 Legal professional privilege  
   119.    119 Powers of Court where non-compliance with this Act  
   120.    120 Statements made at an examination: proceedings against examinee  
   121.    121 Statements made at an examination: other proceedings  
   122.    122 Weight of evidence admitted under section 121  
   123.    123 Objection to admission of statements made at examination  
   124.    124 Copies of, or extracts from, certain books  
   125.    125 Report under Division 5  
   126.    126 Exceptions to admissibility of report  
   127.    127 Material otherwise admissible  
   128.    128 Commissioner may cause civil proceeding to be begun  
   129.    129 Person complying with requirement not to incur liability to another person  
   130.    130 Object of Part  
   131.    131 Employee may quote to employer  
   132.    132 Employer may inform RSA provider of tax file number  
   133.    133 Employer must inform RSA provider of tax file number  
   134.    134 Holder or applicant may quote tax file number  
   135.    135 RSA provider may request holder's or applicant's tax file number  
   136.    136 RSA provider must request person becoming holder of an RSA to quote tax file number  
   137.    137 Use of tax file number for certain purposes  
   138.    138 RSA provider must inform other RSA provider or trustee of certain superannuation entities of tax file number for certain purposes  
   139.    139 Method of quoting tax file number  
   140.    140 Employee taken to have quoted to RSA provider where RSA provider informed by employer  
   141.    141 Information provided by RSA provider taken to have been provided by holder  
   142.    142 Person claiming benefit taken to have quoted where he or she provided tax file number in connection with claim  
   143.    143 Holder or applicant taken to have quoted if he or she quoted for other purposes  
   144.    144 Forms etc. may require tax file number  
   145.    145 Failure to quote tax file number  
   146.    146 State insurance  
   147.    147 This Part to be superannuation law  
   148.    148 Object of Part  
   149.    149 Interpretation  
   150.    150 False or misleading statements  
   151.    151 Incorrectly keeping records etc.  
   152.    152 Recklessly making false or misleading statements  
   153.    153 Intentionally making false or misleading statements  
   154.    154 Intentionally or recklessly incorrectly keeping records etc.  
   155.    155 Incorrectly keeping records with intention of deceiving or misleading etc.  
   156.    156 Falsifying or concealing identity with intention of deceiving or misleading etc.  
   157.    157 Object of Part  
   158.    158 Power to grant relief  
   159.    159 Power of Court to give directions with respect to meetings ordered by the Court  
   160.    160 Irregularities  
   161.    161 Power of Court to prohibit payment or transfer of money or property  
   162.    162 Court may order the disclosure of information or the publication of advertisements-contravention of provisions relating to provision of RSAs etc.  
   163.    163 Injunctions  
   164.    164 Effect of sections 161, 162 and 163  
   165.    165 Power of Court to punish for contempt of court  
   166.    166 Court may resolve transitional difficulties  
   167.    167 Object of Part  
   168.    168 Power of Commissioner to intervene in proceeding  
   169.    169 Civil proceeding not to be stayed  
   170.    170 Evidence of contravention  
   171.    171 Vesting of property  
   172.    172 Object of Part  
   173.    173 Interpretation  
   174.    174 Commissioner's powers of exemption-modifiable provisions  
   175.    175 Commissioner's powers of exemption-general issues  
   176.    176 Enforcement of conditions to which exemption is subject  
   177.    177 Commissioner's powers of modification-modifiable provisions  
   178.    178 Commissioner's powers of modification-general issues  
   179.    179 Revocation of exemptions and modifications  
   180.    180 Publication of exemptions and modifications etc.  
   181.    181 Object of Part  
   182.    182 Commissioner may direct RSA institutions not to accept employer contributions  
   183.    183 RSA contributions-deductions from salary or wages to be remitted promptly  
   184.    184 Compliance with determinations of the Superannuation Complaints Tribunal  
   185.    185 Conduct by directors, servants and agents  
   186.    186 Conviction does not relieve defendant from civil liability  
   187.    187 Liability for damages  
   188.    188 Civil immunity where defendant was complying with this Act  
   189.    189 Review of certain decisions  
   190.    190 Statements to accompany notification of decisions  
   191.    191 Secrecy  
   192.    192 How information may be given to the Commissioner of Taxation  
   193.    193 Commissioner may collect statistical information  
   194.    194 Commissioner may publish statistical information  
   195.    195 This Act and the regulations have effect subject to the Crimes (Superannuation Benefits) Act 1989 and the Australian Federal Police Act 1979  
   196.    196 Payment out of an RSA in accordance with the Bankruptcy Act 1966  
   197.    197 Concurrent operation of State/Territory laws  
   198.    198 Delegation  
   199.    199 Annual reports  
   200.    200 Regulations  
            
           (Assented to 28 May 1997)