Commonwealth Numbered Regulations - Explanatory Statements

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RETIREMENT SAVINGS ACCOUNTS AMENDMENT REGULATIONS 1999 (NO. 2) 1999 NO. 315

STATUTORY RULES 1999 No. 315

Issued by the Authority of the Assistant Treasurer

Retirement Savings Accounts Act 1997

Retirement Savings Accounts Amendment Regulations 1999 (No. 2)

The Regulations amend the Retirement Savings Accounts Regulations 1997 (the RSA Regulations) as a consequence of a package of legislative measures which improve and consolidate existing provisions governing the reporting of lost superannuation members and the lost members register.

The Governor-General may make Regulations under section 200 of the Act.

Background

The Superannuation (Unclaimed Money and Lost Members) Act 1999, the Superannuation (Unclaimed Money and Lost Members) Consequential and Transitional Act 1999, the Superannuation Industry (Supervision) Amendment Regulations 1999, and the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 represent a package of legislative measures designed to consolidate and improve existing provisions relating to the reporting of lost superannuation members to the Commissioner of Taxation.

As a result of that package of measures, consequential amendments are required to the RSA Regulations to remove the existing lost member reporting requirements from the RSA Regulations (they are replaced by new requirements in the Superannuation (Unclaimed Money and Lost Members) Regulations 1999).

The Regulations are described in detail in the attachment. The Regulations commence on gazettal.

ATTACHMENT

Retirement Savings Accounts Amendment Regulations 1999 (No. 2)

Explanation of the Amendments

Regulation 1 specifies the name of the Regulations as the Retirement Savings Accounts Amendment Regulations 1999.

Regulation 2 provides that the Regulations commence on gazettal.

Regulation 3 provides that Schedule 1 amends the Retirement Savings Accounts Regulations 1997.

Item 1 of Schedule 1

Item 1 of Schedule 1 amends the explanatory note for the definition of 'lost RSA holder' in Regulation 1.06 as a consequence of the transfer of provisions relating to the reporting of lost RSA holders from Regulation 6.09 of the RSA Regulations to the Superannuation (Unclaimed Money and Lost Members) Regulations 1999.

Items 2, 3 and 4 of Schedule 1

Regulation 3.12 of the RSA Regulations provides benefit protection for lost RSA holders that have become 'reportable' pursuant to sub-Regulation 6.09(2). Sub-Regulation 6.09(2) will be repealed by Item 5 of Schedule 1 as part of the broader repeal of Regulation 6.09 (Regulation 6.09 is being subsumed into the Superannuation (Unclaimed Money and Lost Members) Regulations 1999).

Consequent upon the repeal of sub-Regulation 6.09(2), items 2, 3 and 4 of Schedule 1 make consequential amendments to Regulation 3.12 to incorporate the 'reportable' element of repealed sub-Regulation 6.09(2) into Regulation 3.12. This will ensure that the benefit protection rules in Regulation 3.12 are self-contained and continue to have their existing effect.

Item 5 of Schedule 1

Item 5 repeals Regulation 6.09 as a consequence of the transfer of provisions relating to the reporting of lost RSA holders from Regulation 6.09 to the Superannuation (Unclaimed Money and Lost Members) Regulations 1999.