RETIREMENT SAVINGS ACCOUNTS REGULATIONS 1997

PART 1 - PRELIMINARY  

REGULATION 1.06   LOST RSA HOLDER  

1.06(1)  
An RSA holder is taken to be a lost RSA holder at a particular time if:


(a) the RSA holder is uncontactable, that is, if and only if:


(i) either:

(A) the RSA provider has never had an address (whether non-electronic or electronic) for the RSA holder; or

(B) the RSA provider has made one or more attempts to send written communications to the RSA holder at the holder ' s last known address (or addresses), and believes, on reasonable grounds, that the holder can no longer be contacted at that address (or those addresses); and

(ia) the RSA holder has not contacted the RSA provider (whether by written communication or otherwise) within the last 12 months of the RSA holder ' s being an RSA holder; and

(ib) the RSA holder has not accessed details about the RSA holder ' s account from any electronic facility provided by the RSA provider within the last 12 months of the RSA holder ' s being an RSA holder; and

(ii) the RSA provider has not received a contribution or rollover in respect of the RSA holder within the last 12 months of the RSA holder ' s being an RSA holder; or


(b) the RSA holder is an inactive RSA holder, that is, if and only if:


(i) he or she has been an RSA holder for longer than 2 years; and

(ii) the RSA has not received a contribution or rollover in respect of him or her within the last 5 years of his or her being an RSA holder;

unless:


(c) within the last 2 years of the RSA holder's being an RSA holder, the RSA provider has verified that the RSA holder's address is correct and has no reason to believe that that address is now incorrect; or


(d) the RSA holder is permanently excluded from being a lost RSA holder.

1.06(1A)  


To avoid doubt, for the purposes of this regulation, a written communication includes a written communication by non-electronic means or by electronic means.

1.06(2)  
For the purposes of subregulation (1), and subject to subregulation (3), an RSA holder is permanently excluded from being a lost RSA holder if:


(a) the RSA holder is an inactive RSA holder who has indicated by a positive act (for example, deferring a benefit in the RSA) that he or she wishes to continue to be an RSA holder; or


(b) the RSA holder has contacted the RSA provider at any time after the time at which he or she became an RSA holder and indicated that he or she wishes to continue being an RSA holder.

1.06(3)  
The RSA provider may decide that:


(a) an RSA holder, a class of RSA holders, or all RSA holders cannot be permanently excluded from becoming lost RSA holders; or


(b) an RSA holder who is, a class of RSA holders who are, or all RSA holders who are permanently excluded from being lost is or are not to continue being permanently excluded from being lost.

1.06(4)  


Subregulations (1), (2) and (3) also apply to a person who is a non-member spouse in relation to an RSA interest that is subject to a payment split as if the person were an RSA holder.
Note:

The consequences of an RSA holder becoming a lost RSA holder are:

  • (a) that the RSA provider must report certain details to the Commissioner of Taxation (see regulation 5 of the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 ); and
  • (b) that, if the RSA holder is transferred to a superannuation entity or an EPSSS, the RSA provider must supply certain information about the RSA holder to the trustee of the superannuation entity or the EPSSS (see regulation 7.9.82 of the Corporations Regulations 2001 ).
  • There may also be consequences regarding the information to be supplied to the RSA holder (see regulation 7.9.61 of, and Part 14 of Schedule 10A to, the Corporations Regulations 2001 ).




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