Retirement Savings Accounts Act 1997

PART 4A - DATA AND PAYMENT REGULATIONS AND STANDARDS RELATING TO RSAS  

Division 1 - Data and payment regulations and standards relating to RSAs  

SECTION 45B   DATA AND PAYMENT REGULATIONS AND STANDARDS RELATING TO RSAS  

45B(1)  
The regulations may make provision for and in relation to data and payment matters relating to RSAs, to be complied with by:


(a) RSA providers; and


(b) employers in their dealings with RSA providers.

45B(2)  
The regulations may prescribe different requirements for different classes of RSA or employer.

45B(3)  
The Commissioner of Taxation may, by legislative instrument, determine standards ( data and payment standards relating to RSAs ) relating to data and payment matters relating to RSAs, applicable to:


(a) RSA providers; and


(b) employers in their dealings with RSAs.

Note:

For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 .

45B(4)  
The data and payment standards relating to RSAs may specify different requirements for different classes of RSA or employer.

45B(5)  
A data and payment matter relating to RSAs is a matter relating to the manner in which payments and information of a kind mentioned in subsection (6):


(a) relating to:


(i) a holder of an RSA; or

(ii) an employee for whose benefit a contribution to an RSA is to be made by an employer; and


(b) connected with the operation of the RSA;

are dealt with.

45B(6)  
The kinds of payments and information are:


(a) transactions, including payments, contributions, roll-over superannuation benefits (within the meaning of the Income Tax Assessment Act 1997 ), allocations, transfers and refunds; and


(b) reports; and


(c) records, including registrations; and


(d) unique identifiers for use with such transactions, reports and records; and


(e) any other kind of payment or information that is prescribed by the regulations for the purposes of this paragraph; and


(f) to avoid doubt, any payment or information of a kind mentioned in paragraphs (a) to (e) and made or provided by the Commissioner of Taxation. Adoption of other instruments

45B(7)  
The regulations or standards may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in any other instrument or writing:


(a) as in force or existing at a particular time; or


(b) as in force or existing from time to time.

45B(8)  


Subsection (7) has effect despite anything in subsection 14(2) of the Legislation Act 2003 . Consultations in preparing data and payment standards relating to RSAs

45B(9)  
The Commissioner of Taxation must consult with APRA in preparing the data and payment standards relating to RSAs.

Note:

For further consultation requirements, see section 17 of the Legislation Act 2003 .

45B(10)  
A failure to comply with subsection (9) does not affect the validity or enforceability of the data and payment standards relating to RSAs.




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