RETIREMENT SAVINGS ACCOUNTS ACT 1997

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

Division 2 - Compliance with data and payment regulations and standards relating to RSAs  

SECTION 45D   COMPLIANCE REQUIREMENT - RSA PROVIDERS  

45D(1)  
An RSA provider must ensure that payments and information relating to a holder of an RSA, or a person for whose benefit a contribution to the RSA is to be made, are dealt with in a manner that complies with any applicable:


(a) regulations made under this Part; and


(b) data and payment standards relating to RSAs.

Note:

Section 288-110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection.

Strict liability offence

45D(2)  
A person commits an offence of strict liability if the person contravenes subsection (1).

Penalty: 20 penalty units.

Note:

For offences of strict liability, see subsection 6.1(1) of the Criminal Code .

45D(3)  
A contravention of subsection (1) does not affect the validity of a transaction.




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