Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

Division 4.1 - Introductory  

Subdivision 4.1.4 - Unrestricted non-preserved benefits  

REGULATION 4.13   UNRESTRICTED NON-PRESERVED BENEFITS  

4.13(1)   [ Amount of unrestricted non-preserved benefits ]  

Subject to Subdivision 4.1.5 , the amount of the unrestricted non-preserved benefits of the holder of an RSA in the RSA is the sum of:

(a) the amount of benefits of the RSA holder that have become unrestricted non-preserved benefits in accordance with regulation 4.14 ; and

(b) the amounts specified in subregulation (2) that the RSA institution receives, before 1 July 2004, in respect of the RSA holder; and

(c) the amount of unrestricted non-preserved benefits received by the RSA institution in respect of the RSA holder; and

(d) the amount of any investment earnings for the period before 1 July 1999 on the amounts mentioned in paragraphs (a), (b) and (c).

4.13(2)   [ Amounts specified under subreg (1)(b) ]  

The amounts mentioned in paragraph (1)(b) are amounts (other than an amount that is a capital gains tax exempt component) that:

(a) will be taken by section 27D of the Tax Act, as in force before 1 July 2007, to have been expended out of eligible termination payments within the meaning of that section; and

(b) have been received from sources other than:

(i) RSAs; or

(ii) superannuation funds within the meaning of the SIS Act; or

(iii) approved deposit funds within the meaning of:

(A) the SIS Act; or

(B) the Occupational Superannuation Standards Act 1987 as in force immediately before the commencement of section 5 of the Occupational Superannuation Standards Amendment Act 1993 ; or

(iv) deferred annuities within the meaning of:

(A) this Part; or

(B) the Occupational Superannuation Standards Regulations.

4.13(3)   [ Preserved benefits ]  

However, if:

(a) on or after 1 July 1999, a deduction is allowed for the RSA holder under the former section 82AAT of the Income Tax Assessment Act 1936 for an RSA holder contribution made before 1 July 1999; and

(b) the benefits arising from the contribution were previously allocated to restricted non-preserved benefits that became unrestricted non-preserved benefits under subregulation 4.14(2) ;

the benefits are taken to be preserved benefits.