Retirement Savings Account modification declaration No. 1 of 2007

as amended

made under section 177 of the

Retirement Savings Accounts Act 1997

This compilation was prepared on 3 September 2009
taking into account amendments up to Retirement Savings Account modification declaration No. 2 of 2007

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General’s Department, Canberra

I, Wayne Byres, a delegate of APRA, under section 177 of the Retirement Savings Accounts Act 1997 (the Act), DECLARE that regulation 5.03 of the Regulations has effect in relation to the class of persons described in the attached Schedule as if it were modified as specified in the attached Schedule.

The declaration comes into force upon registration on the Federal Register of Legislative Instruments.

Dated   19 November 2007

[Signed]

Wayne Byres

Executive General Manager

Diversified Institutions Division

Interpretation

In this instrument

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.

Regulations means the Retirement Savings Accounts Regulations 1997.

Note 1         This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003 (the LIA) (see section 5 of the LIA). Under section 56 of the LIA, the obligation under section 180 of the Act, to publish this exemption in the Gazette, is satisfied by its registration on the Federal Register of Legislative Instruments.

Note 2 Under paragraph (l) of the definition of reviewable decision in section 16 of the Act, the decision to make this declaration is a reviewable decision. If you are dissatisfied with this decision, you may request APRA to reconsider it in accordance with subsection 189(1) of the Act. The request for reconsideration must be made in writing, must set out the reasons for making the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows.  If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Administrative Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.

Note 3 The address where the request for reconsideration referred to in this instrument may be given to APRA, is Level 26, 400 George Street, Sydney, NSW 2000.

Schedule - the class of persons to whom this declaration applies

RSA institutions

Schedule - the manner in which the specified modifiable provision is modified

Subregulation 5.03(4) of the Regulations is modified by:

1. replacing the word “and” at the end of subparagraph (a)(ii) with the word “or”

2. inserting after subparagraph (a)(ii):

“(iii) the amount was a government co-contribution payment in respect of an RSA holder contribution, where the RSA holder contribution was made prior to 1 July 2007; and”

Notes to the Retirement Savings Account modification declaration No. 1 of 2007

Note 1

The Retirement Savings Account modification declaration No. 1 of 2007 (in force under section 177 of the Retirement Savings Accounts Act 1997) as shown in this compilation is amended as indicated in the Tables below.

Table of Instruments

Table of Amendments