Commonwealth: Retirement Savings Accounts Act 1997 (Cth)

Retirement Savings Accounts Act 1997 No. 61, 1997 Compilation No. 50 Compilation date: 21 February 2025 Includes amendments: Act No. 14, 2025 About this compilation This compilation This is a compilation of the Retirement Savings Accounts Act 1997 that shows the text of the law as amended and in force on 21 February 2025 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents Part 1—Preliminary Division 1—Preliminary 1 Short title 2 Commencement 3 General administration of Act 4 Application of Act not to be excluded or modified 5 Act extends to external Territories 6 Crown to be bound Division 2—Summary and outline of the Act 7 Brief summary of the Act Part 2—Key concepts and other definitions Division 1—Key concepts 8 Definition of RSA 9 Meaning of hold and holder 10 Meaning of provide and provider 11 Who is an RSA institution? 12 Who is an RSA provider? 13 Who is an eligible person? 14 What capital guaranteed means 15 RSA benefits Division 2—Interpretation 16 Definitions 17 Approvals, determinations etc. by Regulator 18 Associates 19 Definitions of employee and employer 20 Definition of dependant 20A Interdependency relationship 21 Persons involved in contravention Part 3—Approval of RSA institutions 22 Object of Part 23 Application for approval 24 Further information may be requested 25 Period within which application for approval is to be decided 26 Deciding an application for approval 27 When an approval is in force 28 Application for variation of an approval 29 An application must be decided within a period of time 30 APRA may vary an approval on its own initiative 31 Notifying the RSA institution of the outcome of an application 32 When a variation of approval comes into force 33 Suspension or revocation of approval 34 Consequences of suspension or revocation 35 Notification of breach of conditions 36 Interpretation Part 4—Operating standards etc. and annual returns for RSAs Division 1—Object of Part 37 Object of Part Division 2—Operating standards 38 Operating standards for RSAs 39 Prescribed operating standards must be complied with Division 3—Portability forms 39A Portability forms Division 4—Other provisions relating to the operation of RSAs 40 Interest off‑set arrangements etc. not permitted 41 Certain uses of RSAs prohibited 42 RSA provider not to breach capital guarantee 43 Civil liability where section 42 contravened 43A Rules about cashing benefits after death of RSA holder 44 RSA provider to give copy of audit report to APRA Part 4A—Data and payment regulations and standards relating to RSAs Division 1—Data and payment regulations and standards relating to RSAs 45 Object of Part 45A Alternative constitutional basis 45B Data and payment regulations and standards relating to RSAs 45C Relationship between standards and other law Division 2—Compliance with data and payment regulations and standards relating to RSAs 45D Compliance requirement—RSA providers 45E Compliance requirement—employers 45F Regulator's power to give directions in certain circumstances—RSA providers 45G Regulator's power to give directions in certain circumstances—employers Division 3—Infringement notices 45H When an infringement notice may be given 45J Matters to be included in notice 45K Extension of time to pay amount 45L Withdrawal of an infringement notice 45M Effect of payment of amount 45N Effect of this Division Division 4—Information Subdivision A—Correction and rectification of information 45P Correction and rectification of information Subdivision B—Register of information about certain RSAs 45Q Register of information about certain RSAs 45R RSA providers to provide information for inclusion in register Part 5—Duties etc. of RSA providers and employers Division 1—Preliminary 46 Contravention of Part does not affect validity of a transaction or any other act Division 2—Duties of RSA providers 47 Dispute resolution systems 48 Duty to keep minutes and records 49 Duty to keep reports Part 6—Records, audits and auditors 63 Object of Part 64 Records 65 Audit of records 66 Obligations of auditors—compliance 66A Auditor may give information to the Regulator 66B Self incrimination 67 Court power of disqualification 67A Court power to revoke or vary a disqualification etc. 67AA Privilege against exposure to penalty—disqualification under section 67 67B Disqualified persons not to be auditor of RSA provider 68 APRA may refer matters to a professional association 69 Auditor must notify the Regulator of attempts to unduly influence etc. the auditor etc. 70 Giving false or misleading information to auditor Part 7—Prohibited conduct in relation to RSAs 74 Civil liability where section 78 contravened 78 Improper conduct in the provision of RSAs 79 Contravention of Part does not affect validity of transactions etc. Part 9—Facility to pay benefits to eligible rollover funds 87 Object of Part 88 Interpretation 89 Payment of benefits to eligible rollover fund 90 Operating standards for RSA providers—information and records Part 10—Monitoring and investigation Division 1—Objects of Part 91 Objects of Part Division 2—Monitoring 92 Information to be given to Regulator 93 Regulator may require production of books 94 Access to premises 94A Alternative constitutional basis Division 3—Investigations by the Regulator 95 Investigation of RSA provider 96 Inspectors 97 Delegation by inspector 98 Regulator may exercise powers of inspector 99 Inspector may enter premises for purposes of an investigation 100 Inspector may require production of books 101 Powers of inspector to require assistance from, and examine, current and former relevant persons and other persons 102 Application for warrant to seize books not produced 103 Grant of warrant 104 Powers if books produced or seized 105 Powers if books not produced Division 4—Examinations 106 Application of Division 107 Requirements made of an examinee 108 Examination to be in private 109 Examinee's lawyer may attend 110 Record of examination 111 Giving copies of record to other persons 112 Copies given subject to conditions 113 Record to accompany report Division 5—Reports 114 Report of inspector Division 6—Offences 115 Compliance with requirements made under this Act 116 Concealing books relevant to investigation 117 Self‑incrimination 118 Legal professional privilege 119 Powers of Court where non‑compliance with this Act Division 7—Evidentiary use of certain material 120 Statements made at an examination: proceedings against examinee 121 Statements made at an examination: other proceedings 122 Weight of evidence admitted under section 121 123 Objection to admission of statements made at examination 124 Copies of, or extracts from, certain books 125 Report under Division 5 126 Exceptions to admissibility of report 127 Material otherwise admissible Division 8—Miscellaneous 128 Regulator may cause civil proceeding to be begun 129 Person complying with requirement not to incur liability to another person 129A Authorisation of members of staff Part 11—Tax file numbers Division 1—Object of Part 130 Object of Part Division 2—Quotation of holder's tax file number 131 Employee may quote to employer 132 Employer may inform RSA provider of tax file number 133 Employer must inform RSA provider of tax file number 133A Use of tax file number to validate information Division 3—Quotation, use and transfer of holder's tax file number 134 Holder or applicant may quote tax file number 135 RSA provider may request holder's or applicant's tax file number 136 RSA provider must request person becoming holder of an RSA to quote tax file number 137 Use of tax file number for certain purposes 137A Use of tax file number to locate amounts or for consolidation 137B Use of tax file number to validate information 138 RSA provider must inform other RSA provider or trustee of certain superannuation entities of tax file number for certain purposes 138A Portability forms Division 4—Method of quotation of tax file numbers, including deemed quotation 139 Method of quoting tax file number 140 Employee taken to have quoted to RSA provider where RSA provider informed by employer 140A Holder taken to have quoted where Commissioner gives notice 141 Information provided by RSA provider taken to have been provided by holder 142 Person claiming benefit taken to have quoted where he or she provided tax file number in connection with claim 143 Holder or applicant taken to have quoted if he or she quoted for other purposes Division 4A—Commissioner of Taxation may issue notices about tax file numbers 143A Effect of mistaken quotation of tax file number 143B Effect of invalid quotation of tax file number 143C Commissioner of Taxation may inform RSA provider of tax file number 143D Validation notice—holders of RSAs 143E Validation notice—employees 143F Commissioner of Taxation may provide electronic interface Division 5—Provision of tax file numbers in forms etc. 144 Forms etc. may require tax file number 145 Failure to quote tax file number Division 6—General 146 State insurance 147 This Part to be superannuation law 147A Transitional provisions Part 12—Offences relating to records etc. 148 Object of Part 149 Interpretation 151 Incorrectly keeping records etc. 154 Incorrectly keeping or making records 155 Incorrectly keeping records with intention of deceiving or misleading etc. 156 Falsifying or concealing identity with intention of deceiving or misleading etc. Part 13—Powers of courts 157 Object of Part 158 Power to grant relief 159 Power of Court to give directions with respect to meetings ordered by the Court 160 Irregularities 161 Power of Court to prohibit payment or transfer of money or property 162 Court may order the disclosure of information or the publication of advertisements—contravention of provisions relating to provision of RSAs etc. 163 Injunctions 164 Effect of sections 161, 162 and 163 165 Power of Court to punish for contempt of court 166 Court may resolve transitional difficulties Part 14—Proceedings 167 Object of Part 168 Power of Regulator to intervene in proceeding 169 Civil proceeding not to be stayed 170 Evidence of contravention 171 Vesting of property Part 15—Exemptions and modifications 172 Object of Part 173 Interpretation 174 Regulator's powers of exemption—modifiable provisions 175 Regulator's powers of exemption—general issues 176 Enforcement of conditions to which exemption is subject 177 Regulator's powers of modification—modifiable provisions 178 Regulator's powers of modification—general issues 179 Revocation of exemptions and modifications 180 Publication of exemptions and modifications etc. Part 16—Miscellaneous 181 Object of Part 182 Regulator may direct RSA institutions not to accept employer contributions 183 RSA contributions—deductions from salary or wages to be remitted promptly 185 Conduct by directors, servants and agents 186 Conviction does not relieve defendant from civil liability 188 Civil immunity where defendant was complying with this Act 189 Review of certain decisions 190 Statements to accompany notification of decisions 195 This Act and the regulations have effect subject to the Crimes (Superannuation Benefits) Act 1989 and the Australian Federal Police Act 1979 196 Payment out of an RSA in accordance with the Bankruptcy Act 1966 197 Concurrent operation of State/Territory laws 200 Regulations Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act to provide for retirement savings accounts, and for related purposes Part 1—Preliminary Division 1—Preliminary 1 Short title This Act may be cited as the Retirement Savings Accounts Act 1997. 2 Commencement (1) Subject to subsection (2), this Act commences on a day to be fixed by Proclamation. (2) If this Act does not commence under subsection (1) within 6 months after the day on which this Act receives the Royal Assent, it commences on the first day after the end of that period. 3 General administration of Act (1) Subject to subsection (3): (a) APRA has the general administration of: (i) Part 3; and (ii) Division 4 of Part 4 (Other provisions relating to the operation of RSAs); and (iii) Parts 6 and 9, and Part 11 (except the provisions mentioned in subparagraph (e)(ii)); and (iv) section 183; and (b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on either of the following: (i) ASIC by paragraph (d); (ii) the Commissioner of Taxation by paragraph (g); and (bb) APRA also has the general administration of Divisions 2 and 3 of Part 4A to the extent that administration of the provisions is not conferred on the Commissioner of Taxation by paragraph (f); and (c) ASIC has the general administration of: (i) Part 5 (other than section 49); and (ii) Part 7; and (d) ASIC also has the general administration of sections 37 to 39 and section 49 to the extent to which they relate to: (i) the keeping and retaining of records in relation to RSA's; or (ii) the disclosure of information to holders of RSA's; or (iii) the disclosure of information about RSA's (including disclosure of information to ASIC but not including disclosure of information to APRA); or (iv) any other matter prescribed by the regulations for the purposes of this paragraph; and (e) the Commissioner of Taxation has the general administration of: (i) Division 3 of Part 4 (Portability forms); and (ii) Division 2 of Part 11, section 138A, Division 4A of Part 11 and subsection 144(2A) (about tax file numbers); and (f) the Commissioner of Taxation has the general administration of: (i) Division 1 of Part 4A; and (ii) Division 2 of Part 4A, to the extent it relates to employers; and (iii) Division 2 of Part 4A, to the extent it relates to payments and information given to the Commissioner of Taxation; and (iv) Division 4 of Part 4A; and (g) the Commissioner of Taxation has the general administration of regulations made under section 38 to the extent that the regulations relate to the making and notification of determinations that an amount of benefits in an RSA may be released on compassionate grounds. Note: An effect of a provision being administered by the Commissioner of Taxation (see paragraphs (e), (f) and (g)) is that people who acquire information under the provision are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953. (2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA's administration of the provisions it administers and on ASIC for the purposes of ASIC's administration of the provisions it administers: (a) Parts 1 and 2; (b) Part 10; (c) Parts 12 to 15; (d) Part 16 (other than section 183). Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (2A) Powers and duties are also conferred by Part 10 on the Commissioner of Taxation for the purposes of the administration of the provisions he or she administers. Note: Generally, the Commissioner of Taxation is not referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. 4 Application of Act not to be excluded or modified This Act applies in relation to RSAs despite any provision in the terms and conditions of the RSA, including any provision that purports to substitute, or has the effect of substituting, the provisions of the law of a State or Territory or of a foreign country for all or any of the provisions of this Act. 5 Act extends to external Territories This Act extends to all the external Territories. 6 Crown to be bound (1) This Act binds the Crown in each of its capacities. (2) The Crown is not liable to be prosecuted for an offence against, or arising out of, this Act. Division 2—Summary and outline of the Act 7 Brief summary of the Act The following is a brief summary of the Act: Brief summary of the Act Main purpose—provision for RSAs This Act provides for retirement savings accounts, or RSAs, to be offered by certain financial institutions. RSAs will provide benefits upon retirement or death and may also provide a limited range of other benefits. RSAs will have certain restrictions placed upon them to make them similar to other superannuation products. Concessional taxation and social security treatment of RSAs RSAs are subject to concessional rules under income tax and social security law. Supervision of RSA business of providers The Act also provides for the approval of the entities that can offer RSAs and provides for supervision of the RSA business of those entities. The general prudential supervision of these entities is not dealt with in this Act. Part 2—Key concepts and other definitions Division 1—Key concepts 8 Definition of RSA (1) An RSA, or retirement savings account, is an account or a policy: (a) that is described as an RSA; and (b) that is provided by an entity that is an RSA institution at the time the account is opened or the policy is issued; and (c) that is capital guaranteed (see section 14); and (d) that is held by a person who is an eligible person at the time the account is opened or the policy is issued (see section 13); and (e) that, at the time that it is opened or issued, satisfies: (i) the requirements in section 15; and (ii) any prescribed criteria; and (f) that is opened or issued on or after 1 July 1997 or such later day as is prescribed. (2) However, an RSA, or retirement savings account, can only be provided by a life insurance company as a policy. Note: Section 16 provides that policy has the same meaning as in the Life Insurance Act 1995. 9 Meaning of hold and holder (1) A person holds an account if the account is opened in the person's name. The person is the holder of the account. (2) A person holds a policy if the person is the person who is the owner of the policy. The person is the holder of the policy. 10 Meaning of provide and provider (1) A person provides an account if the person accepts, or has accepted, contributions to the account. The person is the provider of the account. (2) A person provides a policy if the policy is issued by the person. The person is the provider of the policy. 11 Who is an RSA institution? (1) A person is an RSA institution at a particular time if there is an approval under section 26 in force in relation to the person at that time which has not been suspended or revoked under section 33. (2) Only an ADI or a life insurance company or a prescribed financial institution can be approved as an RSA institution. 12 Who is an RSA provider? A person is an RSA provider at a particular time if, at that time, the person is the provider of one or more RSAs. Note: Most RSA providers will also be RSA institutions. However, although every RSA provider must have been an RSA institution at one time, some may have ceased to be an RSA institution. 13 Who is an eligible person? A person is an eligible person at a particular time if, at that time, the person satisfies any prescribed criteria. 14 What capital guaranteed means (1) An RSA that is an account is capital guaranteed if the balance of the account may not be reduced by the crediting of any negative interest. (2) An RSA that is a policy is capital guaranteed if the contributions and accumulated earnings may not be reduced by negative investment returns or any reduction in the value of assets in which the policy is invested. 15 RSA benefits (1) An RSA must be maintained to provide one or more of the benefits specified in subsections (2) and (3). It may also be maintained to provide one or more of the benefits specified in subsection (4). (2) The benefits specified in this subsection are benefits for the holder of the RSA on or after one of, or the earlier of, the following: (a) the holder's retirement from any business, trade, profession, vocation, calling, occupation or employment in which the holder was engaged (whether the holder's retirement occurred before, or occurred after, the holder's account was opened); (b) the holder's attainment of an age not less than the age specified in the regulations. Note: A prescribed criterion under paragraph 8(e), or an operating standard under section 38, may prevent any benefits being provided before the holder attains a specified age. (3) The benefits specified in this subsection are benefits in respect of the holder of the RSA on or after the holder's death, if: (a) the death occurred before: (i) the holder's retirement from any business, trade, profession, vocation, calling, occupation or employment in which the holder was engaged; or (ii) the holder attained the age prescribed for the purposes of paragraph (2)(b); and (b) the benefits are provided to the holder's legal personal representative, to any or all of the holder's dependants, or to both. Note: These benefits may be provided directly from the RSA or from policies paid for using money from the RSA. (4) As long as the RSA is maintained to provide one or more of the benefits set out in subsections (2) and (3), it may also be maintained to provide one or more of the following: (a) benefits for the holder on or after the termination of the holder's employment with an employer who had, or any of whose associates had, at any time, contributed amounts in the account; (b) benefits for the holder on or after the holder's cessation of work, if the work was for gain or reward in any business, trade, profession, vocation, calling, occupation or employment in which the holder was engaged and the cessation is on account of ill‑health (whether physical or mental); Note: These benefits may be provided directly from the RSA or from policies paid for using money from the RSA. (c) benefits in respect of the holder on or after the holder's death, if the benefits are provided to the holder's legal personal representative, to any or all of the holder's dependants, or to both and: (i) the death occurred after the holder's retirement from any business, trade, profession, vocation, calling, occupation or employment in which the holder was engaged (whether the holder's retirement occurred before, or occurred after, the account was opened); or (ii) the death occurred after the holder attained the age prescribed for the purposes of paragraph (2)(b); (d) such other benefits as APRA approves in writing. Division 2—Interpretation 16 Definitions In this Act, unless the contrary intention appears: ADI (authorised deposit‑taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959. annuity has the same meaning as in the Superannuation Industry (Supervision) Act 1993. approved auditor means a person included in a class of persons specified in regulations made for the purposes of this definition, but does not include a person who is disqualified from being or acting as an auditor of all RSA providers under section 67. approved deposit fund means a fund that is an approved deposit fund for the purposes of the Superannuation Industry (Supervision) Act 1993. approved form means a form approved by the Regulator, in writing, for the purposes of the provision in which the expression appears. APRA means the Australian Prudential Regulation Authority. ASIC means the Australian Securities and Investments Commission. associate has the meaning given by section 18. Australian court means: (a) the High Court; or (b) a court created by the Parliament; or (c) a court of a State or Territory. authorised person means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs. books includes: (a) any record; or (b) any accounts or accounting records, however compiled, recorded or stored; or (c) a document. capital guaranteed has the meaning given by section 14. constitutional corporation means a body corporate that is: (a) a trading corporation formed within the limits of the Commonwealth (within the meaning of paragraph 51(xx) of the Constitution); or (b) a financial corporation formed within the limits of the Commonwealth (within the meaning of paragraph 51(xx) of the Constitution). contributing employer means an employer having obligations under Part 4A (about the data and payment regulations and standards relating to RSAs). contribution includes a deposit into an account held at an ADI or a prescribed financial institution and a payment of a premium to a life insurance company. court means any court, when exercising jurisdiction under this Act. Court means the Federal Court of Australia or the Supreme Court of a State or a Territory. data and payment matter relating to RSAs has the meaning given by subsection 45B(5). data and payment regulations and standards relating to RSAs means: (a) the regulations made under section 45B; and (b) the standards issued by the Commissioner of Taxation under that section. data and payment standard relating to RSAs means a standard issued by the Commissioner of Taxation under section 45B. data processing device means any article or material (for example, a disk) from which information is capable of being reproduced with or without the aid of any other article or device. dependant has the meaning given by section 20. director, in relation to a body corporate, has the same meaning as in the Corporations Act 2001. disclose, in relation to information, means give, reveal or communicate in any way. eligible person has the meaning given by section 13. eligible superannuation entity has the same meaning as in the Superannuation Industry (Supervision) Act 1993. employee has the meaning given by section 19. employer has the meaning given by section 19. executive officer, in relation to a body corporate, means a person, by whatever name called and whether or not a director of the body, who is concerned, or takes part, in the management of the body. expert, in relation to a matter, means a person whose profession or reputation gives authority to a statement made by him or her in relation to that matter. function includes duty. half‑year means a period of 6 months ending on 30 June or 31 December. holder has the meaning given by section 9. holds has the meaning given by section 9. Income Tax Assessment Act means the Income Tax Assessment Act 1936. inspector has the meaning given by section 96. interdependency relationship has the meaning given by section 20A. investment means any mode of application of money or other property for the purpose of gaining interest, income or profit. involved, in relation to a contravention, has the meaning given by section 21. lawyer means a duly qualified legal practitioner and, in relation to a person, means such a practitioner acting for the person. legal personal representative means the executor of the will or administrator of the estate of a deceased person, the trustee of the estate of a person under a legal disability or a person who holds an enduring power of attorney granted by a person. life insurance company means: (a) a body corporate registered under section 21 of the Life Insurance Act 1995; or (b) a public authority: (i) that is constituted by a law of a State or Territory; and (ii) that carries on life insurance business within the meaning of section 11 of that Act. member of the staff of APRA has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998. member of the staff of ASIC has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 2001. modifications includes additions, omissions and substitutions. occurrence of an event includes the coming into existence of a state of affairs. old‑age pension has the same meaning as in paragraph 51(xxiii) of the Constitution. owner, in relation to a policy, has the same meaning as in the Life Insurance Act 1995. pension (except in the expression old‑age pension) means a benefit, if the benefit is taken, under the regulations, to be a pension for the purposes of this Act. person affected by a reviewable decision, in relation to a reviewable decision, means the person in relation to which the decision was made. policy has the same meaning as in the Life Insurance Act 1995. premises includes: (a) a structure, building, aircraft, vehicle or vessel; and (b) any land or place (whether enclosed or built on or not); and (c) a part of a structure, building, aircraft, vehicle or vessel or of such a place. premium means a premium in respect of a policy and includes an instalment of premium. prescribed means prescribed by the regulations. prescribed financial institution means a body prescribed by the regulations for the purposes of this definition. procure includes cause. produce includes permit access to. provide has the meaning given by section 10. provider has the meaning given by section 10. regulated document, in relation to an RSA provider, means a document: (a) issued, or authorised to be issued, by the RSA provider; and (b) that the RSA provider knows, or ought reasonably to know (having regard to the RSA provider's abilities, experience, qualifications and other attributes), may influence a person's decision: (i) to apply to become a holder of an RSA; or (ii) to make an application, on behalf of an employee, for the employee to become the holder of an RSA. regulated exempt public sector superannuation scheme means an exempt public sector superannuation scheme (within the meaning of the Superannuation Industry (Supervision) Act 1993) in respect of which either of the following applies: (a) the trustee of the scheme is a constitutional corporation; (b) the sole or primary purpose of the scheme is the provision of old‑age pensions. regulated exempt public sector superannuation scheme has the meaning given by Part 25A of the Superannuation Industry (Supervision) Act 1993. regulated superannuation fund means a fund that is a regulated superannuation fund for the purposes of the Superannuation Industry (Supervision) Act 1993. Regulator means: (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC; and (d) the Commissioner of Taxation, if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by the Commissioner of Taxation. relevant person in relation to bodies corporate, means: (a) a responsible officer of the RSA provider; or (b) an auditor of the RSA provider. responsible officer, in relation to a body corporate, means: (a) a director of the body; or (b) a secretary of the body; or (c) an executive officer of the body. retirement savings account has the meaning given by section 8. reviewable decision means: (a) a decision of APRA under subsection 24(2) to treat an application as having been withdrawn; or (b) a decision of APRA under subsection 26(2) refusing an application for approval; or (c) a decision of APRA under subsection 26(4) to specify conditions in an instrument of approval; or (d) a decision of APRA under subsection 28(4) to treat an application as having been withdrawn; or (e) a decision of APRA under section 29 or 30 to vary the approval of an RSA institution; or (f) a decision of APRA under section 29 to refuse to vary the approval of an RSA institution; or (g) a decision of the Regulator to give or vary a direction under section 45F or 45G; or (k) a decision of the Regulator under section 174 to make an exemption; or (l) a decision of the Regulator under section 177 to make a declaration; or (m) a decision of the Regulator under section 179 to revoke an exemption or declaration; or (n) a decision of the Regulator to give a direction under section 182; or (o) a decision of the Regulator refusing to revoke a direction under section 182. RSA has the meaning given by section 8. RSA institution has the meaning given by section 11. RSA provider has the meaning given by section 12. statement, in Parts 5 and 7, includes a promise, estimate or forecast. Superannuation Acts means: (a) this Act; and (b) the Superannuation Contributions Tax (Assessment and Collection) Act 1997; and (c) the Superannuation Contributions Tax (Members of Constitutionally Protected Funds) Assessment and Collection Act 1997; and (d) the Superannuation (Unclaimed Money and Lost Members) Act 1999. superannuation data and payment regulations and standards has the same meaning as in the Superannuation Industry (Supervision) Act 1993. superannuation entity means: (a) a regulated superannuation fund; or (b) an approved deposit fund. superannuation interest has the same meaning as in the Superannuation Industry (Supervision) Act 1993. tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936. trustee, in relation to a fund, scheme or trust, means: (a) if there is a trustee (within the ordinary meaning of that expression) of the fund, scheme or trust—the trustee; or (b) in any other case—the person who manages the fund, scheme or trust. year of income in relation to a person, means a period that is, for the purposes of the Income Tax Assessment Act 1936, a year of income of the person (subsection 6(2A) of that Act applies accordingly). 17 Approvals, determinations etc. by Regulator If: (a) a provision of this Act refers to an approval given, determination made or other act or thing done by the Regulator; and (b) there is no other provision of this Act expressly authorising the Regulator to give the approval, make the determination or do the act or thing; the Regulator is authorised to give the approval, make the determination or do the act or thing. 18 Associates (1) The question whether a person is an associate of another person for the purposes of this Act is to be determined in the same way as that question would be determined under the Corporations Act 2001 if the assumptions set out in subsection (2) were made. (2) The assumptions are as follows: (a) that sections 12 and 14 and paragraphs 15(1)(b) and 16(1)(b) and (c) of that Act had not been enacted; (b) that section 13 of that Act were not limited to Chapter 7, but extended to all provisions of that Act. 19 Definitions of employee and employer (1) Subject to this section, in this Act, employee and employer have their ordinary meaning. However, for the purposes of this Act, subsections (2) to (10): (a) expand the meaning of those terms; and (b) make particular provision to avoid doubt as to the status of certain persons. (2) A person who is entitled to payment for the performance of duties as a member of the executive body (whether described as the board of directors or otherwise) of a body corporate is, in relation to those duties, an employee of the body corporate. (3) If a person works under a contract that is wholly or principally for the labour of the person, the person is an employee of the other party to the contract. (4) A member of the Parliament of the Commonwealth is an employee of the Commonwealth. (5) A member of the Parliament of a State is an employee of the State. (6) A member of the Legislative Assembly for the Australian Capital Territory is an employee of the Australian Capital Territory. (7) A member of the Legislative Assembly of the Northern Territory is an employee of the Northern Territory. (8) For the purposes of this Act: (a) a person who is paid to perform or present, or to participate in the performance or presentation of, any music, play, dance, entertainment, sport, display or promotional activity or any similar activity involving the exercise of intellectual, artistic, musical, physical or other personal skills is an employee of the person liable to make the payment; and (b) a person who is paid to provide services in connection with an activity referred to in paragraph (a) is an employee of the person liable to make the payment; and (c) a person who is paid to perform services in, or in connection with, the making of any film, tape or disk or of any television or radio broadcast is an employee of the person liable to make the payment. (9) Subject to subsection (10), a person who: (a) holds, or performs the duties of, an appointment, office or position under the Constitution or under a law of the Commonwealth, of a State or of a Territory; or (b) is otherwise in the service of the Commonwealth, of a State or of a Territory (including service as a member of the Defence Force or as a member of a police force); is an employee of the Commonwealth, the State or the Territory, as the case requires. (10) A person who holds office as a member of a local government council is an employee of the council. 20 Definition of dependant (1) For the purposes of this Act, dependant, in relation to a person, includes the spouse of the person, any child of the person and any person with whom the person has an interdependency relationship. (2) The spouse, in relation to a person, includes: (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple. (3) Any child, in relation to a person, includes: (a) a stepchild, an ex‑nuptial child or an adopted child of the person; and (b) a child of the person's spouse; and (c) someone who is a child of the person within the meaning of the Family Law Act 1975. (4) An adopted child, in relation to a person, means a person adopted by that person: (a) under the law of a State or Territory relating to the adoption of children; or (b) under the law of any other place relating to the adoption of children, if the validity of the adoption would be recognised under the law of any State or Territory. 20A Interdependency relationship (1) Subject to subsection (3), for the purposes of this Act, 2 persons (whether or not related by family) have an interdependency relationship if: (a) they have a close personal relationship; and (b) they live together; and (c) one or each of them provides the other with financial support; and (d) one or each of them provides the other with domestic support and personal care. (2) Subject to subsection (3), for the purposes of this Act, if: (a) 2 persons (whether or not related by family) satisfy the requirement of paragraph (1)(a); and (b) they do not satisfy the other requirements of an interdependency relationship under subsection (1); and (c) the reason they do not satisfy the other requirements is that either or both of them suffer from a physical, intellectual or psychiatric disability; they have an interdependency relationship. (3) The regulations may specify: (a) matters that are, or are not, to be taken into account in determining under subsection (1) or (2) whether 2 persons have an interdependency relationship; and (b) circumstances in which 2 persons have, or do not have, an interdependency relationship. 21 Persons involved in contravention For the purposes of this Act, a person is involved in a contravention if, and only if, the person: (a) has aided, abetted, counselled or procured the contravention; or (b) has induced, whether by threats or promises or otherwise, the contravention; or (c) has been in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the contravention; or (d) has conspired with others to effect the contravention. Part 3—Approval of RSA institutions 22 Object of Part (1) The object of this Part is to provide for constitutional corporations that can be relied on to conduct RSAs in accordance with this Act and the regulations to be approved as RSA institutions for the purposes of this Act and to provide for the variation, suspension and revocation of those approvals. (2) The significance of the approval of RSA institutions is that only RSA institutions can offer RSAs. Note: In certain circumstances, an entity may cease to be approved as an RSA institution. Many provisions of this Act may continue to apply to that entity. 23 Application for approval (1) A constitutional corporation that is an ADI or a life insurance company or prescribed financial institution may apply to APRA for approval as an RSA institution for the purposes of this Act. (2) An application must: (a) be in the approved form; and (b) contain the information required by the form; and (c) be accompanied by an application fee of the prescribed amount. Note: The approved form of application may require the applicant to set out the applicant's tax file number. See subsection 144(1). 24 Further information may be requested (1) If APRA needs further information to decide the application for approval, APRA may request the applicant, in writing, to supply APRA with such further information as is specified in the request within such time as is specified in the request. (2) If, without reasonable excuse, the applicant refuses or fails to comply with the request, APRA may decide to treat the application as having been withdrawn. (3) If APRA decides, under subsection (2), to treat the application as having been withdrawn, APRA must, as soon as practicable after so deciding, inform the applicant in writing to that effect. 25 Period within which application for approval is to be decided (1) Subject to this section, APRA must decide an application for approval within 60 days after receiving it. (2) If APRA thinks that it will take longer to decide the application, APRA may extend, by up to 60 days, the period for deciding it. (3) An extension must be made by written notice given to the applicant within 60 days after APRA receives the application. (4) If APRA makes an extension, APRA must decide the application within the extended period. (5) If APRA has not decided the application by the end of the day by which APRA is required to decide it, APRA is taken to have decided, at the end of that day, to approve the application. 26 Deciding an application for approval (1) If an application that satisfies section 23 is made, APRA must, in writing, approve an applicant as an RSA institution for the purposes of this Act unless APRA is satisfied that the applicant cannot be relied on to conduct RSAs in accordance with this Act and the regulations. (2) APRA must consult with the prescribed regulatory agency, if any, before it can be satisfied that the applicant cannot be relied on to conduct RSAs in accordance with this Act and the regulations. (3) If APRA is so satisfied, it must, in writing, refuse the application. (4) The approval is subject to any conditions specified in the instrument of approval. (5) If APRA refuses the application, APRA must set out the reasons for the refusal in the instrument of refusal. (6) APRA must cause the applicant to be given a copy of the instrument of approval or refusal. 27 When an approval is in force An approval under section 26: (a) comes into force when it is granted, or, if a later time is specified in the instrument of approval as the time when the approval comes into force, at that later time; and (b) remains in force, subject to any variation under section 29 or 30, until it is revoked under section 33. 28 Application for variation of an approval (1) An RSA institution may apply to APRA for variation of the approval by requesting a variation of any conditions to which the approval is subject. (2) An application must: (a) be made in writing; and (b) specify the variation requested by the RSA institution; and (c) set out the reasons for the application; and (d) be signed by a responsible officer of the RSA institution. (3) If APRA needs further information to decide an application, APRA may request the RSA institution, in writing, to supply APRA with such further information as is specified in the request within such time as is specified in the request. (4) If, without reasonable excuse, the RSA institution refuses or fails to comply with the request, APRA may decide to treat the application as having been withdrawn. (5) If APRA decides, under subsection (4), to treat the application as having been withdrawn, APRA must, as soon as practicable after so deciding, inform the RSA institution in writing to that effect. 29 An application must be decided within a period of time (1) Subject to this section, APRA must decide an application for variation of the approval of an RSA institution within 60 days after receiving it. (2) APRA is not required to vary the approval of an RSA institution in the terms requested by the RSA institution. (3) If APRA thinks that it will take longer than 60 days to decide the application, APRA may extend the period for deciding it by no more than 60 days. (4) An extension must be notified in writing to the RSA institution within 60 days after APRA receives the application. (5) If APRA makes an extension, APRA must decide the application within the extended period. (6) If APRA has not decided the application by the end of the day by which APRA is required to decide it, APRA is taken to have decided, at the end of that day, to refuse the application. 30 APRA may vary an approval on its own initiative APRA may, on its own initiative, vary the approval of an RSA institution by varying any conditions to which the approval is subject. 31 Notifying the RSA institution of the outcome of an application (1) If, under section 29 or 30, APRA decides to vary the approval of an RSA institution, APRA must: (a) by notice in writing, vary the approval; and (b) give a copy of that notice, and a statement of the reasons for the variation, to the RSA institution. (2) A notice varying an approval must: (a) identify the approval being varied; and (b) specify the day, not earlier than the day on which the notice of variation is made, when the variation begins; and (c) specify any conditions to which the approval of the RSA institution is subject after the variation begins. (3) If, under section 29, APRA decides to refuse to vary the approval of an RSA institution, APRA must: (a) by notice in writing, record that it has so decided; and (b) give a copy of that notice, and a statement of the reasons for the refusal to vary the approval, to the RSA institution. 32 When a variation of approval comes into force If, under section 29 or 30, APRA decides to vary an approval of an RSA institution: (a) that variation comes into force on the day specified in the notice under paragraph 31(2)(b); and (b) the variation remains in force until the revocation of the approval to which it relates or the coming into force of a later variation of that approval. 33 Suspension or revocation of approval (1) APRA may suspend or revoke the approval of an RSA institution by written notice given to the RSA institution. (2) Without limiting subsection (1), APRA may suspend or revoke an approval under that subsection if APRA is satisfied, on reasonable grounds, that: (a) the RSA institution has requested in writing that the approval be suspended or revoked; or (b) the RSA institution ceases to be an ADI or a life insurance company or prescribed financial institution; or (c) there has been a contravention of any condition to which the approval is subject; or (d) the RSA institution can no longer be relied on to conduct RSAs in compliance with this Act and the regulations. (3) Except in a case covered by paragraph (2)(a), APRA must not make a decision under subsection (1) without consulting with the prescribed regulatory agency, if any, and obtaining the written consent of the Minister. (4) APRA may lift a suspension of an approval of an RSA institution by written notice given to the RSA institution. 34 Consequences of suspension or revocation (1) If the approval of an RSA institution is suspended or revoked: (a) the RSA provider must, within the prescribed period, notify the holder of each RSA, and any employer who makes contributions to those RSAs, that the approval has been suspended or revoked; and (b) the RSA provider must not accept any additional contributions to existing RSAs unless, and until, the suspension is lifted or the RSA provider is later approved as an RSA institution. Note: It is not possible for the entity to allow any person to become the holder of a new RSA because it ceases to be an RSA institution. See paragraph 8(b) and subsection 11(1). (2) Despite the suspension or revocation of an approval, RSAs that were being provided by that entity immediately before the suspension or revocation continue to be RSAs. Note: Many provisions of this Act apply to an entity that was formerly an RSA institution, despite the suspension or revocation of an approval. Offence of contravening subsection (1) (3) An RSA provider must not, without reasonable excuse, contravene subsection (1). Penalty: 250 penalty units. (3A) Subsection (3) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability, see section 6.1 of the Criminal Code. Note 3: A defendant bears an evidential burden in relation to the matter in paragraph (1)(b) (see subsection 13.3(3) of the Criminal Code). Refund of contributions (4) Accepting a contribution in contravention of subsection (1) does not result in the invalidity of a transaction. However, the RSA provider must refund the contribution within 28 days or such further period as APRA allows. Offence of contravening subsection (4) (5) A person who, without reasonable excuse, contravenes subsection (4) commits an offence punishable on conviction by a fine not exceeding 50 penalty units. (5A) Subsection (5) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability, see section 6.1 of the Criminal Code. (6) For the purposes of the Income Tax Assessment Act and the Superannuation Guarantee (Administration) Act 1992, if a contribution is refunded under this section, the contribution is taken never to have been made. 35 Notification of breach of conditions (1) An RSA institution must, as soon as practicable, and in any event within 30 days, after becoming aware of a contravention of a condition to which the approval of the RSA institution is subject, give APRA a written notice setting out particulars of the contravention. (2) An RSA institution must not, without reasonable excuse, contravene subsection (1). Penalty: 250 penalty units. (3) Subsection (2) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability, see section 6.1 of the Criminal Code. 36 Interpretation A reference in section 28, 29, 30, 31, 32, 33, 34 or 35 to an approval includes a reference to an approval as varied under section 29 or 30. Part 4—Operating standards etc. and annual returns for RSAs Division 1—Object of Part 37 Object of Part The object of this Part is to provide for a system of prescribed standards and specific rules applicable to the operation of RSAs. Division 2—Operating standards 38 Operating standards for RSAs (1) The regulations may prescribe standards applicable to the operation of RSAs. (2) The standards that may be prescribed include, but are not limited to, standards relating to the following matters: (a) the persons who may hold RSAs; (b) the circumstances in which an RSA institution may accept contributions to an RSA; (c) the minimum benefits to be provided by RSAs; (d) the form in which benefits may be provided by RSA providers; (e) the preservation of certain benefits arising directly or indirectly from amounts contributed to RSAs; (f) the payment by RSA providers of benefits arising directly or indirectly from amounts contributed to RSAs; (g) the payment by RSA providers of death benefits; (h) the portability of benefits arising directly or indirectly from amounts contributed to RSAs; (i) the fees that may be charged for the provision of RSAs; (j) the keeping and retention of records in relation to RSAs; (k) the disclosure of information to holders of RSAs; (l) the disclosure of information about RSAs to the Regulator; (m) the disclosure of information about RSAs to persons other than holders of RSAs or the Regulator; (o) dispute resolution. (3) Regulations made in accordance with paragraph (2)(i) must further the objective of ensuring that RSAs are a low‑cost product. 39 Prescribed operating standards must be complied with Standards must be complied with (1) An RSA provider must ensure that the prescribed standards applicable to the operation of the RSA provider are complied with at all times. Offence (2) A person who intentionally or recklessly contravenes subsection (1) commits an offence punishable on conviction by a fine not exceeding 100 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Validity of transaction not affected by contravention of subsection (1) (3) A contravention of subsection (1) does not affect the validity of a transaction. Division 3—Portability forms 39A Portability forms (1) For the purposes of standards made under Division 2, and without limiting that Division, the regulations may prescribe a scheme under which: (a) the holder of an RSA gives to the Commissioner of Taxation a request for the benefits held for the holder in the RSA to be rolled‑over or transferred; and (b) the Commissioner may pass the request on to the provider of the RSA. Note: The standards may require the provider to act on the request. See paragraph 38(2)(h). (2) The regulations may provide that the request must be given to the Commissioner in the approved form. Note: The approved form may require the holder to set out his or her tax file number. See subsection 144(2A). Division 4—Other provisions relating to the operation of RSAs 40 Interest off‑set arrangements etc. not permitted (1) An RSA provider must not enter into any interest off‑set arrangements or combination account arrangements where one of the accounts involved is an RSA. Penalty: 100 penalty units. (1A) Subsection (1) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability, see section 6.1 of the Criminal Code. (2) A contravention of subclause (1) does not affect the validity of a transaction to the extent that the transaction relates to an account other than an RSA. 41 Certain uses of RSAs prohibited (1) Any term or condition in a contract or other agreement providing for a charge over, or in relation to, an RSA is of no effect. (2) Benefits provided under an RSA in relation to an RSA cannot be assigned. (3) An RSA provider must not recognise, or in any way encourage or sanction, a charge over an RSA or an assignment of benefits provided under an RSA. (4) If: (a) a person does an act; and (b) the doing of the act results in a contravention of subsection (3); the person commits an offence punishable on conviction by a fine not exceeding 100 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. (5) For the purposes of this section, a charge includes the placing of mortgage, lien or other encumbrance on the RSA. (6) This section does not apply to a charge or assignment that is permitted, whether expressly or by necessary implication, by the regulations. 42 RSA provider not to breach capital guarantee (1) An RSA provider must not: (a) reduce the balance of an RSA that is an account by the crediting of any negative interest; or (b) reduce the contributions or accumulated earnings of an RSA that is a policy by negative investment returns or any reduction in the value of assets in which the policy is invested. Penalty: 100 penalty units. (2) Subsection (1) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability, see section 6.1 of the Criminal Code. 43 Civil liability where section 42 contravened (1) Subject to subsection (2), if a person (the plaintiff) suffers loss or damage because of a contravention of section 42 by another person (the primary defendant), the plaintiff may recover the amount of the loss or damage by action against: (a) the primary defendant; or (b) a person involved in the contravention. (2) The action may be begun even if the defendant has been convicted of an offence in respect of the conduct constituting the contravention. (3) The action must be begun within 6 years after the day on which the cause of action arose. (4) This section does not affect any liability that the defendant or another person has under any other provision of this Act or under any other law. 43A Rules about cashing benefits after death of RSA holder (1) The terms and conditions of an RSA must not permit the RSA holder's benefits to be cashed after the holder's death otherwise than in accordance with standards prescribed for the purposes of section 38. (2) If the terms and conditions of an RSA are inconsistent with subsection (1): (a) subsection (1) prevails; and (b) the terms and conditions are invalid, to the extent of the inconsistency. 44 RSA provider to give copy of audit report to APRA Lodgment (1) An RSA provider must, within the prescribed period after each year of income, give to APRA: (c) a copy of the report given to the RSA provider by an approved auditor under Part 6 in relation to the RSA provider in respect of that year of income, certified to be a true copy of the report by a responsible officer of the RSA provider. Note: The Financial Sector (Collection of Data) Act 2001 makes provision for annual returns and other financial documents to be given by RSA providers to APRA. Offence (2) A person who intentionally or recklessly contravenes subsection (1) commits an offence punishable on conviction by a fine not exceeding 50 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Endorsement of report on return (4) If the return given under the Financial Sector (Collection of Data) Act 2001 is not given on a data processing device, or by way of electronic transmission, the report referred to in subsection (1) may be endorsed on the return. Part 4A—Data and payment regulations and standards relating to RSAs Division 1—Data and payment regulations and standards relating to RSAs 45 Object of Part (1) The object of this Part is to further the interests of holders of RSAs by improving the productivity of the retirement savings account system. (2) The Part does this by providing for a system of standards relating to payments and information connected with the operation of RSAs. 45A Alternative constitutional basis Without limiting its effect apart from this section, this Part also has the effect it would have if each reference to an employer were, by express provision, confined to an employer that is a corporation to which paragraph 51(xx) of the Constitution applies. 45B Data and payment regulations and standards relating to RSAs (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. (2) The regulations may prescribe different requirements for different classes of RSA or employer. (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. (4) The data and payment standards relating to RSAs may specify different requirements for different classes of RSA or employer. (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. (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 (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. (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 (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. (10) A failure to comply with subsection (9) does not affect the validity or enforceability of the data and payment standards relating to RSAs. 45C Relationship between standards and other law (1) A data and payment standard relating to RSAs may elaborate or supplement any aspect of regulations made under this Part. (2) However, a data and payment standard relating to RSAs is of no effect to the extent that it conflicts with this Act or regulations made under this Act. Division 2—Compliance with data and payment regulations and standards relating to RSAs 45D Compliance requirement—RSA providers (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 b