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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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