Document ID: chunk:federal_register_of_legislation:F2024C01224:front:0:p27
Version: federal_register_of_legislation:F2024C01224
Segment Type: other
Provision Reference: 
Character Range: 67586–70264

of a pension or annuity.

3.11  RSA holder‑protection standards not to apply to traditional life insurance policies
  The RSA holder‑protection standards do not apply to a part of the benefits of an RSA holder that is wholly determined by a life insurance policy within the meaning of the Life Insurance Act 1995 if:
 (a) the policy includes an investment component; and
 (b) the premium is not dissected (whether by reference to the investment component or otherwise); and
 (c) the sum insured, together with bonuses (if any), is payable only upon:
 (i) the death of the life insured; or
 (ii) the occurrence of the earlier of the following events:
 (A) the death of the life insured; or
 (B) the attainment by the life insured of the age specified in the policy.

3.12  RSA holder‑protection standards
 (1) This regulation applies in relation to an RSA holder if the RSA holder is a protected RSA holder.
 (2) The amount charged as administration costs in respect of a relevant RSA holder reporting period against the benefits of the holder of an RSA to whom this regulation applies must not exceed the amount of the investment earnings credited to the RSA for that period.
 (3) For subregulation (2), an RSA holder reporting period for a protected RSA holder is a relevant RSA holder reporting period if, at the end of the period, and subject to any adjustment affecting the RSA holder's benefits (net of any exit fee) made by the RSA provider in respect of the period, the RSA holder is a protected RSA holder.
 (5) For the purposes of this regulation, the benefits of an RSA holder are taken to be composed wholly of mandated employer‑financed benefits except for the portion (if any) of the benefits that the RSA provider knows are not mandated employer‑financed benefits.

3.13  Costs not to be deferred
  If an RSA provider would charge costs against the benefits of an RSA holder in respect of an RSA holder reporting period but for regulation 3.12, the RSA provider must not charge those costs against the benefits of the RSA holder in a future RSA holder reporting period, whether in combination with other costs or not.

Part 3A—Data and payment matters relating to RSAs

3A.01  Definitions
  In this Part:
Commissioner means the Commissioner of Taxation.
prescribed RSA—see regulation 3A.02.
unique RSA identifier, for an RSA provider, means:
 (a) the ABN of the RSA provider followed by 3 numerals; or
 (b) if the RSA provider is also an RSA institution—the ABN of the RSA institution, followed by 3 numerals; or
 (c) another kind of unique identifier approved in writing by the Commissioner.

3A.02  Prescribed RSA
  For paragraph 45R(1)(a) of the Act, each RSA