Document ID: chunk:federal_register_of_legislation:F2024C01224:front:0:p29
Version: federal_register_of_legislation:F2024C01224
Segment Type: other
Provision Reference: 
Character Range: 72486–75264

changed information to the Commissioner no later than 10 business days before the new information is to be operative for the RSA.
 (8) In this regulation:
commencement day means the day on which Schedule 1 to the Retirement Savings Accounts and Related Legislation Amendment Regulation 2013 (No. 1) commences.

Part 4—Payment standards

Division 4.1—Introductory

Subdivision 4.1.1—General interpretation

4.01  Interpretation
 (1) Subject to subregulation (2), expressions used in this Part that are defined for the purposes of Part 3 have the same meanings respectively as in that Part.
 (2) In this Part and in Schedule 2, unless the contrary intention appears:
cashing restriction, in relation to a condition of release, means a cashing restriction specified in column 3 of the item in Schedule 2 that mentions the condition of release.
Commonwealth income support payment means:
 (a) an income support supplement, service pension or social security pension as defined in subsection 23(1) of the Social Security Act 1991; or
 (b) a social security benefit as defined in that subsection, other than:
 (i) an austudy payment; or
 (ii) a youth allowance paid to a person who is undertaking full‑time study; or
 (c) a drought relief payment under the Farm Household Support Act 1992 as in force immediately before the commencement of the Farm Household Support Amendment (Restart and Exceptional Circumstances) Act 1997; or
 (d) an exceptional circumstances relief payment under the Farm Household Support Act 1992; or
 (f) a payment of income support for the purposes of the Farm Family Support Scheme.
compassionate ground, in relation to the release of an RSA holder's preserved benefits or restricted non‑preserved benefits in an RSA, means:
 (a) a ground listed in subregulation 4.22A(1); or
 (b) the ground referred to in subregulation 4.22B(1).
condition of release means a condition of release specified in column 2 of Schedule 2, and, subject to regulation 4.01B, an RSA holder is taken to have satisfied a condition of release if the event specified in that condition has occurred in relation to the RSA holder.
lump sum, in this Part but not in Schedule 2, includes an asset.
non‑commutable allocated pension has the meaning given by regulation 4.01AA.
non‑commutable income stream means a benefit that:
 (a) cannot be commuted; and
 (b) is paid at least monthly; and
 (c) does not have a residual capital value; and
 (d) is such that the total amount paid each month is fixed or varies only:
 (i) for the purpose of complying with the Act and these Regulations; and
 (ii) during any period of 12 months by a rate not exceeding either:
 (A) 5% per annum; or
 (B) the rate of increase in the last Consumer Price Index (All Capital Cities) for a quarter to be published