Commonwealth Numbered Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997 No. 61, 1997 - SECT 84

(1) If a law of a State or Territory satisfies the requirements of this
section, then the RSA provider must, instead of complying with subsections
82(1) and 83(1), pay the amount worked out under paragraph (2)(c) to a State
or Territory authority in accordance with that law.

(2) The first requirement is that the law requires:

   (a)  an RSA provider to prepare, at the end of each half-year, a statement,
        in a form approved by a State or Territory authority, of all unclaimed
        money (within the meaning of subsection 81(1) or (2)) that is held in
        RSAs provided by the RSA provider; and

   (b)  that the statement be given to a State or Territory authority on or
        before:

        (i)    in relation to a half-year ending on 30 June in a calendar
               year-31 October in that calendar year; and

        (ii)   in relation to a half-year ending on 31 December in a calendar
               year-30 April in the following calendar year; and

   (c)  the RSA provider to pay to the State or Territory authority, when the
        statement is given, an amount worked out in accordance with a formula
        corresponding to the formula in subsection 83(1); and

   (d)  the State or Territory authority to keep a register that contains
        particulars of:

        (i)    the unclaimed money paid to it by the RSA provider; and

        (ii)   particulars of the holder of each RSA in respect of which there
               is unclaimed money.

(3) The second requirement is that the law contains provisions:

   (a)  corresponding to subsection 82(2), that require the statement to
        contain particulars relating to any unclaimed money paid after the end
        of the half-year as are required by the form approved by the State or
        Territory authority; and

   (b)  corresponding to subsection 82(3), that authorise the approval of the
        form of the statement to require or permit the statement to be given
        on a data processing device; and

   (c)  corresponding to subsection 82(5), that empower the State or Territory
        authority to extend the period in which the statement must be lodged;
        and

   (d)  corresponding to subsection 83(2), that require the State or Territory
        authority to pay unclaimed money to a person in circumstances
        corresponding to those set out in that subsection; and

   (e)  corresponding to subsection 83(3), that require the State or Territory
        authority to return amounts in circumstances corresponding to those
        set out in that subsection.

Discharge of RSA provider from liability

(4) The RSA provider is, upon payment to a State or Territory authority of an
amount as required by this section, discharged from further liability in
respect of that amount.

RSA provider not to contravene section

(5) An RSA provider must not intentionally or recklessly contravene this
section. Penalty: 100 penalty units.