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Schedule 4—Transfer of early release function

Schedule 4 Transfer of early release function

Part 1 Amendments

Retirement Savings Accounts Act 1997

1  Paragraph 3(1)(b)

Repeal the paragraph, substitute:

                     (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

2  Paragraph 3(1)(ba)

Repeal the paragraph.

3  After paragraph 3(1)(f)

Insert:

             ; 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.

4  Subsection 3(1) (note)

Omit “paragraph (e)”, substitute “paragraphs (e), (f) and (g)”.

5  Section 16 (definition of Chief Executive Medicare )

Repeal the definition.

6  Section 16 (paragraph (c) of the definition of Regulator )

Repeal the paragraph.

7  Subsection 168(4)

Repeal the subsection (not including the note).

8  Subsection 173(1)

Omit “(1)”.

9  Subsection 173(2)

Repeal the subsection (not including the note).

10  Section 198

Repeal the section.

Superannuation Industry (Supervision) Act 1993

11  Subparagraph 6(1)(b)(i)

Repeal the subparagraph.

12  Paragraph 6(1)(ba)

Repeal the paragraph.

13  Subparagraph 6(1)(f)(ia)

Repeal the subparagraph.

14  At the end of paragraph 6(1)(g)

Add:

                   ; and (iii)  regulations made under Part 3 to the extent that the regulations relate to the making and notification of determinations that an amount of benefits in a superannuation entity may be released on compassionate grounds.

15  Subsection 6(1) (note)

Omit “paragraphs (e), (f) and (g)”, substitute “paragraphs (e), (ea), (f), (fa) and (g)”.

16  Subsection 10(1) (definition of Chief Executive Medicare )

Repeal the definition.

17  Subsection 10(1) (paragraph (c) of the definition of Regulator )

Omit “; and”, substitute “.”.

18  Subsection 10(1) (paragraph (d) of the definition of Regulator )

Repeal the paragraph.

19  Subsection 320(4)

Repeal the subsection (not including the note).

20  Subsection 327(1)

Omit “(1)”.

21  Subsection 327(2)

Repeal the subsection (not including the note).

22  Section 351

Repeal the section.

Part 2 Application of amendments

23  Application of amendments

The amendments made by Part 1 apply in relation to applications for the release of benefits on compassionate grounds made on or after the commencement of this Schedule.