Commonwealth Consolidated Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997 - SECT 3

             (1)  Subject to subsection (3):

                     (a)  APRA has the general administration of:

                              (i)  Part 3; and

                             (ii)  Division 4 of Part 4 (Other provisions relating to the operation of RSAs); and

                            (iii)  Parts 6 and 9, and Part 11 (except the provisions mentioned in subparagraph (e)(ii)); and

                            (iv)  section 183; and

                     (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)  the Chief Executive Medicare by paragraph (ba);

                             (ii)  ASIC by paragraph (d); and

                   (ba)  the Chief Executive Medicare has the general administration of regulations made under section 38 to the extent that the regulations relate to making determinations that an amount of benefits in an RSA may be released on compassionate grounds; and

                     (c)  ASIC has the general administration of:

                              (i)  Part 5 (other than section 49); and

                             (ii)  Part 7; and

                            (iii)  section 184; and

                     (d)  ASIC also has the general administration of sections 37 to 39 and section 49 to the extent to which they relate to:

                              (i)  the keeping and retaining of records in relation to RSA's; or

                             (ii)  the disclosure of information to holders of RSA's; or

                            (iii)  the disclosure of information about RSA's (including disclosure of information to ASIC but not including disclosure of information to APRA); or

                            (iv)  any other matter prescribed by the regulations for the purposes of this paragraph; and

                     (e)  the Commissioner of Taxation has the general administration of:

                              (i)  Division 3 of Part 4 (Portability forms); and

                             (ii)  Division 2 of Part 11, section 138A, Division 4A of Part 11 and subsection 144(1A) (about tax file numbers).

Note:          An effect of a provision being administered by the Commissioner of Taxation (see paragraph (e)) is that people who acquire information under the provision are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953 .

             (2)  The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA's administration of the provisions it administers and on ASIC for the purposes of ASIC's administration of the provisions it administers:

                     (a)  Parts 1 and 2;

                     (b)  Part 10;

                     (c)  Parts 12 to 15;

                     (d)  Part 16 (other than sections 183 and 184).

Note:          Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16.

             (3)  The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act.