Issue
Can a Retirement Savings Account (RSA) accept a superannuation guarantee voucher or a payment from the Superannuation Holding Account Reserve (SHAR)?
Decision
Yes. The Commissioner is allowed to pay a superannuation guarantee voucher to an RSA through the application of paragraph 65(1)(a) of the Superannuation Guarantee (Administration) Act 1992.
In addition, section 61 of the Small Superannuation Accounts Act 1995 allows the transfer of an amount held in SHAR to a RSA.
Reasons for Decision
Regulation 5.03 of the Retirement Savings Account Regulations 1997 prescribes that a RSA may accept 'mandated employer contributions'. 'Mandated employer contributions' is defined in Regulation 1.03 of the Retirement Savings Account Regulations 1997 as including, among other things: - Superannuation guarantee shortfall components, that is, payments of the shortfall component of the superannuation guarantee charge by the ATO; and - Payments from SHAR (through the application of Retirement Savings Account sub-regulation 1.03(1) and sub-regulation 3.01(2)).