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Small Superannuation Accounts Act 1995
In force
Administered by
Department of the Treasury
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C2024C00683 C28
14 October 2024
-
20 February 2025
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Table of contents
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Part 1—Introduction
1 Short title
2 Commencement
3 Simplified explanation
4 Definitions
5 Crown to be bound
6 Act to be administered by the Commissioner of Taxation
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Part 2—Superannuation Holding Accounts Special Account
7 Simplified outline
8 Superannuation Holding Accounts Special Account
9 Special Account is not a superannuation fund
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Part 3—Accounts
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Division 1—Simplified outline
11 Simplified outline
Division 2—Keeping of accounts
12 Accounts
Division 3—Outline of credits and debits to accounts
13 Outline of credits to accounts
14 Outline of debits to accounts
Division 4—Opening and closing of accounts
15 Opening of accounts
16 Closing of accounts
Division 5—Rules about accounts
17 Accounts may have a nil balance
18 One account per individual
19 Account balances not held on trust etc.
Division 6—Notification of account balances
20 Notification of opening balance
21 Individual may request details of account balance
22 Annual notification of account balance
23 Notification when account balance reaches $1,200
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Part 4—Deposits
24 Simplified outline
25 Deposits
26 Deposit to be accompanied by deposit form
27 Deposit to be made by employer or former employer
28 Deposit to be instead of superannuation contributions
29 Deposit to be consistent with other laws etc.
30 Age limit
31 Consequences of false declarations etc.
33 Deposit not held on trust etc.
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Part 5—Crediting of deposits
34 Simplified outline
35 Crediting of deposits
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Part 6—Crediting of interest
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Division 1—Simplified outline
36 Simplified outline
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Division 2—Gross interest amount and net interest amount
37 Simplified outline
38 Gross interest amount
39 Net interest amount
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Division 3—Funding of interest
40 Simplified outline
41 Crediting of net interest amount to the Special Account
42 Unallocated Interest Pool
43 Supplementation of Unallocated Interest Pool
44 Debiting of unallocated interest
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Division 4—Allocation day and allocation rate
45 Simplified outline
46 Gazettal of allocation day and allocation rate
47 Calculation of the allocation rate
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Division 5—Crediting of interest
48 Simplified outline
49 Accrual of interest on first $1,200 of daily balance
50 Rate of accrual, and crediting, of interest
51 Rounding up
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Division 6—Interest not to accrue in certain cases
52 Simplified outline
53 Interest does not accrue on refunded deposits
54 Interest does not accrue on shortfall components incorrectly credited to accounts
55 Amalgamated accounts—no interest if $1,200 limit avoided
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Part 7—Withdrawal of account balances
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Division 1—Simplified outline
56 Simplified outline
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Division 2—No withdrawals for 14 days after deposit credited to account etc.
57 Simplified outline
58 No withdrawals for 14 days after deposit credited to account etc.
59 No withdrawals for 14 days after shortfall component credited to account
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Division 3—Timing of withdrawals
60 Timing of withdrawals
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Division 4—Transfer of account balances to RSAs and superannuation funds
61 Transfer to RSA or superannuation fund
61A Commissioner may transfer account balance to RSA or superannuation fund
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Division 5—Direct withdrawals of account balances by individuals
62 Simplified outline
63 Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.
64 Withdrawal of account balance—receipt of Commonwealth income support payments
65 Withdrawal of account balance—retirement on grounds of disability
65A Withdrawal of account balance—terminal medical condition
66 Withdrawal of account balance—individual turns 65
67 Withdrawal of account balance—individual not an Australian resident
67A Withdrawal of account balance—former temporary resident
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Division 6—Withdrawals of account balances after death
68 Withdrawal of account balance—death of individual
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Division 7—Notification of refusal of requests
69 Notification of refusal of requests
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Division 8—Recovery of account balances
70 Recovery of account balances
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Part 8—Refunds of deposits
71 Simplified outline
72 Refunds—false or defective deposit forms etc.
73 Refunds—deposit made by mistake
74 Recovery of refunds
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Part 9—Inactive accounts
75 Simplified outline
76 No activity for 10 years
77 Register
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Part 10—Tax file numbers
78 Simplified outline
79 Individual may quote his or her tax file number
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Part 11—Review of decisions
80 Simplified outline
81 Reviewable decisions
82 Reconsideration of reviewable decisions
83 ART review of Commissioner of Taxation’s decisions
84 Application of the Administrative Review Tribunal Act 2024
85 Statements to accompany notification of decisions
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Part 12—Partnerships and unincorporated associations
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Division 1—Partnerships
86 Simplified outline
87 Treatment of partnerships
88 Giving of documents to partnerships
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Division 2—Unincorporated associations
89 Simplified outline
90 Treatment of unincorporated associations
91 Giving of documents to unincorporated associations
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Part 12A—Government co contributions for low income earners
91A Commissioner of Taxation may deposit Government co contributions for low income earners into individual’s account
91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4
91C Deposit not held on trust etc.
91D Crediting of deposits
91E Debiting account with overpayment of Government co contribution
91F Withdrawal of account balances
91G Refunds of deposits
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Part 12B—PPL superannuation contributions
91H Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account
91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4
91K Deposit not held on trust etc.
91L Crediting of deposits
91M Debiting account with overpayment of PPL superannuation contribution
91N Withdrawal of account balances
91P Refunds of deposits
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Part 13—Miscellaneous
92 Delegation
93 Annual report
94 Regulations
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Schedule—Employees and employers
1 Basic definition
2 Company directors
3 Contract workers
4 Members of the Parliament of the Commonwealth
5 Members of the Parliament of a State
6 Members of the ACT Legislative Assembly
7 Members of the Northern Territory Legislative Assembly
8 Performers and sportspersons etc.
9 Office holders etc.
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
