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Small Superannuation Accounts Act 1995
In force
Administered by
Department of the Treasury
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C2025C00048 C03
14 October 1997
-
31 December 1997
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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 Reserve
7 Simplified outline
8 Establishment of Superannuation Holding Accounts Reserve
9 Reserve is not a superannuation fund
10 Appropriation of Reserved Money 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.
32 Deposit form may deal with multiple payments
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 Transfer of net interest amount from the Consolidated Revenue Fund to the Reserve
42 Unallocated Interest Pool
43 Supplementation of Unallocated Interest Pool
44 Re transfer of unallocated interest to the Consolidated Revenue Fund
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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
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Division 5—Direct withdrawals of account balances by individuals
62 Simplified outline
63 Withdrawal of account balance of less than $500, where individual has ceased to be employed by depositor etc.
64 Withdrawal of account balance—severe financial hardship
65 Withdrawal of account balance—retirement on grounds of disability
66 Withdrawal of account balance—individual turns 65
67 Withdrawal of account balance—individual not an Australian 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 AAT review of Commissioner of Taxation’s decisions
84 Modification of the Administrative Appeals Tribunal Act 1975
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 13—Miscellaneous
92 Delegation
93 Annual report
94 Regulations
95 Transitional—transfers from the Consolidated Revenue Fund
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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
