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This is a Bill, not an Act. For current law, see the Acts databases.
1996-97
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Small
Superannuation Accounts Amendment Bill
1997
No. ,
1997
(Treasury)
A Bill
for an Act to amend the Small Superannuation Accounts Act 1995, and for
related purposes
9707420—1,259/27.5.1997—(74/97) Cat.
No. 96 7782 8 ISBN 0644 503017
Contents
A Bill for an Act to amend the Small Superannuation
Accounts Act 1995, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Small Superannuation Accounts Amendment
Act 1997.
This Act commences on the day on which it receives the Royal
Assent.
Each Act that is specified in a Schedule to this Act is amended or
repealed as set out in the applicable items in the Schedule concerned, and any
other item in a Schedule to this Act has effect according to its
terms.
1 Section 14
Omit:
Balance of less than $500—individual has ceased to be employed by
all depositors
• Under section 63, the balance of the account
may be withdrawn and paid to the individual if:
(a) the balance is less than $500; and
(b) the individual has ceased to be employed by all depositors.
Financial hardship
• Under section 64, the balance of the account
may be withdrawn and paid to the individual if the individual is in severe
financial hardship.
substitute:
Receipt of Commonwealth income support payments
• Under section 64, the balance of the account
may be withdrawn and paid to the individual if the individual is in receipt of
Commonwealth income support payments for a sufficient period.
2 Section 14
Omit “Individual not an Australian resident”, substitute
“Individual at least 55 years old and not an Australian
resident”.
3 Section 14
Before “not an Australian resident for”, insert “at least
55 years old and is”.
4 Section 62
Omit:
• The balance of an individual’s account
may be withdrawn if:
(a) the balance is less than $500; and
(b) the individual has ceased to be employed by all depositors.
• The balance of an individual’s account
may be withdrawn if the individual is in severe financial hardship.
substitute:
• The balance of an individual’s account
may be withdrawn if the individual is in receipt of Commonwealth income support
payments for a sufficient period.
5 Section 62
Before “not an Australian resident”, insert “at least 55
years old and is”.
6 Section 63
Repeal the section.
7 Paragraph 64(1)(b)
Repeal the paragraph, substitute:
(b) the individual has been in receipt of one or more Commonwealth income
support payments for:
(i) if the person is at least 55 years of age—a period of at least
39 weeks, or for 2 or more periods that total at least 39 weeks, since the
person turned 55; or
(ii) in any case—for an unbroken period of at least 52 weeks (other
than such a period that ended before the withdrawal request was given);
and
(c) the individual gives the Commissioner of Taxation:
(i) written evidence of the individual’s receipt of relevant
Commonwealth income support payments provided by the Commonwealth department or
agency that is responsible for administering the payment; or
(ii) such other evidence of the individual’s receipt of relevant
Commonwealth income support payments as is prescribed.
Note: The heading to section 64 is altered by omitting
“severe financial hardship” and substituting
“receipt of Commonwealth income support
payments”.
8 Subsection 64(6)
Repeal the subsection, substitute:
(6) For the purposes of paragraph (1)(b)(ii), if an individual obtains
evidence covered by paragraph (1)(c)(i), the individual is, subject to evidence
to the contrary, to be taken to have continued to have received the Commonwealth
income support payment concerned for 21 days after the date of the written
evidence.
9 At the end of section 64
Add:
(7) In this section:
Commonwealth income support payment means any of the
following payments (as defined in section 23 of the Social Security Act
1991):
(a) a social security benefit;
(b) a social security pension;
(c) a service pension;
(d) an income support supplement; or
any other payment prescribed for the purposes of this definition.
10 After paragraph 67(1)(b)
Insert:
(ba) the individual is at least 55 years old when he or she gives the
withdrawal request; and
11 Application of
amendments
The amendments made by this Schedule apply in relation to requests given to
the Commissioner after 30 June 1997.