Commonwealth Consolidated Acts

SMALL SUPERANNUATION ACCOUNTS ACT 1995

TABLE OF PROVISIONS

           Long Title

   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  

   PART 2--SUPERANNUATION--HOLDING ACCOUNTS SPECIAL ACCOUNT

   7.      Simplified outline  
   8.      Superannuation Holding Accounts Special Account  
   9.      Special Account is not a superannuation fund  

   PART 3--ACCOUNTS

           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  

   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.  

   PART 5--CREDITING--OF DEPOSITS

   34.     Simplified outline  
   35.     Crediting of deposits  

   PART 6--CREDITING--OF INTEREST

           Division 1--Simplified outline

   36.     Simplified outline  

           Division 2--Gross interest amount and net interest amount

   37.     Simplified outline  
   38.     Gross interest amount  
   39.     Net interest amount  

           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  

           Division 4--Allocation day and allocation rate

   45.     Simplified outline  
   46.     Gazettal of allocation day and allocation rate  
   47.     Calculation of the allocation rate  

           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  

           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  

   PART 7--WITHDRAWAL--OF ACCOUNT BALANCES

           Division 1--Simplified outline

   56.     Simplified outline  

           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  

           Division 3--Timing of withdrawals

   60.     Timing of withdrawals  

           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  

           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  

           Division 6--Withdrawals of account balances after death

   68.     Withdrawal of account balance--death of individual  

           Division 7--Notification of refusal of requests

   69.     Notification of refusal of requests  

           Division 8--Recovery of account balances

   70.     Recovery of account balances  

   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  

   PART 9--INACTIVE--ACCOUNTS

   75.     Simplified outline  
   76.     No activity for 10 years  
   77.     Register  

   PART 10--TAX--FILE NUMBERS

   78.     Simplified outline  
   79.     Individual may quote his or her tax file number  

   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  

   PART 12--PARTNERSHIPS--AND UNINCORPORATED ASSOCIATIONS

           Division 1--Partnerships

   86.     Simplified outline  
   87.     Treatment of partnerships  
   88.     Giving of documents to partnerships  

           Division 2--Unincorporated associations

   89.     Simplified outline  
   90.     Treatment of unincorporated associations  
   91.     Giving of documents to unincorporated associations  

   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  

   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  

   PART 13--MISCELLANEOUS

   92.     Delegation  
   93.     Annual report  
   94.     Regulations  
           SCHEDULE Employees and employers