Commonwealth Consolidated Acts Commonwealth Consolidated ActsNo. 52, 1995
Compilation No. 25
Compilation date: 15 September 2023
Includes amendments up to: Act No. 69, 2023
Registered: 25 September 2023
About this compilation
This compilation
This is a compilation of the Small Superannuation Accounts Act 1995 that shows the text of the law as amended and in force on 15 September 2023 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self-repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 1--Introduction
1 Short title
2 Commencement
3 Simplified explanation
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 AAT review of Commissioner of Taxation's decisions
84 Modification of the Administrative Appeals Tribunal Act 1975
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 13--Miscellaneous
92 Delegation
93 Annual report
94 Regulations
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.
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
Abbreviation key--Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history--Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub-subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev ... ) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | Sch = Schedule(s) |
Sdiv = Subdivision(s) | |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub-Ch = Sub-Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | underlining = whole or part not |
No. = Number(s) | commenced or to be commenced |
Endnote 3--Legislation history
Act | Number and year | Assent | Commencement | Application, saving and transitional provisions |
52, 1995 | 23 June 1995 | 1 July 1995 (s 2) |
| |
43, 1996 | 25 Oct 1996 | Sch 2 (item 97): 1 July 1995 (s 2(2)) | -- | |
Retirement Savings Accounts (Consequential Amendments) Act 1997 | 62, 1997 | 28 May 1997 | Sch 16: 2 June 1997 (s 2) | -- |
Taxation Laws Amendment Act (No. 3) 1997 | 147, 1997 | 14 Oct 1997 | Sch 9 (items 3, 4): 14 Oct 2014 (s 2(1)) | Sch 9 (item 4) |
152, 1997 | 24 Oct 1997 | Sch 3 (items 19-28): 1 Jan 1998 (s 2(3)(g)) | -- | |
48, 1998 | 29 June 1998 | Sch 1 (items 163-166): 1 July 1998 (s 2(2)) | -- | |
96, 1999 | 16 July 1999 | Sch 1: 16 July 1999 (s 2) | Sch 1 (item 12) | |
Superannuation (Unclaimed Money and Lost Members) Consequential and Transitional Act 1999 | 128, 1999 | 13 Oct 1999 | ||
Family Law Legislation Amendment (Superannuation) (Consequential Provisions) Act 2001 | 114, 2001 | 18 Sept 2001 | Sch 1 (item 25): 28 Dec 2002 (s 2) | -- |
15, 2002 | 4 Apr 2002 | Sch 1 (items 16-21): 4 Apr 2002 (s 2(1) item 2) | Sch 1 (item 21) | |
Superannuation (Government Co-contribution for Low Income Earners) (Consequential Amendments) Act 2003 | 111, 2003 | 12 Nov 2003 | Sch 1 (items 10-15, 25): 12 Nov 2003 (s 2(1) items 2, 4) | Sch 1 (item 25) |
8, 2005 | 22 Feb 2005 | s. 4 and Sch 1 (items 318-363, 496): 22 Feb 2005 (s 2(1) items 1, 2, 10) | s 4 and Sch 1 (item 496) | |
Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2005 | 82, 2005 | 29 June 2005 | Sch 1 (item 1): 1 July 2005 (s 2(1) item 2) | -- |
Superannuation Legislation Amendment (Simplification) Act 2007 | 15, 2007 | 15 Mar 2007 | Sch 1 (items 287, 288, 406(1)-(3)): 15 Mar 2007 (s 2(1) item 2) | Sch 1 (item 406(1)-(3)) |
Same-Sex Relationships (Equal Treatment in Commonwealth Laws--Superannuation) Act 2008 | 134, 2008 | 4 Dec 2008 | Sch 4 (items 3-5): 1 July 2008 (s 2(1) item 4) | Sch 4 (item 5) |
Tax Laws Amendment (2009 Measures No. 1) Act 2009 | 27, 2009 | 26 Mar 2009 | Sch 2 (items 53-57): 27 Mar 2009 (s 2(1) item 5) | -- |
Tax Laws Amendment (Confidentiality of Taxpayer Information) Act 2010 | 145, 2010 | 16 Dec 2010 | Sch 2 (item 69): 17 Dec 2010 (s 2(1) item 2) | -- |
5, 2011 | 22 Mar 2011 | Sch 5 (items 191-194) and Sch 6 (items 98, 99): 19 Apr 2011 (s 2(1) items 13, 17) | -- | |
46, 2011 | 27 June 2011 | Sch 2 (item 1049) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 2, 7, 12) | Sch 3 (items 10, 11) | |
Farm Household Support (Consequential and Transitional Provisions) Act 2014 | 13, 2014 | 28 Mar 2014 | Sch 2 (items 57, 58): 1 July 2014 (s 2(1) item 3) | Sch 2 (item 58) |
62, 2014 | 30 June 2014 | Sch 12 (items 125-130) and Sch 14: 1 July 2014 (s 2(1) items 6, 14) | Sch 14 | |
as amended by |
|
|
|
|
Public Governance and Resources Legislation Amendment Act (No. 1) 2015 | 36, 2015 | 13 Apr 2015 | Sch 2 (item 7) and Sch 7: 14 Apr 2015 (s 2) | Sch 7 |
as amended by |
|
|
|
|
Acts and Instruments (Framework Reform) (Consequential Provisions) Act 2015 | 126, 2015 | 10 Sept 2015 | Sch 1 (item 486): 5 Mar 2016 (s 2(1) item 2) | -- |
Acts and Instruments (Framework Reform) (Consequential Provisions) Act 2015 | 126, 2015 | 10 Sept 2015 | Sch 1 (item 495): 5 Mar 2016 (s 2(1) item 2) | -- |
59, 2015 | 26 May 2015 | Sch 2 (items 321): 1 July 2016 (s 2(1) item 5) | Sch 2 (items 356-396) | |
as amended by |
|
|
|
|
33, 2016 | 23 Mar 2016 | Sch 2: 24 Mar 2016 (s 2(1) item 2) | -- | |
Treasury Laws Amendment (2018 Measures No. 1) Act 2018 | 23, 2018 | 29 Mar 2018 | Sch 1 (items 24-28): 1 Apr 2018 (s 2(1) item 5) | Sch 1 (items 75-79) |
Family Law Amendment (Western Australia De Facto Superannuation Splitting and Bankruptcy) Act 2020 | 112, 2020 | 8 Dec 2020 | Sch 3 (item 70): 28 Sept 2022 (s 2(1) item 1) | -- |
Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 | 69, 2023 | 14 Sept 2023 | Sch 1 (item 81): 15 Sept 2023 (s 2(1) item 2) | -- |
Provision affected | How affected |
Part 1 |
|
s 3..................... | am No 62, 1997; No 111, 2003; No 8, 2005; No 62, 2014 |
s 4..................... | am No 62, 1997; No 111, 2003; No 8, 2005; No 15, 2007; No 134, 2008; No 27, 2009; Nos 5 and 46, 2011; No 62, 2014 |
s 5..................... | am No 59, 2015 |
s 6..................... | am No 145, 2010 |
Part 2 |
|
Part 2 heading............. | rs No 8, 2005 |
s 7..................... | am No 8, 2005 |
s 8 ..................... | am No 152, 1997 |
| rs No 8, 2005 |
| am No 62, 2014 |
s 9..................... | am No 8, 2005 |
s 10 .................... | am No 152, 1997 |
| rep No 8, 2005 |
Part 3 |
|
Division 1 |
|
s 11.................... | am No 8, 2005 |
Division 2 |
|
s 12.................... | am No 8, 2005 |
Division 3 |
|
s 14.................... | am No 62, 1997; No 96, 1999; No 15, 2002 |
| rs No 8, 2005 |
| am No 27, 2009; No 23, 2018 |
Division 4 |
|
s 15.................... | am No 114, 2001; No 112, 2020 |
s 16 .................... | am No 15, 2002; No 111, 2003; No 8, 2005; No 23, 2018 |
Division 5 |
|
s 17.................... | am No 8, 2005 |
s 19.................... | am No 152, 1997; No 62, 2014 |
Part 4 |
|
s 25.................... | am No 82, 2005 |
s 30.................... | am No 147, 1997 |
s 32.................... | rep No 69, 2023 |
s 33.................... | am No 152, 1997; No 62, 2014 |
Part 5 |
|
s 34.................... | am No 8, 2005 |
s 35.................... | rs No 8, 2005 |
Part 6 |
|
Division 1 |
|
s 36.................... | am No 8, 2005 |
Division 2 |
|
s 38.................... | am No 8, 2005; No 5, 2011 |
s 39.................... | am No 8, 2005; No 5, 2011 |
Division 3 |
|
s 40.................... | am No 8, 2005 |
s 41.................... | rs No 8, 2005 |
s 42.................... | rs No 8, 2005 |
s 43.................... | am No 8, 2005; No 5, 2011 |
s 44.................... | am No 8, 2005 |
Division 4 |
|
s 46.................... | am No 8, 2005 |
Division 5 |
|
s 50.................... | am No 8, 2005; No 5, 2011 |
Division 6 |
|
s 53.................... | am No 8, 2005 |
Part 7 |
|
Division 1 |
|
s 56.................... | am No 62, 1997 |
Division 4 |
|
Division 4 heading.......... | rs No 62, 1997 |
s 61.................... | am No 62, 1997; No 8, 2005 |
s 61A................... | ad No 111, 2003; No 8, 2005 |
Division 5 |
|
s 62 .................... | am No 96, 1999; No 15, 2002; No 27, 2009; No 23, 2018 |
s 63 .................... | am No 96, 1999; No 8, 2005 |
s 64.................... | am No 48, 1998; No 96, 1999; No 8, 2005; No 13, 2014 |
s 65.................... | am No 8, 2005 |
s 65A................... | ad No 23, 2018 |
s 66.................... | am No 8, 2005 |
s 67 .................... | am No 96, 1999; No 8, 2005 |
s 67A ................... | ad No 15, 2002 |
| am No 8, 2005; No 27, 2009 |
Division 6 |
|
s 68.................... | am No 8, 2005 |
Part 8 |
|
s 72.................... | am No 8, 2005 |
s 73.................... | am No 8, 2005 |
Part 9 |
|
s 75.................... | am No 48, 1998; No 128, 1999; No 8, 2005 |
s 76.................... | am No 48, 1998; No 128, 1999; No 8, 2005 |
s 77.................... | am No 128, 1999; No 8, 2005 |
Part 11 |
|
s 85.................... | am No 43, 1996 |
Part 12A |
|
Part 12A................. | ad No 111, 2003 |
s 91A................... | ad No 111, 2003 |
| am No 8, 2005 |
s 91B................... | ad No 111, 2003 |
s 91C................... | ad No 111, 2003 |
s 91D................... | ad No 111, 2003 |
| am No 8, 2005 |
s 91E................... | ad No 111, 2003 |
s 91G................... | ad No 111, 2003 |
Part 13 |
|
s 92.................... | am No 5, 2011 |
s 95 .................... | rep No 152, 1997 |