Commonwealth Consolidated Acts

SMALL SUPERANNUATION ACCOUNTS ACT 1995 - NOTES

No. 52, 1995

Compilation No. 29

Compilation date: 21 February 2025

Includes amendments: Act No. 14, 2025

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 21 February 2025 (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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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

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

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

Endnotes

Endnote 1--About the endnotes

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.

Endnote 2--Abbreviation key

 

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)
LIA = Legislative Instruments Act 2003	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
Small Superannuation Accounts Act 1995	52, 1995	23 June 1995	1 July 1995 (s 2)
Statute Law Revision Act 1996	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)
Audit (Transitional and Miscellaneous) Amendment Act 1997	152, 1997	24 Oct 1997	Sch 3 (items 19-28): 1 Jan 1998 (s 2(3)(g))	--
Financial Sector Reform (Consequential Amendments) Act 1998	48, 1998	29 June 1998	Sch 1 (items 163-166): 1 July 1998 (s 2(2))	--
Superannuation Legislation Amendment Act (No. 2) 1999	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	s. 8 and Sch 1 (items 36-39): 13 Oct 1999 (s 2 items 1, 2)	s 8
Family Law Legislation Amendment (Superannuation) (Consequential Provisions) Act 2001	114, 2001	18 Sept 2001	Sch 1 (item 25): 28 Dec 2002 (s 2)	--
Taxation Laws Amendment (Superannuation) Act (No. 1) 2002	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)
Financial Framework Legislation Amendment Act 2005	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)	--
Statute Law Revision Act 2011	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)	--
Acts Interpretation Amendment Act 2011	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)
Public Governance, Performance and Accountability (Consequential and Transitional Provisions) Act 2014	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)	--
Norfolk Island Legislation Amendment Act 2015	59, 2015	26 May 2015	Sch 2 (items 321): 1 July 2016 (s 2(1) item 5) Sch 2 (items 356-396): 18 June 2015 (s 2(1) item 6)	Sch 2 (items 356-396)
as amended by
Territories Legislation Amendment Act 2016	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): 30 Mar 2018 (s 2(1) item 9)	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)	--
Administrative Review Tribunal (Consequential and Transitional Provisions No. 1) Act 2024	38, 2024	31 May 2024	Sch 1 (items 44, 45, 70): 14 Oct 2024 (s 2(1) item 2)	--
Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024	67, 2024	9 July 2024	Sch 5 (items 45, 48): 1 Oct 2024 (s 2(1) item 10)	Sch 5 (item 48)
Paid Parental Leave Amendment (Adding Superannuation for a More Secure Retirement) Act 2024	90, 2024	1 Oct 2024	Sch 1 (items 10-12): 2 Oct 2024 (s 2(1) item 1)	Sch 1 (item 12)
Administrative Review Tribunal (Miscellaneous Measures) Act 2025	14, 2025	20 Feb 2025	Sch 2 (items 34, 35): 21 Feb 2025 (s 2(1) item 2)	--

Endnote 4--Amendment history

 

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; No 5, 2011; No 46, 2011; No 62, 2014; No 90, 2024
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 2
s 58....................	am No 38, 2024
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; No 67, 2024
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 80....................	am No 38, 2024
s 83....................	am No 38, 2024
s 84....................	rs No 38, 2024
	am No 14, 2025
s 85....................	am No 43, 1996; No 38, 2024
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 12B
Part 12B.................	ad No 90, 2024
s 91H...................	ad No 90, 2024
s 91J....................	ad No 90, 2024
s 91K...................	ad No 90, 2024
s 91L...................	ad No 90, 2024
s 91M...................	ad No 90, 2024
s 91N...................	ad No 90, 2024
s 91P...................	ad No 90, 2024
Part 13
s 92....................	am No 5, 2011
s 95 ....................	rep No 152, 1997