Commonwealth Consolidated Acts

SMALL SUPERANNUATION ACCOUNTS ACT 1995 - SECT 16

    The Commissioner of Taxation may close an individual's account if the balance of the account is nil and:

  (a)   the balance of the account was nil throughout the preceding period of 2 years; or

  (b)   the balance of the account has been withdrawn under section   61, 65, 65A, 66, 67, 67A or 91E; or

  (c)   the individual has died; or

  (d)   the individual asks the Commissioner of Taxation to close the account; or

  (e)   the balance of the account has been debited from the Special Account under Part   9 (which deals with inactive accounts).

Note 1:   Section   61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.

Note 2:   Section   65 deals with individuals who retire because of disability.

Note 2A:   Section   65A deals with individuals in relation to whom terminal medical conditions exist.

Note 3:   Section   66 deals with individuals who have turned 65.

Note 4:   Section   67 deals with individuals who are not Australian residents for income tax purposes etc.

Note 5:   Section   67A deals with individuals who have permanently departed from Australia.

Note 6:   Section   91E deals with debiting of accounts to recover overpayments of Government co - contributions.