Commonwealth Consolidated Acts

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SMALL SUPERANNUATION ACCOUNTS ACT 1995 - SECT 36

Simplified outline

    The following is a simplified outline of this Part:

  Interest is funded by crediting amounts to the Special Account.

  Interest accrues to an account on the daily balance of the account. Interest only accrues on the first $1,200 of the balance of the account.

  Interest is credited each quarter on the allocation day.

  The allocation day is published in the Gazette .

  The rate at which interest accrues is called the allocation rate.

  The allocation rate is published in the Gazette .

  Interest will not accrue to an account in the following cases:

  (a)   a deposit is refunded;

  (b)   a shortfall component is incorrectly credited to the account;

  (c)   the $1,200 limit has been avoided by the use of multiple accounts.



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