Commonwealth Consolidated Acts

SMALL SUPERANNUATION ACCOUNTS ACT 1995 - SECT 54

When section applies

  (1)   This section applies if:

  (a)   an amount credited to an account under section   65 of the Superannuation Guarantee (Administration) Act 1992 exceeds the amount that should have been credited to the account; and

  (b)   the balance of the account is attributable, in whole or in part, to the credit.

No interest

  (2)   Despite section   49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of the account as is attributable to the excess.

Debit reversing interest credit

  (3)   If interest has been credited to the account in contravention of subsection   (2), the Commissioner of Taxation must debit the account by the amount of the credit.

Unallocated Interest Pool to be credited

  (4)   The Unallocated Interest Pool is to be credited by the amount of a debit under subsection   (3).