Commonwealth Consolidated Acts

SMALL SUPERANNUATION ACCOUNTS ACT 1995 - SECT 65

Withdrawal request

  (1)   This section applies to an individual's account if:

  (a)   the individual gives the Commissioner of Taxation a request (the withdrawal request ) for the withdrawal of the account balance; and

  (b)   the individual satisfies the Commissioner of Taxation that the individual is not in employment; and

  (c)   the individual last ceased to be an employee because of the disability of the individual; and

  (d)   2 legally qualified medical practitioners have certified that the disability is likely to result in the individual being unable ever to be employed in a capacity for which the individual is reasonably qualified because of education, training or experience.

Form of withdrawal request

  (2)   The withdrawal request must be:

  (a)   in writing; and

  (b)   in a form approved in writing by the Commissioner of Taxation.

Compliance with withdrawal request

  (3)   The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.

Special Account to be debited

  (4)   The Special Account is debited for the purposes of making the payment.

Individual's account to be debited

  (5)   When the payment is made, the individual's account is debited by the amount of the payment.