Contents

Part 1--Introduction                                                                                                             1

1............ Short title [see Note 1] ........................................................................ 1

2............ Commencement ................................................................................... 1

3............ Simplified explanation ......................................................................... 1

4............ Definitions .......................................................................................... 2

5............ Crown to be bound ............................................................................. 4

6............ Act to be administered by the Commissioner of Taxation ................... 5

Part 2--Superannuation Holding Accounts Special Account                     6

7............ Simplified outline ................................................................................ 6

8............ Superannuation Holding Accounts Special Account ........................... 6

9............ Special Account is not a superannuation fund ..................................... 6

Part 3--Accounts                                                                                                                    8

Division 1--Simplified outline                                                                                   8

11.......... Simplified outline ................................................................................ 8

Division 2--Keeping of accounts                                                                             9

12.......... Accounts ............................................................................................. 9

Division 3--Outline of credits and debits to accounts                                10

13.......... Outline of credits to accounts ............................................................ 10

14.......... Outline of debits to accounts ............................................................. 10

Division 4--Opening and closing of accounts                                                 13

15.......... Opening of accounts ......................................................................... 13

16.......... Closing of accounts ........................................................................... 14

Division 5--Rules about accounts                                                                         15

17.......... Accounts may have a nil balance ....................................................... 15

18.......... One account per individual ................................................................ 15

19.......... Account balances not held on trust etc. ............................................. 15

Division 6--Notification of account balances                                                 17

20.......... Notification of opening balance ......................................................... 17

21.......... Individual may request details of account balance ............................. 17

22.......... Annual notification of account balance .............................................. 17

23.......... Notification when account balance reaches $1,200 ........................... 18

Part 4--Deposits                                                                                                                    19

24.......... Simplified outline .............................................................................. 19

25.......... Deposits ............................................................................................ 19

26.......... Deposit to be accompanied by deposit form ...................................... 20

27.......... Deposit to be made by employer or former employer ....................... 20

28.......... Deposit to be instead of superannuation contributions ...................... 20

29.......... Deposit to be consistent with other laws etc. ..................................... 20

30.......... Age limit ........................................................................................... 21

31.......... Consequences of false declarations etc. ............................................. 21

32.......... Deposit form may deal with multiple payments ................................ 21

33.......... Deposit not held on trust etc. ............................................................. 22

Part 5--Crediting of deposits                                                                                        23

34.......... Simplified outline .............................................................................. 23

35.......... Crediting of deposits ......................................................................... 23

Part 6--Crediting of interest                                                                                          24

Division 1--Simplified outline                                                                                 24

36.......... Simplified outline .............................................................................. 24

Division 2--Gross interest amount and net interest amount                  25

37.......... Simplified outline .............................................................................. 25

38.......... Gross interest amount ....................................................................... 25

39.......... Net interest amount ........................................................................... 25

Division 3--Funding of interest                                                                              27

40.......... Simplified outline .............................................................................. 27

41.......... Crediting of net interest amount to the Special Account .................... 27

42.......... Unallocated Interest Pool .................................................................. 27

43.......... Supplementation of Unallocated Interest Pool ................................... 28

44.......... Debiting of unallocated interest ......................................................... 28

Division 4--Allocation day and allocation rate                                             30

45.......... Simplified outline .............................................................................. 30

46.......... Gazettal of allocation day and allocation rate ..................................... 30

47.......... Calculation of the allocation rate ........................................................ 30

Division 5--Crediting of interest                                                                           33

48.......... Simplified outline .............................................................................. 33

49.......... Accrual of interest on first $1,200 of daily balance ........................... 33

50.......... Rate of accrual, and crediting, of interest ........................................... 33

51.......... Rounding up ..................................................................................... 35

Division 6--Interest not to accrue in certain cases                                     36

52.......... Simplified outline .............................................................................. 36

53.......... Interest does not accrue on refunded deposits ................................... 36

54.......... Interest does not accrue on shortfall components incorrectly credited to accounts     37

55.......... Amalgamated accounts--no interest if $1,200 limit avoided ............. 37

Part 7--Withdrawal of account balances                                                              39

Division 1--Simplified outline                                                                                 39

56.......... Simplified outline .............................................................................. 39

Division 2--No withdrawals for 14 days after deposit credited to account etc.                40

57.......... Simplified outline .............................................................................. 40

58.......... No withdrawals for 14 days after deposit credited to account etc. ..... 40

59.......... No withdrawals for 14 days after shortfall component credited to account               41

Division 3--Timing of withdrawals                                                                      43

60.......... Timing of withdrawals ...................................................................... 43

Division 4--Transfer of account balances to RSAs and superannuation funds                 44

61.......... Transfer to RSA or superannuation fund .......................................... 44

61A....... Commissioner may transfer account balance to RSA or superannuation fund          46

Division 5--Direct withdrawals of account balances by individuals 47

62.......... Simplified outline .............................................................................. 47

63.......... Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.    48

64.......... Withdrawal of account balance--receipt of Commonwealth income support payments            49

65.......... Withdrawal of account balance--retirement on grounds of disability 51

66.......... Withdrawal of account balance--individual turns 65 ........................ 52

67.......... Withdrawal of account balance--individual not an Australian resident 53

67A....... Withdrawal of account balance--former temporary resident ............. 54

Division 6--Withdrawals of account balances after death                     56

68.......... Withdrawal of account balance--death of individual ........................ 56

Division 7--Notification of refusal of requests                                              57

69.......... Notification of refusal of requests ..................................................... 57

Division 8--Recovery of account balances                                                      58

70.......... Recovery of account balances ........................................................... 58

Part 8--Refunds of deposits                                                                                           59

71.......... Simplified outline .............................................................................. 59

72.......... Refunds--false or defective deposit forms etc. ................................. 59

73.......... Refunds--deposit made by mistake .................................................. 60

74.......... Recovery of refunds .......................................................................... 61

Part 9--Inactive accounts                                                                                                62

75.......... Simplified outline .............................................................................. 62

76.......... No activity for 10 years ..................................................................... 62

77.......... Register ............................................................................................. 63

Part 10--Tax file numbers                                                                                              65

78.......... Simplified outline .............................................................................. 65

79.......... Individual may quote his or her tax file number ................................ 65

Part 11--Review of decisions                                                                                         66

80.......... Simplified outline .............................................................................. 66

81.......... Reviewable decisions ........................................................................ 66

82.......... Reconsideration of reviewable decisions ........................................... 66

83.......... AAT review of Commissioner of Taxation's decisions .................... 67

84.......... Modification of the Administrative Appeals Tribunal Act 1975 ........ 68

85.......... Statements to accompany notification of decisions ............................ 68

Part 12--Partnerships and unincorporated associations                             70

Division 1--Partnerships                                                                                           70

86.......... Simplified outline .............................................................................. 70

87.......... Treatment of partnerships .................................................................. 70

88.......... Giving of documents to partnerships ................................................ 70

Division 2--Unincorporated associations                                                         71

89.......... Simplified outline .............................................................................. 71

90.......... Treatment of unincorporated associations ......................................... 71

91.......... Giving of documents to unincorporated associations ........................ 72

Part 12A--Government co-contributions for low income earners         73

91A....... Commissioner of Taxation may deposit Government co-contributions for low income earners into individual's account .......................................................................................................... 73

91B....... Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4   73

91C....... Deposit not held on trust etc. ............................................................. 73

91D....... Crediting of deposits ......................................................................... 73

91E........ Debiting account with overpayment of Government co-contribution 74

91F........ Withdrawal of account balances ........................................................ 74

91G....... Refunds of deposits .......................................................................... 75

Part 13--Miscellaneous                                                                                                     76

92.......... Delegation ......................................................................................... 76

93.......... Annual report .................................................................................... 76

94.......... Regulations ....................................................................................... 76

Schedule--Employees and employers                                                                      77

1............ Basic definition ................................................................................. 77

2............ Company directors ............................................................................ 77

3............ Contract workers ............................................................................... 77

4............ Members of the Parliament of the Commonwealth ........................... 77

5............ Members of the Parliament of a State ................................................ 77

6............ Members of the ACT Legislative Assembly ..................................... 77

7............ Members of the Northern Territory Legislative Assembly ................ 78

8............ Performers and sportspersons etc. .................................................... 78

9............ Office holders etc. ............................................................................. 78

Notes                                                                                                                                              79

An Act relating to the small superannuation accounts scheme

  

Notes to the Small Superannuation Accounts Act 1995

Note 1

The Small Superannuation Accounts Act 1995 as shown in this compilation comprises Act No. 52, 1995 amended as indicated in the Tables below.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Small Superannuation Accounts Act 1995	52, 1995	23 June 1995	1 July 1995
Statute Law Revision Act 1996	43, 1996	25 Oct 1996	Schedule 2 (item 97): (a)	--
Retirement Savings Accounts (Consequential Amendments) Act 1997	62, 1997	28 May 1997	2 June 1997 (see s. 2 and Gazette 1997, No. S202)	--
Taxation Laws Amendment Act (No. 3) 1997	147, 1997	14 Oct 1997	Schedule 9 (items 3, 4): Royal Assent (b)	Sch. 9 (item 4)
Audit (Transitional and Miscellaneous) Amendment Act 1997	152, 1997	24 Oct 1997	Schedule 3 (items 19-28): 1 Jan 1997 (see Gazette 1997, No. GN49) (c)	--
Financial Sector Reform (Consequential Amendments) Act 1998	48, 1998	29 June 1998	Schedule 1 (items 163-166): 1 July 1998 (see Gazette 1998, No. S316) (d)	--
Superannuation Legislation Amendment Act (No. 2) 1999	96, 1999	16 July 1999	16 July 1999	Sch. 1 (item 12)
Superannuation (Unclaimed Money and Lost Members) Consequential and Transitional Act 1999	128, 1999	13 Oct 1999	S. 8 and Schedule 1 (items 36-39): 13 Oct 1999 (e)	S. 8
Family Law Legislation Amendment (Superannuation) (Consequential Provisions) Act 2001	114, 2001	18 Sept 2001	(f)	--
Taxation Laws Amendment (Superannuation) Act (No. 1) 2002	15, 2002	4 Apr 2002	4 Apr 2002	Sch. 1 (item 21)
Superannuation (Government Co-contribution for Low Income Earners) (Consequential Amendments) Act 2003	111, 2003	12 Nov 2003	12 Nov 2003	Sch. 1 (item 25)
Financial Framework Legislation Amendment Act 2005	8, 2005	22 Feb 2005	S. 4 and Schedule 1 (items 318-363, 496): Royal Assent	S. 4 and Sch. 1 (item 496)
Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2005	82, 2005	29 June 2005	Schedule 1 (item 1): 1 July 2005	--
Superannuation Legislation Amendment (Simplification) Act 2007	15, 2007	15 Mar 2007	Schedule 1 (items 287, 288, 406(1)-(3)): (g)	Sch. 1 (item 406(1)-(3))
Same-Sex Relationships (Equal Treatment in Commonwealth Laws--Superannuation) Act 2008	134, 2008	4 Dec 2008	Schedule 4 (items 3-5): 1 July 2008	Sch. 4 (item 5)
Tax Laws Amendment (2009 Measures No. 1) Act 2009	27, 2009	26 Mar 2009	Schedule 2 (items 53-57): 27 Mar 2009	--
Tax Laws Amendment (Confidentiality of Taxpayer Information) Act 2010	145, 2010	16 Dec 2010	Schedule 2 (item 69): 17 Dec 2010	--
Statute Law Revision Act 2011	5, 2011	22 Mar 2011	Schedule 5 (items 191-194) and Schedule 6 (items 98, 99): 19 Apr 2011	--
Acts Interpretation Amendment Act 2011	46, 2011	27 June 2011	Schedule 2 (item 1049) and Schedule 3 (items 10, 11): 27 Dec 2011	Sch. 3 (items 10, 11)

(a)     The Small Superannuation Accounts Act 1995 was amended by Schedule 2 (item 97) only of the Statute Law Revision Act 1996, subsection 2(2) of which provides as follows:

                 (2)   Each item in Schedule 2 commences or is taken to have commenced (as the case requires) at the time specified in the note at the end of the item.

         Item 97 is taken to have commenced immediately after the commencement of the Small Superannuation Accounts Act 1995.

         The Small Superannuation Accounts Act 1995 came into operation on 1 July 1995.

(b)     The Small Superannuation Accounts Act 1995 was amended by Schedule 9 (item 3) only of the Taxation Laws Amendment Act (No. 3) 1997, subsection 2(1) of which provides as follows:

                 (1)   Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(c)     The Small Superannuation Accounts Act 1995 was amended by Schedule 3 (items 19-28) only of the Audit (Transitional and Miscellaneous) Amendment Act 1997, subsection 2(3)(g) of which provides as follows:

                 (3)   Schedule 3 commences as follows:

                              (g)   the amendments of the Small Superannuation Accounts Act 1995 commence on the same day as the Financial Management and Accountability Act 1997;

(d)     The Small Superannuation Accounts Act 1995 was amended by Schedule 1 (items
163-166) only of the Financial Sector Reform (Consequential Amendments) Act 1998, subsection 2(2) of which provides as follows:

                 (2)   Subject to subsections (3) to (14), Schedules 1, 2 and 3 commence on the commencement of the Australian Prudential Regulation Authority Act 1998.

(e)     The Small Superannuation Accounts Act 1995 was amended by Schedule 1 (items 36-39) only of the Superannuation (Unclaimed Money and Lost Members) Consequential and Transitional Act 1999, subsections 2(1) and (2) of which provide as follows:

                 (1)   In this section, commencing time means the time when the Superannuation (Unclaimed Money and Lost Members) Act 1999 commences.

                 (2)   Subject to this section, this Act commences at the commencing time.

(f)      Section 2 of the Family Law Legislation Amendment (Superannuation) (Consequential Provisions) Act 2001 provides as follows:

                    2   This Act commences immediately after the commencement of the Family Law Legislation Amendment (Superannuation) Act 2001.

         The Family Law Legislation Amendment (Superannuation) Act 2001 came into operation on 28 December 2002.

(g)     Subsection 2(1) (item 2) of the Superannuation Legislation Amendment (Simplification) Act 2007 provides as follows:

                 (1)   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
2.  Schedule 1	Immediately after the commencement of Schedule 1 to the Tax Laws Amendment (Simplified Superannuation) Act 2007.	15 March 2007

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
Part 1
S. 3......................................	am. No. 62, 1997; No. 111, 2003; No. 8, 2005
S. 4......................................	am. No. 62, 1997; No. 111, 2003; No. 8, 2005; No. 15, 2007; No. 134, 2008; No. 27, 2009; Nos. 5 and 46, 2011
Note to s. 6.........................	ad. No. 145, 2010
Part 2
Heading to Part 2..............	rs. No. 8, 2005
S. 7......................................	am. No. 8, 2005
S. 8 .....................................	am. No. 152, 1997
	rs. No. 8, 2005
Note 1 to s. 8(2) ................	am. No. 152, 1997
	rep. No. 8, 2005
Note 3 to s. 8(2) ................	ad. No. 152, 1997
	rep. No. 8, 2005
Heading to s. 9..................	am. No. 8, 2005
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
Division 4
S. 15....................................	am. No. 114, 2001
S. 16 ...................................	am. No. 15, 2002; No. 111, 2003; No. 8, 2005
Notes 1, 2, 3 to s. 16..........	rs. No. 111, 2003
Note 4 to s. 16 ...................	ad. No. 15, 2002
	rs. No. 111, 2003
Notes 5, 6 to s. 16..............	ad. No. 111, 2003
Division 5
S. 17....................................	am. No. 8, 2005
S. 19 ...................................	am. No. 152, 1997
Part 4
S. 25 ...................................	am. No. 82, 2005
S. 30 ...................................	am. No. 147, 1997
S. 33 ...................................	am. No. 152, 1997
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
Ss. 38, 39............................	am. No. 8, 2005; No. 5, 2011
Division 3
S. 40....................................	am. No. 8, 2005
Ss. 41, 42............................	rs. No. 8, 2005
S. 43....................................	am. No. 8, 2005; No. 5, 2011
Heading to s. 44................	rs. No. 8, 2005
S. 44....................................	am. No. 8, 2005
Division 4
S. 46....................................	am. No. 8, 2005
Division 5
Subhead. to s. 50(2)..........	am. No. 8, 2005
Subhead. to s. 50(5)..........	am. No. 8, 2005
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 4
Heading to Div. 4 of Part 7........................................	rs. No. 62, 1997
Heading to s. 61................	rs. No. 62, 1997
Subhead. to s. 61(6)..........	am. No. 8, 2005
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
Heading to s. 63 ...............	am. No. 96, 1999
Subhead. to s. 63(5)..........	am. No. 8, 2005
S. 63 ...................................	am. No. 96, 1999; No. 8, 2005
Heading to s. 64 ...............	am. No. 96, 1999
Subhead. to s. 64(5)..........	am. No. 8, 2005
S. 64....................................	am. No. 48, 1998; No. 96, 1999; No. 8, 2005
Subhead. to s. 65(5)..........	am. No. 8, 2005
S. 65....................................	am. No. 8, 2005
Subhead. to s. 66(7)..........	am. No. 8, 2005
S. 66....................................	am. No. 8, 2005
Subhead. to s. 67(5)..........	am. No. 8, 2005
S. 67 ...................................	am. No. 96, 1999; No. 8, 2005
Heading to s. 67A..............	am. No. 27, 2009
Subhead. to s. 67A(5)........	am. No. 8, 2005
S. 67A ................................	ad. No. 15, 2002
	am. No. 8, 2005; No. 27, 2009
Division 6
Subhead. to s. 68(5)..........	am. No. 8, 2005
S. 68....................................	am. No. 8, 2005
Part 8
Subhead. to s. 72(4)..........	am. No. 8, 2005
S. 72....................................	am. No. 8, 2005
Subhead. to s. 73(5)..........	am. No. 8, 2005
S. 73....................................	am. No. 8, 2005
Part 9
S. 75....................................	am. No. 48, 1998; No. 128, 1999; No. 8, 2005
Subhead. to s. 76(2)..........	am. No. 48, 1998
S. 76....................................	am. No. 48, 1998; No. 128, 1999; No. 8, 2005
S. 77....................................	am. No. 128, 1999; No. 8, 2005
Part 11
S. 85....................................	am. No. 43, 1996
Part 12A
Part 12A..............................	ad. No. 111, 2003
S. 91A.................................	ad. No. 111, 2003
	am. No. 8, 2005
Ss. 91B, 91C.......................	ad. No. 111, 2003
S. 91D.................................	ad. No. 111, 2003
	am. No. 8, 2005
Ss. 91E-91G......................	ad. No. 111, 2003
Part 13
S. 92....................................	am. No. 5, 2011
S. 95 ...................................	rep. No. 152, 1997

Table A

Application, saving or transitional provisions

Taxation Laws Amendment Act (No. 3) 1997 (No. 147, 1997)

Schedule 9 

4  Application

                   The amendment made by this Part applies to deposits made for a period of employment where:

                     (a)  the deposit is made on or after 1 July 1997; and

                     (b)  the period of employment to which the deposit relates starts on or after 1 July 1997.

Superannuation Legislation Amendment Act (No. 2) 1999 (No. 96, 1999)

Schedule 1 

12  Application of amendments

The amendments made by this Schedule apply in relation to requests given to the Commissioner of Taxation on or after the commencement of this Act.

Superannuation (Unclaimed Money and Lost Members) Consequential and Transitional Act 1999 (No. 128, 1999)

8  Application of certain items of Schedule 1

                   Items 8, 10, 12, 13, 14, 34, 35, 39, 44, 45, 46, 47, 48, 49 and 73 of Schedule 1 do not apply in respect of the half-year in which the New Act receives the Royal Assent.

Taxation Laws Amendment (Superannuation) Act (No. 1) 2002
(No. 15, 2002)

Schedule 1

21  Application

The amendments made by this Schedule apply to payments made on or after 1 July 2002.

Superannuation (Government Co-contribution for Low Income Earners) (Consequential Amendments) Act 2003 (No. 111, 2003)

Schedule 1

25  Application of amendments

The amendments made by Part 1 of this Schedule apply in relation to contributions made to complying superannuation funds and RSAs on or after 1 July 2003.

Financial Framework Legislation Amendment Act 2005 (No. 8, 2005)

4  Saving of matters in Part 2 of Schedule 1

             (1)  If:

                     (a)  a decision or action is taken or another thing is made, given or done; and

                     (b)  the thing is taken, made, given or done under a provision of a Part 2 Act that had effect immediately before the commencement of this Act;

then the thing has the corresponding effect, for the purposes of the Part 2 Act as amended by this Act, as if it had been taken, made, given or done under the Part 2 Act as so amended.

             (2)  In this section:

Part 2 Act means an Act that is amended by an item in Part 2 of Schedule 1.

Schedule 1

496  Saving provision--Finance Minister's determinations

If a determination under subsection 20(1) of the Financial Management and Accountability Act 1997 is in force immediately before the commencement of this item, the determination continues in force as if it were made under subsection 20(1) of that Act as amended by this Act.

Superannuation Legislation Amendment (Simplification) Act 2007
(No. 15, 2007)

Schedule 1

406  Application

(1)       The amendments made by this Schedule apply to the 2007-2008 income year and later years.

(2)       Despite subitem (1), those amendments apply to the 2007-2008 financial year and later years, to the extent that they relate to Division 292 of the Income Tax Assessment Act 1997.

(3)       Despite subitem (1), those amendments apply on and after 1 July 2007, to the extent that they relate to any of the following:

                     (a)  Divisions 82 and 83 of the Income Tax Assessment Act 1997;

                     (b)  Divisions 301 to 307 of that Act.

Same-Sex Relationships (Equal Treatment in Commonwealth Laws--Superannuation) Act 2008 (No. 134, 2008)

Schedule 4

5  Application of amendments of the Small Superannuation Accounts Act 1995

The amendments of the Small Superannuation Accounts Act 1995 made by this Schedule apply to the 2008-2009 year of income and later years.

Acts Interpretation Amendment Act 2011 (No. 46, 2011)

Schedule 3

10  Saving--appointments

The amendments made by Schedule 2 do not affect the validity of an appointment that was made under an Act before the commencement of this item and that was in force immediately before that commencement.

11  Transitional regulations

The Governor-General may make regulations prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments and repeals made by Schedules 1 and 2.