Commonwealth Consolidated Acts Commonwealth Consolidated ActsAct No. 52 of 1995 as amended
This compilation was prepared on 6 April 2009
taking into account amendments up to Act No. 27 of 2009
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may
be
affected by application provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting and
Publishing,
Attorney‑General's Department, Canberra
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 ................. 4
Part 2--Superannuation Holding Accounts Special Account 5
7............ Simplified outline ................................................................................ 5
8............ Superannuation Holding Accounts Special Account .......................... 5
9............ Special Account is not a superannuation fund ................................... 5
Part 3--Accounts 7
Division 1--Simplified outline 7
11.......... Simplified outline ................................................................................ 7
Division 2--Keeping of accounts 8
12.......... Accounts ............................................................................................. 8
Division 3--Outline of credits and debits to accounts 9
13.......... Outline of credits to accounts ............................................................. 9
14.......... Outline of debits to accounts .............................................................. 9
Division 4--Opening and closing of accounts 12
15.......... Opening of accounts ......................................................................... 12
16.......... Closing of accounts ........................................................................... 13
Division 5--Rules about accounts 14
17.......... Accounts may have a nil balance ...................................................... 14
18.......... One account per individual ............................................................... 14
19.......... Account balances not held on trust etc. ............................................ 14
Division 6--Notification of account balances 16
20.......... Notification of opening balance ........................................................ 16
21.......... Individual may request details of account balance ............................ 16
22.......... Annual notification of account balance ............................................. 16
23.......... Notification when account balance reaches $1,200 .......................... 17
Part 4--Deposits 18
24.......... Simplified outline .............................................................................. 18
25.......... Deposits ........................................................................................... 18
26.......... Deposit to be accompanied by deposit form ................................... 19
27.......... Deposit to be made by employer or former employer ..................... 19
28.......... Deposit to be instead of superannuation contributions ................... 19
29.......... Deposit to be consistent with other laws etc. .................................. 19
30.......... Age limit ........................................................................................... 20
31.......... Consequences of false declarations etc. ............................................ 20
32.......... Deposit form may deal with multiple payments ............................. 20
33.......... Deposit not held on trust etc. ........................................................... 21
Part 5--Crediting of deposits 22
34.......... Simplified outline .............................................................................. 22
35.......... Crediting of deposits ........................................................................ 22
Part 6--Crediting of interest 23
Division 1--Simplified outline 23
36.......... Simplified outline .............................................................................. 23
Division 2--Gross interest amount and net interest amount 24
37.......... Simplified outline .............................................................................. 24
38.......... Gross interest amount ...................................................................... 24
39.......... Net interest amount .......................................................................... 24
Division 3--Funding of interest 26
40.......... Simplified outline .............................................................................. 26
41.......... Crediting of net interest amount to the Special Account .................. 26
42.......... Unallocated Interest Pool ................................................................. 26
43.......... Supplementation of Unallocated Interest Pool ................................. 27
44.......... Debiting of unallocated interest ........................................................ 27
Division 4--Allocation day and allocation rate 29
45.......... Simplified outline .............................................................................. 29
46.......... Gazettal of allocation day and allocation rate ................................... 29
47.......... Calculation of the allocation rate ...................................................... 29
Division 5--Crediting of interest 32
48.......... Simplified outline .............................................................................. 32
49.......... Accrual of interest on first $1,200 of daily balance .......................... 32
50.......... Rate of accrual, and crediting, of interest .......................................... 32
51.......... Rounding up ..................................................................................... 34
Division 6--Interest not to accrue in certain cases 35
52.......... Simplified outline .............................................................................. 35
53.......... Interest does not accrue on refunded deposits ................................. 35
54.......... Interest does not accrue on shortfall components incorrectly credited to accounts 36
55.......... Amalgamated accounts--no interest if $1,200 limit avoided ........... 36
Part 7--Withdrawal of account balances 38
Division 1--Simplified outline 38
56.......... Simplified outline .............................................................................. 38
Division 2--No withdrawals for 14 days after deposit credited to account etc. 39
57.......... Simplified outline .............................................................................. 39
58.......... No withdrawals for 14 days after deposit credited to account etc. .. 39
59.......... No withdrawals for 14 days after shortfall component credited to account 40
Division 3--Timing of withdrawals 42
60.......... Timing of withdrawals ...................................................................... 42
Division 4--Transfer of account balances to RSAs and superannuation funds 43
61.......... Transfer to RSA or superannuation fund ......................................... 43
61A....... Commissioner may transfer account balance to RSA or superannuation fund 45
Division 5--Direct withdrawals of account balances by individuals 46
62.......... Simplified outline .............................................................................. 46
63.......... Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc. .......................................................................................................... 47
64.......... Withdrawal of account balance--receipt of Commonwealth income support payments 48
65.......... Withdrawal of account balance--retirement on grounds of disability 50
66.......... Withdrawal of account balance--individual turns 65 ....................... 51
67.......... Withdrawal of account balance--individual not an Australian resident 52
67A....... Withdrawal of account balance--former temporary resident ........... 53
Division 6--Withdrawals of account balances after death 55
68.......... Withdrawal of account balance--death of individual ....................... 55
Division 7--Notification of refusal of requests 56
69.......... Notification of refusal of requests .................................................... 56
Division 8--Recovery of account balances 57
70.......... Recovery of account balances ........................................................... 57
Part 8--Refunds of deposits 58
71.......... Simplified outline .............................................................................. 58
72.......... Refunds--false or defective deposit forms etc. ................................ 58
73.......... Refunds--deposit made by mistake ................................................. 59
74.......... Recovery of refunds ......................................................................... 60
Part 9--Inactive accounts 61
75.......... Simplified outline .............................................................................. 61
76.......... No activity for 10 years ................................................................... 61
77.......... Register ............................................................................................. 62
Part 10--Tax file numbers 64
78.......... Simplified outline .............................................................................. 64
79.......... Individual may quote his or her tax file number ............................... 64
Part 11--Review of decisions 65
80.......... Simplified outline .............................................................................. 65
81.......... Reviewable decisions ........................................................................ 65
82.......... Reconsideration of reviewable decisions .......................................... 65
83.......... AAT review of Commissioner of Taxation's decisions ................... 66
84.......... Modification of the Administrative Appeals Tribunal Act 1975 ....... 67
85.......... Statements to accompany notification of decisions ......................... 67
Part 12--Partnerships and unincorporated associations 69
Division 1--Partnerships 69
86.......... Simplified outline .............................................................................. 69
87.......... Treatment of partnerships ................................................................ 69
88.......... Giving of documents to partnerships ............................................... 69
Division 2--Unincorporated associations 70
89.......... Simplified outline .............................................................................. 70
90.......... Treatment of unincorporated associations ....................................... 70
91.......... Giving of documents to unincorporated associations ....................... 71
Part 12A--Government co‑contributions for low income earners 72
91A....... Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual's account .......................................................................................................... 72
91B....... Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4 72
91C....... Deposit not held on trust etc. ........................................................... 72
91D....... Crediting of deposits ........................................................................ 72
91E........ Debiting account with overpayment of Government co‑contribution 73
91F........ Withdrawal of account balances ....................................................... 73
91G....... Refunds of deposits .......................................................................... 74
Part 13--Miscellaneous 75
92.......... Delegation ......................................................................................... 75
93.......... Annual report ................................................................................... 75
94.......... Regulations ....................................................................................... 75
Schedule--Employees and employers 76
1............ Basic definition ................................................................................. 76
2............ Company directors ........................................................................... 76
3............ Contract workers .............................................................................. 76
4............ Members of the Parliament of the Commonwealth .......................... 76
5............ Members of the Parliament of a State .............................................. 76
6............ Members of the ACT Legislative Assembly .................................... 76
7............ Members of the Northern Territory Legislative Assembly ............. 77
8............ Performers and sportspersons etc. ................................................... 77
9............ Office holders etc. ............................................................................. 77
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 |
Date |
Date of commencement |
Application, saving or transitional provisions |
|
52, 1995 |
23 June 1995 |
1 July 1995 |
|
|
|
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) |
-- |
|
147, 1997 |
14 Oct 1997 |
Schedule 9 (items 3, 4): Royal Assent (b) |
Sch. 9 (item 4) |
|
|
152, 1997 |
24 Oct 1997 |
Schedule 3 (items 19‑28): 1 Jan 1997 (see Gazette 1997, No. GN49) (c) |
-- |
|
|
48, 1998 |
29 June 1998 |
Schedule 1 (items 163-166): 1 July 1998 (see Gazette 1998, No. S316) (d) |
-- |
|
|
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) |
-- |
|
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) |
|
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, |
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 |
-- |
(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 |
|
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 |
|
Division 3 |
|
|
S. 40.................................... |
am. No. 8, 2005 |
|
Ss. 41, 42............................ |
rs. No. 8, 2005 |
|
S. 43.................................... |
am. No. 8, 2005 |
|
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 |
|
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. 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.