Commonwealth Consolidated Acts

SMALL SUPERANNUATION ACCOUNTS ACT 1995 - SECT 16

                   The Commissioner of Taxation may close an individual's account if the balance of the account is nil and:

                     (a)  the balance of the account was nil throughout the preceding period of 2 years; or

                     (b)  the balance of the account has been withdrawn under section 61, 65, 66, 67, 67A or 91E; or

                     (c)  the individual has died; or

                     (d)  the individual asks the Commissioner of Taxation to close the account; or

                     (e)  the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).

Note 1:       Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.

Note 2:       Section 65 deals with individuals who retire because of disability.

Note 3:       Section 66 deals with individuals who have turned 65.

Note 4:       Section 67 deals with individuals who are not Australian residents for income tax purposes etc.

Note 5:       Section 67A deals with individuals who have permanently departed from Australia.

Note 6:       Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.