Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

SMALL SUPERANNUATION ACCOUNTS ACT 1995 - SECT 36

Simplified outline

                   The following is a simplified outline of this Part:

•       Interest is funded by crediting amounts to the Special Account.

•       Interest accrues to an account on the daily balance of the account. Interest only accrues on the first $1,200 of the balance of the account.

•       Interest is credited each quarter on the allocation day.

•       The allocation day is published in the Gazette .

•       The rate at which interest accrues is called the allocation rate.

•       The allocation rate is published in the Gazette .

•       Interest will not accrue to an account in the following cases:

                          (a)       a deposit is refunded;

                          (b)       a shortfall component is incorrectly credited to the account;

                          (c)       the $1,200 limit has been avoided by the use of multiple accounts.


 



[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]