Commonwealth Numbered Acts

SMALL SUPERANNUATION ACCOUNTS ACT 1995

TABLE OF PROVISIONS

           Long Title

   1.      Short title  
   2.      Commencement  
   3.      Simplified explanation  
   4.      Definitions  
   5.      Crown to be bound  
   6.      Act to be administered by the Commissioner of Taxation  
   7.      Simplified outline  
   8.      Establishment of Superannuation Holding Accounts Reserve  
   9.      Reserve is not a superannuation fund  
   10.     Appropriation of Reserved Money Fund  
   11.     Simplified outline  
   12.     Accounts  
   13.     Outline of credits to accounts  
   14.     Outline of debits to accounts  
   15.     Opening of accounts  
   16.     Closing of accounts  
   17.     Accounts may have a nil balance  
   18.     One account per individual  
   19.     Account balances not held on trust etc.  
   20.     Notification of opening balance  
   21.     Individual may request details of account balance  
   22.     Annual notification of account balance  
   23.     Notification when account balance reaches $1,200  
   24.     Simplified outline  
   25.     Deposits  
   26.     Deposit to be accompanied by deposit form  
   27.     Deposit to be made by employer or former employer  
   28.     Deposit to be instead of superannuation contributions  
   29.     Deposit to be consistent with other laws etc.  
   30.     Age limit  
   31.     Consequences of false declarations etc.  
   32.     Deposit form may deal with multiple payments  
   33.     Deposit not held on trust etc.  
   34.     Simplified outline  
   35.     Crediting of deposits  
   36.     Simplified outline  
   37.     Simplified outline  
   38.     Gross interest amount  
   39.     Net interest amount  
   40.     Simplified outline  
   41.     Transfer of net interest amount from the Consolidated Revenue Fund to the Reserve  
   42.     Unallocated Interest Pool  
   43.     Supplementation of Unallocated Interest Pool  
   44.     Re-transfer of unallocated interest to the Consolidated Revenue Fund  
   45.     Simplified outline  
   46.     Gazettal of allocation day and allocation rate  
   47.     Calculation of the allocation rate  
   48.     Simplified outline  
   49.     Accrual of interest on first $1,200 of daily balance  
   50.     Rate of accrual, and crediting, of interest  
   51.     Rounding up  
   52.     Simplified outline  
   53.     Interest does not accrue on refunded deposits  
   54.     Interest does not accrue on shortfall components incorrectly credited to accounts  
   55.     Amalgamated accounts-no interest if $1,200 limit avoided  
   56.     Simplified outline  
   57.     Simplified outline  
   58.     No withdrawals for 14 days after deposit credited to account etc.  
   59.     No withdrawals for 14 days after shortfall component credited to account  
   60.     Timing of withdrawals  
   61.     Transfer to superannuation fund  
   62.     Simplified outline  
   63.     Withdrawal of account balance of less than $500, where individual has ceased to be employed by depositor etc.  
   64.     Withdrawal of account balance-severe financial hardship  
   65.     Withdrawal of account balance-retirement on grounds of disability  
   66.     Withdrawal of account balance-individual turns 65  
   67.     Withdrawal of account balance-individual not an Australian resident  
   68.     Withdrawal of account balance-death of individual  
   69.     Notification of refusal of requests  
   70.     Recovery of account balances  
   71.     Simplified outline  
   72.     Refunds-false or defective deposit forms etc.  
   73.     Refunds-deposit made by mistake  
   74.     Recovery of refunds  
   75.     Simplified outline  
   76.     No activity for 10 years  
   77.     Register  
   78.     Simplified outline  
   79.     Individual may quote his or her tax file number  
   80.     Simplified outline  
   81.     Reviewable decisions  
   82.     Reconsideration of reviewable decisions  
   83.     AAT review of Commissioner of Taxation's decisions  
   84.     Modification of the Administrative Appeals Tribunal Act 1975  
   85.     Statements to accompany notification of decisions  
   86.     Simplified outline  
   87.     Treatment of partnerships  
   88.     Giving of documents to partnerships  
   89.     Simplified outline  
   90.     Treatment of unincorporated associations  
   91.     Giving of documents to unincorporated associations  
   92.     Delegation  
   93.     Annual report  
   94.     Regulations  
   95.     Transitional-transfers from the Consolidated Revenue Fund  
           SCHEDULE
            
           (Assented to 23 June 1995)