Commonwealth Numbered Acts

SMALL SUPERANNUATION ACCOUNTS ACT 1995 No. 52, 1995 - SECT 8

Establishment
8.(1) This subsection establishes a Reserve called the Superannuation Holding
Accounts Reserve.

Component of the Reserved Money Fund

(2) After the commencement of the Financial Management and Accountability Act
1995, the Reserve is a component of the Reserved Money Fund. Note 1: Money in
the Reserve may be invested under section 40 of the Financial Management and
Accountability Act 1995. Note 2: Under section 81 of the Constitution, income
from investments must be paid into the Consolidated Revenue Fund.

Transitional-Audit Act 1901

(3) Before the commencement of the Financial Management and Accountability Act
1995:

   (a)  the Reserve is a trust account for the purposes of section 62A of the
        Audit Act 1901; and

   (b)  the Audit Act 1901 has effect as if the purposes of the Reserve were
        to make payments and debits from the Reserve as required or permitted
        by this Act or by the Superannuation Guarantee (Administration) Act
        1992. Note 1: Under subsection 62A(6) of the Audit Act 1901, money in
        the Reserve may be expended for the purposes of the Reserve. Note 2:
        Money in the Reserve may be invested under section 62B of the Audit
        Act 1901. Note 3: Under section 81 of the Constitution, income from
        investments must be paid into the Consolidated Revenue Fund.