{"id":"C2004A04905","name":"Small Superannuation Accounts Act 1995","slug":"small-superannuation-accounts-act-1995","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"52 of 1995","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":38806,"registerId":"commonwealth-C2004A04905-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Introduction","content":"## Part 1—Introduction","sortOrder":0},{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"#### 1 Short title\n\n  This Act may be cited as the Small Superannuation Accounts Act 1995.","sortOrder":1},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n  This Act commences on 1 July 1995.","sortOrder":2},{"sectionNumber":"3","sectionType":"section","heading":"Simplified explanation","content":"#### 3 Simplified explanation\n\n  The following is a simplified explanation of this Act:\n\n• The Australian Taxation Office administers a special account. Notional accounts are kept within the special account.\n\n• The account offers employees with small balances an opportunity to avoid the erosion of those balances by fees.\n\n• Employees may request that account balances be transferred to a nominated superannuation fund or RSA.\n\n• Except in special cases, employees will not have direct access to their account balances.\n\n• Interest will be calculated on the daily balance of the account and credited to the account on a quarterly basis.\n\n• Interest is exempt from income tax.\n\n• If an account balance exceeds $1,200, interest will only be credited on the first $1,200 of the balance. This is an incentive for employees to request that balances of more than $1,200 be transferred to a superannuation fund.\n\n• Under the Income Tax Assessment Act 1936, employers may get income tax deductions for deposits. There is an annual deduction limit of $1,200 per employee.\n\n• Under the Superannuation Guarantee (Administration) Act 1992, deposits made by an employer will be treated as superannuation contributions.\n\n• The accounts may also be credited with Government co‑contributions payable under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003. The rules for these deposits differ in some respects from those that apply to other deposits.","sortOrder":3},{"sectionNumber":"4","sectionType":"section","heading":"Definitions","content":"#### 4 Definitions\n\n  In this Act, unless the contrary intention appears:\n\n> account means a notional account kept in accordance with section 12.\n\n> child, of a person, means a child of the person within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.\n\n> Note: The Income Tax Assessment Act 1997 defines complying superannuation fund by reference to section 45 of the Superannuation Industry (Supervision) Act 1993.\n\n> dependant, in relation to an individual, includes the spouse and any child of the person.\n\n> Note: This expression is only used in the definition of superannuation contribution.\n\n> deposit means a payment under section 25.\n\n> deposit form means a statement under section 26.\n\n> depositor means a person who makes a payment under section 25.\n\n> employee has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employee.\n\n> employer has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employer.\n\n> employment has a meaning corresponding to employee and employer.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Government co‑contribution in respect of an individual means a Government co‑contribution payable in respect of the individual under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003.\n\n> leave Australia has the same meaning as in the Migration Act 1958.\n\n> person has a meaning affected by sections 87 and 90.\n\n> Note 1: Under section 87, partnerships are treated as persons.\n\n> Note 2: Under section 90, unincorporated associations are treated as persons.\n\n> PPL superannuation contribution for an individual has the same meaning as in the Paid Parental Leave Act 2010.\n\n> provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> quarter means a period of 3 months beginning on 1 July, 1 October, 1 January or 1 April in:\n\n    (a) the financial year beginning on 1 July 1995; or\n    (b) any later financial year.\n\n> RSA has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> Special Account means the Superannuation Holding Accounts Special Account continued in existence by section 8.\n\n> spouse of a person includes:\n\n    (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and\n    (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.\n\n> Note: This expression is only used in the definition of dependant.\n\n> superannuation accounts law means:\n\n    (a) this Act; and\n    (b) the regulations; and\n    (c) Part III of the Taxation Administration Act 1953, in so far as that Part relates to this Act or the regulations.\n\n> superannuation contribution, in relation to an individual, means a contribution made to a superannuation fund, an RSA or a superannuation scheme for the purpose of making provision for superannuation benefits for, or for dependants of, the individual.\n\n> superannuation fund means a provident, benefit, superannuation or retirement fund.\n\n> superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits.\n\n> tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.\n\n> Unallocated Interest Pool means the Unallocated Interest Pool kept in accordance with section 42.","sortOrder":4},{"sectionNumber":"5","sectionType":"section","heading":"Crown to be bound","content":"#### 5 Crown to be bound\n\n  This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.","sortOrder":5},{"sectionNumber":"6","sectionType":"section","heading":"Act to be administered by the Commissioner of Taxation","content":"#### 6 Act to be administered by the Commissioner of Taxation\n\n  The Commissioner of Taxation has the general administration of this Act.\n\n> Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.","sortOrder":6},{"sectionNumber":"Part 2","sectionType":"part","heading":"Superannuation Holding Accounts Special Account","content":"## Part 2—Superannuation Holding Accounts Special Account","sortOrder":7},{"sectionNumber":"7","sectionType":"section","heading":"Simplified outline","content":"#### 7 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Superannuation Holding Accounts Special Account is continued in existence.\n\n• The Special Account is not a superannuation fund.","sortOrder":8},{"sectionNumber":"8","sectionType":"section","heading":"Superannuation Holding Accounts Special Account","content":"#### 8 Superannuation Holding Accounts Special Account\n\n  (1) The Superannuation Holding Accounts Account is continued in existence as the Superannuation Holding Accounts Special Account.\n\n> Note: The Superannuation Holding Accounts Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.\n\n  (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.","sortOrder":9},{"sectionNumber":"9","sectionType":"section","heading":"Special Account is not a superannuation fund","content":"#### 9 Special Account is not a superannuation fund\n\n  Special Account is not a superannuation fund\n  (1) For the purposes of a law of the Commonwealth:\n    (a) the Special Account is taken not to be a superannuation fund; and\n    (b) the scheme embodied in this Act is taken not to be a superannuation scheme.\n  Avoidance of doubt\n  (2) Subsection (1) is enacted to avoid doubt.","sortOrder":10},{"sectionNumber":"Part 3","sectionType":"part","heading":"Accounts","content":"An Act relating to the small superannuation accounts scheme\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n  This Act may be cited as the Small Superannuation Accounts Act 1995.\n\n#### 2 Commencement\n\n  This Act commences on 1 July 1995.\n\n#### 3 Simplified explanation\n\n  The following is a simplified explanation of this Act:\n\n• The Australian Taxation Office administers a special account. Notional accounts are kept within the special account.\n\n• The account offers employees with small balances an opportunity to avoid the erosion of those balances by fees.\n\n• Employees may request that account balances be transferred to a nominated superannuation fund or RSA.\n\n• Except in special cases, employees will not have direct access to their account balances.\n\n• Interest will be calculated on the daily balance of the account and credited to the account on a quarterly basis.\n\n• Interest is exempt from income tax.\n\n• If an account balance exceeds $1,200, interest will only be credited on the first $1,200 of the balance. This is an incentive for employees to request that balances of more than $1,200 be transferred to a superannuation fund.\n\n• Under the Income Tax Assessment Act 1936, employers may get income tax deductions for deposits. There is an annual deduction limit of $1,200 per employee.\n\n• Under the Superannuation Guarantee (Administration) Act 1992, deposits made by an employer will be treated as superannuation contributions.\n\n• The accounts may also be credited with Government co‑contributions payable under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003. The rules for these deposits differ in some respects from those that apply to other deposits.\n\n#### 4 Definitions\n\n  In this Act, unless the contrary intention appears:\n\n> account means a notional account kept in accordance with section 12.\n\n> child, of a person, means a child of the person within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.\n\n> Note: The Income Tax Assessment Act 1997 defines complying superannuation fund by reference to section 45 of the Superannuation Industry (Supervision) Act 1993.\n\n> dependant, in relation to an individual, includes the spouse and any child of the person.\n\n> Note: This expression is only used in the definition of superannuation contribution.\n\n> deposit means a payment under section 25.\n\n> deposit form means a statement under section 26.\n\n> depositor means a person who makes a payment under section 25.\n\n> employee has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employee.\n\n> employer has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employer.\n\n> employment has a meaning corresponding to employee and employer.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Government co‑contribution in respect of an individual means a Government co‑contribution payable in respect of the individual under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003.\n\n> leave Australia has the same meaning as in the Migration Act 1958.\n\n> person has a meaning affected by sections 87 and 90.\n\n> Note 1: Under section 87, partnerships are treated as persons.\n\n> Note 2: Under section 90, unincorporated associations are treated as persons.\n\n> PPL superannuation contribution for an individual has the same meaning as in the Paid Parental Leave Act 2010.\n\n> provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> quarter means a period of 3 months beginning on 1 July, 1 October, 1 January or 1 April in:\n\n    (a) the financial year beginning on 1 July 1995; or\n    (b) any later financial year.\n\n> RSA has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> Special Account means the Superannuation Holding Accounts Special Account continued in existence by section 8.\n\n> spouse of a person includes:\n\n    (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and\n    (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.\n\n> Note: This expression is only used in the definition of dependant.\n\n> superannuation accounts law means:\n\n    (a) this Act; and\n    (b) the regulations; and\n    (c) Part III of the Taxation Administration Act 1953, in so far as that Part relates to this Act or the regulations.\n\n> superannuation contribution, in relation to an individual, means a contribution made to a superannuation fund, an RSA or a superannuation scheme for the purpose of making provision for superannuation benefits for, or for dependants of, the individual.\n\n> superannuation fund means a provident, benefit, superannuation or retirement fund.\n\n> superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits.\n\n> tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.\n\n> Unallocated Interest Pool means the Unallocated Interest Pool kept in accordance with section 42.\n\n#### 5 Crown to be bound\n\n  This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n\n#### 6 Act to be administered by the Commissioner of Taxation\n\n  The Commissioner of Taxation has the general administration of this Act.\n\n> Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.\n\n## Part 2—Superannuation Holding Accounts Special Account\n\n#### 7 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Superannuation Holding Accounts Special Account is continued in existence.\n\n• The Special Account is not a superannuation fund.\n\n#### 8 Superannuation Holding Accounts Special Account\n\n  (1) The Superannuation Holding Accounts Account is continued in existence as the Superannuation Holding Accounts Special Account.\n\n> Note: The Superannuation Holding Accounts Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.\n\n  (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 9 Special Account is not a superannuation fund\n\n  Special Account is not a superannuation fund\n  (1) For the purposes of a law of the Commonwealth:\n    (a) the Special Account is taken not to be a superannuation fund; and\n    (b) the scheme embodied in this Act is taken not to be a superannuation scheme.\n  Avoidance of doubt\n  (2) Subsection (1) is enacted to avoid doubt.\n\n## Part 3—Accounts\n\n### Division 1—Simplified outline\n\n#### 11 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Notional accounts are to be kept within the Special Account in the names of particular individuals.\n\n• Section 13 outlines credits to accounts.\n\n• Section 14 outlines debits to accounts.\n\n• The Commissioner of Taxation may open or close an account.\n\n• Accounts may have a nil balance.\n\n• An individual may only have one account.\n\n• Account balances are not held on trust.\n\n• An individual’s account balance will be notified to the individual in certain circumstances.\n\n### Division 2—Keeping of accounts\n\n#### 12 Accounts\n\n  Accounts to be kept\n  (1) Separate notional accounts are to be kept within the Special Account in the names of particular individuals.\n  Individual’s account\n  (2) An account kept in the name of an individual is to be known as the individual’s account.\n\n> Note: Section 4 provides that account means a notional account kept in accordance with this section.\n\n### Division 3—Outline of credits and debits to accounts\n\n#### 13 Outline of credits to accounts\n\n  The following is a simplified outline of the types of credits that may be made to an individual’s account.\n\nDeposits by employers\n\n• Under section 25, the individual’s employer or former employer may make a deposit in respect of the individual. The employer or former employer will make the deposit instead of making a superannuation contribution in respect of the individual. The deposit will result in a credit to the individual’s account.\n\nSuperannuation guarantee shortfalls\n\n• Under section 65 of the Superannuation Guarantee (Administration) Act 1992, if there is a shortfall component of a payment of superannuation guarantee charge in relation to the individual, the Commissioner of Taxation may credit the shortfall component to the individual’s account.\n\nInterest\n\n• Under Part 6, interest may be credited to the individual’s account.\n\n#### 14 Outline of debits to accounts\n\n  The following is a simplified outline of the types of debits that may be made to an individual’s account. These debits also involve debiting the Special Account.\n\nTransfer to superannuation fund or RSA\n\n• Under section 61, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund or RSA.\n\nBalance of less than $200—individual has ceased to be employed by all depositors\n\n• Under section 63, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\nReceipt of Commonwealth income support payments\n\n• Under section 64, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\nDisability\n\n• Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.\n\nTerminal medical condition\n\n• Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.\n\nIndividual turns 65\n\n• Under section 66, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has turned 65.\n\nIndividual at least 55 years old and not an Australian resident\n\n• Under section 67, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\nFormer temporary resident\n\n• The balance of the amount standing to the credit of an individual’s account may be debited from the Special Account if the individual is a former temporary resident.\n\nDeath of individual\n\n• Under section 68, if the individual dies, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual’s legal personal representative.\n\nRefunds of deposits\n\n• Under Part 8, an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits that were:\n\n(a) accompanied by false or defective deposit forms; or\n\n(b) made by mistake.\n\n### Division 4—Opening and closing of accounts\n\n#### 15 Opening of accounts\n\n  Power\n  (1) The Commissioner of Taxation may open an account in the name of a particular individual.\n  Duty\n  (2) The Commissioner of Taxation must open an account in the name of a particular individual if:\n    (a) the individual does not already have an account; and\n    (b) a person makes a deposit, or a purported deposit, in respect of the individual.\n  Payment split under Family Law Act\n  (3) If an account is subject to a payment split, then the Commissioner may open an account in the name of the non‑member spouse.\n  (4) The balance of the account when it is opened is an amount worked out in accordance with the regulations.\n  (5) The balance of the member spouse’s account is to be reduced by the amount worked out under subsection (4).\n  (6) The Commissioner must give the member spouse a written notice setting out the balance (if any) of the member spouse’s account after the reduction.\n  (7) In this section:\n\n> member spouse means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> non‑member spouse means a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n#### 16 Closing of accounts\n\n  The Commissioner of Taxation may close an individual’s account if the balance of the account is nil and:\n    (a) the balance of the account was nil throughout the preceding period of 2 years; or\n    (b) the balance of the account has been withdrawn under section 61, 65, 65A, 66, 67, 67A or 91E; or\n    (c) the individual has died; or\n    (d) the individual asks the Commissioner of Taxation to close the account; or\n    (e) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n> Note 1: Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.\n\n> Note 2: Section 65 deals with individuals who retire because of disability.\n\n> Note 2A: Section 65A deals with individuals in relation to whom terminal medical conditions exist.\n\n> Note 3: Section 66 deals with individuals who have turned 65.\n\n> Note 4: Section 67 deals with individuals who are not Australian residents for income tax purposes etc.\n\n> Note 5: Section 67A deals with individuals who have permanently departed from Australia.\n\n> Note 6: Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.\n\n### Division 5—Rules about accounts\n\n#### 17 Accounts may have a nil balance\n\n  Nil balance\n  (1) An account may have a nil balance.\n  Examples\n  (2) The following are examples of cases where an account might have a nil balance:\n    (a) no money has been credited to the account;\n    (b) the balance of the account has been withdrawn under Part 7;\n    (c) the balance of the account has been refunded to an employer or former employer under Part 8;\n    (d) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n#### 18 One account per individual\n\n  Only one account\n  (1) Only one account may be kept in respect of a particular individual.\n  Amalgamation etc.\n  (2) A contravention of subsection (1) does not affect the validity of an account. However, if the Commissioner of Taxation becomes aware that 2 or more accounts are being kept in respect of the same individual, the Commissioner of Taxation must amalgamate the accounts into a single account.\n\n#### 19 Account balances not held on trust etc.\n\n  (1) Money credited to an individual’s account is not held on trust.\n  (2) The Commonwealth is not liable to pay, repay or refund money credited to an individual’s account except as provided by this Act.\n\n> Note: Under section 69A of the Superannuation Guarantee (Administration) Act 1992, if a shortfall component of superannuation guarantee charge has been incorrectly credited to an individual’s account, the account may be debited for the purposes of reversing the credit.\n\n### Division 6—Notification of account balances\n\n#### 20 Notification of opening balance\n\n  As soon as practicable after the first occasion on which an amount is credited to an individual’s account, the Commissioner must give the individual a written notice setting out the balance of the account.\n\n#### 21 Individual may request details of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual asks the Commissioner of Taxation to give the individual a written notice setting out the balance of the account.\n  Form of request\n  (2) The request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with request\n  (3) The Commissioner of Taxation must comply with the request.\n\n#### 22 Annual notification of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account exceeds nil as at the end of a financial year; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the end of the financial year, the Commissioner of Taxation must give the individual a written notice setting out the balance of the account as at the end of the financial year.\n\n#### 23 Notification when account balance reaches $1,200\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:\n    (a) setting out the balance of the account; and\n    (b) explaining the effect of sections 49 and 61; and\n    (c) suggesting that the individual make a request under section 61.\n\n> Note 1: Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.\n\n> Note 2: Section 61 provides for the transfer of the balance of the account to a superannuation fund.\n\n## Part 4—Deposits\n\n#### 24 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit.\n\n• The deposit must be accompanied by a deposit form.\n\n• The deposit form must include certain declarations.\n\n• The 2 key declarations are:\n\n(a) that the depositor is the employer, or former employer, of the individual; and\n\n(b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.\n\n• A defect in the deposit form will not result in the invalidity of the deposit.\n\n• A deposit form may deal with multiple payments.\n\n• Deposits are not held on trust.\n\n#### 25 Deposits\n\n  A person (the depositor) may make a payment (the deposit) to the Commissioner of Taxation under this section in respect of an individual if, and only if, the payment is made before 1 July 2006.\n\n#### 26 Deposit to be accompanied by deposit form\n\n  The deposit must be accompanied by a written statement (the deposit form) that:\n    (a) is in a form approved in writing by the Commissioner of Taxation; and\n    (b) contains the information required by the form to be given; and\n    (c) contains the declarations required by sections 27, 28, 29 and 30; and\n    (d) sets out the individual’s tax file number (if known to the depositor); and\n    (e) is signed by or on behalf of the depositor.\n\n#### 27 Deposit to be made by employer or former employer\n\n  The deposit form must include a declaration that the depositor is the employer, or former employer, of the individual.\n\n#### 28 Deposit to be instead of superannuation contributions\n\n  The deposit form must include a declaration that the depositor is making the deposit:\n    (a) in respect of the employment, or former employment, of the individual by the depositor; and\n    (b) instead of making a superannuation contribution:\n    (i) in respect of the individual; and\n    (ii) of an amount equal to the deposit.\n\n#### 29 Deposit to be consistent with other laws etc.\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the making of the deposit does not contravene:\n    (a) a law of the Commonwealth (other than this Act) or a law of a State or Territory; or\n    (b) an award, order, determination or industrial agreement in force under such a law; or\n    (c) a legally enforceable agreement.\n\n#### 30 Age limit\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the individual was under 70 on at least one day during the period of employment to which the deposit relates.\n\n#### 31 Consequences of false declarations etc.\n\n  If the deposit is accompanied by a deposit form, or a purported deposit form, that:\n    (a) contains a declaration, or information, that is false or misleading; or\n    (b) has some other defect or irregularity;\n  that circumstance does not result in the invalidity of the deposit. However, it may result in the deposit being refunded under Part 8.\n\n> Note 1: A false or misleading statement may result in criminal liability under Part III of the Taxation Administration Act 1953.\n\n> Note 2: A false or misleading declaration may result in an employer being denied:\n\n    (a) an income tax deduction under section 82AAF of the Income Tax Assessment Act 1936; and\n    (b) concessional treatment under section 23 of the Superannuation Guarantee (Administration) Act 1992.\n\n#### 33 Deposit not held on trust etc.\n\n  (1) A deposit, or purported deposit, made in respect of an individual is not held on trust.\n  (2) A deposit, or purported deposit, made in respect of an individual is not repayable or refundable except as provided by this Act.\n\n## Part 5—Crediting of deposits\n\n#### 34 Simplified outline\n\n  The following is a simplified outline of this Part:\n\nDeposits are to be credited to accounts by following these steps:\n\n• credit the deposit to the Special Account;\n\n• credit the deposit to the individual’s account.\n\n#### 35 Crediting of deposits\n\n  Step 1—Credit to Special Account\n  (1) An amount equal to a deposit or purported deposit made in respect of an individual is to be credited to the Special Account.\n  Step 2—Credit to individual’s account\n  (2) As soon as practicable after the amount is credited to the Special Account, the individual’s account is to be credited with an amount equal to the deposit or purported deposit.\n\n## Part 6—Crediting of interest\n\n### Division 1—Simplified outline\n\n#### 36 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Interest is funded by crediting amounts to the Special Account.\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n• The allocation day is published in the Gazette.\n\n• The rate at which interest accrues is called the allocation rate.\n\n• The allocation rate is published in the Gazette.\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n### Division 2—Gross interest amount and net interest amount\n\n#### 37 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The expressions gross interest amount and net interest amount are defined.\n\n• Those expressions are used to work out:\n\n(a) how interest is funded; and\n\n(b) the rate at which interest accrues to an account.\n\n#### 38 Gross interest amount\n\n  For the purposes of this Part, the gross interest amount for a quarter is the sum of the following amounts:\n    (a) the income derived by the Commonwealth during the quarter from the investment of amounts standing to the credit of the Special Account;\n    (b) the amount (if any) determined by the Finance Minister in relation to the quarter having regard to the amount standing to the credit of the Special Account that remains uninvested from time to time during the quarter.\n\n#### 39 Net interest amount\n\n  Net interest amount\n  (1) For the purposes of this Part, the net interest amount for a quarter is the gross interest amount for the quarter, reduced (but not below 0) by the sum of:\n    (a) the amount determined by the Commissioner of Taxation, where the amount represents a fair approximation of the costs incurred by the Commonwealth during the quarter in connection with the administration of this Act; and\n    (b) the amount, or the total of the amounts, allocated to the quarter under subsection (3).\n\n> Note: Gross interest amount is defined by section 38.\n\n  Carry‑forward amount\n  (2) For the purposes of this section, if:\n    (a) the amount determined under paragraph (1)(a) in relation to a quarter;\n  exceeds:\n    (b) the gross interest amount for the quarter;\n  the excess is taken to be the carry‑forward amount for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation of carry‑forward amounts\n  (3) For the purposes of this section, the Finance Minister may determine that:\n    (a) a carry‑forward amount for a quarter is to be allocated to a later quarter; or\n    (b) different parts of the carry‑forward amount for a quarter are to be allocated to different later quarters.\n  Amortisation\n  (4) For the purposes of this section, capital costs and development costs are to be amortised in accordance with generally accepted accounting principles.\n  Investment costs\n  (5) For the purposes of this section, the costs incurred by the Commonwealth in connection with the investment of amounts standing to the credit of the Special Account are taken to have been incurred in connection with the administration of this Act.\n\n### Division 3—Funding of interest\n\n#### 40 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest is funded by crediting the net interest amount to the Special Account.\n\n• An Unallocated Interest Pool is to be kept within the Special Account.\n\n• Unallocated interest is represented by the balance of the Unallocated Interest Pool.\n\n• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.\n\n• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.\n\n#### 41 Crediting of net interest amount to the Special Account\n\n  As soon as practicable after the end of a quarter, an amount equal to the net interest amount for the quarter is to be credited to the Special Account.\n\n> Note: Net interest amount is defined by section 39.\n\n#### 42 Unallocated Interest Pool\n\n  Pool\n  (1) For accounting purposes, a separate notional subcomponent, called the Unallocated Interest Pool, is to be kept within the Special Account.\n  Credits to Pool\n  (2) An amount credited to the Special Account under section 41 is to be credited to the Unallocated Interest Pool.\n  Debits from Pool\n  (3) The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual’s account.\n\n#### 43 Supplementation of Unallocated Interest Pool\n\n  When section applies\n  (1) This section applies if the Finance Minister is satisfied that:\n    (a) the balance of the Unallocated Interest Pool is nil; or\n    (b) the balance of the Unallocated Interest Pool is, or is likely to be, insufficient to meet the requirements of the Unallocated Interest Pool.\n  Supplementation\n  (2) The Finance Minister may determine that the Unallocated Interest Pool is to be supplemented by a specified amount.\n  Crediting of the supplementation amount\n  (3) The specified amount is to be credited to the Special Account.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the specified amount.\n\n#### 44 Debiting of unallocated interest\n\n  (1) If the Commissioner of Taxation is satisfied that the balance of the Unallocated Interest Pool exceeds the requirements of the Unallocated Interest Pool, the Commissioner of Taxation must determine that the excess is surplus to the requirements of the Unallocated Interest Pool.\n  (2) The Unallocated Interest Pool is to be debited by an amount equal to the excess.\n  (3) An amount equal to the excess is to be debited from the Special Account.\n\n### Division 4—Allocation day and allocation rate\n\n#### 45 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The allocation day for a quarter is published in the Gazette. The allocation day is the day on which interest is credited to accounts.\n\n• The allocation rate for a quarter is published in the Gazette. The allocation rate is the rate at which interest accrues to an account.\n\n• The allocation rate is worked out under section 47.\n\n#### 46 Gazettal of allocation day and allocation rate\n\n  (1) As soon as practicable after an amount is credited to the Special Account under section 41 in respect of a quarter (the current quarter), the Commissioner of Taxation must, by notice published in the Gazette, declare that, for the purposes of this Part:\n    (a) a specified day in the quarter next following the current quarter is the allocation day for the current quarter; and\n    (b) a specified percentage is the allocation rate for the current quarter.\n\n> Note: To work out the allocation rate see section 47.\n\n  (2) The declaration has effect accordingly.\n\n#### 47 Calculation of the allocation rate\n\n  Application of steps\n  (1) To work out the allocation rate for a quarter, apply the following steps.\n  Adjusted total balances\n  (2) Calculate the adjusted total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  For the purposes of this calculation, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n  Provisional rate\n  (3) Calculate the provisional rate for the quarter as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Net interest amount over Adjusted total balances end fraction times 100 end formula](image.002.png)\n  where:\n\n> Net interest amount means the net interest amount for the quarter;\n\n> Adjusted total balances means the adjusted total balances for the quarter.\n\n> Note: Net interest amount is defined by section 39.\n\n  Total balances\n  (4) Calculate the total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  Capped rate\n  (5) Calculate the capped rate as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Gross interest amount over Total balances end fraction times 100 end formula](image.003.png)\n  where:\n\n> Gross interest amount means the gross interest amount for the quarter;\n\n> Total balances means the total balances for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation rate—comparison between provisional rate and capped rate\n  (6) Compare the provisional rate with the capped rate:\n    (a) if the provisional rate is less than or equal to the capped rate—the allocation rate equals the provisional rate; or\n    (b) if the provisional rate exceeds the capped rate—the allocation rate equals the capped rate.\n\n### Division 5—Crediting of interest\n\n#### 48 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n#### 49 Accrual of interest on first $1,200 of daily balance\n\n  (1) Interest accrues to an account each day on the balance of the account as at the end of that day.\n  (2) For the purposes of this Division, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n\n#### 50 Rate of accrual, and crediting, of interest\n\n  When section applies\n  (1) This section applies to interest that accrues under section 49.\n  Allocation day event, withdrawal event and inactive account debit event\n  (2) Both:\n    (a) the rate of accrual of interest to an account in respect of a particular day (the accrual day) in a particular quarter; and\n    (b) the time at which accrued interest in respect of the accrual day is to be credited to the account;\n  depends on whichever of the following events first happens after the accrual day:\n    (c) the occurrence of the allocation day for the quarter (this event is to be known as the allocation day event);\n    (d) the withdrawal under Part 7 of the balance of the account (this event is to be known as the withdrawal event);\n    (e) the debiting of the balance of the account from the Special Account under Part 9 (this event is to be known as the inactive account debit event).\n  Allocation day event\n  (3) If the allocation day event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Allocation rate over Total number of days in the quarter end fraction end formula](image.004.png)\n    where:\n\n> Allocation rate means the allocation rate for the quarter; and\n\n    (b) the accrued interest is to be credited to the account on the allocation day.\n  Withdrawal event\n  (4) If the withdrawal event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day before the day of the withdrawal.\n  Inactive account debit event\n  (5) If the inactive account debit event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day of the debit.\n  Transitional—withdrawal event before first allocation day\n  (6) Despite paragraph (4)(a), if the withdrawal event occurs before the allocation day for the quarter beginning on 1 July 1995, that paragraph has effect, in relation to that event, as if the adjusted allocation rate were 0.4% or such higher rate as the Finance Minister determines.\n\n#### 51 Rounding up\n\n  If the total amount of interest to be credited to an account on a particular day (when expressed as a number of cents) is not a number of whole cents, that total must be rounded up to the nearest cent.\n\n### Division 6—Interest not to accrue in certain cases\n\n#### 52 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n#### 53 Interest does not accrue on refunded deposits\n\n  No interest\n  (1) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8.\n  Reversing interest credit\n  (2) If interest has been credited to an individual’s account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.\n  Unallocated Interest Pool to be credited\n  (3) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).\n\n#### 54 Interest does not accrue on shortfall components incorrectly credited to accounts\n\n  When section applies\n  (1) This section applies if:\n    (a) an amount credited to an account under section 65 of the Superannuation Guarantee (Administration) Act 1992 exceeds the amount that should have been credited to the account; and\n    (b) the balance of the account is attributable, in whole or in part, to the credit.\n  No interest\n  (2) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of the account as is attributable to the excess.\n  Debit reversing interest credit\n  (3) If interest has been credited to the account in contravention of subsection (2), the Commissioner of Taxation must debit the account by the amount of the credit.\n  Unallocated Interest Pool to be credited\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n#### 55 Amalgamated accounts—no interest if $1,200 limit avoided\n\n  When section applies\n  (1) This section applies if:\n    (a) the Commissioner becomes aware that 2 or more accounts (the separate accounts) are being kept in respect of the same individual; and\n    (b) the Commissioner of Taxation amalgamates the separate accounts into a single account; and\n    (c) immediately after the amalgamation, the balance of the amalgamated account exceeds $1,200.\n\n> Note: Section 18 empowers the Commissioner to amalgamate the separate accounts.\n\n  No interest if $1,200 limit avoided\n  (2) If, because of the $1,200 limit referred to in subsection 49(2):\n    (a) the total amount of interest that accrued to the separate accounts before the day of the amalgamation;\n  exceeds:\n    (b) the total amount of interest that would have accrued to the amalgamated account if it were assumed that the amalgamated account had been in existence at all times since the earliest time at which any of the separate accounts was opened;\n  then, despite section 49, the excess interest is taken never to have accrued under that section.\n  Debit to amalgamated account\n  (3) If excess interest has been credited in contravention of subsection (2), the Commissioner of Taxation must debit the amalgamated account by an amount equal to the amount of the credit.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n## Part 7—Withdrawal of account balances\n\n### Division 1—Simplified outline\n\n#### 56 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• There are 3 types of withdrawals of account balances:\n\n(a) transfers of account balances to superannuation funds or RSAs;\n\n(b) direct withdrawals of account balances by individuals;\n\n(c) withdrawals of account balances after death.\n\n• Under Part 8, a depositor has 14 days to apply for a refund of a deposit on the grounds that the deposit was made by mistake. During the 14‑day period, the individual’s account will be frozen.\n\n### Division 2—No withdrawals for 14 days after deposit credited to account etc.\n\n#### 57 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• An individual’s account will be frozen for 14 days after a deposit is credited to the account.\n\n• The delay gives the depositor a chance to apply for a refund of the deposit.\n\n• If the depositor applies for a refund of the deposit, the 14‑day period will be extended until the application is finalised.\n\n• Accounts will be frozen for 14 days after a shortfall component is credited to the account.\n\n• The delay gives the Commissioner of Taxation a chance to correct mistakes.\n\n#### 58 No withdrawals for 14 days after deposit credited to account etc.\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a deposit, or purported deposit, was made in respect of the individual; and\n    (b) as a result of the deposit or purported deposit, an amount was credited to the account under Part 5 at a particular time (the deposit time); and\n    (c) a request under this Part (the individual’s request) is made during the period of 14 days beginning at the deposit time.\n  Individual’s request frozen for 14 days\n  (2) The individual’s request has no effect at any time during that 14‑day period.\n\n> Note: This gives the depositor a chance to apply for a refund of the deposit.\n\n  Individual’s request frozen for additional period\n  (3) If an application for a refund of the deposit or purported deposit was made under section 73 during that 14‑day period, then:\n    (a) if the refund application is granted—the individual’s request has no effect at any time; or\n    (b) if the refund application is refused—the individual’s request has no effect at a particular time if:\n    (i) the time is after the refund application is made but before the end of the period of 21 days after the giving of the notice of refusal; or\n    (ii) if, during that 21‑day period, the refund applicant asks the Commissioner of Taxation to reconsider the refund application—the time is during the period when that reconsideration, or any later application to the Administrative Review Tribunal, has not been finalised.\n  (3A) For the purposes of subsection (3), a reference to the Administrative Review Tribunal is taken to include a reference to the Administrative Appeals Tribunal.\n  When reconsiderations finalised\n  (4) For the purposes of this section, a reconsideration of a decision is taken not to have been finalised during the period of 28 days after:\n    (a) if, because of the operation of subsection 82(5), the decision is taken to be confirmed—the day on which the decision is taken to have been confirmed; or\n    (b) in any other case—the day on which the decision on the reconsideration is notified to the refund applicant.\n\n#### 59 No withdrawals for 14 days after shortfall component credited to account\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) an amount was credited to the account under section 65 of the Superannuation Guarantee (Administration) Act 1992 at a particular time (the credit time); and\n    (b) a request under this Part is made during the period of 14 days beginning at the credit time.\n  Request frozen for 14 days\n  (2) The request has no effect at any time during that 14‑day period.\n\n> Note: This gives the Commissioner a chance to correct mistakes.\n\n### Division 3—Timing of withdrawals\n\n#### 60 Timing of withdrawals\n\n  24‑hour delay\n  (1) If a request is made under this Part, the Commissioner of Taxation must wait at least 24 hours before complying with the request.\n\n> Note: This delay enables interest to be credited to the account.\n\n  When withdrawal occurs\n  (2) For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.\n\n### Division 4—Transfer of account balances to RSAs and superannuation funds\n\n#### 61 Transfer to RSA or superannuation fund\n\n  Transfer request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the transfer request) to transfer the account balance to a specified RSA or to the trustee of a specified fund for the benefit of the individual; and\n    (b) the fund passes the compliance test set out in subsection (2).\n\n> Note: Subsection (7) provides for the transfer request to be given by the individual personally or by the trustee acting on behalf of the individual.\n\n  Compliance test for funds\n  (2) For the purposes of this section, a fund passes the compliance test if:\n    (a) the fund is an exempt public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or\n    (b) at the time of the transfer request, the Commissioner of Taxation has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:\n    (i) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and\n    (ii) is not subject to a direction under section 63 of that Act.\n\n> Note: Section 63 of the Superannuation Industry (Supervision) Act 1993 deals with funds that have been directed not to accept contributions from an employer‑sponsor.\n\n  Form of transfer request\n  (3) The transfer request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with transfer request\n  (4) The Commissioner of Taxation must pay to the provider of the RSA, or to the trustee, for the benefit of the individual, an amount equal to the account balance immediately before the payment is made. However, this rule does not apply if the Commissioner of Taxation is satisfied that the RSA provider or the trustee is unwilling to accept the payment.\n  Special Account to be debited\n  (5) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (6) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Authorisation of trustee by individual etc.\n  (7) The transfer request may be given by:\n    (a) the individual personally; or\n    (b) the RSA provider or the trustee acting on the individual’s behalf in accordance with an authority given by the individual.\n  If paragraph (b) applies, the transfer request must be accompanied by a copy of the authority.\n  Form of authorisation\n  (8) An authority referred to in subsection (7) must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Definitions\n  (9) In this section:\n\n> fund includes a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> trustee has the same meaning as in the Superannuation Industry (Supervision) Act 1993.\n\n#### 61A Commissioner may transfer account balance to RSA or superannuation fund\n\n  (1) The Commissioner of Taxation may pay the balance of an individual’s account to:\n    (a) an RSA of the individual; or\n    (b) the trustee of a complying superannuation fund for crediting to an account of the individual within that fund.\n  (2) To avoid doubt, the Commissioner of Taxation may make the payment under subsection (1) without a request from the individual under section 61.\n  (3) The Special Account is debited for the purposes of making the payment under subsection (1).\n  (4) When the payment under subsection (1) is made, the individual’s account is debited by the amount of the payment.\n  (5) In this section:\n\n> trustee of a superannuation fund means:\n\n    (a) if there is a trustee (within the ordinary meaning of that expression) of the fund—the trustee; or\n    (b) otherwise—the person who manages the fund.\n\n### Division 5—Direct withdrawals of account balances by individuals\n\n#### 62 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The balance of an individual’s account may be withdrawn if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\n• The balance of an individual’s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\n• The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.\n\n• The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.\n\n• The balance of an individual’s account may be withdrawn if the individual has turned 65.\n\n• The balance of an individual’s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n• The balance of an individual’s account may be withdrawn if the individual is a former temporary resident.\n\n#### 63 Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account is attributable, in whole or in part, to:\n    (i) one or more deposits, or purported deposits, made by one or more employers or former employers of the individual; or\n    (ii) one or more shortfall components of payments of superannuation guarantee charge made by one or more employers or former employers of the individual; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual has ceased to be employed by each of the employers or former employers; and\n    (c) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (d) the balance of the account is less than $200 immediately before the time when the account balance is withdrawn.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 64 Withdrawal of account balance—receipt of Commonwealth income support payments\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual has been in receipt of one or more Commonwealth income support payments for:\n    (i) if the person is at least 55 years of age—a period of at least 39 weeks, or for 2 or more periods that total at least 39 weeks, since the person turned 55; or\n    (ii) in any case—for an unbroken period of at least 26 weeks (other than such a period that ended before the withdrawal request was given); and\n    (c) the individual gives the Commissioner of Taxation:\n    (i) written evidence of the individual’s receipt of relevant Commonwealth income support payments provided by the Commonwealth Department or agency that is responsible for administering the payment; or\n    (ii) such other evidence of the individual’s receipt of relevant Commonwealth income support payments as is prescribed.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  (6) For the purposes of subparagraph (1)(b)(ii), if an individual obtains evidence covered by subparagraph (1)(c)(i), the individual is, subject to evidence to the contrary, to be taken to have continued to have received the Commonwealth income support payment concerned for 21 days after the date of the written evidence.\n  (7) In this section:\n\n> Commonwealth income support payment means:\n\n    (a) any of the following payments (as defined in section 23 of the Social Security Act 1991):\n    (i) a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full‑time study);\n    (ii) a social security pension;\n    (iii) a service pension;\n    (iv) an income support supplement; or\n    (e) any other payment prescribed for the purposes of this definition.\n\n#### 65 Withdrawal of account balance—retirement on grounds of disability\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not in employment; and\n    (c) the individual last ceased to be an employee because of the disability of the individual; and\n    (d) 2 legally qualified medical practitioners have certified that the disability is likely to result in the individual being unable ever to be employed in a capacity for which the individual is reasonably qualified because of education, training or experience.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 65A Withdrawal of account balance—terminal medical condition\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 66 Withdrawal of account balance—individual turns 65\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual has turned 65.\n  Withdrawal decision\n  (2) The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.\n  Withdrawal request\n  (3) The individual may give the Commissioner of Taxation a request (the withdrawal request) to make a payment under subsection (2).\n  Form of withdrawal request\n  (4) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (5) The Commissioner of Taxation must comply with the withdrawal request.\n  Special Account to be debited\n  (6) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (7) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 67 Withdrawal of account balance—individual not an Australian resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not a resident (within the meaning of the Income Tax Assessment Act 1936); and\n    (ba) the individual is at least 55 years old when he or she gives the withdrawal request; and\n    (c) the individual satisfies the Commissioner of Taxation that:\n    (i) the individual is not in employment; or\n    (ii) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n> Note: Australia is defined by subsection (6).\n\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Definition\n  (6) In this section:\n\n> Australia has the same meaning as in the Income Tax Assessment Act 1936.\n\n#### 67A Withdrawal of account balance—former temporary resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that before, on or after the commencement of this section, the individual:\n    (i) was, under the Migration Act 1958, the holder of a temporary visa that has ceased to be in effect; and\n    (ii) left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and\n    (c) the individual satisfies the Commissioner of Taxation that the individual:\n    (i) is not, under the Migration Act 1958, the holder of a permanent visa; and\n    (ii) is neither an Australian citizen nor a New Zealand citizen.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 6—Withdrawals of account balances after death\n\n#### 68 Withdrawal of account balance—death of individual\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual has died; and\n    (b) the individual’s legal personal representative gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the legal personal representative an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 7—Notification of refusal of requests\n\n#### 69 Notification of refusal of requests\n\n  (1) This section applies if:\n    (a) a person makes a request under this Part; and\n    (b) the Commissioner of Taxation refuses the request.\n  (2) The Commissioner of Taxation must give the person written notice of the refusal.\n\n### Division 8—Recovery of account balances\n\n#### 70 Recovery of account balances\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 8—Refunds of deposits\n\n#### 71 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Commissioner of Taxation may refund a deposit if the deposit form was false or defective.\n\n• A depositor may apply for the refund of a deposit if it was made by mistake. The refund application must be made within 14 days after the deposit was credited to the account.\n\n#### 72 Refunds—false or defective deposit forms etc.\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was accompanied by a deposit form, or a purported deposit form, that, in so far as it related to the deposit or purported deposit:\n    (i) contained a declaration, or information, that was false or misleading in a material particular; or\n    (ii) had some other defect or irregularity; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit.\n  Refund payment\n  (2) The Commissioner of Taxation may decide to pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (3) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (4) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Part 7 obligations prevail\n  (5) The Commissioner of Taxation must not exercise a power conferred by this section in a manner that would be inconsistent with an obligation imposed on him or her by Part 7.\n\n> Note: Part 7 deals with withdrawals.\n\n#### 73 Refunds—deposit made by mistake\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was paid due to a clerical error or due to some other mistake; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit; and\n    (f) within 14 days after the credit was made, the depositor or purported depositor applies to the Commissioner of Taxation for a refund of the deposit or purported deposit.\n  Form of application\n  (2) The application must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Refund payment\n  (3) The Commissioner of Taxation must pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (5) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Obligations under this section prevail over obligations under Part 7\n  (6) In the event of a conflict between:\n    (a) an obligation imposed on the Commissioner of Taxation by this section; and\n    (b) an obligation imposed on the Commissioner of Taxation by Part 7;\n  the first‑mentioned obligation prevails.\n\n> Note: Part 7 deals with withdrawals.\n\n  Notification of refusal of application\n  (7) If the Commissioner of Taxation refuses an application under this section, the Commissioner of Taxation must give the applicant written notice of the refusal.\n\n#### 74 Recovery of refunds\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 9—Inactive accounts\n\n#### 75 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• If an individual’s account is inactive for 10 years, the account balance is to be debited from the Special Account.\n\n• The individual may claim the account balance from the Commissioner of Taxation.\n\n• The Commissioner of Taxation must keep a register of individuals’ account balances debited.\n\n#### 76 No activity for 10 years\n\n  When section applies\n  (1) This section applies to an individual’s account if no amount was credited to the account under:\n    (a) Part 5 of this Act; or\n    (b) section 65 of the Superannuation Guarantee (Administration) Act 1992;\n  at any time during a period of 10 consecutive financial years.\n\n> Note 1: Part 5 of this Act deals with deposits.\n\n> Note 2: Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.\n\n  Statement to be given to the Commissioner\n  (2) As soon as practicable after the end of that period, the Commissioner must record information about the account.\n  Tax file number\n  (3) If the individual’s tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.\n  Debit from the Special Account\n  (4) As soon as practicable after the end of that period, an amount equal to the balance of the individual’s account as at the end of that period is to be debited from the Special Account.\n  Debiting of individual’s account balance\n  (5) If an amount is debited from the Special Account under subsection (4), the individual’s account is debited by an amount equal to the amount debited from the Special Account.\n  Claim by individual\n  (6) If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.\n  Claim by individual’s legal personal representative\n  (7) If:\n    (a) an amount has been debited from the Special Account under subsection (4) in respect of the individual’s account; and\n    (b) the individual has died;\n  the individual’s legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the amount debited from the Special Account in respect of the individual’s account.\n  Payments\n  (8) The Commissioner of Taxation must comply with a request under subsection (6) or (7).\n  Appropriation\n  (9) The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).\n\n#### 77 Register\n\n  In addition to the particulars that are required by section 19 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 to be set out in the register kept under that section, that register must set out:\n    (a) particulars of amounts debited from the Special Account under section 76 in respect of particular individuals; and\n    (b) particulars of the individuals, which may include the tax file numbers of the individuals.\n\n## Part 10—Tax file numbers\n\n#### 78 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• An individual may quote his or her tax file number to the Commissioner of Taxation.\n\n#### 79 Individual may quote his or her tax file number\n\n  (1) An individual may quote his or her tax file number to the Commissioner of Taxation in connection with the operation, or the possibility of the future operation, of this Act in relation to the individual.\n\n> Note: This means that an individual’s tax file number may be quoted before or after an account is opened in the name of the individual.\n\n  (2) The tax file number may be quoted:\n    (a) in response to a request made by the Commissioner of Taxation; or\n    (b) on the individual’s own initiative.\n\n## Part 11—Review of decisions\n\n#### 80 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person who is dissatisfied with a reviewable decision of the Commissioner of Taxation may seek a reconsideration of the decision.\n\n• A person who is dissatisfied with a reconsidered decision may have the reconsidered decision reviewed by the Administrative Review Tribunal.\n\n• The Commissioner of Taxation must tell people about their rights to have decisions reconsidered and reviewed.\n\n#### 81 Reviewable decisions\n\n  For the purposes of this Part, a reviewable decision is a decision made by the Commissioner of Taxation under this Act (other than a decision under Division 2, 3 or 4 of Part 6 or a decision relating to the approval of a form).\n\n> Note: Decisions under Division 2, 3 or 4 of Part 6 relate to the funding of interest and the calculation of the allocation rate etc.\n\n#### 82 Reconsideration of reviewable decisions\n\n  Request for reconsideration\n  (1) A person who is affected by a reviewable decision may, if dissatisfied with the decision, request the Commissioner of Taxation to reconsider the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  How request must be made\n  (2) The request must be made by written notice given to the Commissioner of Taxation within the period of 21 days after the day on which the person first receives notice of the decision, or within such further period as the Commissioner of Taxation allows.\n  Request must set out reasons\n  (3) The request must set out the reasons for making the request.\n  Commissioner of Taxation to reconsider decision\n  (4) Upon receipt of the request, the Commissioner of Taxation must reconsider the decision and may, subject to subsection (5), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.\n  Deemed confirmation of decision if delay\n  (5) If the Commissioner of Taxation does not confirm, revoke or vary a decision before the end of the period of 60 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation is taken, at the end of that period, to have confirmed the decision under subsection (4).\n  Notice of Commissioner of Taxation’s action\n  (6) If the Commissioner of Taxation confirms, revokes or varies a decision before the end of the period referred to in subsection (5), the Commissioner of Taxation must give written notice to the person telling the person:\n    (a) the result of the reconsideration of the decision; and\n    (b) the reasons for confirming, varying or revoking the decision, as the case may be.\n\n#### 83 ART review of Commissioner of Taxation’s decisions\n\n  Applications may be made to the Administrative Review Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection 82(4).\n\n#### 84 Application of the Administrative Review Tribunal Act 2024\n\n  (2) If a request is made under subsection 82(1) of this Act in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision.\n  (3) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.\n\n#### 85 Statements to accompany notification of decisions\n\n  Original decision\n  (1) If a written notice is given to a person affected by a reviewable decision telling the person that the reviewable decision has been made, that notice is to include a statement to the effect that:\n    (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 82(1); and\n    (b) the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first‑mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Reconsidered decision\n  (2) If:\n    (a) the Commissioner of Taxation confirms or varies a reviewable decision under subsection 82(4); and\n    (b) gives to a person written notice of the confirmation or variation of the decision;\n  that notice is to include a statement to the effect that the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Validity of decision\n  (3) A failure to comply with this section does not affect the validity of a decision.\n\n## Part 12—Partnerships and unincorporated associations\n\n### Division 1—Partnerships\n\n#### 86 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Partnerships are treated as if they were persons.\n\n• A document given to a partner of a partnership is treated as if it had been given to the partnership.\n\n#### 87 Treatment of partnerships\n\n  The superannuation accounts law applies to a partnership as if the partnership were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the partnership is taken to have been committed by each partner who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 88 Giving of documents to partnerships\n\n  For the purposes of this Act, if a document is given to a partner of a partnership in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the partnership.\n\n### Division 2—Unincorporated associations\n\n#### 89 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Unincorporated associations are treated as if they were persons.\n\n• A document given to a member of the committee of management of an unincorporated association is treated as if it had been given to the unincorporated association.\n\n#### 90 Treatment of unincorporated associations\n\n  Persons\n  The superannuation accounts law applies to an unincorporated association as if the unincorporated association were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the unincorporated association are imposed instead on each member of the committee of management of the association, but may be discharged by any of those members;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the unincorporated association is taken to have been committed by each member of the committee of management of the association who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the member).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 91 Giving of documents to unincorporated associations\n\n  For the purposes of this Act, if a document is given to a member of the committee of management of an unincorporated association in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the unincorporated association.\n\n## Part 12A—Government co‑contributions for low income earners\n\n#### 91A Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a Government co‑contribution payable in respect of the individual.\n\n#### 91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91C Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91D Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91E Debiting account with overpayment of Government co‑contribution\n\n  Under section 24 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a Government co‑contribution if the account includes deposits made under this Part.\n\n#### 91F Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91G Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 12B—PPL superannuation contributions\n\n#### 91H Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a PPL superannuation contribution payable for the individual.\n\n#### 91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91K Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91L Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91M Debiting account with overpayment of PPL superannuation contribution\n\n  Under section 115P of the Paid Parental Leave Act 2010, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a PPL superannuation contribution if the account includes deposits made under this Part.\n\n#### 91N Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91P Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 13—Miscellaneous\n\n#### 92 Delegation\n\n  The Finance Minister may, by writing, delegate to an officer of the Finance Department any or all of his or her powers under this Act.\n\n#### 93 Annual report\n\n  (1) The Commissioner of Taxation must, as soon as practicable after the end of each financial year, prepare and give to the Minister a report on the operation of this Act during that year.\n  (2) The Minister must cause a copy of a report given under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.\n\n#### 94 Regulations\n\n  The Governor‑General may make regulations prescribing all matters:\n    (a) required or permitted by this Act to be prescribed; or\n    (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":11},{"sectionNumber":"Division 1","sectionType":"division","heading":"Simplified outline","content":"An Act relating to the small superannuation accounts scheme\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n  This Act may be cited as the Small Superannuation Accounts Act 1995.\n\n#### 2 Commencement\n\n  This Act commences on 1 July 1995.\n\n#### 3 Simplified explanation\n\n  The following is a simplified explanation of this Act:\n\n• The Australian Taxation Office administers a special account. Notional accounts are kept within the special account.\n\n• The account offers employees with small balances an opportunity to avoid the erosion of those balances by fees.\n\n• Employees may request that account balances be transferred to a nominated superannuation fund or RSA.\n\n• Except in special cases, employees will not have direct access to their account balances.\n\n• Interest will be calculated on the daily balance of the account and credited to the account on a quarterly basis.\n\n• Interest is exempt from income tax.\n\n• If an account balance exceeds $1,200, interest will only be credited on the first $1,200 of the balance. This is an incentive for employees to request that balances of more than $1,200 be transferred to a superannuation fund.\n\n• Under the Income Tax Assessment Act 1936, employers may get income tax deductions for deposits. There is an annual deduction limit of $1,200 per employee.\n\n• Under the Superannuation Guarantee (Administration) Act 1992, deposits made by an employer will be treated as superannuation contributions.\n\n• The accounts may also be credited with Government co‑contributions payable under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003. The rules for these deposits differ in some respects from those that apply to other deposits.\n\n#### 4 Definitions\n\n  In this Act, unless the contrary intention appears:\n\n> account means a notional account kept in accordance with section 12.\n\n> child, of a person, means a child of the person within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.\n\n> Note: The Income Tax Assessment Act 1997 defines complying superannuation fund by reference to section 45 of the Superannuation Industry (Supervision) Act 1993.\n\n> dependant, in relation to an individual, includes the spouse and any child of the person.\n\n> Note: This expression is only used in the definition of superannuation contribution.\n\n> deposit means a payment under section 25.\n\n> deposit form means a statement under section 26.\n\n> depositor means a person who makes a payment under section 25.\n\n> employee has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employee.\n\n> employer has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employer.\n\n> employment has a meaning corresponding to employee and employer.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Government co‑contribution in respect of an individual means a Government co‑contribution payable in respect of the individual under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003.\n\n> leave Australia has the same meaning as in the Migration Act 1958.\n\n> person has a meaning affected by sections 87 and 90.\n\n> Note 1: Under section 87, partnerships are treated as persons.\n\n> Note 2: Under section 90, unincorporated associations are treated as persons.\n\n> PPL superannuation contribution for an individual has the same meaning as in the Paid Parental Leave Act 2010.\n\n> provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> quarter means a period of 3 months beginning on 1 July, 1 October, 1 January or 1 April in:\n\n    (a) the financial year beginning on 1 July 1995; or\n    (b) any later financial year.\n\n> RSA has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> Special Account means the Superannuation Holding Accounts Special Account continued in existence by section 8.\n\n> spouse of a person includes:\n\n    (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and\n    (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.\n\n> Note: This expression is only used in the definition of dependant.\n\n> superannuation accounts law means:\n\n    (a) this Act; and\n    (b) the regulations; and\n    (c) Part III of the Taxation Administration Act 1953, in so far as that Part relates to this Act or the regulations.\n\n> superannuation contribution, in relation to an individual, means a contribution made to a superannuation fund, an RSA or a superannuation scheme for the purpose of making provision for superannuation benefits for, or for dependants of, the individual.\n\n> superannuation fund means a provident, benefit, superannuation or retirement fund.\n\n> superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits.\n\n> tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.\n\n> Unallocated Interest Pool means the Unallocated Interest Pool kept in accordance with section 42.\n\n#### 5 Crown to be bound\n\n  This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n\n#### 6 Act to be administered by the Commissioner of Taxation\n\n  The Commissioner of Taxation has the general administration of this Act.\n\n> Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.\n\n## Part 2—Superannuation Holding Accounts Special Account\n\n#### 7 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Superannuation Holding Accounts Special Account is continued in existence.\n\n• The Special Account is not a superannuation fund.\n\n#### 8 Superannuation Holding Accounts Special Account\n\n  (1) The Superannuation Holding Accounts Account is continued in existence as the Superannuation Holding Accounts Special Account.\n\n> Note: The Superannuation Holding Accounts Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.\n\n  (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 9 Special Account is not a superannuation fund\n\n  Special Account is not a superannuation fund\n  (1) For the purposes of a law of the Commonwealth:\n    (a) the Special Account is taken not to be a superannuation fund; and\n    (b) the scheme embodied in this Act is taken not to be a superannuation scheme.\n  Avoidance of doubt\n  (2) Subsection (1) is enacted to avoid doubt.\n\n## Part 3—Accounts\n\n### Division 1—Simplified outline\n\n#### 11 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Notional accounts are to be kept within the Special Account in the names of particular individuals.\n\n• Section 13 outlines credits to accounts.\n\n• Section 14 outlines debits to accounts.\n\n• The Commissioner of Taxation may open or close an account.\n\n• Accounts may have a nil balance.\n\n• An individual may only have one account.\n\n• Account balances are not held on trust.\n\n• An individual’s account balance will be notified to the individual in certain circumstances.\n\n### Division 2—Keeping of accounts\n\n#### 12 Accounts\n\n  Accounts to be kept\n  (1) Separate notional accounts are to be kept within the Special Account in the names of particular individuals.\n  Individual’s account\n  (2) An account kept in the name of an individual is to be known as the individual’s account.\n\n> Note: Section 4 provides that account means a notional account kept in accordance with this section.\n\n### Division 3—Outline of credits and debits to accounts\n\n#### 13 Outline of credits to accounts\n\n  The following is a simplified outline of the types of credits that may be made to an individual’s account.\n\nDeposits by employers\n\n• Under section 25, the individual’s employer or former employer may make a deposit in respect of the individual. The employer or former employer will make the deposit instead of making a superannuation contribution in respect of the individual. The deposit will result in a credit to the individual’s account.\n\nSuperannuation guarantee shortfalls\n\n• Under section 65 of the Superannuation Guarantee (Administration) Act 1992, if there is a shortfall component of a payment of superannuation guarantee charge in relation to the individual, the Commissioner of Taxation may credit the shortfall component to the individual’s account.\n\nInterest\n\n• Under Part 6, interest may be credited to the individual’s account.\n\n#### 14 Outline of debits to accounts\n\n  The following is a simplified outline of the types of debits that may be made to an individual’s account. These debits also involve debiting the Special Account.\n\nTransfer to superannuation fund or RSA\n\n• Under section 61, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund or RSA.\n\nBalance of less than $200—individual has ceased to be employed by all depositors\n\n• Under section 63, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\nReceipt of Commonwealth income support payments\n\n• Under section 64, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\nDisability\n\n• Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.\n\nTerminal medical condition\n\n• Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.\n\nIndividual turns 65\n\n• Under section 66, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has turned 65.\n\nIndividual at least 55 years old and not an Australian resident\n\n• Under section 67, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\nFormer temporary resident\n\n• The balance of the amount standing to the credit of an individual’s account may be debited from the Special Account if the individual is a former temporary resident.\n\nDeath of individual\n\n• Under section 68, if the individual dies, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual’s legal personal representative.\n\nRefunds of deposits\n\n• Under Part 8, an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits that were:\n\n(a) accompanied by false or defective deposit forms; or\n\n(b) made by mistake.\n\n### Division 4—Opening and closing of accounts\n\n#### 15 Opening of accounts\n\n  Power\n  (1) The Commissioner of Taxation may open an account in the name of a particular individual.\n  Duty\n  (2) The Commissioner of Taxation must open an account in the name of a particular individual if:\n    (a) the individual does not already have an account; and\n    (b) a person makes a deposit, or a purported deposit, in respect of the individual.\n  Payment split under Family Law Act\n  (3) If an account is subject to a payment split, then the Commissioner may open an account in the name of the non‑member spouse.\n  (4) The balance of the account when it is opened is an amount worked out in accordance with the regulations.\n  (5) The balance of the member spouse’s account is to be reduced by the amount worked out under subsection (4).\n  (6) The Commissioner must give the member spouse a written notice setting out the balance (if any) of the member spouse’s account after the reduction.\n  (7) In this section:\n\n> member spouse means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> non‑member spouse means a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n#### 16 Closing of accounts\n\n  The Commissioner of Taxation may close an individual’s account if the balance of the account is nil and:\n    (a) the balance of the account was nil throughout the preceding period of 2 years; or\n    (b) the balance of the account has been withdrawn under section 61, 65, 65A, 66, 67, 67A or 91E; or\n    (c) the individual has died; or\n    (d) the individual asks the Commissioner of Taxation to close the account; or\n    (e) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n> Note 1: Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.\n\n> Note 2: Section 65 deals with individuals who retire because of disability.\n\n> Note 2A: Section 65A deals with individuals in relation to whom terminal medical conditions exist.\n\n> Note 3: Section 66 deals with individuals who have turned 65.\n\n> Note 4: Section 67 deals with individuals who are not Australian residents for income tax purposes etc.\n\n> Note 5: Section 67A deals with individuals who have permanently departed from Australia.\n\n> Note 6: Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.\n\n### Division 5—Rules about accounts\n\n#### 17 Accounts may have a nil balance\n\n  Nil balance\n  (1) An account may have a nil balance.\n  Examples\n  (2) The following are examples of cases where an account might have a nil balance:\n    (a) no money has been credited to the account;\n    (b) the balance of the account has been withdrawn under Part 7;\n    (c) the balance of the account has been refunded to an employer or former employer under Part 8;\n    (d) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n#### 18 One account per individual\n\n  Only one account\n  (1) Only one account may be kept in respect of a particular individual.\n  Amalgamation etc.\n  (2) A contravention of subsection (1) does not affect the validity of an account. However, if the Commissioner of Taxation becomes aware that 2 or more accounts are being kept in respect of the same individual, the Commissioner of Taxation must amalgamate the accounts into a single account.\n\n#### 19 Account balances not held on trust etc.\n\n  (1) Money credited to an individual’s account is not held on trust.\n  (2) The Commonwealth is not liable to pay, repay or refund money credited to an individual’s account except as provided by this Act.\n\n> Note: Under section 69A of the Superannuation Guarantee (Administration) Act 1992, if a shortfall component of superannuation guarantee charge has been incorrectly credited to an individual’s account, the account may be debited for the purposes of reversing the credit.\n\n### Division 6—Notification of account balances\n\n#### 20 Notification of opening balance\n\n  As soon as practicable after the first occasion on which an amount is credited to an individual’s account, the Commissioner must give the individual a written notice setting out the balance of the account.\n\n#### 21 Individual may request details of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual asks the Commissioner of Taxation to give the individual a written notice setting out the balance of the account.\n  Form of request\n  (2) The request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with request\n  (3) The Commissioner of Taxation must comply with the request.\n\n#### 22 Annual notification of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account exceeds nil as at the end of a financial year; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the end of the financial year, the Commissioner of Taxation must give the individual a written notice setting out the balance of the account as at the end of the financial year.\n\n#### 23 Notification when account balance reaches $1,200\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:\n    (a) setting out the balance of the account; and\n    (b) explaining the effect of sections 49 and 61; and\n    (c) suggesting that the individual make a request under section 61.\n\n> Note 1: Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.\n\n> Note 2: Section 61 provides for the transfer of the balance of the account to a superannuation fund.\n\n## Part 4—Deposits\n\n#### 24 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit.\n\n• The deposit must be accompanied by a deposit form.\n\n• The deposit form must include certain declarations.\n\n• The 2 key declarations are:\n\n(a) that the depositor is the employer, or former employer, of the individual; and\n\n(b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.\n\n• A defect in the deposit form will not result in the invalidity of the deposit.\n\n• A deposit form may deal with multiple payments.\n\n• Deposits are not held on trust.\n\n#### 25 Deposits\n\n  A person (the depositor) may make a payment (the deposit) to the Commissioner of Taxation under this section in respect of an individual if, and only if, the payment is made before 1 July 2006.\n\n#### 26 Deposit to be accompanied by deposit form\n\n  The deposit must be accompanied by a written statement (the deposit form) that:\n    (a) is in a form approved in writing by the Commissioner of Taxation; and\n    (b) contains the information required by the form to be given; and\n    (c) contains the declarations required by sections 27, 28, 29 and 30; and\n    (d) sets out the individual’s tax file number (if known to the depositor); and\n    (e) is signed by or on behalf of the depositor.\n\n#### 27 Deposit to be made by employer or former employer\n\n  The deposit form must include a declaration that the depositor is the employer, or former employer, of the individual.\n\n#### 28 Deposit to be instead of superannuation contributions\n\n  The deposit form must include a declaration that the depositor is making the deposit:\n    (a) in respect of the employment, or former employment, of the individual by the depositor; and\n    (b) instead of making a superannuation contribution:\n    (i) in respect of the individual; and\n    (ii) of an amount equal to the deposit.\n\n#### 29 Deposit to be consistent with other laws etc.\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the making of the deposit does not contravene:\n    (a) a law of the Commonwealth (other than this Act) or a law of a State or Territory; or\n    (b) an award, order, determination or industrial agreement in force under such a law; or\n    (c) a legally enforceable agreement.\n\n#### 30 Age limit\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the individual was under 70 on at least one day during the period of employment to which the deposit relates.\n\n#### 31 Consequences of false declarations etc.\n\n  If the deposit is accompanied by a deposit form, or a purported deposit form, that:\n    (a) contains a declaration, or information, that is false or misleading; or\n    (b) has some other defect or irregularity;\n  that circumstance does not result in the invalidity of the deposit. However, it may result in the deposit being refunded under Part 8.\n\n> Note 1: A false or misleading statement may result in criminal liability under Part III of the Taxation Administration Act 1953.\n\n> Note 2: A false or misleading declaration may result in an employer being denied:\n\n    (a) an income tax deduction under section 82AAF of the Income Tax Assessment Act 1936; and\n    (b) concessional treatment under section 23 of the Superannuation Guarantee (Administration) Act 1992.\n\n#### 33 Deposit not held on trust etc.\n\n  (1) A deposit, or purported deposit, made in respect of an individual is not held on trust.\n  (2) A deposit, or purported deposit, made in respect of an individual is not repayable or refundable except as provided by this Act.\n\n## Part 5—Crediting of deposits\n\n#### 34 Simplified outline\n\n  The following is a simplified outline of this Part:\n\nDeposits are to be credited to accounts by following these steps:\n\n• credit the deposit to the Special Account;\n\n• credit the deposit to the individual’s account.\n\n#### 35 Crediting of deposits\n\n  Step 1—Credit to Special Account\n  (1) An amount equal to a deposit or purported deposit made in respect of an individual is to be credited to the Special Account.\n  Step 2—Credit to individual’s account\n  (2) As soon as practicable after the amount is credited to the Special Account, the individual’s account is to be credited with an amount equal to the deposit or purported deposit.\n\n## Part 6—Crediting of interest\n\n### Division 1—Simplified outline\n\n#### 36 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Interest is funded by crediting amounts to the Special Account.\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n• The allocation day is published in the Gazette.\n\n• The rate at which interest accrues is called the allocation rate.\n\n• The allocation rate is published in the Gazette.\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n### Division 2—Gross interest amount and net interest amount\n\n#### 37 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The expressions gross interest amount and net interest amount are defined.\n\n• Those expressions are used to work out:\n\n(a) how interest is funded; and\n\n(b) the rate at which interest accrues to an account.\n\n#### 38 Gross interest amount\n\n  For the purposes of this Part, the gross interest amount for a quarter is the sum of the following amounts:\n    (a) the income derived by the Commonwealth during the quarter from the investment of amounts standing to the credit of the Special Account;\n    (b) the amount (if any) determined by the Finance Minister in relation to the quarter having regard to the amount standing to the credit of the Special Account that remains uninvested from time to time during the quarter.\n\n#### 39 Net interest amount\n\n  Net interest amount\n  (1) For the purposes of this Part, the net interest amount for a quarter is the gross interest amount for the quarter, reduced (but not below 0) by the sum of:\n    (a) the amount determined by the Commissioner of Taxation, where the amount represents a fair approximation of the costs incurred by the Commonwealth during the quarter in connection with the administration of this Act; and\n    (b) the amount, or the total of the amounts, allocated to the quarter under subsection (3).\n\n> Note: Gross interest amount is defined by section 38.\n\n  Carry‑forward amount\n  (2) For the purposes of this section, if:\n    (a) the amount determined under paragraph (1)(a) in relation to a quarter;\n  exceeds:\n    (b) the gross interest amount for the quarter;\n  the excess is taken to be the carry‑forward amount for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation of carry‑forward amounts\n  (3) For the purposes of this section, the Finance Minister may determine that:\n    (a) a carry‑forward amount for a quarter is to be allocated to a later quarter; or\n    (b) different parts of the carry‑forward amount for a quarter are to be allocated to different later quarters.\n  Amortisation\n  (4) For the purposes of this section, capital costs and development costs are to be amortised in accordance with generally accepted accounting principles.\n  Investment costs\n  (5) For the purposes of this section, the costs incurred by the Commonwealth in connection with the investment of amounts standing to the credit of the Special Account are taken to have been incurred in connection with the administration of this Act.\n\n### Division 3—Funding of interest\n\n#### 40 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest is funded by crediting the net interest amount to the Special Account.\n\n• An Unallocated Interest Pool is to be kept within the Special Account.\n\n• Unallocated interest is represented by the balance of the Unallocated Interest Pool.\n\n• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.\n\n• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.\n\n#### 41 Crediting of net interest amount to the Special Account\n\n  As soon as practicable after the end of a quarter, an amount equal to the net interest amount for the quarter is to be credited to the Special Account.\n\n> Note: Net interest amount is defined by section 39.\n\n#### 42 Unallocated Interest Pool\n\n  Pool\n  (1) For accounting purposes, a separate notional subcomponent, called the Unallocated Interest Pool, is to be kept within the Special Account.\n  Credits to Pool\n  (2) An amount credited to the Special Account under section 41 is to be credited to the Unallocated Interest Pool.\n  Debits from Pool\n  (3) The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual’s account.\n\n#### 43 Supplementation of Unallocated Interest Pool\n\n  When section applies\n  (1) This section applies if the Finance Minister is satisfied that:\n    (a) the balance of the Unallocated Interest Pool is nil; or\n    (b) the balance of the Unallocated Interest Pool is, or is likely to be, insufficient to meet the requirements of the Unallocated Interest Pool.\n  Supplementation\n  (2) The Finance Minister may determine that the Unallocated Interest Pool is to be supplemented by a specified amount.\n  Crediting of the supplementation amount\n  (3) The specified amount is to be credited to the Special Account.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the specified amount.\n\n#### 44 Debiting of unallocated interest\n\n  (1) If the Commissioner of Taxation is satisfied that the balance of the Unallocated Interest Pool exceeds the requirements of the Unallocated Interest Pool, the Commissioner of Taxation must determine that the excess is surplus to the requirements of the Unallocated Interest Pool.\n  (2) The Unallocated Interest Pool is to be debited by an amount equal to the excess.\n  (3) An amount equal to the excess is to be debited from the Special Account.\n\n### Division 4—Allocation day and allocation rate\n\n#### 45 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The allocation day for a quarter is published in the Gazette. The allocation day is the day on which interest is credited to accounts.\n\n• The allocation rate for a quarter is published in the Gazette. The allocation rate is the rate at which interest accrues to an account.\n\n• The allocation rate is worked out under section 47.\n\n#### 46 Gazettal of allocation day and allocation rate\n\n  (1) As soon as practicable after an amount is credited to the Special Account under section 41 in respect of a quarter (the current quarter), the Commissioner of Taxation must, by notice published in the Gazette, declare that, for the purposes of this Part:\n    (a) a specified day in the quarter next following the current quarter is the allocation day for the current quarter; and\n    (b) a specified percentage is the allocation rate for the current quarter.\n\n> Note: To work out the allocation rate see section 47.\n\n  (2) The declaration has effect accordingly.\n\n#### 47 Calculation of the allocation rate\n\n  Application of steps\n  (1) To work out the allocation rate for a quarter, apply the following steps.\n  Adjusted total balances\n  (2) Calculate the adjusted total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  For the purposes of this calculation, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n  Provisional rate\n  (3) Calculate the provisional rate for the quarter as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Net interest amount over Adjusted total balances end fraction times 100 end formula](image.002.png)\n  where:\n\n> Net interest amount means the net interest amount for the quarter;\n\n> Adjusted total balances means the adjusted total balances for the quarter.\n\n> Note: Net interest amount is defined by section 39.\n\n  Total balances\n  (4) Calculate the total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  Capped rate\n  (5) Calculate the capped rate as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Gross interest amount over Total balances end fraction times 100 end formula](image.003.png)\n  where:\n\n> Gross interest amount means the gross interest amount for the quarter;\n\n> Total balances means the total balances for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation rate—comparison between provisional rate and capped rate\n  (6) Compare the provisional rate with the capped rate:\n    (a) if the provisional rate is less than or equal to the capped rate—the allocation rate equals the provisional rate; or\n    (b) if the provisional rate exceeds the capped rate—the allocation rate equals the capped rate.\n\n### Division 5—Crediting of interest\n\n#### 48 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n#### 49 Accrual of interest on first $1,200 of daily balance\n\n  (1) Interest accrues to an account each day on the balance of the account as at the end of that day.\n  (2) For the purposes of this Division, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n\n#### 50 Rate of accrual, and crediting, of interest\n\n  When section applies\n  (1) This section applies to interest that accrues under section 49.\n  Allocation day event, withdrawal event and inactive account debit event\n  (2) Both:\n    (a) the rate of accrual of interest to an account in respect of a particular day (the accrual day) in a particular quarter; and\n    (b) the time at which accrued interest in respect of the accrual day is to be credited to the account;\n  depends on whichever of the following events first happens after the accrual day:\n    (c) the occurrence of the allocation day for the quarter (this event is to be known as the allocation day event);\n    (d) the withdrawal under Part 7 of the balance of the account (this event is to be known as the withdrawal event);\n    (e) the debiting of the balance of the account from the Special Account under Part 9 (this event is to be known as the inactive account debit event).\n  Allocation day event\n  (3) If the allocation day event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Allocation rate over Total number of days in the quarter end fraction end formula](image.004.png)\n    where:\n\n> Allocation rate means the allocation rate for the quarter; and\n\n    (b) the accrued interest is to be credited to the account on the allocation day.\n  Withdrawal event\n  (4) If the withdrawal event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day before the day of the withdrawal.\n  Inactive account debit event\n  (5) If the inactive account debit event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day of the debit.\n  Transitional—withdrawal event before first allocation day\n  (6) Despite paragraph (4)(a), if the withdrawal event occurs before the allocation day for the quarter beginning on 1 July 1995, that paragraph has effect, in relation to that event, as if the adjusted allocation rate were 0.4% or such higher rate as the Finance Minister determines.\n\n#### 51 Rounding up\n\n  If the total amount of interest to be credited to an account on a particular day (when expressed as a number of cents) is not a number of whole cents, that total must be rounded up to the nearest cent.\n\n### Division 6—Interest not to accrue in certain cases\n\n#### 52 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n#### 53 Interest does not accrue on refunded deposits\n\n  No interest\n  (1) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8.\n  Reversing interest credit\n  (2) If interest has been credited to an individual’s account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.\n  Unallocated Interest Pool to be credited\n  (3) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).\n\n#### 54 Interest does not accrue on shortfall components incorrectly credited to accounts\n\n  When section applies\n  (1) This section applies if:\n    (a) an amount credited to an account under section 65 of the Superannuation Guarantee (Administration) Act 1992 exceeds the amount that should have been credited to the account; and\n    (b) the balance of the account is attributable, in whole or in part, to the credit.\n  No interest\n  (2) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of the account as is attributable to the excess.\n  Debit reversing interest credit\n  (3) If interest has been credited to the account in contravention of subsection (2), the Commissioner of Taxation must debit the account by the amount of the credit.\n  Unallocated Interest Pool to be credited\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n#### 55 Amalgamated accounts—no interest if $1,200 limit avoided\n\n  When section applies\n  (1) This section applies if:\n    (a) the Commissioner becomes aware that 2 or more accounts (the separate accounts) are being kept in respect of the same individual; and\n    (b) the Commissioner of Taxation amalgamates the separate accounts into a single account; and\n    (c) immediately after the amalgamation, the balance of the amalgamated account exceeds $1,200.\n\n> Note: Section 18 empowers the Commissioner to amalgamate the separate accounts.\n\n  No interest if $1,200 limit avoided\n  (2) If, because of the $1,200 limit referred to in subsection 49(2):\n    (a) the total amount of interest that accrued to the separate accounts before the day of the amalgamation;\n  exceeds:\n    (b) the total amount of interest that would have accrued to the amalgamated account if it were assumed that the amalgamated account had been in existence at all times since the earliest time at which any of the separate accounts was opened;\n  then, despite section 49, the excess interest is taken never to have accrued under that section.\n  Debit to amalgamated account\n  (3) If excess interest has been credited in contravention of subsection (2), the Commissioner of Taxation must debit the amalgamated account by an amount equal to the amount of the credit.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n## Part 7—Withdrawal of account balances\n\n### Division 1—Simplified outline\n\n#### 56 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• There are 3 types of withdrawals of account balances:\n\n(a) transfers of account balances to superannuation funds or RSAs;\n\n(b) direct withdrawals of account balances by individuals;\n\n(c) withdrawals of account balances after death.\n\n• Under Part 8, a depositor has 14 days to apply for a refund of a deposit on the grounds that the deposit was made by mistake. During the 14‑day period, the individual’s account will be frozen.\n\n### Division 2—No withdrawals for 14 days after deposit credited to account etc.\n\n#### 57 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• An individual’s account will be frozen for 14 days after a deposit is credited to the account.\n\n• The delay gives the depositor a chance to apply for a refund of the deposit.\n\n• If the depositor applies for a refund of the deposit, the 14‑day period will be extended until the application is finalised.\n\n• Accounts will be frozen for 14 days after a shortfall component is credited to the account.\n\n• The delay gives the Commissioner of Taxation a chance to correct mistakes.\n\n#### 58 No withdrawals for 14 days after deposit credited to account etc.\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a deposit, or purported deposit, was made in respect of the individual; and\n    (b) as a result of the deposit or purported deposit, an amount was credited to the account under Part 5 at a particular time (the deposit time); and\n    (c) a request under this Part (the individual’s request) is made during the period of 14 days beginning at the deposit time.\n  Individual’s request frozen for 14 days\n  (2) The individual’s request has no effect at any time during that 14‑day period.\n\n> Note: This gives the depositor a chance to apply for a refund of the deposit.\n\n  Individual’s request frozen for additional period\n  (3) If an application for a refund of the deposit or purported deposit was made under section 73 during that 14‑day period, then:\n    (a) if the refund application is granted—the individual’s request has no effect at any time; or\n    (b) if the refund application is refused—the individual’s request has no effect at a particular time if:\n    (i) the time is after the refund application is made but before the end of the period of 21 days after the giving of the notice of refusal; or\n    (ii) if, during that 21‑day period, the refund applicant asks the Commissioner of Taxation to reconsider the refund application—the time is during the period when that reconsideration, or any later application to the Administrative Review Tribunal, has not been finalised.\n  (3A) For the purposes of subsection (3), a reference to the Administrative Review Tribunal is taken to include a reference to the Administrative Appeals Tribunal.\n  When reconsiderations finalised\n  (4) For the purposes of this section, a reconsideration of a decision is taken not to have been finalised during the period of 28 days after:\n    (a) if, because of the operation of subsection 82(5), the decision is taken to be confirmed—the day on which the decision is taken to have been confirmed; or\n    (b) in any other case—the day on which the decision on the reconsideration is notified to the refund applicant.\n\n#### 59 No withdrawals for 14 days after shortfall component credited to account\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) an amount was credited to the account under section 65 of the Superannuation Guarantee (Administration) Act 1992 at a particular time (the credit time); and\n    (b) a request under this Part is made during the period of 14 days beginning at the credit time.\n  Request frozen for 14 days\n  (2) The request has no effect at any time during that 14‑day period.\n\n> Note: This gives the Commissioner a chance to correct mistakes.\n\n### Division 3—Timing of withdrawals\n\n#### 60 Timing of withdrawals\n\n  24‑hour delay\n  (1) If a request is made under this Part, the Commissioner of Taxation must wait at least 24 hours before complying with the request.\n\n> Note: This delay enables interest to be credited to the account.\n\n  When withdrawal occurs\n  (2) For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.\n\n### Division 4—Transfer of account balances to RSAs and superannuation funds\n\n#### 61 Transfer to RSA or superannuation fund\n\n  Transfer request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the transfer request) to transfer the account balance to a specified RSA or to the trustee of a specified fund for the benefit of the individual; and\n    (b) the fund passes the compliance test set out in subsection (2).\n\n> Note: Subsection (7) provides for the transfer request to be given by the individual personally or by the trustee acting on behalf of the individual.\n\n  Compliance test for funds\n  (2) For the purposes of this section, a fund passes the compliance test if:\n    (a) the fund is an exempt public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or\n    (b) at the time of the transfer request, the Commissioner of Taxation has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:\n    (i) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and\n    (ii) is not subject to a direction under section 63 of that Act.\n\n> Note: Section 63 of the Superannuation Industry (Supervision) Act 1993 deals with funds that have been directed not to accept contributions from an employer‑sponsor.\n\n  Form of transfer request\n  (3) The transfer request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with transfer request\n  (4) The Commissioner of Taxation must pay to the provider of the RSA, or to the trustee, for the benefit of the individual, an amount equal to the account balance immediately before the payment is made. However, this rule does not apply if the Commissioner of Taxation is satisfied that the RSA provider or the trustee is unwilling to accept the payment.\n  Special Account to be debited\n  (5) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (6) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Authorisation of trustee by individual etc.\n  (7) The transfer request may be given by:\n    (a) the individual personally; or\n    (b) the RSA provider or the trustee acting on the individual’s behalf in accordance with an authority given by the individual.\n  If paragraph (b) applies, the transfer request must be accompanied by a copy of the authority.\n  Form of authorisation\n  (8) An authority referred to in subsection (7) must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Definitions\n  (9) In this section:\n\n> fund includes a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> trustee has the same meaning as in the Superannuation Industry (Supervision) Act 1993.\n\n#### 61A Commissioner may transfer account balance to RSA or superannuation fund\n\n  (1) The Commissioner of Taxation may pay the balance of an individual’s account to:\n    (a) an RSA of the individual; or\n    (b) the trustee of a complying superannuation fund for crediting to an account of the individual within that fund.\n  (2) To avoid doubt, the Commissioner of Taxation may make the payment under subsection (1) without a request from the individual under section 61.\n  (3) The Special Account is debited for the purposes of making the payment under subsection (1).\n  (4) When the payment under subsection (1) is made, the individual’s account is debited by the amount of the payment.\n  (5) In this section:\n\n> trustee of a superannuation fund means:\n\n    (a) if there is a trustee (within the ordinary meaning of that expression) of the fund—the trustee; or\n    (b) otherwise—the person who manages the fund.\n\n### Division 5—Direct withdrawals of account balances by individuals\n\n#### 62 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The balance of an individual’s account may be withdrawn if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\n• The balance of an individual’s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\n• The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.\n\n• The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.\n\n• The balance of an individual’s account may be withdrawn if the individual has turned 65.\n\n• The balance of an individual’s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n• The balance of an individual’s account may be withdrawn if the individual is a former temporary resident.\n\n#### 63 Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account is attributable, in whole or in part, to:\n    (i) one or more deposits, or purported deposits, made by one or more employers or former employers of the individual; or\n    (ii) one or more shortfall components of payments of superannuation guarantee charge made by one or more employers or former employers of the individual; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual has ceased to be employed by each of the employers or former employers; and\n    (c) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (d) the balance of the account is less than $200 immediately before the time when the account balance is withdrawn.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 64 Withdrawal of account balance—receipt of Commonwealth income support payments\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual has been in receipt of one or more Commonwealth income support payments for:\n    (i) if the person is at least 55 years of age—a period of at least 39 weeks, or for 2 or more periods that total at least 39 weeks, since the person turned 55; or\n    (ii) in any case—for an unbroken period of at least 26 weeks (other than such a period that ended before the withdrawal request was given); and\n    (c) the individual gives the Commissioner of Taxation:\n    (i) written evidence of the individual’s receipt of relevant Commonwealth income support payments provided by the Commonwealth Department or agency that is responsible for administering the payment; or\n    (ii) such other evidence of the individual’s receipt of relevant Commonwealth income support payments as is prescribed.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  (6) For the purposes of subparagraph (1)(b)(ii), if an individual obtains evidence covered by subparagraph (1)(c)(i), the individual is, subject to evidence to the contrary, to be taken to have continued to have received the Commonwealth income support payment concerned for 21 days after the date of the written evidence.\n  (7) In this section:\n\n> Commonwealth income support payment means:\n\n    (a) any of the following payments (as defined in section 23 of the Social Security Act 1991):\n    (i) a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full‑time study);\n    (ii) a social security pension;\n    (iii) a service pension;\n    (iv) an income support supplement; or\n    (e) any other payment prescribed for the purposes of this definition.\n\n#### 65 Withdrawal of account balance—retirement on grounds of disability\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not in employment; and\n    (c) the individual last ceased to be an employee because of the disability of the individual; and\n    (d) 2 legally qualified medical practitioners have certified that the disability is likely to result in the individual being unable ever to be employed in a capacity for which the individual is reasonably qualified because of education, training or experience.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 65A Withdrawal of account balance—terminal medical condition\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 66 Withdrawal of account balance—individual turns 65\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual has turned 65.\n  Withdrawal decision\n  (2) The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.\n  Withdrawal request\n  (3) The individual may give the Commissioner of Taxation a request (the withdrawal request) to make a payment under subsection (2).\n  Form of withdrawal request\n  (4) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (5) The Commissioner of Taxation must comply with the withdrawal request.\n  Special Account to be debited\n  (6) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (7) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 67 Withdrawal of account balance—individual not an Australian resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not a resident (within the meaning of the Income Tax Assessment Act 1936); and\n    (ba) the individual is at least 55 years old when he or she gives the withdrawal request; and\n    (c) the individual satisfies the Commissioner of Taxation that:\n    (i) the individual is not in employment; or\n    (ii) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n> Note: Australia is defined by subsection (6).\n\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Definition\n  (6) In this section:\n\n> Australia has the same meaning as in the Income Tax Assessment Act 1936.\n\n#### 67A Withdrawal of account balance—former temporary resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that before, on or after the commencement of this section, the individual:\n    (i) was, under the Migration Act 1958, the holder of a temporary visa that has ceased to be in effect; and\n    (ii) left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and\n    (c) the individual satisfies the Commissioner of Taxation that the individual:\n    (i) is not, under the Migration Act 1958, the holder of a permanent visa; and\n    (ii) is neither an Australian citizen nor a New Zealand citizen.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 6—Withdrawals of account balances after death\n\n#### 68 Withdrawal of account balance—death of individual\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual has died; and\n    (b) the individual’s legal personal representative gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the legal personal representative an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 7—Notification of refusal of requests\n\n#### 69 Notification of refusal of requests\n\n  (1) This section applies if:\n    (a) a person makes a request under this Part; and\n    (b) the Commissioner of Taxation refuses the request.\n  (2) The Commissioner of Taxation must give the person written notice of the refusal.\n\n### Division 8—Recovery of account balances\n\n#### 70 Recovery of account balances\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 8—Refunds of deposits\n\n#### 71 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Commissioner of Taxation may refund a deposit if the deposit form was false or defective.\n\n• A depositor may apply for the refund of a deposit if it was made by mistake. The refund application must be made within 14 days after the deposit was credited to the account.\n\n#### 72 Refunds—false or defective deposit forms etc.\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was accompanied by a deposit form, or a purported deposit form, that, in so far as it related to the deposit or purported deposit:\n    (i) contained a declaration, or information, that was false or misleading in a material particular; or\n    (ii) had some other defect or irregularity; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit.\n  Refund payment\n  (2) The Commissioner of Taxation may decide to pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (3) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (4) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Part 7 obligations prevail\n  (5) The Commissioner of Taxation must not exercise a power conferred by this section in a manner that would be inconsistent with an obligation imposed on him or her by Part 7.\n\n> Note: Part 7 deals with withdrawals.\n\n#### 73 Refunds—deposit made by mistake\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was paid due to a clerical error or due to some other mistake; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit; and\n    (f) within 14 days after the credit was made, the depositor or purported depositor applies to the Commissioner of Taxation for a refund of the deposit or purported deposit.\n  Form of application\n  (2) The application must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Refund payment\n  (3) The Commissioner of Taxation must pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (5) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Obligations under this section prevail over obligations under Part 7\n  (6) In the event of a conflict between:\n    (a) an obligation imposed on the Commissioner of Taxation by this section; and\n    (b) an obligation imposed on the Commissioner of Taxation by Part 7;\n  the first‑mentioned obligation prevails.\n\n> Note: Part 7 deals with withdrawals.\n\n  Notification of refusal of application\n  (7) If the Commissioner of Taxation refuses an application under this section, the Commissioner of Taxation must give the applicant written notice of the refusal.\n\n#### 74 Recovery of refunds\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 9—Inactive accounts\n\n#### 75 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• If an individual’s account is inactive for 10 years, the account balance is to be debited from the Special Account.\n\n• The individual may claim the account balance from the Commissioner of Taxation.\n\n• The Commissioner of Taxation must keep a register of individuals’ account balances debited.\n\n#### 76 No activity for 10 years\n\n  When section applies\n  (1) This section applies to an individual’s account if no amount was credited to the account under:\n    (a) Part 5 of this Act; or\n    (b) section 65 of the Superannuation Guarantee (Administration) Act 1992;\n  at any time during a period of 10 consecutive financial years.\n\n> Note 1: Part 5 of this Act deals with deposits.\n\n> Note 2: Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.\n\n  Statement to be given to the Commissioner\n  (2) As soon as practicable after the end of that period, the Commissioner must record information about the account.\n  Tax file number\n  (3) If the individual’s tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.\n  Debit from the Special Account\n  (4) As soon as practicable after the end of that period, an amount equal to the balance of the individual’s account as at the end of that period is to be debited from the Special Account.\n  Debiting of individual’s account balance\n  (5) If an amount is debited from the Special Account under subsection (4), the individual’s account is debited by an amount equal to the amount debited from the Special Account.\n  Claim by individual\n  (6) If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.\n  Claim by individual’s legal personal representative\n  (7) If:\n    (a) an amount has been debited from the Special Account under subsection (4) in respect of the individual’s account; and\n    (b) the individual has died;\n  the individual’s legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the amount debited from the Special Account in respect of the individual’s account.\n  Payments\n  (8) The Commissioner of Taxation must comply with a request under subsection (6) or (7).\n  Appropriation\n  (9) The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).\n\n#### 77 Register\n\n  In addition to the particulars that are required by section 19 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 to be set out in the register kept under that section, that register must set out:\n    (a) particulars of amounts debited from the Special Account under section 76 in respect of particular individuals; and\n    (b) particulars of the individuals, which may include the tax file numbers of the individuals.\n\n## Part 10—Tax file numbers\n\n#### 78 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• An individual may quote his or her tax file number to the Commissioner of Taxation.\n\n#### 79 Individual may quote his or her tax file number\n\n  (1) An individual may quote his or her tax file number to the Commissioner of Taxation in connection with the operation, or the possibility of the future operation, of this Act in relation to the individual.\n\n> Note: This means that an individual’s tax file number may be quoted before or after an account is opened in the name of the individual.\n\n  (2) The tax file number may be quoted:\n    (a) in response to a request made by the Commissioner of Taxation; or\n    (b) on the individual’s own initiative.\n\n## Part 11—Review of decisions\n\n#### 80 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person who is dissatisfied with a reviewable decision of the Commissioner of Taxation may seek a reconsideration of the decision.\n\n• A person who is dissatisfied with a reconsidered decision may have the reconsidered decision reviewed by the Administrative Review Tribunal.\n\n• The Commissioner of Taxation must tell people about their rights to have decisions reconsidered and reviewed.\n\n#### 81 Reviewable decisions\n\n  For the purposes of this Part, a reviewable decision is a decision made by the Commissioner of Taxation under this Act (other than a decision under Division 2, 3 or 4 of Part 6 or a decision relating to the approval of a form).\n\n> Note: Decisions under Division 2, 3 or 4 of Part 6 relate to the funding of interest and the calculation of the allocation rate etc.\n\n#### 82 Reconsideration of reviewable decisions\n\n  Request for reconsideration\n  (1) A person who is affected by a reviewable decision may, if dissatisfied with the decision, request the Commissioner of Taxation to reconsider the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  How request must be made\n  (2) The request must be made by written notice given to the Commissioner of Taxation within the period of 21 days after the day on which the person first receives notice of the decision, or within such further period as the Commissioner of Taxation allows.\n  Request must set out reasons\n  (3) The request must set out the reasons for making the request.\n  Commissioner of Taxation to reconsider decision\n  (4) Upon receipt of the request, the Commissioner of Taxation must reconsider the decision and may, subject to subsection (5), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.\n  Deemed confirmation of decision if delay\n  (5) If the Commissioner of Taxation does not confirm, revoke or vary a decision before the end of the period of 60 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation is taken, at the end of that period, to have confirmed the decision under subsection (4).\n  Notice of Commissioner of Taxation’s action\n  (6) If the Commissioner of Taxation confirms, revokes or varies a decision before the end of the period referred to in subsection (5), the Commissioner of Taxation must give written notice to the person telling the person:\n    (a) the result of the reconsideration of the decision; and\n    (b) the reasons for confirming, varying or revoking the decision, as the case may be.\n\n#### 83 ART review of Commissioner of Taxation’s decisions\n\n  Applications may be made to the Administrative Review Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection 82(4).\n\n#### 84 Application of the Administrative Review Tribunal Act 2024\n\n  (2) If a request is made under subsection 82(1) of this Act in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision.\n  (3) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.\n\n#### 85 Statements to accompany notification of decisions\n\n  Original decision\n  (1) If a written notice is given to a person affected by a reviewable decision telling the person that the reviewable decision has been made, that notice is to include a statement to the effect that:\n    (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 82(1); and\n    (b) the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first‑mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Reconsidered decision\n  (2) If:\n    (a) the Commissioner of Taxation confirms or varies a reviewable decision under subsection 82(4); and\n    (b) gives to a person written notice of the confirmation or variation of the decision;\n  that notice is to include a statement to the effect that the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Validity of decision\n  (3) A failure to comply with this section does not affect the validity of a decision.\n\n## Part 12—Partnerships and unincorporated associations\n\n### Division 1—Partnerships\n\n#### 86 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Partnerships are treated as if they were persons.\n\n• A document given to a partner of a partnership is treated as if it had been given to the partnership.\n\n#### 87 Treatment of partnerships\n\n  The superannuation accounts law applies to a partnership as if the partnership were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the partnership is taken to have been committed by each partner who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 88 Giving of documents to partnerships\n\n  For the purposes of this Act, if a document is given to a partner of a partnership in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the partnership.\n\n### Division 2—Unincorporated associations\n\n#### 89 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Unincorporated associations are treated as if they were persons.\n\n• A document given to a member of the committee of management of an unincorporated association is treated as if it had been given to the unincorporated association.\n\n#### 90 Treatment of unincorporated associations\n\n  Persons\n  The superannuation accounts law applies to an unincorporated association as if the unincorporated association were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the unincorporated association are imposed instead on each member of the committee of management of the association, but may be discharged by any of those members;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the unincorporated association is taken to have been committed by each member of the committee of management of the association who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the member).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 91 Giving of documents to unincorporated associations\n\n  For the purposes of this Act, if a document is given to a member of the committee of management of an unincorporated association in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the unincorporated association.\n\n## Part 12A—Government co‑contributions for low income earners\n\n#### 91A Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a Government co‑contribution payable in respect of the individual.\n\n#### 91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91C Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91D Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91E Debiting account with overpayment of Government co‑contribution\n\n  Under section 24 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a Government co‑contribution if the account includes deposits made under this Part.\n\n#### 91F Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91G Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 12B—PPL superannuation contributions\n\n#### 91H Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a PPL superannuation contribution payable for the individual.\n\n#### 91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91K Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91L Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91M Debiting account with overpayment of PPL superannuation contribution\n\n  Under section 115P of the Paid Parental Leave Act 2010, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a PPL superannuation contribution if the account includes deposits made under this Part.\n\n#### 91N Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91P Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 13—Miscellaneous\n\n#### 92 Delegation\n\n  The Finance Minister may, by writing, delegate to an officer of the Finance Department any or all of his or her powers under this Act.\n\n#### 93 Annual report\n\n  (1) The Commissioner of Taxation must, as soon as practicable after the end of each financial year, prepare and give to the Minister a report on the operation of this Act during that year.\n  (2) The Minister must cause a copy of a report given under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.\n\n#### 94 Regulations\n\n  The Governor‑General may make regulations prescribing all matters:\n    (a) required or permitted by this Act to be prescribed; or\n    (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":12},{"sectionNumber":"11","sectionType":"section","heading":"Simplified outline","content":"#### 11 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Notional accounts are to be kept within the Special Account in the names of particular individuals.\n\n• Section 13 outlines credits to accounts.\n\n• Section 14 outlines debits to accounts.\n\n• The Commissioner of Taxation may open or close an account.\n\n• Accounts may have a nil balance.\n\n• An individual may only have one account.\n\n• Account balances are not held on trust.\n\n• An individual’s account balance will be notified to the individual in certain circumstances.","sortOrder":13},{"sectionNumber":"Division 2","sectionType":"division","heading":"Keeping of accounts","content":"An Act relating to the small superannuation accounts scheme\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n  This Act may be cited as the Small Superannuation Accounts Act 1995.\n\n#### 2 Commencement\n\n  This Act commences on 1 July 1995.\n\n#### 3 Simplified explanation\n\n  The following is a simplified explanation of this Act:\n\n• The Australian Taxation Office administers a special account. Notional accounts are kept within the special account.\n\n• The account offers employees with small balances an opportunity to avoid the erosion of those balances by fees.\n\n• Employees may request that account balances be transferred to a nominated superannuation fund or RSA.\n\n• Except in special cases, employees will not have direct access to their account balances.\n\n• Interest will be calculated on the daily balance of the account and credited to the account on a quarterly basis.\n\n• Interest is exempt from income tax.\n\n• If an account balance exceeds $1,200, interest will only be credited on the first $1,200 of the balance. This is an incentive for employees to request that balances of more than $1,200 be transferred to a superannuation fund.\n\n• Under the Income Tax Assessment Act 1936, employers may get income tax deductions for deposits. There is an annual deduction limit of $1,200 per employee.\n\n• Under the Superannuation Guarantee (Administration) Act 1992, deposits made by an employer will be treated as superannuation contributions.\n\n• The accounts may also be credited with Government co‑contributions payable under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003. The rules for these deposits differ in some respects from those that apply to other deposits.\n\n#### 4 Definitions\n\n  In this Act, unless the contrary intention appears:\n\n> account means a notional account kept in accordance with section 12.\n\n> child, of a person, means a child of the person within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.\n\n> Note: The Income Tax Assessment Act 1997 defines complying superannuation fund by reference to section 45 of the Superannuation Industry (Supervision) Act 1993.\n\n> dependant, in relation to an individual, includes the spouse and any child of the person.\n\n> Note: This expression is only used in the definition of superannuation contribution.\n\n> deposit means a payment under section 25.\n\n> deposit form means a statement under section 26.\n\n> depositor means a person who makes a payment under section 25.\n\n> employee has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employee.\n\n> employer has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employer.\n\n> employment has a meaning corresponding to employee and employer.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Government co‑contribution in respect of an individual means a Government co‑contribution payable in respect of the individual under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003.\n\n> leave Australia has the same meaning as in the Migration Act 1958.\n\n> person has a meaning affected by sections 87 and 90.\n\n> Note 1: Under section 87, partnerships are treated as persons.\n\n> Note 2: Under section 90, unincorporated associations are treated as persons.\n\n> PPL superannuation contribution for an individual has the same meaning as in the Paid Parental Leave Act 2010.\n\n> provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> quarter means a period of 3 months beginning on 1 July, 1 October, 1 January or 1 April in:\n\n    (a) the financial year beginning on 1 July 1995; or\n    (b) any later financial year.\n\n> RSA has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> Special Account means the Superannuation Holding Accounts Special Account continued in existence by section 8.\n\n> spouse of a person includes:\n\n    (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and\n    (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.\n\n> Note: This expression is only used in the definition of dependant.\n\n> superannuation accounts law means:\n\n    (a) this Act; and\n    (b) the regulations; and\n    (c) Part III of the Taxation Administration Act 1953, in so far as that Part relates to this Act or the regulations.\n\n> superannuation contribution, in relation to an individual, means a contribution made to a superannuation fund, an RSA or a superannuation scheme for the purpose of making provision for superannuation benefits for, or for dependants of, the individual.\n\n> superannuation fund means a provident, benefit, superannuation or retirement fund.\n\n> superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits.\n\n> tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.\n\n> Unallocated Interest Pool means the Unallocated Interest Pool kept in accordance with section 42.\n\n#### 5 Crown to be bound\n\n  This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n\n#### 6 Act to be administered by the Commissioner of Taxation\n\n  The Commissioner of Taxation has the general administration of this Act.\n\n> Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.\n\n## Part 2—Superannuation Holding Accounts Special Account\n\n#### 7 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Superannuation Holding Accounts Special Account is continued in existence.\n\n• The Special Account is not a superannuation fund.\n\n#### 8 Superannuation Holding Accounts Special Account\n\n  (1) The Superannuation Holding Accounts Account is continued in existence as the Superannuation Holding Accounts Special Account.\n\n> Note: The Superannuation Holding Accounts Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.\n\n  (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 9 Special Account is not a superannuation fund\n\n  Special Account is not a superannuation fund\n  (1) For the purposes of a law of the Commonwealth:\n    (a) the Special Account is taken not to be a superannuation fund; and\n    (b) the scheme embodied in this Act is taken not to be a superannuation scheme.\n  Avoidance of doubt\n  (2) Subsection (1) is enacted to avoid doubt.\n\n## Part 3—Accounts\n\n### Division 1—Simplified outline\n\n#### 11 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Notional accounts are to be kept within the Special Account in the names of particular individuals.\n\n• Section 13 outlines credits to accounts.\n\n• Section 14 outlines debits to accounts.\n\n• The Commissioner of Taxation may open or close an account.\n\n• Accounts may have a nil balance.\n\n• An individual may only have one account.\n\n• Account balances are not held on trust.\n\n• An individual’s account balance will be notified to the individual in certain circumstances.\n\n### Division 2—Keeping of accounts\n\n#### 12 Accounts\n\n  Accounts to be kept\n  (1) Separate notional accounts are to be kept within the Special Account in the names of particular individuals.\n  Individual’s account\n  (2) An account kept in the name of an individual is to be known as the individual’s account.\n\n> Note: Section 4 provides that account means a notional account kept in accordance with this section.\n\n### Division 3—Outline of credits and debits to accounts\n\n#### 13 Outline of credits to accounts\n\n  The following is a simplified outline of the types of credits that may be made to an individual’s account.\n\nDeposits by employers\n\n• Under section 25, the individual’s employer or former employer may make a deposit in respect of the individual. The employer or former employer will make the deposit instead of making a superannuation contribution in respect of the individual. The deposit will result in a credit to the individual’s account.\n\nSuperannuation guarantee shortfalls\n\n• Under section 65 of the Superannuation Guarantee (Administration) Act 1992, if there is a shortfall component of a payment of superannuation guarantee charge in relation to the individual, the Commissioner of Taxation may credit the shortfall component to the individual’s account.\n\nInterest\n\n• Under Part 6, interest may be credited to the individual’s account.\n\n#### 14 Outline of debits to accounts\n\n  The following is a simplified outline of the types of debits that may be made to an individual’s account. These debits also involve debiting the Special Account.\n\nTransfer to superannuation fund or RSA\n\n• Under section 61, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund or RSA.\n\nBalance of less than $200—individual has ceased to be employed by all depositors\n\n• Under section 63, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\nReceipt of Commonwealth income support payments\n\n• Under section 64, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\nDisability\n\n• Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.\n\nTerminal medical condition\n\n• Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.\n\nIndividual turns 65\n\n• Under section 66, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has turned 65.\n\nIndividual at least 55 years old and not an Australian resident\n\n• Under section 67, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\nFormer temporary resident\n\n• The balance of the amount standing to the credit of an individual’s account may be debited from the Special Account if the individual is a former temporary resident.\n\nDeath of individual\n\n• Under section 68, if the individual dies, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual’s legal personal representative.\n\nRefunds of deposits\n\n• Under Part 8, an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits that were:\n\n(a) accompanied by false or defective deposit forms; or\n\n(b) made by mistake.\n\n### Division 4—Opening and closing of accounts\n\n#### 15 Opening of accounts\n\n  Power\n  (1) The Commissioner of Taxation may open an account in the name of a particular individual.\n  Duty\n  (2) The Commissioner of Taxation must open an account in the name of a particular individual if:\n    (a) the individual does not already have an account; and\n    (b) a person makes a deposit, or a purported deposit, in respect of the individual.\n  Payment split under Family Law Act\n  (3) If an account is subject to a payment split, then the Commissioner may open an account in the name of the non‑member spouse.\n  (4) The balance of the account when it is opened is an amount worked out in accordance with the regulations.\n  (5) The balance of the member spouse’s account is to be reduced by the amount worked out under subsection (4).\n  (6) The Commissioner must give the member spouse a written notice setting out the balance (if any) of the member spouse’s account after the reduction.\n  (7) In this section:\n\n> member spouse means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> non‑member spouse means a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n#### 16 Closing of accounts\n\n  The Commissioner of Taxation may close an individual’s account if the balance of the account is nil and:\n    (a) the balance of the account was nil throughout the preceding period of 2 years; or\n    (b) the balance of the account has been withdrawn under section 61, 65, 65A, 66, 67, 67A or 91E; or\n    (c) the individual has died; or\n    (d) the individual asks the Commissioner of Taxation to close the account; or\n    (e) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n> Note 1: Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.\n\n> Note 2: Section 65 deals with individuals who retire because of disability.\n\n> Note 2A: Section 65A deals with individuals in relation to whom terminal medical conditions exist.\n\n> Note 3: Section 66 deals with individuals who have turned 65.\n\n> Note 4: Section 67 deals with individuals who are not Australian residents for income tax purposes etc.\n\n> Note 5: Section 67A deals with individuals who have permanently departed from Australia.\n\n> Note 6: Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.\n\n### Division 5—Rules about accounts\n\n#### 17 Accounts may have a nil balance\n\n  Nil balance\n  (1) An account may have a nil balance.\n  Examples\n  (2) The following are examples of cases where an account might have a nil balance:\n    (a) no money has been credited to the account;\n    (b) the balance of the account has been withdrawn under Part 7;\n    (c) the balance of the account has been refunded to an employer or former employer under Part 8;\n    (d) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n#### 18 One account per individual\n\n  Only one account\n  (1) Only one account may be kept in respect of a particular individual.\n  Amalgamation etc.\n  (2) A contravention of subsection (1) does not affect the validity of an account. However, if the Commissioner of Taxation becomes aware that 2 or more accounts are being kept in respect of the same individual, the Commissioner of Taxation must amalgamate the accounts into a single account.\n\n#### 19 Account balances not held on trust etc.\n\n  (1) Money credited to an individual’s account is not held on trust.\n  (2) The Commonwealth is not liable to pay, repay or refund money credited to an individual’s account except as provided by this Act.\n\n> Note: Under section 69A of the Superannuation Guarantee (Administration) Act 1992, if a shortfall component of superannuation guarantee charge has been incorrectly credited to an individual’s account, the account may be debited for the purposes of reversing the credit.\n\n### Division 6—Notification of account balances\n\n#### 20 Notification of opening balance\n\n  As soon as practicable after the first occasion on which an amount is credited to an individual’s account, the Commissioner must give the individual a written notice setting out the balance of the account.\n\n#### 21 Individual may request details of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual asks the Commissioner of Taxation to give the individual a written notice setting out the balance of the account.\n  Form of request\n  (2) The request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with request\n  (3) The Commissioner of Taxation must comply with the request.\n\n#### 22 Annual notification of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account exceeds nil as at the end of a financial year; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the end of the financial year, the Commissioner of Taxation must give the individual a written notice setting out the balance of the account as at the end of the financial year.\n\n#### 23 Notification when account balance reaches $1,200\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:\n    (a) setting out the balance of the account; and\n    (b) explaining the effect of sections 49 and 61; and\n    (c) suggesting that the individual make a request under section 61.\n\n> Note 1: Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.\n\n> Note 2: Section 61 provides for the transfer of the balance of the account to a superannuation fund.\n\n## Part 4—Deposits\n\n#### 24 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit.\n\n• The deposit must be accompanied by a deposit form.\n\n• The deposit form must include certain declarations.\n\n• The 2 key declarations are:\n\n(a) that the depositor is the employer, or former employer, of the individual; and\n\n(b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.\n\n• A defect in the deposit form will not result in the invalidity of the deposit.\n\n• A deposit form may deal with multiple payments.\n\n• Deposits are not held on trust.\n\n#### 25 Deposits\n\n  A person (the depositor) may make a payment (the deposit) to the Commissioner of Taxation under this section in respect of an individual if, and only if, the payment is made before 1 July 2006.\n\n#### 26 Deposit to be accompanied by deposit form\n\n  The deposit must be accompanied by a written statement (the deposit form) that:\n    (a) is in a form approved in writing by the Commissioner of Taxation; and\n    (b) contains the information required by the form to be given; and\n    (c) contains the declarations required by sections 27, 28, 29 and 30; and\n    (d) sets out the individual’s tax file number (if known to the depositor); and\n    (e) is signed by or on behalf of the depositor.\n\n#### 27 Deposit to be made by employer or former employer\n\n  The deposit form must include a declaration that the depositor is the employer, or former employer, of the individual.\n\n#### 28 Deposit to be instead of superannuation contributions\n\n  The deposit form must include a declaration that the depositor is making the deposit:\n    (a) in respect of the employment, or former employment, of the individual by the depositor; and\n    (b) instead of making a superannuation contribution:\n    (i) in respect of the individual; and\n    (ii) of an amount equal to the deposit.\n\n#### 29 Deposit to be consistent with other laws etc.\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the making of the deposit does not contravene:\n    (a) a law of the Commonwealth (other than this Act) or a law of a State or Territory; or\n    (b) an award, order, determination or industrial agreement in force under such a law; or\n    (c) a legally enforceable agreement.\n\n#### 30 Age limit\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the individual was under 70 on at least one day during the period of employment to which the deposit relates.\n\n#### 31 Consequences of false declarations etc.\n\n  If the deposit is accompanied by a deposit form, or a purported deposit form, that:\n    (a) contains a declaration, or information, that is false or misleading; or\n    (b) has some other defect or irregularity;\n  that circumstance does not result in the invalidity of the deposit. However, it may result in the deposit being refunded under Part 8.\n\n> Note 1: A false or misleading statement may result in criminal liability under Part III of the Taxation Administration Act 1953.\n\n> Note 2: A false or misleading declaration may result in an employer being denied:\n\n    (a) an income tax deduction under section 82AAF of the Income Tax Assessment Act 1936; and\n    (b) concessional treatment under section 23 of the Superannuation Guarantee (Administration) Act 1992.\n\n#### 33 Deposit not held on trust etc.\n\n  (1) A deposit, or purported deposit, made in respect of an individual is not held on trust.\n  (2) A deposit, or purported deposit, made in respect of an individual is not repayable or refundable except as provided by this Act.\n\n## Part 5—Crediting of deposits\n\n#### 34 Simplified outline\n\n  The following is a simplified outline of this Part:\n\nDeposits are to be credited to accounts by following these steps:\n\n• credit the deposit to the Special Account;\n\n• credit the deposit to the individual’s account.\n\n#### 35 Crediting of deposits\n\n  Step 1—Credit to Special Account\n  (1) An amount equal to a deposit or purported deposit made in respect of an individual is to be credited to the Special Account.\n  Step 2—Credit to individual’s account\n  (2) As soon as practicable after the amount is credited to the Special Account, the individual’s account is to be credited with an amount equal to the deposit or purported deposit.\n\n## Part 6—Crediting of interest\n\n### Division 1—Simplified outline\n\n#### 36 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Interest is funded by crediting amounts to the Special Account.\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n• The allocation day is published in the Gazette.\n\n• The rate at which interest accrues is called the allocation rate.\n\n• The allocation rate is published in the Gazette.\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n### Division 2—Gross interest amount and net interest amount\n\n#### 37 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The expressions gross interest amount and net interest amount are defined.\n\n• Those expressions are used to work out:\n\n(a) how interest is funded; and\n\n(b) the rate at which interest accrues to an account.\n\n#### 38 Gross interest amount\n\n  For the purposes of this Part, the gross interest amount for a quarter is the sum of the following amounts:\n    (a) the income derived by the Commonwealth during the quarter from the investment of amounts standing to the credit of the Special Account;\n    (b) the amount (if any) determined by the Finance Minister in relation to the quarter having regard to the amount standing to the credit of the Special Account that remains uninvested from time to time during the quarter.\n\n#### 39 Net interest amount\n\n  Net interest amount\n  (1) For the purposes of this Part, the net interest amount for a quarter is the gross interest amount for the quarter, reduced (but not below 0) by the sum of:\n    (a) the amount determined by the Commissioner of Taxation, where the amount represents a fair approximation of the costs incurred by the Commonwealth during the quarter in connection with the administration of this Act; and\n    (b) the amount, or the total of the amounts, allocated to the quarter under subsection (3).\n\n> Note: Gross interest amount is defined by section 38.\n\n  Carry‑forward amount\n  (2) For the purposes of this section, if:\n    (a) the amount determined under paragraph (1)(a) in relation to a quarter;\n  exceeds:\n    (b) the gross interest amount for the quarter;\n  the excess is taken to be the carry‑forward amount for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation of carry‑forward amounts\n  (3) For the purposes of this section, the Finance Minister may determine that:\n    (a) a carry‑forward amount for a quarter is to be allocated to a later quarter; or\n    (b) different parts of the carry‑forward amount for a quarter are to be allocated to different later quarters.\n  Amortisation\n  (4) For the purposes of this section, capital costs and development costs are to be amortised in accordance with generally accepted accounting principles.\n  Investment costs\n  (5) For the purposes of this section, the costs incurred by the Commonwealth in connection with the investment of amounts standing to the credit of the Special Account are taken to have been incurred in connection with the administration of this Act.\n\n### Division 3—Funding of interest\n\n#### 40 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest is funded by crediting the net interest amount to the Special Account.\n\n• An Unallocated Interest Pool is to be kept within the Special Account.\n\n• Unallocated interest is represented by the balance of the Unallocated Interest Pool.\n\n• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.\n\n• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.\n\n#### 41 Crediting of net interest amount to the Special Account\n\n  As soon as practicable after the end of a quarter, an amount equal to the net interest amount for the quarter is to be credited to the Special Account.\n\n> Note: Net interest amount is defined by section 39.\n\n#### 42 Unallocated Interest Pool\n\n  Pool\n  (1) For accounting purposes, a separate notional subcomponent, called the Unallocated Interest Pool, is to be kept within the Special Account.\n  Credits to Pool\n  (2) An amount credited to the Special Account under section 41 is to be credited to the Unallocated Interest Pool.\n  Debits from Pool\n  (3) The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual’s account.\n\n#### 43 Supplementation of Unallocated Interest Pool\n\n  When section applies\n  (1) This section applies if the Finance Minister is satisfied that:\n    (a) the balance of the Unallocated Interest Pool is nil; or\n    (b) the balance of the Unallocated Interest Pool is, or is likely to be, insufficient to meet the requirements of the Unallocated Interest Pool.\n  Supplementation\n  (2) The Finance Minister may determine that the Unallocated Interest Pool is to be supplemented by a specified amount.\n  Crediting of the supplementation amount\n  (3) The specified amount is to be credited to the Special Account.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the specified amount.\n\n#### 44 Debiting of unallocated interest\n\n  (1) If the Commissioner of Taxation is satisfied that the balance of the Unallocated Interest Pool exceeds the requirements of the Unallocated Interest Pool, the Commissioner of Taxation must determine that the excess is surplus to the requirements of the Unallocated Interest Pool.\n  (2) The Unallocated Interest Pool is to be debited by an amount equal to the excess.\n  (3) An amount equal to the excess is to be debited from the Special Account.\n\n### Division 4—Allocation day and allocation rate\n\n#### 45 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The allocation day for a quarter is published in the Gazette. The allocation day is the day on which interest is credited to accounts.\n\n• The allocation rate for a quarter is published in the Gazette. The allocation rate is the rate at which interest accrues to an account.\n\n• The allocation rate is worked out under section 47.\n\n#### 46 Gazettal of allocation day and allocation rate\n\n  (1) As soon as practicable after an amount is credited to the Special Account under section 41 in respect of a quarter (the current quarter), the Commissioner of Taxation must, by notice published in the Gazette, declare that, for the purposes of this Part:\n    (a) a specified day in the quarter next following the current quarter is the allocation day for the current quarter; and\n    (b) a specified percentage is the allocation rate for the current quarter.\n\n> Note: To work out the allocation rate see section 47.\n\n  (2) The declaration has effect accordingly.\n\n#### 47 Calculation of the allocation rate\n\n  Application of steps\n  (1) To work out the allocation rate for a quarter, apply the following steps.\n  Adjusted total balances\n  (2) Calculate the adjusted total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  For the purposes of this calculation, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n  Provisional rate\n  (3) Calculate the provisional rate for the quarter as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Net interest amount over Adjusted total balances end fraction times 100 end formula](image.002.png)\n  where:\n\n> Net interest amount means the net interest amount for the quarter;\n\n> Adjusted total balances means the adjusted total balances for the quarter.\n\n> Note: Net interest amount is defined by section 39.\n\n  Total balances\n  (4) Calculate the total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  Capped rate\n  (5) Calculate the capped rate as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Gross interest amount over Total balances end fraction times 100 end formula](image.003.png)\n  where:\n\n> Gross interest amount means the gross interest amount for the quarter;\n\n> Total balances means the total balances for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation rate—comparison between provisional rate and capped rate\n  (6) Compare the provisional rate with the capped rate:\n    (a) if the provisional rate is less than or equal to the capped rate—the allocation rate equals the provisional rate; or\n    (b) if the provisional rate exceeds the capped rate—the allocation rate equals the capped rate.\n\n### Division 5—Crediting of interest\n\n#### 48 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n#### 49 Accrual of interest on first $1,200 of daily balance\n\n  (1) Interest accrues to an account each day on the balance of the account as at the end of that day.\n  (2) For the purposes of this Division, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n\n#### 50 Rate of accrual, and crediting, of interest\n\n  When section applies\n  (1) This section applies to interest that accrues under section 49.\n  Allocation day event, withdrawal event and inactive account debit event\n  (2) Both:\n    (a) the rate of accrual of interest to an account in respect of a particular day (the accrual day) in a particular quarter; and\n    (b) the time at which accrued interest in respect of the accrual day is to be credited to the account;\n  depends on whichever of the following events first happens after the accrual day:\n    (c) the occurrence of the allocation day for the quarter (this event is to be known as the allocation day event);\n    (d) the withdrawal under Part 7 of the balance of the account (this event is to be known as the withdrawal event);\n    (e) the debiting of the balance of the account from the Special Account under Part 9 (this event is to be known as the inactive account debit event).\n  Allocation day event\n  (3) If the allocation day event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Allocation rate over Total number of days in the quarter end fraction end formula](image.004.png)\n    where:\n\n> Allocation rate means the allocation rate for the quarter; and\n\n    (b) the accrued interest is to be credited to the account on the allocation day.\n  Withdrawal event\n  (4) If the withdrawal event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day before the day of the withdrawal.\n  Inactive account debit event\n  (5) If the inactive account debit event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day of the debit.\n  Transitional—withdrawal event before first allocation day\n  (6) Despite paragraph (4)(a), if the withdrawal event occurs before the allocation day for the quarter beginning on 1 July 1995, that paragraph has effect, in relation to that event, as if the adjusted allocation rate were 0.4% or such higher rate as the Finance Minister determines.\n\n#### 51 Rounding up\n\n  If the total amount of interest to be credited to an account on a particular day (when expressed as a number of cents) is not a number of whole cents, that total must be rounded up to the nearest cent.\n\n### Division 6—Interest not to accrue in certain cases\n\n#### 52 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n#### 53 Interest does not accrue on refunded deposits\n\n  No interest\n  (1) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8.\n  Reversing interest credit\n  (2) If interest has been credited to an individual’s account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.\n  Unallocated Interest Pool to be credited\n  (3) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).\n\n#### 54 Interest does not accrue on shortfall components incorrectly credited to accounts\n\n  When section applies\n  (1) This section applies if:\n    (a) an amount credited to an account under section 65 of the Superannuation Guarantee (Administration) Act 1992 exceeds the amount that should have been credited to the account; and\n    (b) the balance of the account is attributable, in whole or in part, to the credit.\n  No interest\n  (2) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of the account as is attributable to the excess.\n  Debit reversing interest credit\n  (3) If interest has been credited to the account in contravention of subsection (2), the Commissioner of Taxation must debit the account by the amount of the credit.\n  Unallocated Interest Pool to be credited\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n#### 55 Amalgamated accounts—no interest if $1,200 limit avoided\n\n  When section applies\n  (1) This section applies if:\n    (a) the Commissioner becomes aware that 2 or more accounts (the separate accounts) are being kept in respect of the same individual; and\n    (b) the Commissioner of Taxation amalgamates the separate accounts into a single account; and\n    (c) immediately after the amalgamation, the balance of the amalgamated account exceeds $1,200.\n\n> Note: Section 18 empowers the Commissioner to amalgamate the separate accounts.\n\n  No interest if $1,200 limit avoided\n  (2) If, because of the $1,200 limit referred to in subsection 49(2):\n    (a) the total amount of interest that accrued to the separate accounts before the day of the amalgamation;\n  exceeds:\n    (b) the total amount of interest that would have accrued to the amalgamated account if it were assumed that the amalgamated account had been in existence at all times since the earliest time at which any of the separate accounts was opened;\n  then, despite section 49, the excess interest is taken never to have accrued under that section.\n  Debit to amalgamated account\n  (3) If excess interest has been credited in contravention of subsection (2), the Commissioner of Taxation must debit the amalgamated account by an amount equal to the amount of the credit.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n## Part 7—Withdrawal of account balances\n\n### Division 1—Simplified outline\n\n#### 56 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• There are 3 types of withdrawals of account balances:\n\n(a) transfers of account balances to superannuation funds or RSAs;\n\n(b) direct withdrawals of account balances by individuals;\n\n(c) withdrawals of account balances after death.\n\n• Under Part 8, a depositor has 14 days to apply for a refund of a deposit on the grounds that the deposit was made by mistake. During the 14‑day period, the individual’s account will be frozen.\n\n### Division 2—No withdrawals for 14 days after deposit credited to account etc.\n\n#### 57 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• An individual’s account will be frozen for 14 days after a deposit is credited to the account.\n\n• The delay gives the depositor a chance to apply for a refund of the deposit.\n\n• If the depositor applies for a refund of the deposit, the 14‑day period will be extended until the application is finalised.\n\n• Accounts will be frozen for 14 days after a shortfall component is credited to the account.\n\n• The delay gives the Commissioner of Taxation a chance to correct mistakes.\n\n#### 58 No withdrawals for 14 days after deposit credited to account etc.\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a deposit, or purported deposit, was made in respect of the individual; and\n    (b) as a result of the deposit or purported deposit, an amount was credited to the account under Part 5 at a particular time (the deposit time); and\n    (c) a request under this Part (the individual’s request) is made during the period of 14 days beginning at the deposit time.\n  Individual’s request frozen for 14 days\n  (2) The individual’s request has no effect at any time during that 14‑day period.\n\n> Note: This gives the depositor a chance to apply for a refund of the deposit.\n\n  Individual’s request frozen for additional period\n  (3) If an application for a refund of the deposit or purported deposit was made under section 73 during that 14‑day period, then:\n    (a) if the refund application is granted—the individual’s request has no effect at any time; or\n    (b) if the refund application is refused—the individual’s request has no effect at a particular time if:\n    (i) the time is after the refund application is made but before the end of the period of 21 days after the giving of the notice of refusal; or\n    (ii) if, during that 21‑day period, the refund applicant asks the Commissioner of Taxation to reconsider the refund application—the time is during the period when that reconsideration, or any later application to the Administrative Review Tribunal, has not been finalised.\n  (3A) For the purposes of subsection (3), a reference to the Administrative Review Tribunal is taken to include a reference to the Administrative Appeals Tribunal.\n  When reconsiderations finalised\n  (4) For the purposes of this section, a reconsideration of a decision is taken not to have been finalised during the period of 28 days after:\n    (a) if, because of the operation of subsection 82(5), the decision is taken to be confirmed—the day on which the decision is taken to have been confirmed; or\n    (b) in any other case—the day on which the decision on the reconsideration is notified to the refund applicant.\n\n#### 59 No withdrawals for 14 days after shortfall component credited to account\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) an amount was credited to the account under section 65 of the Superannuation Guarantee (Administration) Act 1992 at a particular time (the credit time); and\n    (b) a request under this Part is made during the period of 14 days beginning at the credit time.\n  Request frozen for 14 days\n  (2) The request has no effect at any time during that 14‑day period.\n\n> Note: This gives the Commissioner a chance to correct mistakes.\n\n### Division 3—Timing of withdrawals\n\n#### 60 Timing of withdrawals\n\n  24‑hour delay\n  (1) If a request is made under this Part, the Commissioner of Taxation must wait at least 24 hours before complying with the request.\n\n> Note: This delay enables interest to be credited to the account.\n\n  When withdrawal occurs\n  (2) For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.\n\n### Division 4—Transfer of account balances to RSAs and superannuation funds\n\n#### 61 Transfer to RSA or superannuation fund\n\n  Transfer request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the transfer request) to transfer the account balance to a specified RSA or to the trustee of a specified fund for the benefit of the individual; and\n    (b) the fund passes the compliance test set out in subsection (2).\n\n> Note: Subsection (7) provides for the transfer request to be given by the individual personally or by the trustee acting on behalf of the individual.\n\n  Compliance test for funds\n  (2) For the purposes of this section, a fund passes the compliance test if:\n    (a) the fund is an exempt public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or\n    (b) at the time of the transfer request, the Commissioner of Taxation has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:\n    (i) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and\n    (ii) is not subject to a direction under section 63 of that Act.\n\n> Note: Section 63 of the Superannuation Industry (Supervision) Act 1993 deals with funds that have been directed not to accept contributions from an employer‑sponsor.\n\n  Form of transfer request\n  (3) The transfer request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with transfer request\n  (4) The Commissioner of Taxation must pay to the provider of the RSA, or to the trustee, for the benefit of the individual, an amount equal to the account balance immediately before the payment is made. However, this rule does not apply if the Commissioner of Taxation is satisfied that the RSA provider or the trustee is unwilling to accept the payment.\n  Special Account to be debited\n  (5) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (6) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Authorisation of trustee by individual etc.\n  (7) The transfer request may be given by:\n    (a) the individual personally; or\n    (b) the RSA provider or the trustee acting on the individual’s behalf in accordance with an authority given by the individual.\n  If paragraph (b) applies, the transfer request must be accompanied by a copy of the authority.\n  Form of authorisation\n  (8) An authority referred to in subsection (7) must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Definitions\n  (9) In this section:\n\n> fund includes a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> trustee has the same meaning as in the Superannuation Industry (Supervision) Act 1993.\n\n#### 61A Commissioner may transfer account balance to RSA or superannuation fund\n\n  (1) The Commissioner of Taxation may pay the balance of an individual’s account to:\n    (a) an RSA of the individual; or\n    (b) the trustee of a complying superannuation fund for crediting to an account of the individual within that fund.\n  (2) To avoid doubt, the Commissioner of Taxation may make the payment under subsection (1) without a request from the individual under section 61.\n  (3) The Special Account is debited for the purposes of making the payment under subsection (1).\n  (4) When the payment under subsection (1) is made, the individual’s account is debited by the amount of the payment.\n  (5) In this section:\n\n> trustee of a superannuation fund means:\n\n    (a) if there is a trustee (within the ordinary meaning of that expression) of the fund—the trustee; or\n    (b) otherwise—the person who manages the fund.\n\n### Division 5—Direct withdrawals of account balances by individuals\n\n#### 62 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The balance of an individual’s account may be withdrawn if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\n• The balance of an individual’s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\n• The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.\n\n• The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.\n\n• The balance of an individual’s account may be withdrawn if the individual has turned 65.\n\n• The balance of an individual’s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n• The balance of an individual’s account may be withdrawn if the individual is a former temporary resident.\n\n#### 63 Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account is attributable, in whole or in part, to:\n    (i) one or more deposits, or purported deposits, made by one or more employers or former employers of the individual; or\n    (ii) one or more shortfall components of payments of superannuation guarantee charge made by one or more employers or former employers of the individual; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual has ceased to be employed by each of the employers or former employers; and\n    (c) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (d) the balance of the account is less than $200 immediately before the time when the account balance is withdrawn.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 64 Withdrawal of account balance—receipt of Commonwealth income support payments\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual has been in receipt of one or more Commonwealth income support payments for:\n    (i) if the person is at least 55 years of age—a period of at least 39 weeks, or for 2 or more periods that total at least 39 weeks, since the person turned 55; or\n    (ii) in any case—for an unbroken period of at least 26 weeks (other than such a period that ended before the withdrawal request was given); and\n    (c) the individual gives the Commissioner of Taxation:\n    (i) written evidence of the individual’s receipt of relevant Commonwealth income support payments provided by the Commonwealth Department or agency that is responsible for administering the payment; or\n    (ii) such other evidence of the individual’s receipt of relevant Commonwealth income support payments as is prescribed.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  (6) For the purposes of subparagraph (1)(b)(ii), if an individual obtains evidence covered by subparagraph (1)(c)(i), the individual is, subject to evidence to the contrary, to be taken to have continued to have received the Commonwealth income support payment concerned for 21 days after the date of the written evidence.\n  (7) In this section:\n\n> Commonwealth income support payment means:\n\n    (a) any of the following payments (as defined in section 23 of the Social Security Act 1991):\n    (i) a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full‑time study);\n    (ii) a social security pension;\n    (iii) a service pension;\n    (iv) an income support supplement; or\n    (e) any other payment prescribed for the purposes of this definition.\n\n#### 65 Withdrawal of account balance—retirement on grounds of disability\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not in employment; and\n    (c) the individual last ceased to be an employee because of the disability of the individual; and\n    (d) 2 legally qualified medical practitioners have certified that the disability is likely to result in the individual being unable ever to be employed in a capacity for which the individual is reasonably qualified because of education, training or experience.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 65A Withdrawal of account balance—terminal medical condition\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 66 Withdrawal of account balance—individual turns 65\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual has turned 65.\n  Withdrawal decision\n  (2) The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.\n  Withdrawal request\n  (3) The individual may give the Commissioner of Taxation a request (the withdrawal request) to make a payment under subsection (2).\n  Form of withdrawal request\n  (4) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (5) The Commissioner of Taxation must comply with the withdrawal request.\n  Special Account to be debited\n  (6) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (7) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 67 Withdrawal of account balance—individual not an Australian resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not a resident (within the meaning of the Income Tax Assessment Act 1936); and\n    (ba) the individual is at least 55 years old when he or she gives the withdrawal request; and\n    (c) the individual satisfies the Commissioner of Taxation that:\n    (i) the individual is not in employment; or\n    (ii) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n> Note: Australia is defined by subsection (6).\n\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Definition\n  (6) In this section:\n\n> Australia has the same meaning as in the Income Tax Assessment Act 1936.\n\n#### 67A Withdrawal of account balance—former temporary resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that before, on or after the commencement of this section, the individual:\n    (i) was, under the Migration Act 1958, the holder of a temporary visa that has ceased to be in effect; and\n    (ii) left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and\n    (c) the individual satisfies the Commissioner of Taxation that the individual:\n    (i) is not, under the Migration Act 1958, the holder of a permanent visa; and\n    (ii) is neither an Australian citizen nor a New Zealand citizen.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 6—Withdrawals of account balances after death\n\n#### 68 Withdrawal of account balance—death of individual\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual has died; and\n    (b) the individual’s legal personal representative gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the legal personal representative an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 7—Notification of refusal of requests\n\n#### 69 Notification of refusal of requests\n\n  (1) This section applies if:\n    (a) a person makes a request under this Part; and\n    (b) the Commissioner of Taxation refuses the request.\n  (2) The Commissioner of Taxation must give the person written notice of the refusal.\n\n### Division 8—Recovery of account balances\n\n#### 70 Recovery of account balances\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 8—Refunds of deposits\n\n#### 71 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Commissioner of Taxation may refund a deposit if the deposit form was false or defective.\n\n• A depositor may apply for the refund of a deposit if it was made by mistake. The refund application must be made within 14 days after the deposit was credited to the account.\n\n#### 72 Refunds—false or defective deposit forms etc.\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was accompanied by a deposit form, or a purported deposit form, that, in so far as it related to the deposit or purported deposit:\n    (i) contained a declaration, or information, that was false or misleading in a material particular; or\n    (ii) had some other defect or irregularity; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit.\n  Refund payment\n  (2) The Commissioner of Taxation may decide to pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (3) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (4) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Part 7 obligations prevail\n  (5) The Commissioner of Taxation must not exercise a power conferred by this section in a manner that would be inconsistent with an obligation imposed on him or her by Part 7.\n\n> Note: Part 7 deals with withdrawals.\n\n#### 73 Refunds—deposit made by mistake\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was paid due to a clerical error or due to some other mistake; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit; and\n    (f) within 14 days after the credit was made, the depositor or purported depositor applies to the Commissioner of Taxation for a refund of the deposit or purported deposit.\n  Form of application\n  (2) The application must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Refund payment\n  (3) The Commissioner of Taxation must pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (5) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Obligations under this section prevail over obligations under Part 7\n  (6) In the event of a conflict between:\n    (a) an obligation imposed on the Commissioner of Taxation by this section; and\n    (b) an obligation imposed on the Commissioner of Taxation by Part 7;\n  the first‑mentioned obligation prevails.\n\n> Note: Part 7 deals with withdrawals.\n\n  Notification of refusal of application\n  (7) If the Commissioner of Taxation refuses an application under this section, the Commissioner of Taxation must give the applicant written notice of the refusal.\n\n#### 74 Recovery of refunds\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 9—Inactive accounts\n\n#### 75 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• If an individual’s account is inactive for 10 years, the account balance is to be debited from the Special Account.\n\n• The individual may claim the account balance from the Commissioner of Taxation.\n\n• The Commissioner of Taxation must keep a register of individuals’ account balances debited.\n\n#### 76 No activity for 10 years\n\n  When section applies\n  (1) This section applies to an individual’s account if no amount was credited to the account under:\n    (a) Part 5 of this Act; or\n    (b) section 65 of the Superannuation Guarantee (Administration) Act 1992;\n  at any time during a period of 10 consecutive financial years.\n\n> Note 1: Part 5 of this Act deals with deposits.\n\n> Note 2: Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.\n\n  Statement to be given to the Commissioner\n  (2) As soon as practicable after the end of that period, the Commissioner must record information about the account.\n  Tax file number\n  (3) If the individual’s tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.\n  Debit from the Special Account\n  (4) As soon as practicable after the end of that period, an amount equal to the balance of the individual’s account as at the end of that period is to be debited from the Special Account.\n  Debiting of individual’s account balance\n  (5) If an amount is debited from the Special Account under subsection (4), the individual’s account is debited by an amount equal to the amount debited from the Special Account.\n  Claim by individual\n  (6) If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.\n  Claim by individual’s legal personal representative\n  (7) If:\n    (a) an amount has been debited from the Special Account under subsection (4) in respect of the individual’s account; and\n    (b) the individual has died;\n  the individual’s legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the amount debited from the Special Account in respect of the individual’s account.\n  Payments\n  (8) The Commissioner of Taxation must comply with a request under subsection (6) or (7).\n  Appropriation\n  (9) The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).\n\n#### 77 Register\n\n  In addition to the particulars that are required by section 19 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 to be set out in the register kept under that section, that register must set out:\n    (a) particulars of amounts debited from the Special Account under section 76 in respect of particular individuals; and\n    (b) particulars of the individuals, which may include the tax file numbers of the individuals.\n\n## Part 10—Tax file numbers\n\n#### 78 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• An individual may quote his or her tax file number to the Commissioner of Taxation.\n\n#### 79 Individual may quote his or her tax file number\n\n  (1) An individual may quote his or her tax file number to the Commissioner of Taxation in connection with the operation, or the possibility of the future operation, of this Act in relation to the individual.\n\n> Note: This means that an individual’s tax file number may be quoted before or after an account is opened in the name of the individual.\n\n  (2) The tax file number may be quoted:\n    (a) in response to a request made by the Commissioner of Taxation; or\n    (b) on the individual’s own initiative.\n\n## Part 11—Review of decisions\n\n#### 80 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person who is dissatisfied with a reviewable decision of the Commissioner of Taxation may seek a reconsideration of the decision.\n\n• A person who is dissatisfied with a reconsidered decision may have the reconsidered decision reviewed by the Administrative Review Tribunal.\n\n• The Commissioner of Taxation must tell people about their rights to have decisions reconsidered and reviewed.\n\n#### 81 Reviewable decisions\n\n  For the purposes of this Part, a reviewable decision is a decision made by the Commissioner of Taxation under this Act (other than a decision under Division 2, 3 or 4 of Part 6 or a decision relating to the approval of a form).\n\n> Note: Decisions under Division 2, 3 or 4 of Part 6 relate to the funding of interest and the calculation of the allocation rate etc.\n\n#### 82 Reconsideration of reviewable decisions\n\n  Request for reconsideration\n  (1) A person who is affected by a reviewable decision may, if dissatisfied with the decision, request the Commissioner of Taxation to reconsider the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  How request must be made\n  (2) The request must be made by written notice given to the Commissioner of Taxation within the period of 21 days after the day on which the person first receives notice of the decision, or within such further period as the Commissioner of Taxation allows.\n  Request must set out reasons\n  (3) The request must set out the reasons for making the request.\n  Commissioner of Taxation to reconsider decision\n  (4) Upon receipt of the request, the Commissioner of Taxation must reconsider the decision and may, subject to subsection (5), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.\n  Deemed confirmation of decision if delay\n  (5) If the Commissioner of Taxation does not confirm, revoke or vary a decision before the end of the period of 60 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation is taken, at the end of that period, to have confirmed the decision under subsection (4).\n  Notice of Commissioner of Taxation’s action\n  (6) If the Commissioner of Taxation confirms, revokes or varies a decision before the end of the period referred to in subsection (5), the Commissioner of Taxation must give written notice to the person telling the person:\n    (a) the result of the reconsideration of the decision; and\n    (b) the reasons for confirming, varying or revoking the decision, as the case may be.\n\n#### 83 ART review of Commissioner of Taxation’s decisions\n\n  Applications may be made to the Administrative Review Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection 82(4).\n\n#### 84 Application of the Administrative Review Tribunal Act 2024\n\n  (2) If a request is made under subsection 82(1) of this Act in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision.\n  (3) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.\n\n#### 85 Statements to accompany notification of decisions\n\n  Original decision\n  (1) If a written notice is given to a person affected by a reviewable decision telling the person that the reviewable decision has been made, that notice is to include a statement to the effect that:\n    (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 82(1); and\n    (b) the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first‑mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Reconsidered decision\n  (2) If:\n    (a) the Commissioner of Taxation confirms or varies a reviewable decision under subsection 82(4); and\n    (b) gives to a person written notice of the confirmation or variation of the decision;\n  that notice is to include a statement to the effect that the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Validity of decision\n  (3) A failure to comply with this section does not affect the validity of a decision.\n\n## Part 12—Partnerships and unincorporated associations\n\n### Division 1—Partnerships\n\n#### 86 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Partnerships are treated as if they were persons.\n\n• A document given to a partner of a partnership is treated as if it had been given to the partnership.\n\n#### 87 Treatment of partnerships\n\n  The superannuation accounts law applies to a partnership as if the partnership were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the partnership is taken to have been committed by each partner who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 88 Giving of documents to partnerships\n\n  For the purposes of this Act, if a document is given to a partner of a partnership in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the partnership.\n\n### Division 2—Unincorporated associations\n\n#### 89 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Unincorporated associations are treated as if they were persons.\n\n• A document given to a member of the committee of management of an unincorporated association is treated as if it had been given to the unincorporated association.\n\n#### 90 Treatment of unincorporated associations\n\n  Persons\n  The superannuation accounts law applies to an unincorporated association as if the unincorporated association were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the unincorporated association are imposed instead on each member of the committee of management of the association, but may be discharged by any of those members;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the unincorporated association is taken to have been committed by each member of the committee of management of the association who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the member).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 91 Giving of documents to unincorporated associations\n\n  For the purposes of this Act, if a document is given to a member of the committee of management of an unincorporated association in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the unincorporated association.\n\n## Part 12A—Government co‑contributions for low income earners\n\n#### 91A Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a Government co‑contribution payable in respect of the individual.\n\n#### 91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91C Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91D Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91E Debiting account with overpayment of Government co‑contribution\n\n  Under section 24 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a Government co‑contribution if the account includes deposits made under this Part.\n\n#### 91F Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91G Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 12B—PPL superannuation contributions\n\n#### 91H Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a PPL superannuation contribution payable for the individual.\n\n#### 91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91K Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91L Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91M Debiting account with overpayment of PPL superannuation contribution\n\n  Under section 115P of the Paid Parental Leave Act 2010, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a PPL superannuation contribution if the account includes deposits made under this Part.\n\n#### 91N Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91P Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 13—Miscellaneous\n\n#### 92 Delegation\n\n  The Finance Minister may, by writing, delegate to an officer of the Finance Department any or all of his or her powers under this Act.\n\n#### 93 Annual report\n\n  (1) The Commissioner of Taxation must, as soon as practicable after the end of each financial year, prepare and give to the Minister a report on the operation of this Act during that year.\n  (2) The Minister must cause a copy of a report given under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.\n\n#### 94 Regulations\n\n  The Governor‑General may make regulations prescribing all matters:\n    (a) required or permitted by this Act to be prescribed; or\n    (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":14},{"sectionNumber":"12","sectionType":"section","heading":"Accounts","content":"#### 12 Accounts\n\n  Accounts to be kept\n  (1) Separate notional accounts are to be kept within the Special Account in the names of particular individuals.\n  Individual’s account\n  (2) An account kept in the name of an individual is to be known as the individual’s account.\n\n> Note: Section 4 provides that account means a notional account kept in accordance with this section.","sortOrder":15},{"sectionNumber":"Division 3","sectionType":"division","heading":"Outline of credits and debits to accounts","content":"An Act relating to the small superannuation accounts scheme\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n  This Act may be cited as the Small Superannuation Accounts Act 1995.\n\n#### 2 Commencement\n\n  This Act commences on 1 July 1995.\n\n#### 3 Simplified explanation\n\n  The following is a simplified explanation of this Act:\n\n• The Australian Taxation Office administers a special account. Notional accounts are kept within the special account.\n\n• The account offers employees with small balances an opportunity to avoid the erosion of those balances by fees.\n\n• Employees may request that account balances be transferred to a nominated superannuation fund or RSA.\n\n• Except in special cases, employees will not have direct access to their account balances.\n\n• Interest will be calculated on the daily balance of the account and credited to the account on a quarterly basis.\n\n• Interest is exempt from income tax.\n\n• If an account balance exceeds $1,200, interest will only be credited on the first $1,200 of the balance. This is an incentive for employees to request that balances of more than $1,200 be transferred to a superannuation fund.\n\n• Under the Income Tax Assessment Act 1936, employers may get income tax deductions for deposits. There is an annual deduction limit of $1,200 per employee.\n\n• Under the Superannuation Guarantee (Administration) Act 1992, deposits made by an employer will be treated as superannuation contributions.\n\n• The accounts may also be credited with Government co‑contributions payable under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003. The rules for these deposits differ in some respects from those that apply to other deposits.\n\n#### 4 Definitions\n\n  In this Act, unless the contrary intention appears:\n\n> account means a notional account kept in accordance with section 12.\n\n> child, of a person, means a child of the person within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.\n\n> Note: The Income Tax Assessment Act 1997 defines complying superannuation fund by reference to section 45 of the Superannuation Industry (Supervision) Act 1993.\n\n> dependant, in relation to an individual, includes the spouse and any child of the person.\n\n> Note: This expression is only used in the definition of superannuation contribution.\n\n> deposit means a payment under section 25.\n\n> deposit form means a statement under section 26.\n\n> depositor means a person who makes a payment under section 25.\n\n> employee has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employee.\n\n> employer has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employer.\n\n> employment has a meaning corresponding to employee and employer.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Government co‑contribution in respect of an individual means a Government co‑contribution payable in respect of the individual under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003.\n\n> leave Australia has the same meaning as in the Migration Act 1958.\n\n> person has a meaning affected by sections 87 and 90.\n\n> Note 1: Under section 87, partnerships are treated as persons.\n\n> Note 2: Under section 90, unincorporated associations are treated as persons.\n\n> PPL superannuation contribution for an individual has the same meaning as in the Paid Parental Leave Act 2010.\n\n> provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> quarter means a period of 3 months beginning on 1 July, 1 October, 1 January or 1 April in:\n\n    (a) the financial year beginning on 1 July 1995; or\n    (b) any later financial year.\n\n> RSA has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> Special Account means the Superannuation Holding Accounts Special Account continued in existence by section 8.\n\n> spouse of a person includes:\n\n    (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and\n    (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.\n\n> Note: This expression is only used in the definition of dependant.\n\n> superannuation accounts law means:\n\n    (a) this Act; and\n    (b) the regulations; and\n    (c) Part III of the Taxation Administration Act 1953, in so far as that Part relates to this Act or the regulations.\n\n> superannuation contribution, in relation to an individual, means a contribution made to a superannuation fund, an RSA or a superannuation scheme for the purpose of making provision for superannuation benefits for, or for dependants of, the individual.\n\n> superannuation fund means a provident, benefit, superannuation or retirement fund.\n\n> superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits.\n\n> tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.\n\n> Unallocated Interest Pool means the Unallocated Interest Pool kept in accordance with section 42.\n\n#### 5 Crown to be bound\n\n  This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n\n#### 6 Act to be administered by the Commissioner of Taxation\n\n  The Commissioner of Taxation has the general administration of this Act.\n\n> Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.\n\n## Part 2—Superannuation Holding Accounts Special Account\n\n#### 7 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Superannuation Holding Accounts Special Account is continued in existence.\n\n• The Special Account is not a superannuation fund.\n\n#### 8 Superannuation Holding Accounts Special Account\n\n  (1) The Superannuation Holding Accounts Account is continued in existence as the Superannuation Holding Accounts Special Account.\n\n> Note: The Superannuation Holding Accounts Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.\n\n  (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 9 Special Account is not a superannuation fund\n\n  Special Account is not a superannuation fund\n  (1) For the purposes of a law of the Commonwealth:\n    (a) the Special Account is taken not to be a superannuation fund; and\n    (b) the scheme embodied in this Act is taken not to be a superannuation scheme.\n  Avoidance of doubt\n  (2) Subsection (1) is enacted to avoid doubt.\n\n## Part 3—Accounts\n\n### Division 1—Simplified outline\n\n#### 11 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Notional accounts are to be kept within the Special Account in the names of particular individuals.\n\n• Section 13 outlines credits to accounts.\n\n• Section 14 outlines debits to accounts.\n\n• The Commissioner of Taxation may open or close an account.\n\n• Accounts may have a nil balance.\n\n• An individual may only have one account.\n\n• Account balances are not held on trust.\n\n• An individual’s account balance will be notified to the individual in certain circumstances.\n\n### Division 2—Keeping of accounts\n\n#### 12 Accounts\n\n  Accounts to be kept\n  (1) Separate notional accounts are to be kept within the Special Account in the names of particular individuals.\n  Individual’s account\n  (2) An account kept in the name of an individual is to be known as the individual’s account.\n\n> Note: Section 4 provides that account means a notional account kept in accordance with this section.\n\n### Division 3—Outline of credits and debits to accounts\n\n#### 13 Outline of credits to accounts\n\n  The following is a simplified outline of the types of credits that may be made to an individual’s account.\n\nDeposits by employers\n\n• Under section 25, the individual’s employer or former employer may make a deposit in respect of the individual. The employer or former employer will make the deposit instead of making a superannuation contribution in respect of the individual. The deposit will result in a credit to the individual’s account.\n\nSuperannuation guarantee shortfalls\n\n• Under section 65 of the Superannuation Guarantee (Administration) Act 1992, if there is a shortfall component of a payment of superannuation guarantee charge in relation to the individual, the Commissioner of Taxation may credit the shortfall component to the individual’s account.\n\nInterest\n\n• Under Part 6, interest may be credited to the individual’s account.\n\n#### 14 Outline of debits to accounts\n\n  The following is a simplified outline of the types of debits that may be made to an individual’s account. These debits also involve debiting the Special Account.\n\nTransfer to superannuation fund or RSA\n\n• Under section 61, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund or RSA.\n\nBalance of less than $200—individual has ceased to be employed by all depositors\n\n• Under section 63, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\nReceipt of Commonwealth income support payments\n\n• Under section 64, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\nDisability\n\n• Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.\n\nTerminal medical condition\n\n• Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.\n\nIndividual turns 65\n\n• Under section 66, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has turned 65.\n\nIndividual at least 55 years old and not an Australian resident\n\n• Under section 67, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\nFormer temporary resident\n\n• The balance of the amount standing to the credit of an individual’s account may be debited from the Special Account if the individual is a former temporary resident.\n\nDeath of individual\n\n• Under section 68, if the individual dies, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual’s legal personal representative.\n\nRefunds of deposits\n\n• Under Part 8, an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits that were:\n\n(a) accompanied by false or defective deposit forms; or\n\n(b) made by mistake.\n\n### Division 4—Opening and closing of accounts\n\n#### 15 Opening of accounts\n\n  Power\n  (1) The Commissioner of Taxation may open an account in the name of a particular individual.\n  Duty\n  (2) The Commissioner of Taxation must open an account in the name of a particular individual if:\n    (a) the individual does not already have an account; and\n    (b) a person makes a deposit, or a purported deposit, in respect of the individual.\n  Payment split under Family Law Act\n  (3) If an account is subject to a payment split, then the Commissioner may open an account in the name of the non‑member spouse.\n  (4) The balance of the account when it is opened is an amount worked out in accordance with the regulations.\n  (5) The balance of the member spouse’s account is to be reduced by the amount worked out under subsection (4).\n  (6) The Commissioner must give the member spouse a written notice setting out the balance (if any) of the member spouse’s account after the reduction.\n  (7) In this section:\n\n> member spouse means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> non‑member spouse means a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n#### 16 Closing of accounts\n\n  The Commissioner of Taxation may close an individual’s account if the balance of the account is nil and:\n    (a) the balance of the account was nil throughout the preceding period of 2 years; or\n    (b) the balance of the account has been withdrawn under section 61, 65, 65A, 66, 67, 67A or 91E; or\n    (c) the individual has died; or\n    (d) the individual asks the Commissioner of Taxation to close the account; or\n    (e) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n> Note 1: Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.\n\n> Note 2: Section 65 deals with individuals who retire because of disability.\n\n> Note 2A: Section 65A deals with individuals in relation to whom terminal medical conditions exist.\n\n> Note 3: Section 66 deals with individuals who have turned 65.\n\n> Note 4: Section 67 deals with individuals who are not Australian residents for income tax purposes etc.\n\n> Note 5: Section 67A deals with individuals who have permanently departed from Australia.\n\n> Note 6: Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.\n\n### Division 5—Rules about accounts\n\n#### 17 Accounts may have a nil balance\n\n  Nil balance\n  (1) An account may have a nil balance.\n  Examples\n  (2) The following are examples of cases where an account might have a nil balance:\n    (a) no money has been credited to the account;\n    (b) the balance of the account has been withdrawn under Part 7;\n    (c) the balance of the account has been refunded to an employer or former employer under Part 8;\n    (d) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n#### 18 One account per individual\n\n  Only one account\n  (1) Only one account may be kept in respect of a particular individual.\n  Amalgamation etc.\n  (2) A contravention of subsection (1) does not affect the validity of an account. However, if the Commissioner of Taxation becomes aware that 2 or more accounts are being kept in respect of the same individual, the Commissioner of Taxation must amalgamate the accounts into a single account.\n\n#### 19 Account balances not held on trust etc.\n\n  (1) Money credited to an individual’s account is not held on trust.\n  (2) The Commonwealth is not liable to pay, repay or refund money credited to an individual’s account except as provided by this Act.\n\n> Note: Under section 69A of the Superannuation Guarantee (Administration) Act 1992, if a shortfall component of superannuation guarantee charge has been incorrectly credited to an individual’s account, the account may be debited for the purposes of reversing the credit.\n\n### Division 6—Notification of account balances\n\n#### 20 Notification of opening balance\n\n  As soon as practicable after the first occasion on which an amount is credited to an individual’s account, the Commissioner must give the individual a written notice setting out the balance of the account.\n\n#### 21 Individual may request details of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual asks the Commissioner of Taxation to give the individual a written notice setting out the balance of the account.\n  Form of request\n  (2) The request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with request\n  (3) The Commissioner of Taxation must comply with the request.\n\n#### 22 Annual notification of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account exceeds nil as at the end of a financial year; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the end of the financial year, the Commissioner of Taxation must give the individual a written notice setting out the balance of the account as at the end of the financial year.\n\n#### 23 Notification when account balance reaches $1,200\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:\n    (a) setting out the balance of the account; and\n    (b) explaining the effect of sections 49 and 61; and\n    (c) suggesting that the individual make a request under section 61.\n\n> Note 1: Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.\n\n> Note 2: Section 61 provides for the transfer of the balance of the account to a superannuation fund.\n\n## Part 4—Deposits\n\n#### 24 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit.\n\n• The deposit must be accompanied by a deposit form.\n\n• The deposit form must include certain declarations.\n\n• The 2 key declarations are:\n\n(a) that the depositor is the employer, or former employer, of the individual; and\n\n(b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.\n\n• A defect in the deposit form will not result in the invalidity of the deposit.\n\n• A deposit form may deal with multiple payments.\n\n• Deposits are not held on trust.\n\n#### 25 Deposits\n\n  A person (the depositor) may make a payment (the deposit) to the Commissioner of Taxation under this section in respect of an individual if, and only if, the payment is made before 1 July 2006.\n\n#### 26 Deposit to be accompanied by deposit form\n\n  The deposit must be accompanied by a written statement (the deposit form) that:\n    (a) is in a form approved in writing by the Commissioner of Taxation; and\n    (b) contains the information required by the form to be given; and\n    (c) contains the declarations required by sections 27, 28, 29 and 30; and\n    (d) sets out the individual’s tax file number (if known to the depositor); and\n    (e) is signed by or on behalf of the depositor.\n\n#### 27 Deposit to be made by employer or former employer\n\n  The deposit form must include a declaration that the depositor is the employer, or former employer, of the individual.\n\n#### 28 Deposit to be instead of superannuation contributions\n\n  The deposit form must include a declaration that the depositor is making the deposit:\n    (a) in respect of the employment, or former employment, of the individual by the depositor; and\n    (b) instead of making a superannuation contribution:\n    (i) in respect of the individual; and\n    (ii) of an amount equal to the deposit.\n\n#### 29 Deposit to be consistent with other laws etc.\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the making of the deposit does not contravene:\n    (a) a law of the Commonwealth (other than this Act) or a law of a State or Territory; or\n    (b) an award, order, determination or industrial agreement in force under such a law; or\n    (c) a legally enforceable agreement.\n\n#### 30 Age limit\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the individual was under 70 on at least one day during the period of employment to which the deposit relates.\n\n#### 31 Consequences of false declarations etc.\n\n  If the deposit is accompanied by a deposit form, or a purported deposit form, that:\n    (a) contains a declaration, or information, that is false or misleading; or\n    (b) has some other defect or irregularity;\n  that circumstance does not result in the invalidity of the deposit. However, it may result in the deposit being refunded under Part 8.\n\n> Note 1: A false or misleading statement may result in criminal liability under Part III of the Taxation Administration Act 1953.\n\n> Note 2: A false or misleading declaration may result in an employer being denied:\n\n    (a) an income tax deduction under section 82AAF of the Income Tax Assessment Act 1936; and\n    (b) concessional treatment under section 23 of the Superannuation Guarantee (Administration) Act 1992.\n\n#### 33 Deposit not held on trust etc.\n\n  (1) A deposit, or purported deposit, made in respect of an individual is not held on trust.\n  (2) A deposit, or purported deposit, made in respect of an individual is not repayable or refundable except as provided by this Act.\n\n## Part 5—Crediting of deposits\n\n#### 34 Simplified outline\n\n  The following is a simplified outline of this Part:\n\nDeposits are to be credited to accounts by following these steps:\n\n• credit the deposit to the Special Account;\n\n• credit the deposit to the individual’s account.\n\n#### 35 Crediting of deposits\n\n  Step 1—Credit to Special Account\n  (1) An amount equal to a deposit or purported deposit made in respect of an individual is to be credited to the Special Account.\n  Step 2—Credit to individual’s account\n  (2) As soon as practicable after the amount is credited to the Special Account, the individual’s account is to be credited with an amount equal to the deposit or purported deposit.\n\n## Part 6—Crediting of interest\n\n### Division 1—Simplified outline\n\n#### 36 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Interest is funded by crediting amounts to the Special Account.\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n• The allocation day is published in the Gazette.\n\n• The rate at which interest accrues is called the allocation rate.\n\n• The allocation rate is published in the Gazette.\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n### Division 2—Gross interest amount and net interest amount\n\n#### 37 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The expressions gross interest amount and net interest amount are defined.\n\n• Those expressions are used to work out:\n\n(a) how interest is funded; and\n\n(b) the rate at which interest accrues to an account.\n\n#### 38 Gross interest amount\n\n  For the purposes of this Part, the gross interest amount for a quarter is the sum of the following amounts:\n    (a) the income derived by the Commonwealth during the quarter from the investment of amounts standing to the credit of the Special Account;\n    (b) the amount (if any) determined by the Finance Minister in relation to the quarter having regard to the amount standing to the credit of the Special Account that remains uninvested from time to time during the quarter.\n\n#### 39 Net interest amount\n\n  Net interest amount\n  (1) For the purposes of this Part, the net interest amount for a quarter is the gross interest amount for the quarter, reduced (but not below 0) by the sum of:\n    (a) the amount determined by the Commissioner of Taxation, where the amount represents a fair approximation of the costs incurred by the Commonwealth during the quarter in connection with the administration of this Act; and\n    (b) the amount, or the total of the amounts, allocated to the quarter under subsection (3).\n\n> Note: Gross interest amount is defined by section 38.\n\n  Carry‑forward amount\n  (2) For the purposes of this section, if:\n    (a) the amount determined under paragraph (1)(a) in relation to a quarter;\n  exceeds:\n    (b) the gross interest amount for the quarter;\n  the excess is taken to be the carry‑forward amount for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation of carry‑forward amounts\n  (3) For the purposes of this section, the Finance Minister may determine that:\n    (a) a carry‑forward amount for a quarter is to be allocated to a later quarter; or\n    (b) different parts of the carry‑forward amount for a quarter are to be allocated to different later quarters.\n  Amortisation\n  (4) For the purposes of this section, capital costs and development costs are to be amortised in accordance with generally accepted accounting principles.\n  Investment costs\n  (5) For the purposes of this section, the costs incurred by the Commonwealth in connection with the investment of amounts standing to the credit of the Special Account are taken to have been incurred in connection with the administration of this Act.\n\n### Division 3—Funding of interest\n\n#### 40 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest is funded by crediting the net interest amount to the Special Account.\n\n• An Unallocated Interest Pool is to be kept within the Special Account.\n\n• Unallocated interest is represented by the balance of the Unallocated Interest Pool.\n\n• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.\n\n• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.\n\n#### 41 Crediting of net interest amount to the Special Account\n\n  As soon as practicable after the end of a quarter, an amount equal to the net interest amount for the quarter is to be credited to the Special Account.\n\n> Note: Net interest amount is defined by section 39.\n\n#### 42 Unallocated Interest Pool\n\n  Pool\n  (1) For accounting purposes, a separate notional subcomponent, called the Unallocated Interest Pool, is to be kept within the Special Account.\n  Credits to Pool\n  (2) An amount credited to the Special Account under section 41 is to be credited to the Unallocated Interest Pool.\n  Debits from Pool\n  (3) The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual’s account.\n\n#### 43 Supplementation of Unallocated Interest Pool\n\n  When section applies\n  (1) This section applies if the Finance Minister is satisfied that:\n    (a) the balance of the Unallocated Interest Pool is nil; or\n    (b) the balance of the Unallocated Interest Pool is, or is likely to be, insufficient to meet the requirements of the Unallocated Interest Pool.\n  Supplementation\n  (2) The Finance Minister may determine that the Unallocated Interest Pool is to be supplemented by a specified amount.\n  Crediting of the supplementation amount\n  (3) The specified amount is to be credited to the Special Account.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the specified amount.\n\n#### 44 Debiting of unallocated interest\n\n  (1) If the Commissioner of Taxation is satisfied that the balance of the Unallocated Interest Pool exceeds the requirements of the Unallocated Interest Pool, the Commissioner of Taxation must determine that the excess is surplus to the requirements of the Unallocated Interest Pool.\n  (2) The Unallocated Interest Pool is to be debited by an amount equal to the excess.\n  (3) An amount equal to the excess is to be debited from the Special Account.\n\n### Division 4—Allocation day and allocation rate\n\n#### 45 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The allocation day for a quarter is published in the Gazette. The allocation day is the day on which interest is credited to accounts.\n\n• The allocation rate for a quarter is published in the Gazette. The allocation rate is the rate at which interest accrues to an account.\n\n• The allocation rate is worked out under section 47.\n\n#### 46 Gazettal of allocation day and allocation rate\n\n  (1) As soon as practicable after an amount is credited to the Special Account under section 41 in respect of a quarter (the current quarter), the Commissioner of Taxation must, by notice published in the Gazette, declare that, for the purposes of this Part:\n    (a) a specified day in the quarter next following the current quarter is the allocation day for the current quarter; and\n    (b) a specified percentage is the allocation rate for the current quarter.\n\n> Note: To work out the allocation rate see section 47.\n\n  (2) The declaration has effect accordingly.\n\n#### 47 Calculation of the allocation rate\n\n  Application of steps\n  (1) To work out the allocation rate for a quarter, apply the following steps.\n  Adjusted total balances\n  (2) Calculate the adjusted total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  For the purposes of this calculation, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n  Provisional rate\n  (3) Calculate the provisional rate for the quarter as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Net interest amount over Adjusted total balances end fraction times 100 end formula](image.002.png)\n  where:\n\n> Net interest amount means the net interest amount for the quarter;\n\n> Adjusted total balances means the adjusted total balances for the quarter.\n\n> Note: Net interest amount is defined by section 39.\n\n  Total balances\n  (4) Calculate the total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  Capped rate\n  (5) Calculate the capped rate as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Gross interest amount over Total balances end fraction times 100 end formula](image.003.png)\n  where:\n\n> Gross interest amount means the gross interest amount for the quarter;\n\n> Total balances means the total balances for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation rate—comparison between provisional rate and capped rate\n  (6) Compare the provisional rate with the capped rate:\n    (a) if the provisional rate is less than or equal to the capped rate—the allocation rate equals the provisional rate; or\n    (b) if the provisional rate exceeds the capped rate—the allocation rate equals the capped rate.\n\n### Division 5—Crediting of interest\n\n#### 48 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n#### 49 Accrual of interest on first $1,200 of daily balance\n\n  (1) Interest accrues to an account each day on the balance of the account as at the end of that day.\n  (2) For the purposes of this Division, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n\n#### 50 Rate of accrual, and crediting, of interest\n\n  When section applies\n  (1) This section applies to interest that accrues under section 49.\n  Allocation day event, withdrawal event and inactive account debit event\n  (2) Both:\n    (a) the rate of accrual of interest to an account in respect of a particular day (the accrual day) in a particular quarter; and\n    (b) the time at which accrued interest in respect of the accrual day is to be credited to the account;\n  depends on whichever of the following events first happens after the accrual day:\n    (c) the occurrence of the allocation day for the quarter (this event is to be known as the allocation day event);\n    (d) the withdrawal under Part 7 of the balance of the account (this event is to be known as the withdrawal event);\n    (e) the debiting of the balance of the account from the Special Account under Part 9 (this event is to be known as the inactive account debit event).\n  Allocation day event\n  (3) If the allocation day event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Allocation rate over Total number of days in the quarter end fraction end formula](image.004.png)\n    where:\n\n> Allocation rate means the allocation rate for the quarter; and\n\n    (b) the accrued interest is to be credited to the account on the allocation day.\n  Withdrawal event\n  (4) If the withdrawal event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day before the day of the withdrawal.\n  Inactive account debit event\n  (5) If the inactive account debit event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day of the debit.\n  Transitional—withdrawal event before first allocation day\n  (6) Despite paragraph (4)(a), if the withdrawal event occurs before the allocation day for the quarter beginning on 1 July 1995, that paragraph has effect, in relation to that event, as if the adjusted allocation rate were 0.4% or such higher rate as the Finance Minister determines.\n\n#### 51 Rounding up\n\n  If the total amount of interest to be credited to an account on a particular day (when expressed as a number of cents) is not a number of whole cents, that total must be rounded up to the nearest cent.\n\n### Division 6—Interest not to accrue in certain cases\n\n#### 52 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n#### 53 Interest does not accrue on refunded deposits\n\n  No interest\n  (1) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8.\n  Reversing interest credit\n  (2) If interest has been credited to an individual’s account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.\n  Unallocated Interest Pool to be credited\n  (3) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).\n\n#### 54 Interest does not accrue on shortfall components incorrectly credited to accounts\n\n  When section applies\n  (1) This section applies if:\n    (a) an amount credited to an account under section 65 of the Superannuation Guarantee (Administration) Act 1992 exceeds the amount that should have been credited to the account; and\n    (b) the balance of the account is attributable, in whole or in part, to the credit.\n  No interest\n  (2) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of the account as is attributable to the excess.\n  Debit reversing interest credit\n  (3) If interest has been credited to the account in contravention of subsection (2), the Commissioner of Taxation must debit the account by the amount of the credit.\n  Unallocated Interest Pool to be credited\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n#### 55 Amalgamated accounts—no interest if $1,200 limit avoided\n\n  When section applies\n  (1) This section applies if:\n    (a) the Commissioner becomes aware that 2 or more accounts (the separate accounts) are being kept in respect of the same individual; and\n    (b) the Commissioner of Taxation amalgamates the separate accounts into a single account; and\n    (c) immediately after the amalgamation, the balance of the amalgamated account exceeds $1,200.\n\n> Note: Section 18 empowers the Commissioner to amalgamate the separate accounts.\n\n  No interest if $1,200 limit avoided\n  (2) If, because of the $1,200 limit referred to in subsection 49(2):\n    (a) the total amount of interest that accrued to the separate accounts before the day of the amalgamation;\n  exceeds:\n    (b) the total amount of interest that would have accrued to the amalgamated account if it were assumed that the amalgamated account had been in existence at all times since the earliest time at which any of the separate accounts was opened;\n  then, despite section 49, the excess interest is taken never to have accrued under that section.\n  Debit to amalgamated account\n  (3) If excess interest has been credited in contravention of subsection (2), the Commissioner of Taxation must debit the amalgamated account by an amount equal to the amount of the credit.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n## Part 7—Withdrawal of account balances\n\n### Division 1—Simplified outline\n\n#### 56 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• There are 3 types of withdrawals of account balances:\n\n(a) transfers of account balances to superannuation funds or RSAs;\n\n(b) direct withdrawals of account balances by individuals;\n\n(c) withdrawals of account balances after death.\n\n• Under Part 8, a depositor has 14 days to apply for a refund of a deposit on the grounds that the deposit was made by mistake. During the 14‑day period, the individual’s account will be frozen.\n\n### Division 2—No withdrawals for 14 days after deposit credited to account etc.\n\n#### 57 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• An individual’s account will be frozen for 14 days after a deposit is credited to the account.\n\n• The delay gives the depositor a chance to apply for a refund of the deposit.\n\n• If the depositor applies for a refund of the deposit, the 14‑day period will be extended until the application is finalised.\n\n• Accounts will be frozen for 14 days after a shortfall component is credited to the account.\n\n• The delay gives the Commissioner of Taxation a chance to correct mistakes.\n\n#### 58 No withdrawals for 14 days after deposit credited to account etc.\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a deposit, or purported deposit, was made in respect of the individual; and\n    (b) as a result of the deposit or purported deposit, an amount was credited to the account under Part 5 at a particular time (the deposit time); and\n    (c) a request under this Part (the individual’s request) is made during the period of 14 days beginning at the deposit time.\n  Individual’s request frozen for 14 days\n  (2) The individual’s request has no effect at any time during that 14‑day period.\n\n> Note: This gives the depositor a chance to apply for a refund of the deposit.\n\n  Individual’s request frozen for additional period\n  (3) If an application for a refund of the deposit or purported deposit was made under section 73 during that 14‑day period, then:\n    (a) if the refund application is granted—the individual’s request has no effect at any time; or\n    (b) if the refund application is refused—the individual’s request has no effect at a particular time if:\n    (i) the time is after the refund application is made but before the end of the period of 21 days after the giving of the notice of refusal; or\n    (ii) if, during that 21‑day period, the refund applicant asks the Commissioner of Taxation to reconsider the refund application—the time is during the period when that reconsideration, or any later application to the Administrative Review Tribunal, has not been finalised.\n  (3A) For the purposes of subsection (3), a reference to the Administrative Review Tribunal is taken to include a reference to the Administrative Appeals Tribunal.\n  When reconsiderations finalised\n  (4) For the purposes of this section, a reconsideration of a decision is taken not to have been finalised during the period of 28 days after:\n    (a) if, because of the operation of subsection 82(5), the decision is taken to be confirmed—the day on which the decision is taken to have been confirmed; or\n    (b) in any other case—the day on which the decision on the reconsideration is notified to the refund applicant.\n\n#### 59 No withdrawals for 14 days after shortfall component credited to account\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) an amount was credited to the account under section 65 of the Superannuation Guarantee (Administration) Act 1992 at a particular time (the credit time); and\n    (b) a request under this Part is made during the period of 14 days beginning at the credit time.\n  Request frozen for 14 days\n  (2) The request has no effect at any time during that 14‑day period.\n\n> Note: This gives the Commissioner a chance to correct mistakes.\n\n### Division 3—Timing of withdrawals\n\n#### 60 Timing of withdrawals\n\n  24‑hour delay\n  (1) If a request is made under this Part, the Commissioner of Taxation must wait at least 24 hours before complying with the request.\n\n> Note: This delay enables interest to be credited to the account.\n\n  When withdrawal occurs\n  (2) For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.\n\n### Division 4—Transfer of account balances to RSAs and superannuation funds\n\n#### 61 Transfer to RSA or superannuation fund\n\n  Transfer request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the transfer request) to transfer the account balance to a specified RSA or to the trustee of a specified fund for the benefit of the individual; and\n    (b) the fund passes the compliance test set out in subsection (2).\n\n> Note: Subsection (7) provides for the transfer request to be given by the individual personally or by the trustee acting on behalf of the individual.\n\n  Compliance test for funds\n  (2) For the purposes of this section, a fund passes the compliance test if:\n    (a) the fund is an exempt public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or\n    (b) at the time of the transfer request, the Commissioner of Taxation has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:\n    (i) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and\n    (ii) is not subject to a direction under section 63 of that Act.\n\n> Note: Section 63 of the Superannuation Industry (Supervision) Act 1993 deals with funds that have been directed not to accept contributions from an employer‑sponsor.\n\n  Form of transfer request\n  (3) The transfer request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with transfer request\n  (4) The Commissioner of Taxation must pay to the provider of the RSA, or to the trustee, for the benefit of the individual, an amount equal to the account balance immediately before the payment is made. However, this rule does not apply if the Commissioner of Taxation is satisfied that the RSA provider or the trustee is unwilling to accept the payment.\n  Special Account to be debited\n  (5) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (6) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Authorisation of trustee by individual etc.\n  (7) The transfer request may be given by:\n    (a) the individual personally; or\n    (b) the RSA provider or the trustee acting on the individual’s behalf in accordance with an authority given by the individual.\n  If paragraph (b) applies, the transfer request must be accompanied by a copy of the authority.\n  Form of authorisation\n  (8) An authority referred to in subsection (7) must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Definitions\n  (9) In this section:\n\n> fund includes a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> trustee has the same meaning as in the Superannuation Industry (Supervision) Act 1993.\n\n#### 61A Commissioner may transfer account balance to RSA or superannuation fund\n\n  (1) The Commissioner of Taxation may pay the balance of an individual’s account to:\n    (a) an RSA of the individual; or\n    (b) the trustee of a complying superannuation fund for crediting to an account of the individual within that fund.\n  (2) To avoid doubt, the Commissioner of Taxation may make the payment under subsection (1) without a request from the individual under section 61.\n  (3) The Special Account is debited for the purposes of making the payment under subsection (1).\n  (4) When the payment under subsection (1) is made, the individual’s account is debited by the amount of the payment.\n  (5) In this section:\n\n> trustee of a superannuation fund means:\n\n    (a) if there is a trustee (within the ordinary meaning of that expression) of the fund—the trustee; or\n    (b) otherwise—the person who manages the fund.\n\n### Division 5—Direct withdrawals of account balances by individuals\n\n#### 62 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The balance of an individual’s account may be withdrawn if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\n• The balance of an individual’s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\n• The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.\n\n• The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.\n\n• The balance of an individual’s account may be withdrawn if the individual has turned 65.\n\n• The balance of an individual’s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n• The balance of an individual’s account may be withdrawn if the individual is a former temporary resident.\n\n#### 63 Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account is attributable, in whole or in part, to:\n    (i) one or more deposits, or purported deposits, made by one or more employers or former employers of the individual; or\n    (ii) one or more shortfall components of payments of superannuation guarantee charge made by one or more employers or former employers of the individual; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual has ceased to be employed by each of the employers or former employers; and\n    (c) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (d) the balance of the account is less than $200 immediately before the time when the account balance is withdrawn.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 64 Withdrawal of account balance—receipt of Commonwealth income support payments\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual has been in receipt of one or more Commonwealth income support payments for:\n    (i) if the person is at least 55 years of age—a period of at least 39 weeks, or for 2 or more periods that total at least 39 weeks, since the person turned 55; or\n    (ii) in any case—for an unbroken period of at least 26 weeks (other than such a period that ended before the withdrawal request was given); and\n    (c) the individual gives the Commissioner of Taxation:\n    (i) written evidence of the individual’s receipt of relevant Commonwealth income support payments provided by the Commonwealth Department or agency that is responsible for administering the payment; or\n    (ii) such other evidence of the individual’s receipt of relevant Commonwealth income support payments as is prescribed.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  (6) For the purposes of subparagraph (1)(b)(ii), if an individual obtains evidence covered by subparagraph (1)(c)(i), the individual is, subject to evidence to the contrary, to be taken to have continued to have received the Commonwealth income support payment concerned for 21 days after the date of the written evidence.\n  (7) In this section:\n\n> Commonwealth income support payment means:\n\n    (a) any of the following payments (as defined in section 23 of the Social Security Act 1991):\n    (i) a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full‑time study);\n    (ii) a social security pension;\n    (iii) a service pension;\n    (iv) an income support supplement; or\n    (e) any other payment prescribed for the purposes of this definition.\n\n#### 65 Withdrawal of account balance—retirement on grounds of disability\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not in employment; and\n    (c) the individual last ceased to be an employee because of the disability of the individual; and\n    (d) 2 legally qualified medical practitioners have certified that the disability is likely to result in the individual being unable ever to be employed in a capacity for which the individual is reasonably qualified because of education, training or experience.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 65A Withdrawal of account balance—terminal medical condition\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 66 Withdrawal of account balance—individual turns 65\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual has turned 65.\n  Withdrawal decision\n  (2) The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.\n  Withdrawal request\n  (3) The individual may give the Commissioner of Taxation a request (the withdrawal request) to make a payment under subsection (2).\n  Form of withdrawal request\n  (4) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (5) The Commissioner of Taxation must comply with the withdrawal request.\n  Special Account to be debited\n  (6) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (7) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 67 Withdrawal of account balance—individual not an Australian resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not a resident (within the meaning of the Income Tax Assessment Act 1936); and\n    (ba) the individual is at least 55 years old when he or she gives the withdrawal request; and\n    (c) the individual satisfies the Commissioner of Taxation that:\n    (i) the individual is not in employment; or\n    (ii) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n> Note: Australia is defined by subsection (6).\n\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Definition\n  (6) In this section:\n\n> Australia has the same meaning as in the Income Tax Assessment Act 1936.\n\n#### 67A Withdrawal of account balance—former temporary resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that before, on or after the commencement of this section, the individual:\n    (i) was, under the Migration Act 1958, the holder of a temporary visa that has ceased to be in effect; and\n    (ii) left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and\n    (c) the individual satisfies the Commissioner of Taxation that the individual:\n    (i) is not, under the Migration Act 1958, the holder of a permanent visa; and\n    (ii) is neither an Australian citizen nor a New Zealand citizen.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 6—Withdrawals of account balances after death\n\n#### 68 Withdrawal of account balance—death of individual\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual has died; and\n    (b) the individual’s legal personal representative gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the legal personal representative an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 7—Notification of refusal of requests\n\n#### 69 Notification of refusal of requests\n\n  (1) This section applies if:\n    (a) a person makes a request under this Part; and\n    (b) the Commissioner of Taxation refuses the request.\n  (2) The Commissioner of Taxation must give the person written notice of the refusal.\n\n### Division 8—Recovery of account balances\n\n#### 70 Recovery of account balances\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 8—Refunds of deposits\n\n#### 71 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Commissioner of Taxation may refund a deposit if the deposit form was false or defective.\n\n• A depositor may apply for the refund of a deposit if it was made by mistake. The refund application must be made within 14 days after the deposit was credited to the account.\n\n#### 72 Refunds—false or defective deposit forms etc.\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was accompanied by a deposit form, or a purported deposit form, that, in so far as it related to the deposit or purported deposit:\n    (i) contained a declaration, or information, that was false or misleading in a material particular; or\n    (ii) had some other defect or irregularity; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit.\n  Refund payment\n  (2) The Commissioner of Taxation may decide to pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (3) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (4) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Part 7 obligations prevail\n  (5) The Commissioner of Taxation must not exercise a power conferred by this section in a manner that would be inconsistent with an obligation imposed on him or her by Part 7.\n\n> Note: Part 7 deals with withdrawals.\n\n#### 73 Refunds—deposit made by mistake\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was paid due to a clerical error or due to some other mistake; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit; and\n    (f) within 14 days after the credit was made, the depositor or purported depositor applies to the Commissioner of Taxation for a refund of the deposit or purported deposit.\n  Form of application\n  (2) The application must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Refund payment\n  (3) The Commissioner of Taxation must pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (5) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Obligations under this section prevail over obligations under Part 7\n  (6) In the event of a conflict between:\n    (a) an obligation imposed on the Commissioner of Taxation by this section; and\n    (b) an obligation imposed on the Commissioner of Taxation by Part 7;\n  the first‑mentioned obligation prevails.\n\n> Note: Part 7 deals with withdrawals.\n\n  Notification of refusal of application\n  (7) If the Commissioner of Taxation refuses an application under this section, the Commissioner of Taxation must give the applicant written notice of the refusal.\n\n#### 74 Recovery of refunds\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 9—Inactive accounts\n\n#### 75 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• If an individual’s account is inactive for 10 years, the account balance is to be debited from the Special Account.\n\n• The individual may claim the account balance from the Commissioner of Taxation.\n\n• The Commissioner of Taxation must keep a register of individuals’ account balances debited.\n\n#### 76 No activity for 10 years\n\n  When section applies\n  (1) This section applies to an individual’s account if no amount was credited to the account under:\n    (a) Part 5 of this Act; or\n    (b) section 65 of the Superannuation Guarantee (Administration) Act 1992;\n  at any time during a period of 10 consecutive financial years.\n\n> Note 1: Part 5 of this Act deals with deposits.\n\n> Note 2: Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.\n\n  Statement to be given to the Commissioner\n  (2) As soon as practicable after the end of that period, the Commissioner must record information about the account.\n  Tax file number\n  (3) If the individual’s tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.\n  Debit from the Special Account\n  (4) As soon as practicable after the end of that period, an amount equal to the balance of the individual’s account as at the end of that period is to be debited from the Special Account.\n  Debiting of individual’s account balance\n  (5) If an amount is debited from the Special Account under subsection (4), the individual’s account is debited by an amount equal to the amount debited from the Special Account.\n  Claim by individual\n  (6) If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.\n  Claim by individual’s legal personal representative\n  (7) If:\n    (a) an amount has been debited from the Special Account under subsection (4) in respect of the individual’s account; and\n    (b) the individual has died;\n  the individual’s legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the amount debited from the Special Account in respect of the individual’s account.\n  Payments\n  (8) The Commissioner of Taxation must comply with a request under subsection (6) or (7).\n  Appropriation\n  (9) The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).\n\n#### 77 Register\n\n  In addition to the particulars that are required by section 19 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 to be set out in the register kept under that section, that register must set out:\n    (a) particulars of amounts debited from the Special Account under section 76 in respect of particular individuals; and\n    (b) particulars of the individuals, which may include the tax file numbers of the individuals.\n\n## Part 10—Tax file numbers\n\n#### 78 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• An individual may quote his or her tax file number to the Commissioner of Taxation.\n\n#### 79 Individual may quote his or her tax file number\n\n  (1) An individual may quote his or her tax file number to the Commissioner of Taxation in connection with the operation, or the possibility of the future operation, of this Act in relation to the individual.\n\n> Note: This means that an individual’s tax file number may be quoted before or after an account is opened in the name of the individual.\n\n  (2) The tax file number may be quoted:\n    (a) in response to a request made by the Commissioner of Taxation; or\n    (b) on the individual’s own initiative.\n\n## Part 11—Review of decisions\n\n#### 80 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person who is dissatisfied with a reviewable decision of the Commissioner of Taxation may seek a reconsideration of the decision.\n\n• A person who is dissatisfied with a reconsidered decision may have the reconsidered decision reviewed by the Administrative Review Tribunal.\n\n• The Commissioner of Taxation must tell people about their rights to have decisions reconsidered and reviewed.\n\n#### 81 Reviewable decisions\n\n  For the purposes of this Part, a reviewable decision is a decision made by the Commissioner of Taxation under this Act (other than a decision under Division 2, 3 or 4 of Part 6 or a decision relating to the approval of a form).\n\n> Note: Decisions under Division 2, 3 or 4 of Part 6 relate to the funding of interest and the calculation of the allocation rate etc.\n\n#### 82 Reconsideration of reviewable decisions\n\n  Request for reconsideration\n  (1) A person who is affected by a reviewable decision may, if dissatisfied with the decision, request the Commissioner of Taxation to reconsider the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  How request must be made\n  (2) The request must be made by written notice given to the Commissioner of Taxation within the period of 21 days after the day on which the person first receives notice of the decision, or within such further period as the Commissioner of Taxation allows.\n  Request must set out reasons\n  (3) The request must set out the reasons for making the request.\n  Commissioner of Taxation to reconsider decision\n  (4) Upon receipt of the request, the Commissioner of Taxation must reconsider the decision and may, subject to subsection (5), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.\n  Deemed confirmation of decision if delay\n  (5) If the Commissioner of Taxation does not confirm, revoke or vary a decision before the end of the period of 60 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation is taken, at the end of that period, to have confirmed the decision under subsection (4).\n  Notice of Commissioner of Taxation’s action\n  (6) If the Commissioner of Taxation confirms, revokes or varies a decision before the end of the period referred to in subsection (5), the Commissioner of Taxation must give written notice to the person telling the person:\n    (a) the result of the reconsideration of the decision; and\n    (b) the reasons for confirming, varying or revoking the decision, as the case may be.\n\n#### 83 ART review of Commissioner of Taxation’s decisions\n\n  Applications may be made to the Administrative Review Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection 82(4).\n\n#### 84 Application of the Administrative Review Tribunal Act 2024\n\n  (2) If a request is made under subsection 82(1) of this Act in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision.\n  (3) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.\n\n#### 85 Statements to accompany notification of decisions\n\n  Original decision\n  (1) If a written notice is given to a person affected by a reviewable decision telling the person that the reviewable decision has been made, that notice is to include a statement to the effect that:\n    (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 82(1); and\n    (b) the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first‑mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Reconsidered decision\n  (2) If:\n    (a) the Commissioner of Taxation confirms or varies a reviewable decision under subsection 82(4); and\n    (b) gives to a person written notice of the confirmation or variation of the decision;\n  that notice is to include a statement to the effect that the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Validity of decision\n  (3) A failure to comply with this section does not affect the validity of a decision.\n\n## Part 12—Partnerships and unincorporated associations\n\n### Division 1—Partnerships\n\n#### 86 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Partnerships are treated as if they were persons.\n\n• A document given to a partner of a partnership is treated as if it had been given to the partnership.\n\n#### 87 Treatment of partnerships\n\n  The superannuation accounts law applies to a partnership as if the partnership were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the partnership is taken to have been committed by each partner who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 88 Giving of documents to partnerships\n\n  For the purposes of this Act, if a document is given to a partner of a partnership in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the partnership.\n\n### Division 2—Unincorporated associations\n\n#### 89 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Unincorporated associations are treated as if they were persons.\n\n• A document given to a member of the committee of management of an unincorporated association is treated as if it had been given to the unincorporated association.\n\n#### 90 Treatment of unincorporated associations\n\n  Persons\n  The superannuation accounts law applies to an unincorporated association as if the unincorporated association were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the unincorporated association are imposed instead on each member of the committee of management of the association, but may be discharged by any of those members;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the unincorporated association is taken to have been committed by each member of the committee of management of the association who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the member).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 91 Giving of documents to unincorporated associations\n\n  For the purposes of this Act, if a document is given to a member of the committee of management of an unincorporated association in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the unincorporated association.\n\n## Part 12A—Government co‑contributions for low income earners\n\n#### 91A Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a Government co‑contribution payable in respect of the individual.\n\n#### 91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91C Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91D Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91E Debiting account with overpayment of Government co‑contribution\n\n  Under section 24 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a Government co‑contribution if the account includes deposits made under this Part.\n\n#### 91F Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91G Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 12B—PPL superannuation contributions\n\n#### 91H Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a PPL superannuation contribution payable for the individual.\n\n#### 91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91K Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91L Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91M Debiting account with overpayment of PPL superannuation contribution\n\n  Under section 115P of the Paid Parental Leave Act 2010, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a PPL superannuation contribution if the account includes deposits made under this Part.\n\n#### 91N Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91P Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 13—Miscellaneous\n\n#### 92 Delegation\n\n  The Finance Minister may, by writing, delegate to an officer of the Finance Department any or all of his or her powers under this Act.\n\n#### 93 Annual report\n\n  (1) The Commissioner of Taxation must, as soon as practicable after the end of each financial year, prepare and give to the Minister a report on the operation of this Act during that year.\n  (2) The Minister must cause a copy of a report given under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.\n\n#### 94 Regulations\n\n  The Governor‑General may make regulations prescribing all matters:\n    (a) required or permitted by this Act to be prescribed; or\n    (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":16},{"sectionNumber":"13","sectionType":"section","heading":"Outline of credits to accounts","content":"#### 13 Outline of credits to accounts\n\n  The following is a simplified outline of the types of credits that may be made to an individual’s account.\n\nDeposits by employers\n\n• Under section 25, the individual’s employer or former employer may make a deposit in respect of the individual. The employer or former employer will make the deposit instead of making a superannuation contribution in respect of the individual. The deposit will result in a credit to the individual’s account.\n\nSuperannuation guarantee shortfalls\n\n• Under section 65 of the Superannuation Guarantee (Administration) Act 1992, if there is a shortfall component of a payment of superannuation guarantee charge in relation to the individual, the Commissioner of Taxation may credit the shortfall component to the individual’s account.\n\nInterest\n\n• Under Part 6, interest may be credited to the individual’s account.","sortOrder":17},{"sectionNumber":"14","sectionType":"section","heading":"Outline of debits to accounts","content":"#### 14 Outline of debits to accounts\n\n  The following is a simplified outline of the types of debits that may be made to an individual’s account. These debits also involve debiting the Special Account.\n\nTransfer to superannuation fund or RSA\n\n• Under section 61, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund or RSA.\n\nBalance of less than $200—individual has ceased to be employed by all depositors\n\n• Under section 63, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\nReceipt of Commonwealth income support payments\n\n• Under section 64, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\nDisability\n\n• Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.\n\nTerminal medical condition\n\n• Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.\n\nIndividual turns 65\n\n• Under section 66, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has turned 65.\n\nIndividual at least 55 years old and not an Australian resident\n\n• Under section 67, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\nFormer temporary resident\n\n• The balance of the amount standing to the credit of an individual’s account may be debited from the Special Account if the individual is a former temporary resident.\n\nDeath of individual\n\n• Under section 68, if the individual dies, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual’s legal personal representative.\n\nRefunds of deposits\n\n• Under Part 8, an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits that were:\n\n(a) accompanied by false or defective deposit forms; or\n\n(b) made by mistake.","sortOrder":18},{"sectionNumber":"Division 4","sectionType":"division","heading":"Opening and closing of accounts","content":"An Act relating to the small superannuation accounts scheme\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n  This Act may be cited as the Small Superannuation Accounts Act 1995.\n\n#### 2 Commencement\n\n  This Act commences on 1 July 1995.\n\n#### 3 Simplified explanation\n\n  The following is a simplified explanation of this Act:\n\n• The Australian Taxation Office administers a special account. Notional accounts are kept within the special account.\n\n• The account offers employees with small balances an opportunity to avoid the erosion of those balances by fees.\n\n• Employees may request that account balances be transferred to a nominated superannuation fund or RSA.\n\n• Except in special cases, employees will not have direct access to their account balances.\n\n• Interest will be calculated on the daily balance of the account and credited to the account on a quarterly basis.\n\n• Interest is exempt from income tax.\n\n• If an account balance exceeds $1,200, interest will only be credited on the first $1,200 of the balance. This is an incentive for employees to request that balances of more than $1,200 be transferred to a superannuation fund.\n\n• Under the Income Tax Assessment Act 1936, employers may get income tax deductions for deposits. There is an annual deduction limit of $1,200 per employee.\n\n• Under the Superannuation Guarantee (Administration) Act 1992, deposits made by an employer will be treated as superannuation contributions.\n\n• The accounts may also be credited with Government co‑contributions payable under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003. The rules for these deposits differ in some respects from those that apply to other deposits.\n\n#### 4 Definitions\n\n  In this Act, unless the contrary intention appears:\n\n> account means a notional account kept in accordance with section 12.\n\n> child, of a person, means a child of the person within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.\n\n> Note: The Income Tax Assessment Act 1997 defines complying superannuation fund by reference to section 45 of the Superannuation Industry (Supervision) Act 1993.\n\n> dependant, in relation to an individual, includes the spouse and any child of the person.\n\n> Note: This expression is only used in the definition of superannuation contribution.\n\n> deposit means a payment under section 25.\n\n> deposit form means a statement under section 26.\n\n> depositor means a person who makes a payment under section 25.\n\n> employee has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employee.\n\n> employer has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employer.\n\n> employment has a meaning corresponding to employee and employer.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Government co‑contribution in respect of an individual means a Government co‑contribution payable in respect of the individual under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003.\n\n> leave Australia has the same meaning as in the Migration Act 1958.\n\n> person has a meaning affected by sections 87 and 90.\n\n> Note 1: Under section 87, partnerships are treated as persons.\n\n> Note 2: Under section 90, unincorporated associations are treated as persons.\n\n> PPL superannuation contribution for an individual has the same meaning as in the Paid Parental Leave Act 2010.\n\n> provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> quarter means a period of 3 months beginning on 1 July, 1 October, 1 January or 1 April in:\n\n    (a) the financial year beginning on 1 July 1995; or\n    (b) any later financial year.\n\n> RSA has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> Special Account means the Superannuation Holding Accounts Special Account continued in existence by section 8.\n\n> spouse of a person includes:\n\n    (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and\n    (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.\n\n> Note: This expression is only used in the definition of dependant.\n\n> superannuation accounts law means:\n\n    (a) this Act; and\n    (b) the regulations; and\n    (c) Part III of the Taxation Administration Act 1953, in so far as that Part relates to this Act or the regulations.\n\n> superannuation contribution, in relation to an individual, means a contribution made to a superannuation fund, an RSA or a superannuation scheme for the purpose of making provision for superannuation benefits for, or for dependants of, the individual.\n\n> superannuation fund means a provident, benefit, superannuation or retirement fund.\n\n> superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits.\n\n> tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.\n\n> Unallocated Interest Pool means the Unallocated Interest Pool kept in accordance with section 42.\n\n#### 5 Crown to be bound\n\n  This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n\n#### 6 Act to be administered by the Commissioner of Taxation\n\n  The Commissioner of Taxation has the general administration of this Act.\n\n> Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.\n\n## Part 2—Superannuation Holding Accounts Special Account\n\n#### 7 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Superannuation Holding Accounts Special Account is continued in existence.\n\n• The Special Account is not a superannuation fund.\n\n#### 8 Superannuation Holding Accounts Special Account\n\n  (1) The Superannuation Holding Accounts Account is continued in existence as the Superannuation Holding Accounts Special Account.\n\n> Note: The Superannuation Holding Accounts Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.\n\n  (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 9 Special Account is not a superannuation fund\n\n  Special Account is not a superannuation fund\n  (1) For the purposes of a law of the Commonwealth:\n    (a) the Special Account is taken not to be a superannuation fund; and\n    (b) the scheme embodied in this Act is taken not to be a superannuation scheme.\n  Avoidance of doubt\n  (2) Subsection (1) is enacted to avoid doubt.\n\n## Part 3—Accounts\n\n### Division 1—Simplified outline\n\n#### 11 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Notional accounts are to be kept within the Special Account in the names of particular individuals.\n\n• Section 13 outlines credits to accounts.\n\n• Section 14 outlines debits to accounts.\n\n• The Commissioner of Taxation may open or close an account.\n\n• Accounts may have a nil balance.\n\n• An individual may only have one account.\n\n• Account balances are not held on trust.\n\n• An individual’s account balance will be notified to the individual in certain circumstances.\n\n### Division 2—Keeping of accounts\n\n#### 12 Accounts\n\n  Accounts to be kept\n  (1) Separate notional accounts are to be kept within the Special Account in the names of particular individuals.\n  Individual’s account\n  (2) An account kept in the name of an individual is to be known as the individual’s account.\n\n> Note: Section 4 provides that account means a notional account kept in accordance with this section.\n\n### Division 3—Outline of credits and debits to accounts\n\n#### 13 Outline of credits to accounts\n\n  The following is a simplified outline of the types of credits that may be made to an individual’s account.\n\nDeposits by employers\n\n• Under section 25, the individual’s employer or former employer may make a deposit in respect of the individual. The employer or former employer will make the deposit instead of making a superannuation contribution in respect of the individual. The deposit will result in a credit to the individual’s account.\n\nSuperannuation guarantee shortfalls\n\n• Under section 65 of the Superannuation Guarantee (Administration) Act 1992, if there is a shortfall component of a payment of superannuation guarantee charge in relation to the individual, the Commissioner of Taxation may credit the shortfall component to the individual’s account.\n\nInterest\n\n• Under Part 6, interest may be credited to the individual’s account.\n\n#### 14 Outline of debits to accounts\n\n  The following is a simplified outline of the types of debits that may be made to an individual’s account. These debits also involve debiting the Special Account.\n\nTransfer to superannuation fund or RSA\n\n• Under section 61, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund or RSA.\n\nBalance of less than $200—individual has ceased to be employed by all depositors\n\n• Under section 63, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\nReceipt of Commonwealth income support payments\n\n• Under section 64, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\nDisability\n\n• Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.\n\nTerminal medical condition\n\n• Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.\n\nIndividual turns 65\n\n• Under section 66, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has turned 65.\n\nIndividual at least 55 years old and not an Australian resident\n\n• Under section 67, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\nFormer temporary resident\n\n• The balance of the amount standing to the credit of an individual’s account may be debited from the Special Account if the individual is a former temporary resident.\n\nDeath of individual\n\n• Under section 68, if the individual dies, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual’s legal personal representative.\n\nRefunds of deposits\n\n• Under Part 8, an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits that were:\n\n(a) accompanied by false or defective deposit forms; or\n\n(b) made by mistake.\n\n### Division 4—Opening and closing of accounts\n\n#### 15 Opening of accounts\n\n  Power\n  (1) The Commissioner of Taxation may open an account in the name of a particular individual.\n  Duty\n  (2) The Commissioner of Taxation must open an account in the name of a particular individual if:\n    (a) the individual does not already have an account; and\n    (b) a person makes a deposit, or a purported deposit, in respect of the individual.\n  Payment split under Family Law Act\n  (3) If an account is subject to a payment split, then the Commissioner may open an account in the name of the non‑member spouse.\n  (4) The balance of the account when it is opened is an amount worked out in accordance with the regulations.\n  (5) The balance of the member spouse’s account is to be reduced by the amount worked out under subsection (4).\n  (6) The Commissioner must give the member spouse a written notice setting out the balance (if any) of the member spouse’s account after the reduction.\n  (7) In this section:\n\n> member spouse means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> non‑member spouse means a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n#### 16 Closing of accounts\n\n  The Commissioner of Taxation may close an individual’s account if the balance of the account is nil and:\n    (a) the balance of the account was nil throughout the preceding period of 2 years; or\n    (b) the balance of the account has been withdrawn under section 61, 65, 65A, 66, 67, 67A or 91E; or\n    (c) the individual has died; or\n    (d) the individual asks the Commissioner of Taxation to close the account; or\n    (e) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n> Note 1: Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.\n\n> Note 2: Section 65 deals with individuals who retire because of disability.\n\n> Note 2A: Section 65A deals with individuals in relation to whom terminal medical conditions exist.\n\n> Note 3: Section 66 deals with individuals who have turned 65.\n\n> Note 4: Section 67 deals with individuals who are not Australian residents for income tax purposes etc.\n\n> Note 5: Section 67A deals with individuals who have permanently departed from Australia.\n\n> Note 6: Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.\n\n### Division 5—Rules about accounts\n\n#### 17 Accounts may have a nil balance\n\n  Nil balance\n  (1) An account may have a nil balance.\n  Examples\n  (2) The following are examples of cases where an account might have a nil balance:\n    (a) no money has been credited to the account;\n    (b) the balance of the account has been withdrawn under Part 7;\n    (c) the balance of the account has been refunded to an employer or former employer under Part 8;\n    (d) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n#### 18 One account per individual\n\n  Only one account\n  (1) Only one account may be kept in respect of a particular individual.\n  Amalgamation etc.\n  (2) A contravention of subsection (1) does not affect the validity of an account. However, if the Commissioner of Taxation becomes aware that 2 or more accounts are being kept in respect of the same individual, the Commissioner of Taxation must amalgamate the accounts into a single account.\n\n#### 19 Account balances not held on trust etc.\n\n  (1) Money credited to an individual’s account is not held on trust.\n  (2) The Commonwealth is not liable to pay, repay or refund money credited to an individual’s account except as provided by this Act.\n\n> Note: Under section 69A of the Superannuation Guarantee (Administration) Act 1992, if a shortfall component of superannuation guarantee charge has been incorrectly credited to an individual’s account, the account may be debited for the purposes of reversing the credit.\n\n### Division 6—Notification of account balances\n\n#### 20 Notification of opening balance\n\n  As soon as practicable after the first occasion on which an amount is credited to an individual’s account, the Commissioner must give the individual a written notice setting out the balance of the account.\n\n#### 21 Individual may request details of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual asks the Commissioner of Taxation to give the individual a written notice setting out the balance of the account.\n  Form of request\n  (2) The request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with request\n  (3) The Commissioner of Taxation must comply with the request.\n\n#### 22 Annual notification of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account exceeds nil as at the end of a financial year; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the end of the financial year, the Commissioner of Taxation must give the individual a written notice setting out the balance of the account as at the end of the financial year.\n\n#### 23 Notification when account balance reaches $1,200\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:\n    (a) setting out the balance of the account; and\n    (b) explaining the effect of sections 49 and 61; and\n    (c) suggesting that the individual make a request under section 61.\n\n> Note 1: Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.\n\n> Note 2: Section 61 provides for the transfer of the balance of the account to a superannuation fund.\n\n## Part 4—Deposits\n\n#### 24 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit.\n\n• The deposit must be accompanied by a deposit form.\n\n• The deposit form must include certain declarations.\n\n• The 2 key declarations are:\n\n(a) that the depositor is the employer, or former employer, of the individual; and\n\n(b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.\n\n• A defect in the deposit form will not result in the invalidity of the deposit.\n\n• A deposit form may deal with multiple payments.\n\n• Deposits are not held on trust.\n\n#### 25 Deposits\n\n  A person (the depositor) may make a payment (the deposit) to the Commissioner of Taxation under this section in respect of an individual if, and only if, the payment is made before 1 July 2006.\n\n#### 26 Deposit to be accompanied by deposit form\n\n  The deposit must be accompanied by a written statement (the deposit form) that:\n    (a) is in a form approved in writing by the Commissioner of Taxation; and\n    (b) contains the information required by the form to be given; and\n    (c) contains the declarations required by sections 27, 28, 29 and 30; and\n    (d) sets out the individual’s tax file number (if known to the depositor); and\n    (e) is signed by or on behalf of the depositor.\n\n#### 27 Deposit to be made by employer or former employer\n\n  The deposit form must include a declaration that the depositor is the employer, or former employer, of the individual.\n\n#### 28 Deposit to be instead of superannuation contributions\n\n  The deposit form must include a declaration that the depositor is making the deposit:\n    (a) in respect of the employment, or former employment, of the individual by the depositor; and\n    (b) instead of making a superannuation contribution:\n    (i) in respect of the individual; and\n    (ii) of an amount equal to the deposit.\n\n#### 29 Deposit to be consistent with other laws etc.\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the making of the deposit does not contravene:\n    (a) a law of the Commonwealth (other than this Act) or a law of a State or Territory; or\n    (b) an award, order, determination or industrial agreement in force under such a law; or\n    (c) a legally enforceable agreement.\n\n#### 30 Age limit\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the individual was under 70 on at least one day during the period of employment to which the deposit relates.\n\n#### 31 Consequences of false declarations etc.\n\n  If the deposit is accompanied by a deposit form, or a purported deposit form, that:\n    (a) contains a declaration, or information, that is false or misleading; or\n    (b) has some other defect or irregularity;\n  that circumstance does not result in the invalidity of the deposit. However, it may result in the deposit being refunded under Part 8.\n\n> Note 1: A false or misleading statement may result in criminal liability under Part III of the Taxation Administration Act 1953.\n\n> Note 2: A false or misleading declaration may result in an employer being denied:\n\n    (a) an income tax deduction under section 82AAF of the Income Tax Assessment Act 1936; and\n    (b) concessional treatment under section 23 of the Superannuation Guarantee (Administration) Act 1992.\n\n#### 33 Deposit not held on trust etc.\n\n  (1) A deposit, or purported deposit, made in respect of an individual is not held on trust.\n  (2) A deposit, or purported deposit, made in respect of an individual is not repayable or refundable except as provided by this Act.\n\n## Part 5—Crediting of deposits\n\n#### 34 Simplified outline\n\n  The following is a simplified outline of this Part:\n\nDeposits are to be credited to accounts by following these steps:\n\n• credit the deposit to the Special Account;\n\n• credit the deposit to the individual’s account.\n\n#### 35 Crediting of deposits\n\n  Step 1—Credit to Special Account\n  (1) An amount equal to a deposit or purported deposit made in respect of an individual is to be credited to the Special Account.\n  Step 2—Credit to individual’s account\n  (2) As soon as practicable after the amount is credited to the Special Account, the individual’s account is to be credited with an amount equal to the deposit or purported deposit.\n\n## Part 6—Crediting of interest\n\n### Division 1—Simplified outline\n\n#### 36 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Interest is funded by crediting amounts to the Special Account.\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n• The allocation day is published in the Gazette.\n\n• The rate at which interest accrues is called the allocation rate.\n\n• The allocation rate is published in the Gazette.\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n### Division 2—Gross interest amount and net interest amount\n\n#### 37 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The expressions gross interest amount and net interest amount are defined.\n\n• Those expressions are used to work out:\n\n(a) how interest is funded; and\n\n(b) the rate at which interest accrues to an account.\n\n#### 38 Gross interest amount\n\n  For the purposes of this Part, the gross interest amount for a quarter is the sum of the following amounts:\n    (a) the income derived by the Commonwealth during the quarter from the investment of amounts standing to the credit of the Special Account;\n    (b) the amount (if any) determined by the Finance Minister in relation to the quarter having regard to the amount standing to the credit of the Special Account that remains uninvested from time to time during the quarter.\n\n#### 39 Net interest amount\n\n  Net interest amount\n  (1) For the purposes of this Part, the net interest amount for a quarter is the gross interest amount for the quarter, reduced (but not below 0) by the sum of:\n    (a) the amount determined by the Commissioner of Taxation, where the amount represents a fair approximation of the costs incurred by the Commonwealth during the quarter in connection with the administration of this Act; and\n    (b) the amount, or the total of the amounts, allocated to the quarter under subsection (3).\n\n> Note: Gross interest amount is defined by section 38.\n\n  Carry‑forward amount\n  (2) For the purposes of this section, if:\n    (a) the amount determined under paragraph (1)(a) in relation to a quarter;\n  exceeds:\n    (b) the gross interest amount for the quarter;\n  the excess is taken to be the carry‑forward amount for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation of carry‑forward amounts\n  (3) For the purposes of this section, the Finance Minister may determine that:\n    (a) a carry‑forward amount for a quarter is to be allocated to a later quarter; or\n    (b) different parts of the carry‑forward amount for a quarter are to be allocated to different later quarters.\n  Amortisation\n  (4) For the purposes of this section, capital costs and development costs are to be amortised in accordance with generally accepted accounting principles.\n  Investment costs\n  (5) For the purposes of this section, the costs incurred by the Commonwealth in connection with the investment of amounts standing to the credit of the Special Account are taken to have been incurred in connection with the administration of this Act.\n\n### Division 3—Funding of interest\n\n#### 40 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest is funded by crediting the net interest amount to the Special Account.\n\n• An Unallocated Interest Pool is to be kept within the Special Account.\n\n• Unallocated interest is represented by the balance of the Unallocated Interest Pool.\n\n• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.\n\n• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.\n\n#### 41 Crediting of net interest amount to the Special Account\n\n  As soon as practicable after the end of a quarter, an amount equal to the net interest amount for the quarter is to be credited to the Special Account.\n\n> Note: Net interest amount is defined by section 39.\n\n#### 42 Unallocated Interest Pool\n\n  Pool\n  (1) For accounting purposes, a separate notional subcomponent, called the Unallocated Interest Pool, is to be kept within the Special Account.\n  Credits to Pool\n  (2) An amount credited to the Special Account under section 41 is to be credited to the Unallocated Interest Pool.\n  Debits from Pool\n  (3) The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual’s account.\n\n#### 43 Supplementation of Unallocated Interest Pool\n\n  When section applies\n  (1) This section applies if the Finance Minister is satisfied that:\n    (a) the balance of the Unallocated Interest Pool is nil; or\n    (b) the balance of the Unallocated Interest Pool is, or is likely to be, insufficient to meet the requirements of the Unallocated Interest Pool.\n  Supplementation\n  (2) The Finance Minister may determine that the Unallocated Interest Pool is to be supplemented by a specified amount.\n  Crediting of the supplementation amount\n  (3) The specified amount is to be credited to the Special Account.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the specified amount.\n\n#### 44 Debiting of unallocated interest\n\n  (1) If the Commissioner of Taxation is satisfied that the balance of the Unallocated Interest Pool exceeds the requirements of the Unallocated Interest Pool, the Commissioner of Taxation must determine that the excess is surplus to the requirements of the Unallocated Interest Pool.\n  (2) The Unallocated Interest Pool is to be debited by an amount equal to the excess.\n  (3) An amount equal to the excess is to be debited from the Special Account.\n\n### Division 4—Allocation day and allocation rate\n\n#### 45 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The allocation day for a quarter is published in the Gazette. The allocation day is the day on which interest is credited to accounts.\n\n• The allocation rate for a quarter is published in the Gazette. The allocation rate is the rate at which interest accrues to an account.\n\n• The allocation rate is worked out under section 47.\n\n#### 46 Gazettal of allocation day and allocation rate\n\n  (1) As soon as practicable after an amount is credited to the Special Account under section 41 in respect of a quarter (the current quarter), the Commissioner of Taxation must, by notice published in the Gazette, declare that, for the purposes of this Part:\n    (a) a specified day in the quarter next following the current quarter is the allocation day for the current quarter; and\n    (b) a specified percentage is the allocation rate for the current quarter.\n\n> Note: To work out the allocation rate see section 47.\n\n  (2) The declaration has effect accordingly.\n\n#### 47 Calculation of the allocation rate\n\n  Application of steps\n  (1) To work out the allocation rate for a quarter, apply the following steps.\n  Adjusted total balances\n  (2) Calculate the adjusted total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  For the purposes of this calculation, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n  Provisional rate\n  (3) Calculate the provisional rate for the quarter as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Net interest amount over Adjusted total balances end fraction times 100 end formula](image.002.png)\n  where:\n\n> Net interest amount means the net interest amount for the quarter;\n\n> Adjusted total balances means the adjusted total balances for the quarter.\n\n> Note: Net interest amount is defined by section 39.\n\n  Total balances\n  (4) Calculate the total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  Capped rate\n  (5) Calculate the capped rate as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Gross interest amount over Total balances end fraction times 100 end formula](image.003.png)\n  where:\n\n> Gross interest amount means the gross interest amount for the quarter;\n\n> Total balances means the total balances for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation rate—comparison between provisional rate and capped rate\n  (6) Compare the provisional rate with the capped rate:\n    (a) if the provisional rate is less than or equal to the capped rate—the allocation rate equals the provisional rate; or\n    (b) if the provisional rate exceeds the capped rate—the allocation rate equals the capped rate.\n\n### Division 5—Crediting of interest\n\n#### 48 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n#### 49 Accrual of interest on first $1,200 of daily balance\n\n  (1) Interest accrues to an account each day on the balance of the account as at the end of that day.\n  (2) For the purposes of this Division, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n\n#### 50 Rate of accrual, and crediting, of interest\n\n  When section applies\n  (1) This section applies to interest that accrues under section 49.\n  Allocation day event, withdrawal event and inactive account debit event\n  (2) Both:\n    (a) the rate of accrual of interest to an account in respect of a particular day (the accrual day) in a particular quarter; and\n    (b) the time at which accrued interest in respect of the accrual day is to be credited to the account;\n  depends on whichever of the following events first happens after the accrual day:\n    (c) the occurrence of the allocation day for the quarter (this event is to be known as the allocation day event);\n    (d) the withdrawal under Part 7 of the balance of the account (this event is to be known as the withdrawal event);\n    (e) the debiting of the balance of the account from the Special Account under Part 9 (this event is to be known as the inactive account debit event).\n  Allocation day event\n  (3) If the allocation day event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Allocation rate over Total number of days in the quarter end fraction end formula](image.004.png)\n    where:\n\n> Allocation rate means the allocation rate for the quarter; and\n\n    (b) the accrued interest is to be credited to the account on the allocation day.\n  Withdrawal event\n  (4) If the withdrawal event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day before the day of the withdrawal.\n  Inactive account debit event\n  (5) If the inactive account debit event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day of the debit.\n  Transitional—withdrawal event before first allocation day\n  (6) Despite paragraph (4)(a), if the withdrawal event occurs before the allocation day for the quarter beginning on 1 July 1995, that paragraph has effect, in relation to that event, as if the adjusted allocation rate were 0.4% or such higher rate as the Finance Minister determines.\n\n#### 51 Rounding up\n\n  If the total amount of interest to be credited to an account on a particular day (when expressed as a number of cents) is not a number of whole cents, that total must be rounded up to the nearest cent.\n\n### Division 6—Interest not to accrue in certain cases\n\n#### 52 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n#### 53 Interest does not accrue on refunded deposits\n\n  No interest\n  (1) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8.\n  Reversing interest credit\n  (2) If interest has been credited to an individual’s account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.\n  Unallocated Interest Pool to be credited\n  (3) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).\n\n#### 54 Interest does not accrue on shortfall components incorrectly credited to accounts\n\n  When section applies\n  (1) This section applies if:\n    (a) an amount credited to an account under section 65 of the Superannuation Guarantee (Administration) Act 1992 exceeds the amount that should have been credited to the account; and\n    (b) the balance of the account is attributable, in whole or in part, to the credit.\n  No interest\n  (2) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of the account as is attributable to the excess.\n  Debit reversing interest credit\n  (3) If interest has been credited to the account in contravention of subsection (2), the Commissioner of Taxation must debit the account by the amount of the credit.\n  Unallocated Interest Pool to be credited\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n#### 55 Amalgamated accounts—no interest if $1,200 limit avoided\n\n  When section applies\n  (1) This section applies if:\n    (a) the Commissioner becomes aware that 2 or more accounts (the separate accounts) are being kept in respect of the same individual; and\n    (b) the Commissioner of Taxation amalgamates the separate accounts into a single account; and\n    (c) immediately after the amalgamation, the balance of the amalgamated account exceeds $1,200.\n\n> Note: Section 18 empowers the Commissioner to amalgamate the separate accounts.\n\n  No interest if $1,200 limit avoided\n  (2) If, because of the $1,200 limit referred to in subsection 49(2):\n    (a) the total amount of interest that accrued to the separate accounts before the day of the amalgamation;\n  exceeds:\n    (b) the total amount of interest that would have accrued to the amalgamated account if it were assumed that the amalgamated account had been in existence at all times since the earliest time at which any of the separate accounts was opened;\n  then, despite section 49, the excess interest is taken never to have accrued under that section.\n  Debit to amalgamated account\n  (3) If excess interest has been credited in contravention of subsection (2), the Commissioner of Taxation must debit the amalgamated account by an amount equal to the amount of the credit.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n## Part 7—Withdrawal of account balances\n\n### Division 1—Simplified outline\n\n#### 56 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• There are 3 types of withdrawals of account balances:\n\n(a) transfers of account balances to superannuation funds or RSAs;\n\n(b) direct withdrawals of account balances by individuals;\n\n(c) withdrawals of account balances after death.\n\n• Under Part 8, a depositor has 14 days to apply for a refund of a deposit on the grounds that the deposit was made by mistake. During the 14‑day period, the individual’s account will be frozen.\n\n### Division 2—No withdrawals for 14 days after deposit credited to account etc.\n\n#### 57 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• An individual’s account will be frozen for 14 days after a deposit is credited to the account.\n\n• The delay gives the depositor a chance to apply for a refund of the deposit.\n\n• If the depositor applies for a refund of the deposit, the 14‑day period will be extended until the application is finalised.\n\n• Accounts will be frozen for 14 days after a shortfall component is credited to the account.\n\n• The delay gives the Commissioner of Taxation a chance to correct mistakes.\n\n#### 58 No withdrawals for 14 days after deposit credited to account etc.\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a deposit, or purported deposit, was made in respect of the individual; and\n    (b) as a result of the deposit or purported deposit, an amount was credited to the account under Part 5 at a particular time (the deposit time); and\n    (c) a request under this Part (the individual’s request) is made during the period of 14 days beginning at the deposit time.\n  Individual’s request frozen for 14 days\n  (2) The individual’s request has no effect at any time during that 14‑day period.\n\n> Note: This gives the depositor a chance to apply for a refund of the deposit.\n\n  Individual’s request frozen for additional period\n  (3) If an application for a refund of the deposit or purported deposit was made under section 73 during that 14‑day period, then:\n    (a) if the refund application is granted—the individual’s request has no effect at any time; or\n    (b) if the refund application is refused—the individual’s request has no effect at a particular time if:\n    (i) the time is after the refund application is made but before the end of the period of 21 days after the giving of the notice of refusal; or\n    (ii) if, during that 21‑day period, the refund applicant asks the Commissioner of Taxation to reconsider the refund application—the time is during the period when that reconsideration, or any later application to the Administrative Review Tribunal, has not been finalised.\n  (3A) For the purposes of subsection (3), a reference to the Administrative Review Tribunal is taken to include a reference to the Administrative Appeals Tribunal.\n  When reconsiderations finalised\n  (4) For the purposes of this section, a reconsideration of a decision is taken not to have been finalised during the period of 28 days after:\n    (a) if, because of the operation of subsection 82(5), the decision is taken to be confirmed—the day on which the decision is taken to have been confirmed; or\n    (b) in any other case—the day on which the decision on the reconsideration is notified to the refund applicant.\n\n#### 59 No withdrawals for 14 days after shortfall component credited to account\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) an amount was credited to the account under section 65 of the Superannuation Guarantee (Administration) Act 1992 at a particular time (the credit time); and\n    (b) a request under this Part is made during the period of 14 days beginning at the credit time.\n  Request frozen for 14 days\n  (2) The request has no effect at any time during that 14‑day period.\n\n> Note: This gives the Commissioner a chance to correct mistakes.\n\n### Division 3—Timing of withdrawals\n\n#### 60 Timing of withdrawals\n\n  24‑hour delay\n  (1) If a request is made under this Part, the Commissioner of Taxation must wait at least 24 hours before complying with the request.\n\n> Note: This delay enables interest to be credited to the account.\n\n  When withdrawal occurs\n  (2) For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.\n\n### Division 4—Transfer of account balances to RSAs and superannuation funds\n\n#### 61 Transfer to RSA or superannuation fund\n\n  Transfer request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the transfer request) to transfer the account balance to a specified RSA or to the trustee of a specified fund for the benefit of the individual; and\n    (b) the fund passes the compliance test set out in subsection (2).\n\n> Note: Subsection (7) provides for the transfer request to be given by the individual personally or by the trustee acting on behalf of the individual.\n\n  Compliance test for funds\n  (2) For the purposes of this section, a fund passes the compliance test if:\n    (a) the fund is an exempt public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or\n    (b) at the time of the transfer request, the Commissioner of Taxation has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:\n    (i) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and\n    (ii) is not subject to a direction under section 63 of that Act.\n\n> Note: Section 63 of the Superannuation Industry (Supervision) Act 1993 deals with funds that have been directed not to accept contributions from an employer‑sponsor.\n\n  Form of transfer request\n  (3) The transfer request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with transfer request\n  (4) The Commissioner of Taxation must pay to the provider of the RSA, or to the trustee, for the benefit of the individual, an amount equal to the account balance immediately before the payment is made. However, this rule does not apply if the Commissioner of Taxation is satisfied that the RSA provider or the trustee is unwilling to accept the payment.\n  Special Account to be debited\n  (5) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (6) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Authorisation of trustee by individual etc.\n  (7) The transfer request may be given by:\n    (a) the individual personally; or\n    (b) the RSA provider or the trustee acting on the individual’s behalf in accordance with an authority given by the individual.\n  If paragraph (b) applies, the transfer request must be accompanied by a copy of the authority.\n  Form of authorisation\n  (8) An authority referred to in subsection (7) must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Definitions\n  (9) In this section:\n\n> fund includes a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> trustee has the same meaning as in the Superannuation Industry (Supervision) Act 1993.\n\n#### 61A Commissioner may transfer account balance to RSA or superannuation fund\n\n  (1) The Commissioner of Taxation may pay the balance of an individual’s account to:\n    (a) an RSA of the individual; or\n    (b) the trustee of a complying superannuation fund for crediting to an account of the individual within that fund.\n  (2) To avoid doubt, the Commissioner of Taxation may make the payment under subsection (1) without a request from the individual under section 61.\n  (3) The Special Account is debited for the purposes of making the payment under subsection (1).\n  (4) When the payment under subsection (1) is made, the individual’s account is debited by the amount of the payment.\n  (5) In this section:\n\n> trustee of a superannuation fund means:\n\n    (a) if there is a trustee (within the ordinary meaning of that expression) of the fund—the trustee; or\n    (b) otherwise—the person who manages the fund.\n\n### Division 5—Direct withdrawals of account balances by individuals\n\n#### 62 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The balance of an individual’s account may be withdrawn if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\n• The balance of an individual’s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\n• The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.\n\n• The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.\n\n• The balance of an individual’s account may be withdrawn if the individual has turned 65.\n\n• The balance of an individual’s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n• The balance of an individual’s account may be withdrawn if the individual is a former temporary resident.\n\n#### 63 Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account is attributable, in whole or in part, to:\n    (i) one or more deposits, or purported deposits, made by one or more employers or former employers of the individual; or\n    (ii) one or more shortfall components of payments of superannuation guarantee charge made by one or more employers or former employers of the individual; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual has ceased to be employed by each of the employers or former employers; and\n    (c) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (d) the balance of the account is less than $200 immediately before the time when the account balance is withdrawn.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 64 Withdrawal of account balance—receipt of Commonwealth income support payments\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual has been in receipt of one or more Commonwealth income support payments for:\n    (i) if the person is at least 55 years of age—a period of at least 39 weeks, or for 2 or more periods that total at least 39 weeks, since the person turned 55; or\n    (ii) in any case—for an unbroken period of at least 26 weeks (other than such a period that ended before the withdrawal request was given); and\n    (c) the individual gives the Commissioner of Taxation:\n    (i) written evidence of the individual’s receipt of relevant Commonwealth income support payments provided by the Commonwealth Department or agency that is responsible for administering the payment; or\n    (ii) such other evidence of the individual’s receipt of relevant Commonwealth income support payments as is prescribed.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  (6) For the purposes of subparagraph (1)(b)(ii), if an individual obtains evidence covered by subparagraph (1)(c)(i), the individual is, subject to evidence to the contrary, to be taken to have continued to have received the Commonwealth income support payment concerned for 21 days after the date of the written evidence.\n  (7) In this section:\n\n> Commonwealth income support payment means:\n\n    (a) any of the following payments (as defined in section 23 of the Social Security Act 1991):\n    (i) a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full‑time study);\n    (ii) a social security pension;\n    (iii) a service pension;\n    (iv) an income support supplement; or\n    (e) any other payment prescribed for the purposes of this definition.\n\n#### 65 Withdrawal of account balance—retirement on grounds of disability\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not in employment; and\n    (c) the individual last ceased to be an employee because of the disability of the individual; and\n    (d) 2 legally qualified medical practitioners have certified that the disability is likely to result in the individual being unable ever to be employed in a capacity for which the individual is reasonably qualified because of education, training or experience.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 65A Withdrawal of account balance—terminal medical condition\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 66 Withdrawal of account balance—individual turns 65\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual has turned 65.\n  Withdrawal decision\n  (2) The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.\n  Withdrawal request\n  (3) The individual may give the Commissioner of Taxation a request (the withdrawal request) to make a payment under subsection (2).\n  Form of withdrawal request\n  (4) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (5) The Commissioner of Taxation must comply with the withdrawal request.\n  Special Account to be debited\n  (6) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (7) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 67 Withdrawal of account balance—individual not an Australian resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not a resident (within the meaning of the Income Tax Assessment Act 1936); and\n    (ba) the individual is at least 55 years old when he or she gives the withdrawal request; and\n    (c) the individual satisfies the Commissioner of Taxation that:\n    (i) the individual is not in employment; or\n    (ii) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n> Note: Australia is defined by subsection (6).\n\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Definition\n  (6) In this section:\n\n> Australia has the same meaning as in the Income Tax Assessment Act 1936.\n\n#### 67A Withdrawal of account balance—former temporary resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that before, on or after the commencement of this section, the individual:\n    (i) was, under the Migration Act 1958, the holder of a temporary visa that has ceased to be in effect; and\n    (ii) left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and\n    (c) the individual satisfies the Commissioner of Taxation that the individual:\n    (i) is not, under the Migration Act 1958, the holder of a permanent visa; and\n    (ii) is neither an Australian citizen nor a New Zealand citizen.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 6—Withdrawals of account balances after death\n\n#### 68 Withdrawal of account balance—death of individual\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual has died; and\n    (b) the individual’s legal personal representative gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the legal personal representative an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 7—Notification of refusal of requests\n\n#### 69 Notification of refusal of requests\n\n  (1) This section applies if:\n    (a) a person makes a request under this Part; and\n    (b) the Commissioner of Taxation refuses the request.\n  (2) The Commissioner of Taxation must give the person written notice of the refusal.\n\n### Division 8—Recovery of account balances\n\n#### 70 Recovery of account balances\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 8—Refunds of deposits\n\n#### 71 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Commissioner of Taxation may refund a deposit if the deposit form was false or defective.\n\n• A depositor may apply for the refund of a deposit if it was made by mistake. The refund application must be made within 14 days after the deposit was credited to the account.\n\n#### 72 Refunds—false or defective deposit forms etc.\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was accompanied by a deposit form, or a purported deposit form, that, in so far as it related to the deposit or purported deposit:\n    (i) contained a declaration, or information, that was false or misleading in a material particular; or\n    (ii) had some other defect or irregularity; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit.\n  Refund payment\n  (2) The Commissioner of Taxation may decide to pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (3) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (4) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Part 7 obligations prevail\n  (5) The Commissioner of Taxation must not exercise a power conferred by this section in a manner that would be inconsistent with an obligation imposed on him or her by Part 7.\n\n> Note: Part 7 deals with withdrawals.\n\n#### 73 Refunds—deposit made by mistake\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was paid due to a clerical error or due to some other mistake; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit; and\n    (f) within 14 days after the credit was made, the depositor or purported depositor applies to the Commissioner of Taxation for a refund of the deposit or purported deposit.\n  Form of application\n  (2) The application must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Refund payment\n  (3) The Commissioner of Taxation must pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (5) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Obligations under this section prevail over obligations under Part 7\n  (6) In the event of a conflict between:\n    (a) an obligation imposed on the Commissioner of Taxation by this section; and\n    (b) an obligation imposed on the Commissioner of Taxation by Part 7;\n  the first‑mentioned obligation prevails.\n\n> Note: Part 7 deals with withdrawals.\n\n  Notification of refusal of application\n  (7) If the Commissioner of Taxation refuses an application under this section, the Commissioner of Taxation must give the applicant written notice of the refusal.\n\n#### 74 Recovery of refunds\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 9—Inactive accounts\n\n#### 75 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• If an individual’s account is inactive for 10 years, the account balance is to be debited from the Special Account.\n\n• The individual may claim the account balance from the Commissioner of Taxation.\n\n• The Commissioner of Taxation must keep a register of individuals’ account balances debited.\n\n#### 76 No activity for 10 years\n\n  When section applies\n  (1) This section applies to an individual’s account if no amount was credited to the account under:\n    (a) Part 5 of this Act; or\n    (b) section 65 of the Superannuation Guarantee (Administration) Act 1992;\n  at any time during a period of 10 consecutive financial years.\n\n> Note 1: Part 5 of this Act deals with deposits.\n\n> Note 2: Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.\n\n  Statement to be given to the Commissioner\n  (2) As soon as practicable after the end of that period, the Commissioner must record information about the account.\n  Tax file number\n  (3) If the individual’s tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.\n  Debit from the Special Account\n  (4) As soon as practicable after the end of that period, an amount equal to the balance of the individual’s account as at the end of that period is to be debited from the Special Account.\n  Debiting of individual’s account balance\n  (5) If an amount is debited from the Special Account under subsection (4), the individual’s account is debited by an amount equal to the amount debited from the Special Account.\n  Claim by individual\n  (6) If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.\n  Claim by individual’s legal personal representative\n  (7) If:\n    (a) an amount has been debited from the Special Account under subsection (4) in respect of the individual’s account; and\n    (b) the individual has died;\n  the individual’s legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the amount debited from the Special Account in respect of the individual’s account.\n  Payments\n  (8) The Commissioner of Taxation must comply with a request under subsection (6) or (7).\n  Appropriation\n  (9) The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).\n\n#### 77 Register\n\n  In addition to the particulars that are required by section 19 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 to be set out in the register kept under that section, that register must set out:\n    (a) particulars of amounts debited from the Special Account under section 76 in respect of particular individuals; and\n    (b) particulars of the individuals, which may include the tax file numbers of the individuals.\n\n## Part 10—Tax file numbers\n\n#### 78 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• An individual may quote his or her tax file number to the Commissioner of Taxation.\n\n#### 79 Individual may quote his or her tax file number\n\n  (1) An individual may quote his or her tax file number to the Commissioner of Taxation in connection with the operation, or the possibility of the future operation, of this Act in relation to the individual.\n\n> Note: This means that an individual’s tax file number may be quoted before or after an account is opened in the name of the individual.\n\n  (2) The tax file number may be quoted:\n    (a) in response to a request made by the Commissioner of Taxation; or\n    (b) on the individual’s own initiative.\n\n## Part 11—Review of decisions\n\n#### 80 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person who is dissatisfied with a reviewable decision of the Commissioner of Taxation may seek a reconsideration of the decision.\n\n• A person who is dissatisfied with a reconsidered decision may have the reconsidered decision reviewed by the Administrative Review Tribunal.\n\n• The Commissioner of Taxation must tell people about their rights to have decisions reconsidered and reviewed.\n\n#### 81 Reviewable decisions\n\n  For the purposes of this Part, a reviewable decision is a decision made by the Commissioner of Taxation under this Act (other than a decision under Division 2, 3 or 4 of Part 6 or a decision relating to the approval of a form).\n\n> Note: Decisions under Division 2, 3 or 4 of Part 6 relate to the funding of interest and the calculation of the allocation rate etc.\n\n#### 82 Reconsideration of reviewable decisions\n\n  Request for reconsideration\n  (1) A person who is affected by a reviewable decision may, if dissatisfied with the decision, request the Commissioner of Taxation to reconsider the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  How request must be made\n  (2) The request must be made by written notice given to the Commissioner of Taxation within the period of 21 days after the day on which the person first receives notice of the decision, or within such further period as the Commissioner of Taxation allows.\n  Request must set out reasons\n  (3) The request must set out the reasons for making the request.\n  Commissioner of Taxation to reconsider decision\n  (4) Upon receipt of the request, the Commissioner of Taxation must reconsider the decision and may, subject to subsection (5), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.\n  Deemed confirmation of decision if delay\n  (5) If the Commissioner of Taxation does not confirm, revoke or vary a decision before the end of the period of 60 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation is taken, at the end of that period, to have confirmed the decision under subsection (4).\n  Notice of Commissioner of Taxation’s action\n  (6) If the Commissioner of Taxation confirms, revokes or varies a decision before the end of the period referred to in subsection (5), the Commissioner of Taxation must give written notice to the person telling the person:\n    (a) the result of the reconsideration of the decision; and\n    (b) the reasons for confirming, varying or revoking the decision, as the case may be.\n\n#### 83 ART review of Commissioner of Taxation’s decisions\n\n  Applications may be made to the Administrative Review Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection 82(4).\n\n#### 84 Application of the Administrative Review Tribunal Act 2024\n\n  (2) If a request is made under subsection 82(1) of this Act in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision.\n  (3) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.\n\n#### 85 Statements to accompany notification of decisions\n\n  Original decision\n  (1) If a written notice is given to a person affected by a reviewable decision telling the person that the reviewable decision has been made, that notice is to include a statement to the effect that:\n    (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 82(1); and\n    (b) the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first‑mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Reconsidered decision\n  (2) If:\n    (a) the Commissioner of Taxation confirms or varies a reviewable decision under subsection 82(4); and\n    (b) gives to a person written notice of the confirmation or variation of the decision;\n  that notice is to include a statement to the effect that the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Validity of decision\n  (3) A failure to comply with this section does not affect the validity of a decision.\n\n## Part 12—Partnerships and unincorporated associations\n\n### Division 1—Partnerships\n\n#### 86 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Partnerships are treated as if they were persons.\n\n• A document given to a partner of a partnership is treated as if it had been given to the partnership.\n\n#### 87 Treatment of partnerships\n\n  The superannuation accounts law applies to a partnership as if the partnership were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the partnership is taken to have been committed by each partner who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 88 Giving of documents to partnerships\n\n  For the purposes of this Act, if a document is given to a partner of a partnership in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the partnership.\n\n### Division 2—Unincorporated associations\n\n#### 89 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Unincorporated associations are treated as if they were persons.\n\n• A document given to a member of the committee of management of an unincorporated association is treated as if it had been given to the unincorporated association.\n\n#### 90 Treatment of unincorporated associations\n\n  Persons\n  The superannuation accounts law applies to an unincorporated association as if the unincorporated association were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the unincorporated association are imposed instead on each member of the committee of management of the association, but may be discharged by any of those members;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the unincorporated association is taken to have been committed by each member of the committee of management of the association who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the member).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 91 Giving of documents to unincorporated associations\n\n  For the purposes of this Act, if a document is given to a member of the committee of management of an unincorporated association in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the unincorporated association.\n\n## Part 12A—Government co‑contributions for low income earners\n\n#### 91A Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a Government co‑contribution payable in respect of the individual.\n\n#### 91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91C Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91D Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91E Debiting account with overpayment of Government co‑contribution\n\n  Under section 24 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a Government co‑contribution if the account includes deposits made under this Part.\n\n#### 91F Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91G Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 12B—PPL superannuation contributions\n\n#### 91H Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a PPL superannuation contribution payable for the individual.\n\n#### 91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91K Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91L Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91M Debiting account with overpayment of PPL superannuation contribution\n\n  Under section 115P of the Paid Parental Leave Act 2010, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a PPL superannuation contribution if the account includes deposits made under this Part.\n\n#### 91N Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91P Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 13—Miscellaneous\n\n#### 92 Delegation\n\n  The Finance Minister may, by writing, delegate to an officer of the Finance Department any or all of his or her powers under this Act.\n\n#### 93 Annual report\n\n  (1) The Commissioner of Taxation must, as soon as practicable after the end of each financial year, prepare and give to the Minister a report on the operation of this Act during that year.\n  (2) The Minister must cause a copy of a report given under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.\n\n#### 94 Regulations\n\n  The Governor‑General may make regulations prescribing all matters:\n    (a) required or permitted by this Act to be prescribed; or\n    (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":19},{"sectionNumber":"15","sectionType":"section","heading":"Opening of accounts","content":"#### 15 Opening of accounts\n\n  Power\n  (1) The Commissioner of Taxation may open an account in the name of a particular individual.\n  Duty\n  (2) The Commissioner of Taxation must open an account in the name of a particular individual if:\n    (a) the individual does not already have an account; and\n    (b) a person makes a deposit, or a purported deposit, in respect of the individual.\n  Payment split under Family Law Act\n  (3) If an account is subject to a payment split, then the Commissioner may open an account in the name of the non‑member spouse.\n  (4) The balance of the account when it is opened is an amount worked out in accordance with the regulations.\n  (5) The balance of the member spouse’s account is to be reduced by the amount worked out under subsection (4).\n  (6) The Commissioner must give the member spouse a written notice setting out the balance (if any) of the member spouse’s account after the reduction.\n  (7) In this section:\n\n> member spouse means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> non‑member spouse means a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.","sortOrder":20},{"sectionNumber":"16","sectionType":"section","heading":"Closing of accounts","content":"#### 16 Closing of accounts\n\n  The Commissioner of Taxation may close an individual’s account if the balance of the account is nil and:\n    (a) the balance of the account was nil throughout the preceding period of 2 years; or\n    (b) the balance of the account has been withdrawn under section 61, 65, 65A, 66, 67, 67A or 91E; or\n    (c) the individual has died; or\n    (d) the individual asks the Commissioner of Taxation to close the account; or\n    (e) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n> Note 1: Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.\n\n> Note 2: Section 65 deals with individuals who retire because of disability.\n\n> Note 2A: Section 65A deals with individuals in relation to whom terminal medical conditions exist.\n\n> Note 3: Section 66 deals with individuals who have turned 65.\n\n> Note 4: Section 67 deals with individuals who are not Australian residents for income tax purposes etc.\n\n> Note 5: Section 67A deals with individuals who have permanently departed from Australia.\n\n> Note 6: Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.","sortOrder":21},{"sectionNumber":"Division 5","sectionType":"division","heading":"Rules about accounts","content":"An Act relating to the small superannuation accounts scheme\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n  This Act may be cited as the Small Superannuation Accounts Act 1995.\n\n#### 2 Commencement\n\n  This Act commences on 1 July 1995.\n\n#### 3 Simplified explanation\n\n  The following is a simplified explanation of this Act:\n\n• The Australian Taxation Office administers a special account. Notional accounts are kept within the special account.\n\n• The account offers employees with small balances an opportunity to avoid the erosion of those balances by fees.\n\n• Employees may request that account balances be transferred to a nominated superannuation fund or RSA.\n\n• Except in special cases, employees will not have direct access to their account balances.\n\n• Interest will be calculated on the daily balance of the account and credited to the account on a quarterly basis.\n\n• Interest is exempt from income tax.\n\n• If an account balance exceeds $1,200, interest will only be credited on the first $1,200 of the balance. This is an incentive for employees to request that balances of more than $1,200 be transferred to a superannuation fund.\n\n• Under the Income Tax Assessment Act 1936, employers may get income tax deductions for deposits. There is an annual deduction limit of $1,200 per employee.\n\n• Under the Superannuation Guarantee (Administration) Act 1992, deposits made by an employer will be treated as superannuation contributions.\n\n• The accounts may also be credited with Government co‑contributions payable under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003. The rules for these deposits differ in some respects from those that apply to other deposits.\n\n#### 4 Definitions\n\n  In this Act, unless the contrary intention appears:\n\n> account means a notional account kept in accordance with section 12.\n\n> child, of a person, means a child of the person within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.\n\n> Note: The Income Tax Assessment Act 1997 defines complying superannuation fund by reference to section 45 of the Superannuation Industry (Supervision) Act 1993.\n\n> dependant, in relation to an individual, includes the spouse and any child of the person.\n\n> Note: This expression is only used in the definition of superannuation contribution.\n\n> deposit means a payment under section 25.\n\n> deposit form means a statement under section 26.\n\n> depositor means a person who makes a payment under section 25.\n\n> employee has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employee.\n\n> employer has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employer.\n\n> employment has a meaning corresponding to employee and employer.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Government co‑contribution in respect of an individual means a Government co‑contribution payable in respect of the individual under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003.\n\n> leave Australia has the same meaning as in the Migration Act 1958.\n\n> person has a meaning affected by sections 87 and 90.\n\n> Note 1: Under section 87, partnerships are treated as persons.\n\n> Note 2: Under section 90, unincorporated associations are treated as persons.\n\n> PPL superannuation contribution for an individual has the same meaning as in the Paid Parental Leave Act 2010.\n\n> provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> quarter means a period of 3 months beginning on 1 July, 1 October, 1 January or 1 April in:\n\n    (a) the financial year beginning on 1 July 1995; or\n    (b) any later financial year.\n\n> RSA has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> Special Account means the Superannuation Holding Accounts Special Account continued in existence by section 8.\n\n> spouse of a person includes:\n\n    (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and\n    (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.\n\n> Note: This expression is only used in the definition of dependant.\n\n> superannuation accounts law means:\n\n    (a) this Act; and\n    (b) the regulations; and\n    (c) Part III of the Taxation Administration Act 1953, in so far as that Part relates to this Act or the regulations.\n\n> superannuation contribution, in relation to an individual, means a contribution made to a superannuation fund, an RSA or a superannuation scheme for the purpose of making provision for superannuation benefits for, or for dependants of, the individual.\n\n> superannuation fund means a provident, benefit, superannuation or retirement fund.\n\n> superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits.\n\n> tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.\n\n> Unallocated Interest Pool means the Unallocated Interest Pool kept in accordance with section 42.\n\n#### 5 Crown to be bound\n\n  This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n\n#### 6 Act to be administered by the Commissioner of Taxation\n\n  The Commissioner of Taxation has the general administration of this Act.\n\n> Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.\n\n## Part 2—Superannuation Holding Accounts Special Account\n\n#### 7 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Superannuation Holding Accounts Special Account is continued in existence.\n\n• The Special Account is not a superannuation fund.\n\n#### 8 Superannuation Holding Accounts Special Account\n\n  (1) The Superannuation Holding Accounts Account is continued in existence as the Superannuation Holding Accounts Special Account.\n\n> Note: The Superannuation Holding Accounts Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.\n\n  (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 9 Special Account is not a superannuation fund\n\n  Special Account is not a superannuation fund\n  (1) For the purposes of a law of the Commonwealth:\n    (a) the Special Account is taken not to be a superannuation fund; and\n    (b) the scheme embodied in this Act is taken not to be a superannuation scheme.\n  Avoidance of doubt\n  (2) Subsection (1) is enacted to avoid doubt.\n\n## Part 3—Accounts\n\n### Division 1—Simplified outline\n\n#### 11 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Notional accounts are to be kept within the Special Account in the names of particular individuals.\n\n• Section 13 outlines credits to accounts.\n\n• Section 14 outlines debits to accounts.\n\n• The Commissioner of Taxation may open or close an account.\n\n• Accounts may have a nil balance.\n\n• An individual may only have one account.\n\n• Account balances are not held on trust.\n\n• An individual’s account balance will be notified to the individual in certain circumstances.\n\n### Division 2—Keeping of accounts\n\n#### 12 Accounts\n\n  Accounts to be kept\n  (1) Separate notional accounts are to be kept within the Special Account in the names of particular individuals.\n  Individual’s account\n  (2) An account kept in the name of an individual is to be known as the individual’s account.\n\n> Note: Section 4 provides that account means a notional account kept in accordance with this section.\n\n### Division 3—Outline of credits and debits to accounts\n\n#### 13 Outline of credits to accounts\n\n  The following is a simplified outline of the types of credits that may be made to an individual’s account.\n\nDeposits by employers\n\n• Under section 25, the individual’s employer or former employer may make a deposit in respect of the individual. The employer or former employer will make the deposit instead of making a superannuation contribution in respect of the individual. The deposit will result in a credit to the individual’s account.\n\nSuperannuation guarantee shortfalls\n\n• Under section 65 of the Superannuation Guarantee (Administration) Act 1992, if there is a shortfall component of a payment of superannuation guarantee charge in relation to the individual, the Commissioner of Taxation may credit the shortfall component to the individual’s account.\n\nInterest\n\n• Under Part 6, interest may be credited to the individual’s account.\n\n#### 14 Outline of debits to accounts\n\n  The following is a simplified outline of the types of debits that may be made to an individual’s account. These debits also involve debiting the Special Account.\n\nTransfer to superannuation fund or RSA\n\n• Under section 61, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund or RSA.\n\nBalance of less than $200—individual has ceased to be employed by all depositors\n\n• Under section 63, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\nReceipt of Commonwealth income support payments\n\n• Under section 64, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\nDisability\n\n• Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.\n\nTerminal medical condition\n\n• Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.\n\nIndividual turns 65\n\n• Under section 66, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has turned 65.\n\nIndividual at least 55 years old and not an Australian resident\n\n• Under section 67, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\nFormer temporary resident\n\n• The balance of the amount standing to the credit of an individual’s account may be debited from the Special Account if the individual is a former temporary resident.\n\nDeath of individual\n\n• Under section 68, if the individual dies, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual’s legal personal representative.\n\nRefunds of deposits\n\n• Under Part 8, an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits that were:\n\n(a) accompanied by false or defective deposit forms; or\n\n(b) made by mistake.\n\n### Division 4—Opening and closing of accounts\n\n#### 15 Opening of accounts\n\n  Power\n  (1) The Commissioner of Taxation may open an account in the name of a particular individual.\n  Duty\n  (2) The Commissioner of Taxation must open an account in the name of a particular individual if:\n    (a) the individual does not already have an account; and\n    (b) a person makes a deposit, or a purported deposit, in respect of the individual.\n  Payment split under Family Law Act\n  (3) If an account is subject to a payment split, then the Commissioner may open an account in the name of the non‑member spouse.\n  (4) The balance of the account when it is opened is an amount worked out in accordance with the regulations.\n  (5) The balance of the member spouse’s account is to be reduced by the amount worked out under subsection (4).\n  (6) The Commissioner must give the member spouse a written notice setting out the balance (if any) of the member spouse’s account after the reduction.\n  (7) In this section:\n\n> member spouse means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> non‑member spouse means a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n#### 16 Closing of accounts\n\n  The Commissioner of Taxation may close an individual’s account if the balance of the account is nil and:\n    (a) the balance of the account was nil throughout the preceding period of 2 years; or\n    (b) the balance of the account has been withdrawn under section 61, 65, 65A, 66, 67, 67A or 91E; or\n    (c) the individual has died; or\n    (d) the individual asks the Commissioner of Taxation to close the account; or\n    (e) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n> Note 1: Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.\n\n> Note 2: Section 65 deals with individuals who retire because of disability.\n\n> Note 2A: Section 65A deals with individuals in relation to whom terminal medical conditions exist.\n\n> Note 3: Section 66 deals with individuals who have turned 65.\n\n> Note 4: Section 67 deals with individuals who are not Australian residents for income tax purposes etc.\n\n> Note 5: Section 67A deals with individuals who have permanently departed from Australia.\n\n> Note 6: Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.\n\n### Division 5—Rules about accounts\n\n#### 17 Accounts may have a nil balance\n\n  Nil balance\n  (1) An account may have a nil balance.\n  Examples\n  (2) The following are examples of cases where an account might have a nil balance:\n    (a) no money has been credited to the account;\n    (b) the balance of the account has been withdrawn under Part 7;\n    (c) the balance of the account has been refunded to an employer or former employer under Part 8;\n    (d) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n#### 18 One account per individual\n\n  Only one account\n  (1) Only one account may be kept in respect of a particular individual.\n  Amalgamation etc.\n  (2) A contravention of subsection (1) does not affect the validity of an account. However, if the Commissioner of Taxation becomes aware that 2 or more accounts are being kept in respect of the same individual, the Commissioner of Taxation must amalgamate the accounts into a single account.\n\n#### 19 Account balances not held on trust etc.\n\n  (1) Money credited to an individual’s account is not held on trust.\n  (2) The Commonwealth is not liable to pay, repay or refund money credited to an individual’s account except as provided by this Act.\n\n> Note: Under section 69A of the Superannuation Guarantee (Administration) Act 1992, if a shortfall component of superannuation guarantee charge has been incorrectly credited to an individual’s account, the account may be debited for the purposes of reversing the credit.\n\n### Division 6—Notification of account balances\n\n#### 20 Notification of opening balance\n\n  As soon as practicable after the first occasion on which an amount is credited to an individual’s account, the Commissioner must give the individual a written notice setting out the balance of the account.\n\n#### 21 Individual may request details of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual asks the Commissioner of Taxation to give the individual a written notice setting out the balance of the account.\n  Form of request\n  (2) The request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with request\n  (3) The Commissioner of Taxation must comply with the request.\n\n#### 22 Annual notification of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account exceeds nil as at the end of a financial year; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the end of the financial year, the Commissioner of Taxation must give the individual a written notice setting out the balance of the account as at the end of the financial year.\n\n#### 23 Notification when account balance reaches $1,200\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:\n    (a) setting out the balance of the account; and\n    (b) explaining the effect of sections 49 and 61; and\n    (c) suggesting that the individual make a request under section 61.\n\n> Note 1: Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.\n\n> Note 2: Section 61 provides for the transfer of the balance of the account to a superannuation fund.\n\n## Part 4—Deposits\n\n#### 24 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit.\n\n• The deposit must be accompanied by a deposit form.\n\n• The deposit form must include certain declarations.\n\n• The 2 key declarations are:\n\n(a) that the depositor is the employer, or former employer, of the individual; and\n\n(b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.\n\n• A defect in the deposit form will not result in the invalidity of the deposit.\n\n• A deposit form may deal with multiple payments.\n\n• Deposits are not held on trust.\n\n#### 25 Deposits\n\n  A person (the depositor) may make a payment (the deposit) to the Commissioner of Taxation under this section in respect of an individual if, and only if, the payment is made before 1 July 2006.\n\n#### 26 Deposit to be accompanied by deposit form\n\n  The deposit must be accompanied by a written statement (the deposit form) that:\n    (a) is in a form approved in writing by the Commissioner of Taxation; and\n    (b) contains the information required by the form to be given; and\n    (c) contains the declarations required by sections 27, 28, 29 and 30; and\n    (d) sets out the individual’s tax file number (if known to the depositor); and\n    (e) is signed by or on behalf of the depositor.\n\n#### 27 Deposit to be made by employer or former employer\n\n  The deposit form must include a declaration that the depositor is the employer, or former employer, of the individual.\n\n#### 28 Deposit to be instead of superannuation contributions\n\n  The deposit form must include a declaration that the depositor is making the deposit:\n    (a) in respect of the employment, or former employment, of the individual by the depositor; and\n    (b) instead of making a superannuation contribution:\n    (i) in respect of the individual; and\n    (ii) of an amount equal to the deposit.\n\n#### 29 Deposit to be consistent with other laws etc.\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the making of the deposit does not contravene:\n    (a) a law of the Commonwealth (other than this Act) or a law of a State or Territory; or\n    (b) an award, order, determination or industrial agreement in force under such a law; or\n    (c) a legally enforceable agreement.\n\n#### 30 Age limit\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the individual was under 70 on at least one day during the period of employment to which the deposit relates.\n\n#### 31 Consequences of false declarations etc.\n\n  If the deposit is accompanied by a deposit form, or a purported deposit form, that:\n    (a) contains a declaration, or information, that is false or misleading; or\n    (b) has some other defect or irregularity;\n  that circumstance does not result in the invalidity of the deposit. However, it may result in the deposit being refunded under Part 8.\n\n> Note 1: A false or misleading statement may result in criminal liability under Part III of the Taxation Administration Act 1953.\n\n> Note 2: A false or misleading declaration may result in an employer being denied:\n\n    (a) an income tax deduction under section 82AAF of the Income Tax Assessment Act 1936; and\n    (b) concessional treatment under section 23 of the Superannuation Guarantee (Administration) Act 1992.\n\n#### 33 Deposit not held on trust etc.\n\n  (1) A deposit, or purported deposit, made in respect of an individual is not held on trust.\n  (2) A deposit, or purported deposit, made in respect of an individual is not repayable or refundable except as provided by this Act.\n\n## Part 5—Crediting of deposits\n\n#### 34 Simplified outline\n\n  The following is a simplified outline of this Part:\n\nDeposits are to be credited to accounts by following these steps:\n\n• credit the deposit to the Special Account;\n\n• credit the deposit to the individual’s account.\n\n#### 35 Crediting of deposits\n\n  Step 1—Credit to Special Account\n  (1) An amount equal to a deposit or purported deposit made in respect of an individual is to be credited to the Special Account.\n  Step 2—Credit to individual’s account\n  (2) As soon as practicable after the amount is credited to the Special Account, the individual’s account is to be credited with an amount equal to the deposit or purported deposit.\n\n## Part 6—Crediting of interest\n\n### Division 1—Simplified outline\n\n#### 36 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Interest is funded by crediting amounts to the Special Account.\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n• The allocation day is published in the Gazette.\n\n• The rate at which interest accrues is called the allocation rate.\n\n• The allocation rate is published in the Gazette.\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n### Division 2—Gross interest amount and net interest amount\n\n#### 37 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The expressions gross interest amount and net interest amount are defined.\n\n• Those expressions are used to work out:\n\n(a) how interest is funded; and\n\n(b) the rate at which interest accrues to an account.\n\n#### 38 Gross interest amount\n\n  For the purposes of this Part, the gross interest amount for a quarter is the sum of the following amounts:\n    (a) the income derived by the Commonwealth during the quarter from the investment of amounts standing to the credit of the Special Account;\n    (b) the amount (if any) determined by the Finance Minister in relation to the quarter having regard to the amount standing to the credit of the Special Account that remains uninvested from time to time during the quarter.\n\n#### 39 Net interest amount\n\n  Net interest amount\n  (1) For the purposes of this Part, the net interest amount for a quarter is the gross interest amount for the quarter, reduced (but not below 0) by the sum of:\n    (a) the amount determined by the Commissioner of Taxation, where the amount represents a fair approximation of the costs incurred by the Commonwealth during the quarter in connection with the administration of this Act; and\n    (b) the amount, or the total of the amounts, allocated to the quarter under subsection (3).\n\n> Note: Gross interest amount is defined by section 38.\n\n  Carry‑forward amount\n  (2) For the purposes of this section, if:\n    (a) the amount determined under paragraph (1)(a) in relation to a quarter;\n  exceeds:\n    (b) the gross interest amount for the quarter;\n  the excess is taken to be the carry‑forward amount for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation of carry‑forward amounts\n  (3) For the purposes of this section, the Finance Minister may determine that:\n    (a) a carry‑forward amount for a quarter is to be allocated to a later quarter; or\n    (b) different parts of the carry‑forward amount for a quarter are to be allocated to different later quarters.\n  Amortisation\n  (4) For the purposes of this section, capital costs and development costs are to be amortised in accordance with generally accepted accounting principles.\n  Investment costs\n  (5) For the purposes of this section, the costs incurred by the Commonwealth in connection with the investment of amounts standing to the credit of the Special Account are taken to have been incurred in connection with the administration of this Act.\n\n### Division 3—Funding of interest\n\n#### 40 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest is funded by crediting the net interest amount to the Special Account.\n\n• An Unallocated Interest Pool is to be kept within the Special Account.\n\n• Unallocated interest is represented by the balance of the Unallocated Interest Pool.\n\n• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.\n\n• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.\n\n#### 41 Crediting of net interest amount to the Special Account\n\n  As soon as practicable after the end of a quarter, an amount equal to the net interest amount for the quarter is to be credited to the Special Account.\n\n> Note: Net interest amount is defined by section 39.\n\n#### 42 Unallocated Interest Pool\n\n  Pool\n  (1) For accounting purposes, a separate notional subcomponent, called the Unallocated Interest Pool, is to be kept within the Special Account.\n  Credits to Pool\n  (2) An amount credited to the Special Account under section 41 is to be credited to the Unallocated Interest Pool.\n  Debits from Pool\n  (3) The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual’s account.\n\n#### 43 Supplementation of Unallocated Interest Pool\n\n  When section applies\n  (1) This section applies if the Finance Minister is satisfied that:\n    (a) the balance of the Unallocated Interest Pool is nil; or\n    (b) the balance of the Unallocated Interest Pool is, or is likely to be, insufficient to meet the requirements of the Unallocated Interest Pool.\n  Supplementation\n  (2) The Finance Minister may determine that the Unallocated Interest Pool is to be supplemented by a specified amount.\n  Crediting of the supplementation amount\n  (3) The specified amount is to be credited to the Special Account.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the specified amount.\n\n#### 44 Debiting of unallocated interest\n\n  (1) If the Commissioner of Taxation is satisfied that the balance of the Unallocated Interest Pool exceeds the requirements of the Unallocated Interest Pool, the Commissioner of Taxation must determine that the excess is surplus to the requirements of the Unallocated Interest Pool.\n  (2) The Unallocated Interest Pool is to be debited by an amount equal to the excess.\n  (3) An amount equal to the excess is to be debited from the Special Account.\n\n### Division 4—Allocation day and allocation rate\n\n#### 45 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The allocation day for a quarter is published in the Gazette. The allocation day is the day on which interest is credited to accounts.\n\n• The allocation rate for a quarter is published in the Gazette. The allocation rate is the rate at which interest accrues to an account.\n\n• The allocation rate is worked out under section 47.\n\n#### 46 Gazettal of allocation day and allocation rate\n\n  (1) As soon as practicable after an amount is credited to the Special Account under section 41 in respect of a quarter (the current quarter), the Commissioner of Taxation must, by notice published in the Gazette, declare that, for the purposes of this Part:\n    (a) a specified day in the quarter next following the current quarter is the allocation day for the current quarter; and\n    (b) a specified percentage is the allocation rate for the current quarter.\n\n> Note: To work out the allocation rate see section 47.\n\n  (2) The declaration has effect accordingly.\n\n#### 47 Calculation of the allocation rate\n\n  Application of steps\n  (1) To work out the allocation rate for a quarter, apply the following steps.\n  Adjusted total balances\n  (2) Calculate the adjusted total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  For the purposes of this calculation, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n  Provisional rate\n  (3) Calculate the provisional rate for the quarter as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Net interest amount over Adjusted total balances end fraction times 100 end formula](image.002.png)\n  where:\n\n> Net interest amount means the net interest amount for the quarter;\n\n> Adjusted total balances means the adjusted total balances for the quarter.\n\n> Note: Net interest amount is defined by section 39.\n\n  Total balances\n  (4) Calculate the total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  Capped rate\n  (5) Calculate the capped rate as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Gross interest amount over Total balances end fraction times 100 end formula](image.003.png)\n  where:\n\n> Gross interest amount means the gross interest amount for the quarter;\n\n> Total balances means the total balances for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation rate—comparison between provisional rate and capped rate\n  (6) Compare the provisional rate with the capped rate:\n    (a) if the provisional rate is less than or equal to the capped rate—the allocation rate equals the provisional rate; or\n    (b) if the provisional rate exceeds the capped rate—the allocation rate equals the capped rate.\n\n### Division 5—Crediting of interest\n\n#### 48 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n#### 49 Accrual of interest on first $1,200 of daily balance\n\n  (1) Interest accrues to an account each day on the balance of the account as at the end of that day.\n  (2) For the purposes of this Division, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n\n#### 50 Rate of accrual, and crediting, of interest\n\n  When section applies\n  (1) This section applies to interest that accrues under section 49.\n  Allocation day event, withdrawal event and inactive account debit event\n  (2) Both:\n    (a) the rate of accrual of interest to an account in respect of a particular day (the accrual day) in a particular quarter; and\n    (b) the time at which accrued interest in respect of the accrual day is to be credited to the account;\n  depends on whichever of the following events first happens after the accrual day:\n    (c) the occurrence of the allocation day for the quarter (this event is to be known as the allocation day event);\n    (d) the withdrawal under Part 7 of the balance of the account (this event is to be known as the withdrawal event);\n    (e) the debiting of the balance of the account from the Special Account under Part 9 (this event is to be known as the inactive account debit event).\n  Allocation day event\n  (3) If the allocation day event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Allocation rate over Total number of days in the quarter end fraction end formula](image.004.png)\n    where:\n\n> Allocation rate means the allocation rate for the quarter; and\n\n    (b) the accrued interest is to be credited to the account on the allocation day.\n  Withdrawal event\n  (4) If the withdrawal event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day before the day of the withdrawal.\n  Inactive account debit event\n  (5) If the inactive account debit event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day of the debit.\n  Transitional—withdrawal event before first allocation day\n  (6) Despite paragraph (4)(a), if the withdrawal event occurs before the allocation day for the quarter beginning on 1 July 1995, that paragraph has effect, in relation to that event, as if the adjusted allocation rate were 0.4% or such higher rate as the Finance Minister determines.\n\n#### 51 Rounding up\n\n  If the total amount of interest to be credited to an account on a particular day (when expressed as a number of cents) is not a number of whole cents, that total must be rounded up to the nearest cent.\n\n### Division 6—Interest not to accrue in certain cases\n\n#### 52 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n#### 53 Interest does not accrue on refunded deposits\n\n  No interest\n  (1) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8.\n  Reversing interest credit\n  (2) If interest has been credited to an individual’s account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.\n  Unallocated Interest Pool to be credited\n  (3) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).\n\n#### 54 Interest does not accrue on shortfall components incorrectly credited to accounts\n\n  When section applies\n  (1) This section applies if:\n    (a) an amount credited to an account under section 65 of the Superannuation Guarantee (Administration) Act 1992 exceeds the amount that should have been credited to the account; and\n    (b) the balance of the account is attributable, in whole or in part, to the credit.\n  No interest\n  (2) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of the account as is attributable to the excess.\n  Debit reversing interest credit\n  (3) If interest has been credited to the account in contravention of subsection (2), the Commissioner of Taxation must debit the account by the amount of the credit.\n  Unallocated Interest Pool to be credited\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n#### 55 Amalgamated accounts—no interest if $1,200 limit avoided\n\n  When section applies\n  (1) This section applies if:\n    (a) the Commissioner becomes aware that 2 or more accounts (the separate accounts) are being kept in respect of the same individual; and\n    (b) the Commissioner of Taxation amalgamates the separate accounts into a single account; and\n    (c) immediately after the amalgamation, the balance of the amalgamated account exceeds $1,200.\n\n> Note: Section 18 empowers the Commissioner to amalgamate the separate accounts.\n\n  No interest if $1,200 limit avoided\n  (2) If, because of the $1,200 limit referred to in subsection 49(2):\n    (a) the total amount of interest that accrued to the separate accounts before the day of the amalgamation;\n  exceeds:\n    (b) the total amount of interest that would have accrued to the amalgamated account if it were assumed that the amalgamated account had been in existence at all times since the earliest time at which any of the separate accounts was opened;\n  then, despite section 49, the excess interest is taken never to have accrued under that section.\n  Debit to amalgamated account\n  (3) If excess interest has been credited in contravention of subsection (2), the Commissioner of Taxation must debit the amalgamated account by an amount equal to the amount of the credit.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n## Part 7—Withdrawal of account balances\n\n### Division 1—Simplified outline\n\n#### 56 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• There are 3 types of withdrawals of account balances:\n\n(a) transfers of account balances to superannuation funds or RSAs;\n\n(b) direct withdrawals of account balances by individuals;\n\n(c) withdrawals of account balances after death.\n\n• Under Part 8, a depositor has 14 days to apply for a refund of a deposit on the grounds that the deposit was made by mistake. During the 14‑day period, the individual’s account will be frozen.\n\n### Division 2—No withdrawals for 14 days after deposit credited to account etc.\n\n#### 57 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• An individual’s account will be frozen for 14 days after a deposit is credited to the account.\n\n• The delay gives the depositor a chance to apply for a refund of the deposit.\n\n• If the depositor applies for a refund of the deposit, the 14‑day period will be extended until the application is finalised.\n\n• Accounts will be frozen for 14 days after a shortfall component is credited to the account.\n\n• The delay gives the Commissioner of Taxation a chance to correct mistakes.\n\n#### 58 No withdrawals for 14 days after deposit credited to account etc.\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a deposit, or purported deposit, was made in respect of the individual; and\n    (b) as a result of the deposit or purported deposit, an amount was credited to the account under Part 5 at a particular time (the deposit time); and\n    (c) a request under this Part (the individual’s request) is made during the period of 14 days beginning at the deposit time.\n  Individual’s request frozen for 14 days\n  (2) The individual’s request has no effect at any time during that 14‑day period.\n\n> Note: This gives the depositor a chance to apply for a refund of the deposit.\n\n  Individual’s request frozen for additional period\n  (3) If an application for a refund of the deposit or purported deposit was made under section 73 during that 14‑day period, then:\n    (a) if the refund application is granted—the individual’s request has no effect at any time; or\n    (b) if the refund application is refused—the individual’s request has no effect at a particular time if:\n    (i) the time is after the refund application is made but before the end of the period of 21 days after the giving of the notice of refusal; or\n    (ii) if, during that 21‑day period, the refund applicant asks the Commissioner of Taxation to reconsider the refund application—the time is during the period when that reconsideration, or any later application to the Administrative Review Tribunal, has not been finalised.\n  (3A) For the purposes of subsection (3), a reference to the Administrative Review Tribunal is taken to include a reference to the Administrative Appeals Tribunal.\n  When reconsiderations finalised\n  (4) For the purposes of this section, a reconsideration of a decision is taken not to have been finalised during the period of 28 days after:\n    (a) if, because of the operation of subsection 82(5), the decision is taken to be confirmed—the day on which the decision is taken to have been confirmed; or\n    (b) in any other case—the day on which the decision on the reconsideration is notified to the refund applicant.\n\n#### 59 No withdrawals for 14 days after shortfall component credited to account\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) an amount was credited to the account under section 65 of the Superannuation Guarantee (Administration) Act 1992 at a particular time (the credit time); and\n    (b) a request under this Part is made during the period of 14 days beginning at the credit time.\n  Request frozen for 14 days\n  (2) The request has no effect at any time during that 14‑day period.\n\n> Note: This gives the Commissioner a chance to correct mistakes.\n\n### Division 3—Timing of withdrawals\n\n#### 60 Timing of withdrawals\n\n  24‑hour delay\n  (1) If a request is made under this Part, the Commissioner of Taxation must wait at least 24 hours before complying with the request.\n\n> Note: This delay enables interest to be credited to the account.\n\n  When withdrawal occurs\n  (2) For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.\n\n### Division 4—Transfer of account balances to RSAs and superannuation funds\n\n#### 61 Transfer to RSA or superannuation fund\n\n  Transfer request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the transfer request) to transfer the account balance to a specified RSA or to the trustee of a specified fund for the benefit of the individual; and\n    (b) the fund passes the compliance test set out in subsection (2).\n\n> Note: Subsection (7) provides for the transfer request to be given by the individual personally or by the trustee acting on behalf of the individual.\n\n  Compliance test for funds\n  (2) For the purposes of this section, a fund passes the compliance test if:\n    (a) the fund is an exempt public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or\n    (b) at the time of the transfer request, the Commissioner of Taxation has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:\n    (i) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and\n    (ii) is not subject to a direction under section 63 of that Act.\n\n> Note: Section 63 of the Superannuation Industry (Supervision) Act 1993 deals with funds that have been directed not to accept contributions from an employer‑sponsor.\n\n  Form of transfer request\n  (3) The transfer request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with transfer request\n  (4) The Commissioner of Taxation must pay to the provider of the RSA, or to the trustee, for the benefit of the individual, an amount equal to the account balance immediately before the payment is made. However, this rule does not apply if the Commissioner of Taxation is satisfied that the RSA provider or the trustee is unwilling to accept the payment.\n  Special Account to be debited\n  (5) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (6) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Authorisation of trustee by individual etc.\n  (7) The transfer request may be given by:\n    (a) the individual personally; or\n    (b) the RSA provider or the trustee acting on the individual’s behalf in accordance with an authority given by the individual.\n  If paragraph (b) applies, the transfer request must be accompanied by a copy of the authority.\n  Form of authorisation\n  (8) An authority referred to in subsection (7) must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Definitions\n  (9) In this section:\n\n> fund includes a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> trustee has the same meaning as in the Superannuation Industry (Supervision) Act 1993.\n\n#### 61A Commissioner may transfer account balance to RSA or superannuation fund\n\n  (1) The Commissioner of Taxation may pay the balance of an individual’s account to:\n    (a) an RSA of the individual; or\n    (b) the trustee of a complying superannuation fund for crediting to an account of the individual within that fund.\n  (2) To avoid doubt, the Commissioner of Taxation may make the payment under subsection (1) without a request from the individual under section 61.\n  (3) The Special Account is debited for the purposes of making the payment under subsection (1).\n  (4) When the payment under subsection (1) is made, the individual’s account is debited by the amount of the payment.\n  (5) In this section:\n\n> trustee of a superannuation fund means:\n\n    (a) if there is a trustee (within the ordinary meaning of that expression) of the fund—the trustee; or\n    (b) otherwise—the person who manages the fund.\n\n### Division 5—Direct withdrawals of account balances by individuals\n\n#### 62 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The balance of an individual’s account may be withdrawn if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\n• The balance of an individual’s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\n• The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.\n\n• The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.\n\n• The balance of an individual’s account may be withdrawn if the individual has turned 65.\n\n• The balance of an individual’s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n• The balance of an individual’s account may be withdrawn if the individual is a former temporary resident.\n\n#### 63 Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account is attributable, in whole or in part, to:\n    (i) one or more deposits, or purported deposits, made by one or more employers or former employers of the individual; or\n    (ii) one or more shortfall components of payments of superannuation guarantee charge made by one or more employers or former employers of the individual; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual has ceased to be employed by each of the employers or former employers; and\n    (c) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (d) the balance of the account is less than $200 immediately before the time when the account balance is withdrawn.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 64 Withdrawal of account balance—receipt of Commonwealth income support payments\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual has been in receipt of one or more Commonwealth income support payments for:\n    (i) if the person is at least 55 years of age—a period of at least 39 weeks, or for 2 or more periods that total at least 39 weeks, since the person turned 55; or\n    (ii) in any case—for an unbroken period of at least 26 weeks (other than such a period that ended before the withdrawal request was given); and\n    (c) the individual gives the Commissioner of Taxation:\n    (i) written evidence of the individual’s receipt of relevant Commonwealth income support payments provided by the Commonwealth Department or agency that is responsible for administering the payment; or\n    (ii) such other evidence of the individual’s receipt of relevant Commonwealth income support payments as is prescribed.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  (6) For the purposes of subparagraph (1)(b)(ii), if an individual obtains evidence covered by subparagraph (1)(c)(i), the individual is, subject to evidence to the contrary, to be taken to have continued to have received the Commonwealth income support payment concerned for 21 days after the date of the written evidence.\n  (7) In this section:\n\n> Commonwealth income support payment means:\n\n    (a) any of the following payments (as defined in section 23 of the Social Security Act 1991):\n    (i) a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full‑time study);\n    (ii) a social security pension;\n    (iii) a service pension;\n    (iv) an income support supplement; or\n    (e) any other payment prescribed for the purposes of this definition.\n\n#### 65 Withdrawal of account balance—retirement on grounds of disability\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not in employment; and\n    (c) the individual last ceased to be an employee because of the disability of the individual; and\n    (d) 2 legally qualified medical practitioners have certified that the disability is likely to result in the individual being unable ever to be employed in a capacity for which the individual is reasonably qualified because of education, training or experience.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 65A Withdrawal of account balance—terminal medical condition\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 66 Withdrawal of account balance—individual turns 65\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual has turned 65.\n  Withdrawal decision\n  (2) The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.\n  Withdrawal request\n  (3) The individual may give the Commissioner of Taxation a request (the withdrawal request) to make a payment under subsection (2).\n  Form of withdrawal request\n  (4) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (5) The Commissioner of Taxation must comply with the withdrawal request.\n  Special Account to be debited\n  (6) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (7) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 67 Withdrawal of account balance—individual not an Australian resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not a resident (within the meaning of the Income Tax Assessment Act 1936); and\n    (ba) the individual is at least 55 years old when he or she gives the withdrawal request; and\n    (c) the individual satisfies the Commissioner of Taxation that:\n    (i) the individual is not in employment; or\n    (ii) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n> Note: Australia is defined by subsection (6).\n\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Definition\n  (6) In this section:\n\n> Australia has the same meaning as in the Income Tax Assessment Act 1936.\n\n#### 67A Withdrawal of account balance—former temporary resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that before, on or after the commencement of this section, the individual:\n    (i) was, under the Migration Act 1958, the holder of a temporary visa that has ceased to be in effect; and\n    (ii) left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and\n    (c) the individual satisfies the Commissioner of Taxation that the individual:\n    (i) is not, under the Migration Act 1958, the holder of a permanent visa; and\n    (ii) is neither an Australian citizen nor a New Zealand citizen.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 6—Withdrawals of account balances after death\n\n#### 68 Withdrawal of account balance—death of individual\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual has died; and\n    (b) the individual’s legal personal representative gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the legal personal representative an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 7—Notification of refusal of requests\n\n#### 69 Notification of refusal of requests\n\n  (1) This section applies if:\n    (a) a person makes a request under this Part; and\n    (b) the Commissioner of Taxation refuses the request.\n  (2) The Commissioner of Taxation must give the person written notice of the refusal.\n\n### Division 8—Recovery of account balances\n\n#### 70 Recovery of account balances\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 8—Refunds of deposits\n\n#### 71 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Commissioner of Taxation may refund a deposit if the deposit form was false or defective.\n\n• A depositor may apply for the refund of a deposit if it was made by mistake. The refund application must be made within 14 days after the deposit was credited to the account.\n\n#### 72 Refunds—false or defective deposit forms etc.\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was accompanied by a deposit form, or a purported deposit form, that, in so far as it related to the deposit or purported deposit:\n    (i) contained a declaration, or information, that was false or misleading in a material particular; or\n    (ii) had some other defect or irregularity; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit.\n  Refund payment\n  (2) The Commissioner of Taxation may decide to pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (3) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (4) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Part 7 obligations prevail\n  (5) The Commissioner of Taxation must not exercise a power conferred by this section in a manner that would be inconsistent with an obligation imposed on him or her by Part 7.\n\n> Note: Part 7 deals with withdrawals.\n\n#### 73 Refunds—deposit made by mistake\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was paid due to a clerical error or due to some other mistake; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit; and\n    (f) within 14 days after the credit was made, the depositor or purported depositor applies to the Commissioner of Taxation for a refund of the deposit or purported deposit.\n  Form of application\n  (2) The application must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Refund payment\n  (3) The Commissioner of Taxation must pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (5) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Obligations under this section prevail over obligations under Part 7\n  (6) In the event of a conflict between:\n    (a) an obligation imposed on the Commissioner of Taxation by this section; and\n    (b) an obligation imposed on the Commissioner of Taxation by Part 7;\n  the first‑mentioned obligation prevails.\n\n> Note: Part 7 deals with withdrawals.\n\n  Notification of refusal of application\n  (7) If the Commissioner of Taxation refuses an application under this section, the Commissioner of Taxation must give the applicant written notice of the refusal.\n\n#### 74 Recovery of refunds\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 9—Inactive accounts\n\n#### 75 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• If an individual’s account is inactive for 10 years, the account balance is to be debited from the Special Account.\n\n• The individual may claim the account balance from the Commissioner of Taxation.\n\n• The Commissioner of Taxation must keep a register of individuals’ account balances debited.\n\n#### 76 No activity for 10 years\n\n  When section applies\n  (1) This section applies to an individual’s account if no amount was credited to the account under:\n    (a) Part 5 of this Act; or\n    (b) section 65 of the Superannuation Guarantee (Administration) Act 1992;\n  at any time during a period of 10 consecutive financial years.\n\n> Note 1: Part 5 of this Act deals with deposits.\n\n> Note 2: Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.\n\n  Statement to be given to the Commissioner\n  (2) As soon as practicable after the end of that period, the Commissioner must record information about the account.\n  Tax file number\n  (3) If the individual’s tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.\n  Debit from the Special Account\n  (4) As soon as practicable after the end of that period, an amount equal to the balance of the individual’s account as at the end of that period is to be debited from the Special Account.\n  Debiting of individual’s account balance\n  (5) If an amount is debited from the Special Account under subsection (4), the individual’s account is debited by an amount equal to the amount debited from the Special Account.\n  Claim by individual\n  (6) If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.\n  Claim by individual’s legal personal representative\n  (7) If:\n    (a) an amount has been debited from the Special Account under subsection (4) in respect of the individual’s account; and\n    (b) the individual has died;\n  the individual’s legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the amount debited from the Special Account in respect of the individual’s account.\n  Payments\n  (8) The Commissioner of Taxation must comply with a request under subsection (6) or (7).\n  Appropriation\n  (9) The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).\n\n#### 77 Register\n\n  In addition to the particulars that are required by section 19 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 to be set out in the register kept under that section, that register must set out:\n    (a) particulars of amounts debited from the Special Account under section 76 in respect of particular individuals; and\n    (b) particulars of the individuals, which may include the tax file numbers of the individuals.\n\n## Part 10—Tax file numbers\n\n#### 78 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• An individual may quote his or her tax file number to the Commissioner of Taxation.\n\n#### 79 Individual may quote his or her tax file number\n\n  (1) An individual may quote his or her tax file number to the Commissioner of Taxation in connection with the operation, or the possibility of the future operation, of this Act in relation to the individual.\n\n> Note: This means that an individual’s tax file number may be quoted before or after an account is opened in the name of the individual.\n\n  (2) The tax file number may be quoted:\n    (a) in response to a request made by the Commissioner of Taxation; or\n    (b) on the individual’s own initiative.\n\n## Part 11—Review of decisions\n\n#### 80 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person who is dissatisfied with a reviewable decision of the Commissioner of Taxation may seek a reconsideration of the decision.\n\n• A person who is dissatisfied with a reconsidered decision may have the reconsidered decision reviewed by the Administrative Review Tribunal.\n\n• The Commissioner of Taxation must tell people about their rights to have decisions reconsidered and reviewed.\n\n#### 81 Reviewable decisions\n\n  For the purposes of this Part, a reviewable decision is a decision made by the Commissioner of Taxation under this Act (other than a decision under Division 2, 3 or 4 of Part 6 or a decision relating to the approval of a form).\n\n> Note: Decisions under Division 2, 3 or 4 of Part 6 relate to the funding of interest and the calculation of the allocation rate etc.\n\n#### 82 Reconsideration of reviewable decisions\n\n  Request for reconsideration\n  (1) A person who is affected by a reviewable decision may, if dissatisfied with the decision, request the Commissioner of Taxation to reconsider the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  How request must be made\n  (2) The request must be made by written notice given to the Commissioner of Taxation within the period of 21 days after the day on which the person first receives notice of the decision, or within such further period as the Commissioner of Taxation allows.\n  Request must set out reasons\n  (3) The request must set out the reasons for making the request.\n  Commissioner of Taxation to reconsider decision\n  (4) Upon receipt of the request, the Commissioner of Taxation must reconsider the decision and may, subject to subsection (5), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.\n  Deemed confirmation of decision if delay\n  (5) If the Commissioner of Taxation does not confirm, revoke or vary a decision before the end of the period of 60 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation is taken, at the end of that period, to have confirmed the decision under subsection (4).\n  Notice of Commissioner of Taxation’s action\n  (6) If the Commissioner of Taxation confirms, revokes or varies a decision before the end of the period referred to in subsection (5), the Commissioner of Taxation must give written notice to the person telling the person:\n    (a) the result of the reconsideration of the decision; and\n    (b) the reasons for confirming, varying or revoking the decision, as the case may be.\n\n#### 83 ART review of Commissioner of Taxation’s decisions\n\n  Applications may be made to the Administrative Review Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection 82(4).\n\n#### 84 Application of the Administrative Review Tribunal Act 2024\n\n  (2) If a request is made under subsection 82(1) of this Act in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision.\n  (3) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.\n\n#### 85 Statements to accompany notification of decisions\n\n  Original decision\n  (1) If a written notice is given to a person affected by a reviewable decision telling the person that the reviewable decision has been made, that notice is to include a statement to the effect that:\n    (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 82(1); and\n    (b) the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first‑mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Reconsidered decision\n  (2) If:\n    (a) the Commissioner of Taxation confirms or varies a reviewable decision under subsection 82(4); and\n    (b) gives to a person written notice of the confirmation or variation of the decision;\n  that notice is to include a statement to the effect that the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Validity of decision\n  (3) A failure to comply with this section does not affect the validity of a decision.\n\n## Part 12—Partnerships and unincorporated associations\n\n### Division 1—Partnerships\n\n#### 86 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Partnerships are treated as if they were persons.\n\n• A document given to a partner of a partnership is treated as if it had been given to the partnership.\n\n#### 87 Treatment of partnerships\n\n  The superannuation accounts law applies to a partnership as if the partnership were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the partnership is taken to have been committed by each partner who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 88 Giving of documents to partnerships\n\n  For the purposes of this Act, if a document is given to a partner of a partnership in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the partnership.\n\n### Division 2—Unincorporated associations\n\n#### 89 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Unincorporated associations are treated as if they were persons.\n\n• A document given to a member of the committee of management of an unincorporated association is treated as if it had been given to the unincorporated association.\n\n#### 90 Treatment of unincorporated associations\n\n  Persons\n  The superannuation accounts law applies to an unincorporated association as if the unincorporated association were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the unincorporated association are imposed instead on each member of the committee of management of the association, but may be discharged by any of those members;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the unincorporated association is taken to have been committed by each member of the committee of management of the association who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the member).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 91 Giving of documents to unincorporated associations\n\n  For the purposes of this Act, if a document is given to a member of the committee of management of an unincorporated association in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the unincorporated association.\n\n## Part 12A—Government co‑contributions for low income earners\n\n#### 91A Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a Government co‑contribution payable in respect of the individual.\n\n#### 91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91C Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91D Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91E Debiting account with overpayment of Government co‑contribution\n\n  Under section 24 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a Government co‑contribution if the account includes deposits made under this Part.\n\n#### 91F Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91G Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 12B—PPL superannuation contributions\n\n#### 91H Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a PPL superannuation contribution payable for the individual.\n\n#### 91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91K Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91L Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91M Debiting account with overpayment of PPL superannuation contribution\n\n  Under section 115P of the Paid Parental Leave Act 2010, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a PPL superannuation contribution if the account includes deposits made under this Part.\n\n#### 91N Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91P Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 13—Miscellaneous\n\n#### 92 Delegation\n\n  The Finance Minister may, by writing, delegate to an officer of the Finance Department any or all of his or her powers under this Act.\n\n#### 93 Annual report\n\n  (1) The Commissioner of Taxation must, as soon as practicable after the end of each financial year, prepare and give to the Minister a report on the operation of this Act during that year.\n  (2) The Minister must cause a copy of a report given under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.\n\n#### 94 Regulations\n\n  The Governor‑General may make regulations prescribing all matters:\n    (a) required or permitted by this Act to be prescribed; or\n    (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":22},{"sectionNumber":"17","sectionType":"section","heading":"Accounts may have a nil balance","content":"#### 17 Accounts may have a nil balance\n\n  Nil balance\n  (1) An account may have a nil balance.\n  Examples\n  (2) The following are examples of cases where an account might have a nil balance:\n    (a) no money has been credited to the account;\n    (b) the balance of the account has been withdrawn under Part 7;\n    (c) the balance of the account has been refunded to an employer or former employer under Part 8;\n    (d) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).","sortOrder":23},{"sectionNumber":"18","sectionType":"section","heading":"One account per individual","content":"#### 18 One account per individual\n\n  Only one account\n  (1) Only one account may be kept in respect of a particular individual.\n  Amalgamation etc.\n  (2) A contravention of subsection (1) does not affect the validity of an account. However, if the Commissioner of Taxation becomes aware that 2 or more accounts are being kept in respect of the same individual, the Commissioner of Taxation must amalgamate the accounts into a single account.","sortOrder":24},{"sectionNumber":"19","sectionType":"section","heading":"Account balances not held on trust etc.","content":"#### 19 Account balances not held on trust etc.\n\n  (1) Money credited to an individual’s account is not held on trust.\n  (2) The Commonwealth is not liable to pay, repay or refund money credited to an individual’s account except as provided by this Act.\n\n> Note: Under section 69A of the Superannuation Guarantee (Administration) Act 1992, if a shortfall component of superannuation guarantee charge has been incorrectly credited to an individual’s account, the account may be debited for the purposes of reversing the credit.","sortOrder":25},{"sectionNumber":"Division 6","sectionType":"division","heading":"Notification of account balances","content":"An Act relating to the small superannuation accounts scheme\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n  This Act may be cited as the Small Superannuation Accounts Act 1995.\n\n#### 2 Commencement\n\n  This Act commences on 1 July 1995.\n\n#### 3 Simplified explanation\n\n  The following is a simplified explanation of this Act:\n\n• The Australian Taxation Office administers a special account. Notional accounts are kept within the special account.\n\n• The account offers employees with small balances an opportunity to avoid the erosion of those balances by fees.\n\n• Employees may request that account balances be transferred to a nominated superannuation fund or RSA.\n\n• Except in special cases, employees will not have direct access to their account balances.\n\n• Interest will be calculated on the daily balance of the account and credited to the account on a quarterly basis.\n\n• Interest is exempt from income tax.\n\n• If an account balance exceeds $1,200, interest will only be credited on the first $1,200 of the balance. This is an incentive for employees to request that balances of more than $1,200 be transferred to a superannuation fund.\n\n• Under the Income Tax Assessment Act 1936, employers may get income tax deductions for deposits. There is an annual deduction limit of $1,200 per employee.\n\n• Under the Superannuation Guarantee (Administration) Act 1992, deposits made by an employer will be treated as superannuation contributions.\n\n• The accounts may also be credited with Government co‑contributions payable under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003. The rules for these deposits differ in some respects from those that apply to other deposits.\n\n#### 4 Definitions\n\n  In this Act, unless the contrary intention appears:\n\n> account means a notional account kept in accordance with section 12.\n\n> child, of a person, means a child of the person within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.\n\n> Note: The Income Tax Assessment Act 1997 defines complying superannuation fund by reference to section 45 of the Superannuation Industry (Supervision) Act 1993.\n\n> dependant, in relation to an individual, includes the spouse and any child of the person.\n\n> Note: This expression is only used in the definition of superannuation contribution.\n\n> deposit means a payment under section 25.\n\n> deposit form means a statement under section 26.\n\n> depositor means a person who makes a payment under section 25.\n\n> employee has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employee.\n\n> employer has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employer.\n\n> employment has a meaning corresponding to employee and employer.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Government co‑contribution in respect of an individual means a Government co‑contribution payable in respect of the individual under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003.\n\n> leave Australia has the same meaning as in the Migration Act 1958.\n\n> person has a meaning affected by sections 87 and 90.\n\n> Note 1: Under section 87, partnerships are treated as persons.\n\n> Note 2: Under section 90, unincorporated associations are treated as persons.\n\n> PPL superannuation contribution for an individual has the same meaning as in the Paid Parental Leave Act 2010.\n\n> provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> quarter means a period of 3 months beginning on 1 July, 1 October, 1 January or 1 April in:\n\n    (a) the financial year beginning on 1 July 1995; or\n    (b) any later financial year.\n\n> RSA has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> Special Account means the Superannuation Holding Accounts Special Account continued in existence by section 8.\n\n> spouse of a person includes:\n\n    (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and\n    (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.\n\n> Note: This expression is only used in the definition of dependant.\n\n> superannuation accounts law means:\n\n    (a) this Act; and\n    (b) the regulations; and\n    (c) Part III of the Taxation Administration Act 1953, in so far as that Part relates to this Act or the regulations.\n\n> superannuation contribution, in relation to an individual, means a contribution made to a superannuation fund, an RSA or a superannuation scheme for the purpose of making provision for superannuation benefits for, or for dependants of, the individual.\n\n> superannuation fund means a provident, benefit, superannuation or retirement fund.\n\n> superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits.\n\n> tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.\n\n> Unallocated Interest Pool means the Unallocated Interest Pool kept in accordance with section 42.\n\n#### 5 Crown to be bound\n\n  This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n\n#### 6 Act to be administered by the Commissioner of Taxation\n\n  The Commissioner of Taxation has the general administration of this Act.\n\n> Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.\n\n## Part 2—Superannuation Holding Accounts Special Account\n\n#### 7 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Superannuation Holding Accounts Special Account is continued in existence.\n\n• The Special Account is not a superannuation fund.\n\n#### 8 Superannuation Holding Accounts Special Account\n\n  (1) The Superannuation Holding Accounts Account is continued in existence as the Superannuation Holding Accounts Special Account.\n\n> Note: The Superannuation Holding Accounts Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.\n\n  (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 9 Special Account is not a superannuation fund\n\n  Special Account is not a superannuation fund\n  (1) For the purposes of a law of the Commonwealth:\n    (a) the Special Account is taken not to be a superannuation fund; and\n    (b) the scheme embodied in this Act is taken not to be a superannuation scheme.\n  Avoidance of doubt\n  (2) Subsection (1) is enacted to avoid doubt.\n\n## Part 3—Accounts\n\n### Division 1—Simplified outline\n\n#### 11 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Notional accounts are to be kept within the Special Account in the names of particular individuals.\n\n• Section 13 outlines credits to accounts.\n\n• Section 14 outlines debits to accounts.\n\n• The Commissioner of Taxation may open or close an account.\n\n• Accounts may have a nil balance.\n\n• An individual may only have one account.\n\n• Account balances are not held on trust.\n\n• An individual’s account balance will be notified to the individual in certain circumstances.\n\n### Division 2—Keeping of accounts\n\n#### 12 Accounts\n\n  Accounts to be kept\n  (1) Separate notional accounts are to be kept within the Special Account in the names of particular individuals.\n  Individual’s account\n  (2) An account kept in the name of an individual is to be known as the individual’s account.\n\n> Note: Section 4 provides that account means a notional account kept in accordance with this section.\n\n### Division 3—Outline of credits and debits to accounts\n\n#### 13 Outline of credits to accounts\n\n  The following is a simplified outline of the types of credits that may be made to an individual’s account.\n\nDeposits by employers\n\n• Under section 25, the individual’s employer or former employer may make a deposit in respect of the individual. The employer or former employer will make the deposit instead of making a superannuation contribution in respect of the individual. The deposit will result in a credit to the individual’s account.\n\nSuperannuation guarantee shortfalls\n\n• Under section 65 of the Superannuation Guarantee (Administration) Act 1992, if there is a shortfall component of a payment of superannuation guarantee charge in relation to the individual, the Commissioner of Taxation may credit the shortfall component to the individual’s account.\n\nInterest\n\n• Under Part 6, interest may be credited to the individual’s account.\n\n#### 14 Outline of debits to accounts\n\n  The following is a simplified outline of the types of debits that may be made to an individual’s account. These debits also involve debiting the Special Account.\n\nTransfer to superannuation fund or RSA\n\n• Under section 61, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund or RSA.\n\nBalance of less than $200—individual has ceased to be employed by all depositors\n\n• Under section 63, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\nReceipt of Commonwealth income support payments\n\n• Under section 64, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\nDisability\n\n• Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.\n\nTerminal medical condition\n\n• Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.\n\nIndividual turns 65\n\n• Under section 66, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has turned 65.\n\nIndividual at least 55 years old and not an Australian resident\n\n• Under section 67, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\nFormer temporary resident\n\n• The balance of the amount standing to the credit of an individual’s account may be debited from the Special Account if the individual is a former temporary resident.\n\nDeath of individual\n\n• Under section 68, if the individual dies, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual’s legal personal representative.\n\nRefunds of deposits\n\n• Under Part 8, an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits that were:\n\n(a) accompanied by false or defective deposit forms; or\n\n(b) made by mistake.\n\n### Division 4—Opening and closing of accounts\n\n#### 15 Opening of accounts\n\n  Power\n  (1) The Commissioner of Taxation may open an account in the name of a particular individual.\n  Duty\n  (2) The Commissioner of Taxation must open an account in the name of a particular individual if:\n    (a) the individual does not already have an account; and\n    (b) a person makes a deposit, or a purported deposit, in respect of the individual.\n  Payment split under Family Law Act\n  (3) If an account is subject to a payment split, then the Commissioner may open an account in the name of the non‑member spouse.\n  (4) The balance of the account when it is opened is an amount worked out in accordance with the regulations.\n  (5) The balance of the member spouse’s account is to be reduced by the amount worked out under subsection (4).\n  (6) The Commissioner must give the member spouse a written notice setting out the balance (if any) of the member spouse’s account after the reduction.\n  (7) In this section:\n\n> member spouse means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> non‑member spouse means a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n#### 16 Closing of accounts\n\n  The Commissioner of Taxation may close an individual’s account if the balance of the account is nil and:\n    (a) the balance of the account was nil throughout the preceding period of 2 years; or\n    (b) the balance of the account has been withdrawn under section 61, 65, 65A, 66, 67, 67A or 91E; or\n    (c) the individual has died; or\n    (d) the individual asks the Commissioner of Taxation to close the account; or\n    (e) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n> Note 1: Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.\n\n> Note 2: Section 65 deals with individuals who retire because of disability.\n\n> Note 2A: Section 65A deals with individuals in relation to whom terminal medical conditions exist.\n\n> Note 3: Section 66 deals with individuals who have turned 65.\n\n> Note 4: Section 67 deals with individuals who are not Australian residents for income tax purposes etc.\n\n> Note 5: Section 67A deals with individuals who have permanently departed from Australia.\n\n> Note 6: Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.\n\n### Division 5—Rules about accounts\n\n#### 17 Accounts may have a nil balance\n\n  Nil balance\n  (1) An account may have a nil balance.\n  Examples\n  (2) The following are examples of cases where an account might have a nil balance:\n    (a) no money has been credited to the account;\n    (b) the balance of the account has been withdrawn under Part 7;\n    (c) the balance of the account has been refunded to an employer or former employer under Part 8;\n    (d) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n#### 18 One account per individual\n\n  Only one account\n  (1) Only one account may be kept in respect of a particular individual.\n  Amalgamation etc.\n  (2) A contravention of subsection (1) does not affect the validity of an account. However, if the Commissioner of Taxation becomes aware that 2 or more accounts are being kept in respect of the same individual, the Commissioner of Taxation must amalgamate the accounts into a single account.\n\n#### 19 Account balances not held on trust etc.\n\n  (1) Money credited to an individual’s account is not held on trust.\n  (2) The Commonwealth is not liable to pay, repay or refund money credited to an individual’s account except as provided by this Act.\n\n> Note: Under section 69A of the Superannuation Guarantee (Administration) Act 1992, if a shortfall component of superannuation guarantee charge has been incorrectly credited to an individual’s account, the account may be debited for the purposes of reversing the credit.\n\n### Division 6—Notification of account balances\n\n#### 20 Notification of opening balance\n\n  As soon as practicable after the first occasion on which an amount is credited to an individual’s account, the Commissioner must give the individual a written notice setting out the balance of the account.\n\n#### 21 Individual may request details of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual asks the Commissioner of Taxation to give the individual a written notice setting out the balance of the account.\n  Form of request\n  (2) The request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with request\n  (3) The Commissioner of Taxation must comply with the request.\n\n#### 22 Annual notification of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account exceeds nil as at the end of a financial year; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the end of the financial year, the Commissioner of Taxation must give the individual a written notice setting out the balance of the account as at the end of the financial year.\n\n#### 23 Notification when account balance reaches $1,200\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:\n    (a) setting out the balance of the account; and\n    (b) explaining the effect of sections 49 and 61; and\n    (c) suggesting that the individual make a request under section 61.\n\n> Note 1: Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.\n\n> Note 2: Section 61 provides for the transfer of the balance of the account to a superannuation fund.\n\n## Part 4—Deposits\n\n#### 24 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit.\n\n• The deposit must be accompanied by a deposit form.\n\n• The deposit form must include certain declarations.\n\n• The 2 key declarations are:\n\n(a) that the depositor is the employer, or former employer, of the individual; and\n\n(b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.\n\n• A defect in the deposit form will not result in the invalidity of the deposit.\n\n• A deposit form may deal with multiple payments.\n\n• Deposits are not held on trust.\n\n#### 25 Deposits\n\n  A person (the depositor) may make a payment (the deposit) to the Commissioner of Taxation under this section in respect of an individual if, and only if, the payment is made before 1 July 2006.\n\n#### 26 Deposit to be accompanied by deposit form\n\n  The deposit must be accompanied by a written statement (the deposit form) that:\n    (a) is in a form approved in writing by the Commissioner of Taxation; and\n    (b) contains the information required by the form to be given; and\n    (c) contains the declarations required by sections 27, 28, 29 and 30; and\n    (d) sets out the individual’s tax file number (if known to the depositor); and\n    (e) is signed by or on behalf of the depositor.\n\n#### 27 Deposit to be made by employer or former employer\n\n  The deposit form must include a declaration that the depositor is the employer, or former employer, of the individual.\n\n#### 28 Deposit to be instead of superannuation contributions\n\n  The deposit form must include a declaration that the depositor is making the deposit:\n    (a) in respect of the employment, or former employment, of the individual by the depositor; and\n    (b) instead of making a superannuation contribution:\n    (i) in respect of the individual; and\n    (ii) of an amount equal to the deposit.\n\n#### 29 Deposit to be consistent with other laws etc.\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the making of the deposit does not contravene:\n    (a) a law of the Commonwealth (other than this Act) or a law of a State or Territory; or\n    (b) an award, order, determination or industrial agreement in force under such a law; or\n    (c) a legally enforceable agreement.\n\n#### 30 Age limit\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the individual was under 70 on at least one day during the period of employment to which the deposit relates.\n\n#### 31 Consequences of false declarations etc.\n\n  If the deposit is accompanied by a deposit form, or a purported deposit form, that:\n    (a) contains a declaration, or information, that is false or misleading; or\n    (b) has some other defect or irregularity;\n  that circumstance does not result in the invalidity of the deposit. However, it may result in the deposit being refunded under Part 8.\n\n> Note 1: A false or misleading statement may result in criminal liability under Part III of the Taxation Administration Act 1953.\n\n> Note 2: A false or misleading declaration may result in an employer being denied:\n\n    (a) an income tax deduction under section 82AAF of the Income Tax Assessment Act 1936; and\n    (b) concessional treatment under section 23 of the Superannuation Guarantee (Administration) Act 1992.\n\n#### 33 Deposit not held on trust etc.\n\n  (1) A deposit, or purported deposit, made in respect of an individual is not held on trust.\n  (2) A deposit, or purported deposit, made in respect of an individual is not repayable or refundable except as provided by this Act.\n\n## Part 5—Crediting of deposits\n\n#### 34 Simplified outline\n\n  The following is a simplified outline of this Part:\n\nDeposits are to be credited to accounts by following these steps:\n\n• credit the deposit to the Special Account;\n\n• credit the deposit to the individual’s account.\n\n#### 35 Crediting of deposits\n\n  Step 1—Credit to Special Account\n  (1) An amount equal to a deposit or purported deposit made in respect of an individual is to be credited to the Special Account.\n  Step 2—Credit to individual’s account\n  (2) As soon as practicable after the amount is credited to the Special Account, the individual’s account is to be credited with an amount equal to the deposit or purported deposit.\n\n## Part 6—Crediting of interest\n\n### Division 1—Simplified outline\n\n#### 36 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Interest is funded by crediting amounts to the Special Account.\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n• The allocation day is published in the Gazette.\n\n• The rate at which interest accrues is called the allocation rate.\n\n• The allocation rate is published in the Gazette.\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n### Division 2—Gross interest amount and net interest amount\n\n#### 37 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The expressions gross interest amount and net interest amount are defined.\n\n• Those expressions are used to work out:\n\n(a) how interest is funded; and\n\n(b) the rate at which interest accrues to an account.\n\n#### 38 Gross interest amount\n\n  For the purposes of this Part, the gross interest amount for a quarter is the sum of the following amounts:\n    (a) the income derived by the Commonwealth during the quarter from the investment of amounts standing to the credit of the Special Account;\n    (b) the amount (if any) determined by the Finance Minister in relation to the quarter having regard to the amount standing to the credit of the Special Account that remains uninvested from time to time during the quarter.\n\n#### 39 Net interest amount\n\n  Net interest amount\n  (1) For the purposes of this Part, the net interest amount for a quarter is the gross interest amount for the quarter, reduced (but not below 0) by the sum of:\n    (a) the amount determined by the Commissioner of Taxation, where the amount represents a fair approximation of the costs incurred by the Commonwealth during the quarter in connection with the administration of this Act; and\n    (b) the amount, or the total of the amounts, allocated to the quarter under subsection (3).\n\n> Note: Gross interest amount is defined by section 38.\n\n  Carry‑forward amount\n  (2) For the purposes of this section, if:\n    (a) the amount determined under paragraph (1)(a) in relation to a quarter;\n  exceeds:\n    (b) the gross interest amount for the quarter;\n  the excess is taken to be the carry‑forward amount for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation of carry‑forward amounts\n  (3) For the purposes of this section, the Finance Minister may determine that:\n    (a) a carry‑forward amount for a quarter is to be allocated to a later quarter; or\n    (b) different parts of the carry‑forward amount for a quarter are to be allocated to different later quarters.\n  Amortisation\n  (4) For the purposes of this section, capital costs and development costs are to be amortised in accordance with generally accepted accounting principles.\n  Investment costs\n  (5) For the purposes of this section, the costs incurred by the Commonwealth in connection with the investment of amounts standing to the credit of the Special Account are taken to have been incurred in connection with the administration of this Act.\n\n### Division 3—Funding of interest\n\n#### 40 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest is funded by crediting the net interest amount to the Special Account.\n\n• An Unallocated Interest Pool is to be kept within the Special Account.\n\n• Unallocated interest is represented by the balance of the Unallocated Interest Pool.\n\n• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.\n\n• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.\n\n#### 41 Crediting of net interest amount to the Special Account\n\n  As soon as practicable after the end of a quarter, an amount equal to the net interest amount for the quarter is to be credited to the Special Account.\n\n> Note: Net interest amount is defined by section 39.\n\n#### 42 Unallocated Interest Pool\n\n  Pool\n  (1) For accounting purposes, a separate notional subcomponent, called the Unallocated Interest Pool, is to be kept within the Special Account.\n  Credits to Pool\n  (2) An amount credited to the Special Account under section 41 is to be credited to the Unallocated Interest Pool.\n  Debits from Pool\n  (3) The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual’s account.\n\n#### 43 Supplementation of Unallocated Interest Pool\n\n  When section applies\n  (1) This section applies if the Finance Minister is satisfied that:\n    (a) the balance of the Unallocated Interest Pool is nil; or\n    (b) the balance of the Unallocated Interest Pool is, or is likely to be, insufficient to meet the requirements of the Unallocated Interest Pool.\n  Supplementation\n  (2) The Finance Minister may determine that the Unallocated Interest Pool is to be supplemented by a specified amount.\n  Crediting of the supplementation amount\n  (3) The specified amount is to be credited to the Special Account.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the specified amount.\n\n#### 44 Debiting of unallocated interest\n\n  (1) If the Commissioner of Taxation is satisfied that the balance of the Unallocated Interest Pool exceeds the requirements of the Unallocated Interest Pool, the Commissioner of Taxation must determine that the excess is surplus to the requirements of the Unallocated Interest Pool.\n  (2) The Unallocated Interest Pool is to be debited by an amount equal to the excess.\n  (3) An amount equal to the excess is to be debited from the Special Account.\n\n### Division 4—Allocation day and allocation rate\n\n#### 45 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The allocation day for a quarter is published in the Gazette. The allocation day is the day on which interest is credited to accounts.\n\n• The allocation rate for a quarter is published in the Gazette. The allocation rate is the rate at which interest accrues to an account.\n\n• The allocation rate is worked out under section 47.\n\n#### 46 Gazettal of allocation day and allocation rate\n\n  (1) As soon as practicable after an amount is credited to the Special Account under section 41 in respect of a quarter (the current quarter), the Commissioner of Taxation must, by notice published in the Gazette, declare that, for the purposes of this Part:\n    (a) a specified day in the quarter next following the current quarter is the allocation day for the current quarter; and\n    (b) a specified percentage is the allocation rate for the current quarter.\n\n> Note: To work out the allocation rate see section 47.\n\n  (2) The declaration has effect accordingly.\n\n#### 47 Calculation of the allocation rate\n\n  Application of steps\n  (1) To work out the allocation rate for a quarter, apply the following steps.\n  Adjusted total balances\n  (2) Calculate the adjusted total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  For the purposes of this calculation, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n  Provisional rate\n  (3) Calculate the provisional rate for the quarter as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Net interest amount over Adjusted total balances end fraction times 100 end formula](image.002.png)\n  where:\n\n> Net interest amount means the net interest amount for the quarter;\n\n> Adjusted total balances means the adjusted total balances for the quarter.\n\n> Note: Net interest amount is defined by section 39.\n\n  Total balances\n  (4) Calculate the total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  Capped rate\n  (5) Calculate the capped rate as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Gross interest amount over Total balances end fraction times 100 end formula](image.003.png)\n  where:\n\n> Gross interest amount means the gross interest amount for the quarter;\n\n> Total balances means the total balances for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation rate—comparison between provisional rate and capped rate\n  (6) Compare the provisional rate with the capped rate:\n    (a) if the provisional rate is less than or equal to the capped rate—the allocation rate equals the provisional rate; or\n    (b) if the provisional rate exceeds the capped rate—the allocation rate equals the capped rate.\n\n### Division 5—Crediting of interest\n\n#### 48 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n#### 49 Accrual of interest on first $1,200 of daily balance\n\n  (1) Interest accrues to an account each day on the balance of the account as at the end of that day.\n  (2) For the purposes of this Division, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n\n#### 50 Rate of accrual, and crediting, of interest\n\n  When section applies\n  (1) This section applies to interest that accrues under section 49.\n  Allocation day event, withdrawal event and inactive account debit event\n  (2) Both:\n    (a) the rate of accrual of interest to an account in respect of a particular day (the accrual day) in a particular quarter; and\n    (b) the time at which accrued interest in respect of the accrual day is to be credited to the account;\n  depends on whichever of the following events first happens after the accrual day:\n    (c) the occurrence of the allocation day for the quarter (this event is to be known as the allocation day event);\n    (d) the withdrawal under Part 7 of the balance of the account (this event is to be known as the withdrawal event);\n    (e) the debiting of the balance of the account from the Special Account under Part 9 (this event is to be known as the inactive account debit event).\n  Allocation day event\n  (3) If the allocation day event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Allocation rate over Total number of days in the quarter end fraction end formula](image.004.png)\n    where:\n\n> Allocation rate means the allocation rate for the quarter; and\n\n    (b) the accrued interest is to be credited to the account on the allocation day.\n  Withdrawal event\n  (4) If the withdrawal event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day before the day of the withdrawal.\n  Inactive account debit event\n  (5) If the inactive account debit event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day of the debit.\n  Transitional—withdrawal event before first allocation day\n  (6) Despite paragraph (4)(a), if the withdrawal event occurs before the allocation day for the quarter beginning on 1 July 1995, that paragraph has effect, in relation to that event, as if the adjusted allocation rate were 0.4% or such higher rate as the Finance Minister determines.\n\n#### 51 Rounding up\n\n  If the total amount of interest to be credited to an account on a particular day (when expressed as a number of cents) is not a number of whole cents, that total must be rounded up to the nearest cent.\n\n### Division 6—Interest not to accrue in certain cases\n\n#### 52 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n#### 53 Interest does not accrue on refunded deposits\n\n  No interest\n  (1) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8.\n  Reversing interest credit\n  (2) If interest has been credited to an individual’s account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.\n  Unallocated Interest Pool to be credited\n  (3) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).\n\n#### 54 Interest does not accrue on shortfall components incorrectly credited to accounts\n\n  When section applies\n  (1) This section applies if:\n    (a) an amount credited to an account under section 65 of the Superannuation Guarantee (Administration) Act 1992 exceeds the amount that should have been credited to the account; and\n    (b) the balance of the account is attributable, in whole or in part, to the credit.\n  No interest\n  (2) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of the account as is attributable to the excess.\n  Debit reversing interest credit\n  (3) If interest has been credited to the account in contravention of subsection (2), the Commissioner of Taxation must debit the account by the amount of the credit.\n  Unallocated Interest Pool to be credited\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n#### 55 Amalgamated accounts—no interest if $1,200 limit avoided\n\n  When section applies\n  (1) This section applies if:\n    (a) the Commissioner becomes aware that 2 or more accounts (the separate accounts) are being kept in respect of the same individual; and\n    (b) the Commissioner of Taxation amalgamates the separate accounts into a single account; and\n    (c) immediately after the amalgamation, the balance of the amalgamated account exceeds $1,200.\n\n> Note: Section 18 empowers the Commissioner to amalgamate the separate accounts.\n\n  No interest if $1,200 limit avoided\n  (2) If, because of the $1,200 limit referred to in subsection 49(2):\n    (a) the total amount of interest that accrued to the separate accounts before the day of the amalgamation;\n  exceeds:\n    (b) the total amount of interest that would have accrued to the amalgamated account if it were assumed that the amalgamated account had been in existence at all times since the earliest time at which any of the separate accounts was opened;\n  then, despite section 49, the excess interest is taken never to have accrued under that section.\n  Debit to amalgamated account\n  (3) If excess interest has been credited in contravention of subsection (2), the Commissioner of Taxation must debit the amalgamated account by an amount equal to the amount of the credit.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n## Part 7—Withdrawal of account balances\n\n### Division 1—Simplified outline\n\n#### 56 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• There are 3 types of withdrawals of account balances:\n\n(a) transfers of account balances to superannuation funds or RSAs;\n\n(b) direct withdrawals of account balances by individuals;\n\n(c) withdrawals of account balances after death.\n\n• Under Part 8, a depositor has 14 days to apply for a refund of a deposit on the grounds that the deposit was made by mistake. During the 14‑day period, the individual’s account will be frozen.\n\n### Division 2—No withdrawals for 14 days after deposit credited to account etc.\n\n#### 57 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• An individual’s account will be frozen for 14 days after a deposit is credited to the account.\n\n• The delay gives the depositor a chance to apply for a refund of the deposit.\n\n• If the depositor applies for a refund of the deposit, the 14‑day period will be extended until the application is finalised.\n\n• Accounts will be frozen for 14 days after a shortfall component is credited to the account.\n\n• The delay gives the Commissioner of Taxation a chance to correct mistakes.\n\n#### 58 No withdrawals for 14 days after deposit credited to account etc.\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a deposit, or purported deposit, was made in respect of the individual; and\n    (b) as a result of the deposit or purported deposit, an amount was credited to the account under Part 5 at a particular time (the deposit time); and\n    (c) a request under this Part (the individual’s request) is made during the period of 14 days beginning at the deposit time.\n  Individual’s request frozen for 14 days\n  (2) The individual’s request has no effect at any time during that 14‑day period.\n\n> Note: This gives the depositor a chance to apply for a refund of the deposit.\n\n  Individual’s request frozen for additional period\n  (3) If an application for a refund of the deposit or purported deposit was made under section 73 during that 14‑day period, then:\n    (a) if the refund application is granted—the individual’s request has no effect at any time; or\n    (b) if the refund application is refused—the individual’s request has no effect at a particular time if:\n    (i) the time is after the refund application is made but before the end of the period of 21 days after the giving of the notice of refusal; or\n    (ii) if, during that 21‑day period, the refund applicant asks the Commissioner of Taxation to reconsider the refund application—the time is during the period when that reconsideration, or any later application to the Administrative Review Tribunal, has not been finalised.\n  (3A) For the purposes of subsection (3), a reference to the Administrative Review Tribunal is taken to include a reference to the Administrative Appeals Tribunal.\n  When reconsiderations finalised\n  (4) For the purposes of this section, a reconsideration of a decision is taken not to have been finalised during the period of 28 days after:\n    (a) if, because of the operation of subsection 82(5), the decision is taken to be confirmed—the day on which the decision is taken to have been confirmed; or\n    (b) in any other case—the day on which the decision on the reconsideration is notified to the refund applicant.\n\n#### 59 No withdrawals for 14 days after shortfall component credited to account\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) an amount was credited to the account under section 65 of the Superannuation Guarantee (Administration) Act 1992 at a particular time (the credit time); and\n    (b) a request under this Part is made during the period of 14 days beginning at the credit time.\n  Request frozen for 14 days\n  (2) The request has no effect at any time during that 14‑day period.\n\n> Note: This gives the Commissioner a chance to correct mistakes.\n\n### Division 3—Timing of withdrawals\n\n#### 60 Timing of withdrawals\n\n  24‑hour delay\n  (1) If a request is made under this Part, the Commissioner of Taxation must wait at least 24 hours before complying with the request.\n\n> Note: This delay enables interest to be credited to the account.\n\n  When withdrawal occurs\n  (2) For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.\n\n### Division 4—Transfer of account balances to RSAs and superannuation funds\n\n#### 61 Transfer to RSA or superannuation fund\n\n  Transfer request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the transfer request) to transfer the account balance to a specified RSA or to the trustee of a specified fund for the benefit of the individual; and\n    (b) the fund passes the compliance test set out in subsection (2).\n\n> Note: Subsection (7) provides for the transfer request to be given by the individual personally or by the trustee acting on behalf of the individual.\n\n  Compliance test for funds\n  (2) For the purposes of this section, a fund passes the compliance test if:\n    (a) the fund is an exempt public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or\n    (b) at the time of the transfer request, the Commissioner of Taxation has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:\n    (i) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and\n    (ii) is not subject to a direction under section 63 of that Act.\n\n> Note: Section 63 of the Superannuation Industry (Supervision) Act 1993 deals with funds that have been directed not to accept contributions from an employer‑sponsor.\n\n  Form of transfer request\n  (3) The transfer request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with transfer request\n  (4) The Commissioner of Taxation must pay to the provider of the RSA, or to the trustee, for the benefit of the individual, an amount equal to the account balance immediately before the payment is made. However, this rule does not apply if the Commissioner of Taxation is satisfied that the RSA provider or the trustee is unwilling to accept the payment.\n  Special Account to be debited\n  (5) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (6) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Authorisation of trustee by individual etc.\n  (7) The transfer request may be given by:\n    (a) the individual personally; or\n    (b) the RSA provider or the trustee acting on the individual’s behalf in accordance with an authority given by the individual.\n  If paragraph (b) applies, the transfer request must be accompanied by a copy of the authority.\n  Form of authorisation\n  (8) An authority referred to in subsection (7) must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Definitions\n  (9) In this section:\n\n> fund includes a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> trustee has the same meaning as in the Superannuation Industry (Supervision) Act 1993.\n\n#### 61A Commissioner may transfer account balance to RSA or superannuation fund\n\n  (1) The Commissioner of Taxation may pay the balance of an individual’s account to:\n    (a) an RSA of the individual; or\n    (b) the trustee of a complying superannuation fund for crediting to an account of the individual within that fund.\n  (2) To avoid doubt, the Commissioner of Taxation may make the payment under subsection (1) without a request from the individual under section 61.\n  (3) The Special Account is debited for the purposes of making the payment under subsection (1).\n  (4) When the payment under subsection (1) is made, the individual’s account is debited by the amount of the payment.\n  (5) In this section:\n\n> trustee of a superannuation fund means:\n\n    (a) if there is a trustee (within the ordinary meaning of that expression) of the fund—the trustee; or\n    (b) otherwise—the person who manages the fund.\n\n### Division 5—Direct withdrawals of account balances by individuals\n\n#### 62 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The balance of an individual’s account may be withdrawn if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\n• The balance of an individual’s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\n• The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.\n\n• The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.\n\n• The balance of an individual’s account may be withdrawn if the individual has turned 65.\n\n• The balance of an individual’s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n• The balance of an individual’s account may be withdrawn if the individual is a former temporary resident.\n\n#### 63 Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account is attributable, in whole or in part, to:\n    (i) one or more deposits, or purported deposits, made by one or more employers or former employers of the individual; or\n    (ii) one or more shortfall components of payments of superannuation guarantee charge made by one or more employers or former employers of the individual; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual has ceased to be employed by each of the employers or former employers; and\n    (c) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (d) the balance of the account is less than $200 immediately before the time when the account balance is withdrawn.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 64 Withdrawal of account balance—receipt of Commonwealth income support payments\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual has been in receipt of one or more Commonwealth income support payments for:\n    (i) if the person is at least 55 years of age—a period of at least 39 weeks, or for 2 or more periods that total at least 39 weeks, since the person turned 55; or\n    (ii) in any case—for an unbroken period of at least 26 weeks (other than such a period that ended before the withdrawal request was given); and\n    (c) the individual gives the Commissioner of Taxation:\n    (i) written evidence of the individual’s receipt of relevant Commonwealth income support payments provided by the Commonwealth Department or agency that is responsible for administering the payment; or\n    (ii) such other evidence of the individual’s receipt of relevant Commonwealth income support payments as is prescribed.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  (6) For the purposes of subparagraph (1)(b)(ii), if an individual obtains evidence covered by subparagraph (1)(c)(i), the individual is, subject to evidence to the contrary, to be taken to have continued to have received the Commonwealth income support payment concerned for 21 days after the date of the written evidence.\n  (7) In this section:\n\n> Commonwealth income support payment means:\n\n    (a) any of the following payments (as defined in section 23 of the Social Security Act 1991):\n    (i) a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full‑time study);\n    (ii) a social security pension;\n    (iii) a service pension;\n    (iv) an income support supplement; or\n    (e) any other payment prescribed for the purposes of this definition.\n\n#### 65 Withdrawal of account balance—retirement on grounds of disability\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not in employment; and\n    (c) the individual last ceased to be an employee because of the disability of the individual; and\n    (d) 2 legally qualified medical practitioners have certified that the disability is likely to result in the individual being unable ever to be employed in a capacity for which the individual is reasonably qualified because of education, training or experience.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 65A Withdrawal of account balance—terminal medical condition\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 66 Withdrawal of account balance—individual turns 65\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual has turned 65.\n  Withdrawal decision\n  (2) The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.\n  Withdrawal request\n  (3) The individual may give the Commissioner of Taxation a request (the withdrawal request) to make a payment under subsection (2).\n  Form of withdrawal request\n  (4) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (5) The Commissioner of Taxation must comply with the withdrawal request.\n  Special Account to be debited\n  (6) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (7) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 67 Withdrawal of account balance—individual not an Australian resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not a resident (within the meaning of the Income Tax Assessment Act 1936); and\n    (ba) the individual is at least 55 years old when he or she gives the withdrawal request; and\n    (c) the individual satisfies the Commissioner of Taxation that:\n    (i) the individual is not in employment; or\n    (ii) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n> Note: Australia is defined by subsection (6).\n\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Definition\n  (6) In this section:\n\n> Australia has the same meaning as in the Income Tax Assessment Act 1936.\n\n#### 67A Withdrawal of account balance—former temporary resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that before, on or after the commencement of this section, the individual:\n    (i) was, under the Migration Act 1958, the holder of a temporary visa that has ceased to be in effect; and\n    (ii) left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and\n    (c) the individual satisfies the Commissioner of Taxation that the individual:\n    (i) is not, under the Migration Act 1958, the holder of a permanent visa; and\n    (ii) is neither an Australian citizen nor a New Zealand citizen.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 6—Withdrawals of account balances after death\n\n#### 68 Withdrawal of account balance—death of individual\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual has died; and\n    (b) the individual’s legal personal representative gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the legal personal representative an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 7—Notification of refusal of requests\n\n#### 69 Notification of refusal of requests\n\n  (1) This section applies if:\n    (a) a person makes a request under this Part; and\n    (b) the Commissioner of Taxation refuses the request.\n  (2) The Commissioner of Taxation must give the person written notice of the refusal.\n\n### Division 8—Recovery of account balances\n\n#### 70 Recovery of account balances\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 8—Refunds of deposits\n\n#### 71 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Commissioner of Taxation may refund a deposit if the deposit form was false or defective.\n\n• A depositor may apply for the refund of a deposit if it was made by mistake. The refund application must be made within 14 days after the deposit was credited to the account.\n\n#### 72 Refunds—false or defective deposit forms etc.\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was accompanied by a deposit form, or a purported deposit form, that, in so far as it related to the deposit or purported deposit:\n    (i) contained a declaration, or information, that was false or misleading in a material particular; or\n    (ii) had some other defect or irregularity; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit.\n  Refund payment\n  (2) The Commissioner of Taxation may decide to pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (3) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (4) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Part 7 obligations prevail\n  (5) The Commissioner of Taxation must not exercise a power conferred by this section in a manner that would be inconsistent with an obligation imposed on him or her by Part 7.\n\n> Note: Part 7 deals with withdrawals.\n\n#### 73 Refunds—deposit made by mistake\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was paid due to a clerical error or due to some other mistake; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit; and\n    (f) within 14 days after the credit was made, the depositor or purported depositor applies to the Commissioner of Taxation for a refund of the deposit or purported deposit.\n  Form of application\n  (2) The application must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Refund payment\n  (3) The Commissioner of Taxation must pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (5) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Obligations under this section prevail over obligations under Part 7\n  (6) In the event of a conflict between:\n    (a) an obligation imposed on the Commissioner of Taxation by this section; and\n    (b) an obligation imposed on the Commissioner of Taxation by Part 7;\n  the first‑mentioned obligation prevails.\n\n> Note: Part 7 deals with withdrawals.\n\n  Notification of refusal of application\n  (7) If the Commissioner of Taxation refuses an application under this section, the Commissioner of Taxation must give the applicant written notice of the refusal.\n\n#### 74 Recovery of refunds\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 9—Inactive accounts\n\n#### 75 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• If an individual’s account is inactive for 10 years, the account balance is to be debited from the Special Account.\n\n• The individual may claim the account balance from the Commissioner of Taxation.\n\n• The Commissioner of Taxation must keep a register of individuals’ account balances debited.\n\n#### 76 No activity for 10 years\n\n  When section applies\n  (1) This section applies to an individual’s account if no amount was credited to the account under:\n    (a) Part 5 of this Act; or\n    (b) section 65 of the Superannuation Guarantee (Administration) Act 1992;\n  at any time during a period of 10 consecutive financial years.\n\n> Note 1: Part 5 of this Act deals with deposits.\n\n> Note 2: Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.\n\n  Statement to be given to the Commissioner\n  (2) As soon as practicable after the end of that period, the Commissioner must record information about the account.\n  Tax file number\n  (3) If the individual’s tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.\n  Debit from the Special Account\n  (4) As soon as practicable after the end of that period, an amount equal to the balance of the individual’s account as at the end of that period is to be debited from the Special Account.\n  Debiting of individual’s account balance\n  (5) If an amount is debited from the Special Account under subsection (4), the individual’s account is debited by an amount equal to the amount debited from the Special Account.\n  Claim by individual\n  (6) If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.\n  Claim by individual’s legal personal representative\n  (7) If:\n    (a) an amount has been debited from the Special Account under subsection (4) in respect of the individual’s account; and\n    (b) the individual has died;\n  the individual’s legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the amount debited from the Special Account in respect of the individual’s account.\n  Payments\n  (8) The Commissioner of Taxation must comply with a request under subsection (6) or (7).\n  Appropriation\n  (9) The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).\n\n#### 77 Register\n\n  In addition to the particulars that are required by section 19 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 to be set out in the register kept under that section, that register must set out:\n    (a) particulars of amounts debited from the Special Account under section 76 in respect of particular individuals; and\n    (b) particulars of the individuals, which may include the tax file numbers of the individuals.\n\n## Part 10—Tax file numbers\n\n#### 78 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• An individual may quote his or her tax file number to the Commissioner of Taxation.\n\n#### 79 Individual may quote his or her tax file number\n\n  (1) An individual may quote his or her tax file number to the Commissioner of Taxation in connection with the operation, or the possibility of the future operation, of this Act in relation to the individual.\n\n> Note: This means that an individual’s tax file number may be quoted before or after an account is opened in the name of the individual.\n\n  (2) The tax file number may be quoted:\n    (a) in response to a request made by the Commissioner of Taxation; or\n    (b) on the individual’s own initiative.\n\n## Part 11—Review of decisions\n\n#### 80 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person who is dissatisfied with a reviewable decision of the Commissioner of Taxation may seek a reconsideration of the decision.\n\n• A person who is dissatisfied with a reconsidered decision may have the reconsidered decision reviewed by the Administrative Review Tribunal.\n\n• The Commissioner of Taxation must tell people about their rights to have decisions reconsidered and reviewed.\n\n#### 81 Reviewable decisions\n\n  For the purposes of this Part, a reviewable decision is a decision made by the Commissioner of Taxation under this Act (other than a decision under Division 2, 3 or 4 of Part 6 or a decision relating to the approval of a form).\n\n> Note: Decisions under Division 2, 3 or 4 of Part 6 relate to the funding of interest and the calculation of the allocation rate etc.\n\n#### 82 Reconsideration of reviewable decisions\n\n  Request for reconsideration\n  (1) A person who is affected by a reviewable decision may, if dissatisfied with the decision, request the Commissioner of Taxation to reconsider the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  How request must be made\n  (2) The request must be made by written notice given to the Commissioner of Taxation within the period of 21 days after the day on which the person first receives notice of the decision, or within such further period as the Commissioner of Taxation allows.\n  Request must set out reasons\n  (3) The request must set out the reasons for making the request.\n  Commissioner of Taxation to reconsider decision\n  (4) Upon receipt of the request, the Commissioner of Taxation must reconsider the decision and may, subject to subsection (5), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.\n  Deemed confirmation of decision if delay\n  (5) If the Commissioner of Taxation does not confirm, revoke or vary a decision before the end of the period of 60 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation is taken, at the end of that period, to have confirmed the decision under subsection (4).\n  Notice of Commissioner of Taxation’s action\n  (6) If the Commissioner of Taxation confirms, revokes or varies a decision before the end of the period referred to in subsection (5), the Commissioner of Taxation must give written notice to the person telling the person:\n    (a) the result of the reconsideration of the decision; and\n    (b) the reasons for confirming, varying or revoking the decision, as the case may be.\n\n#### 83 ART review of Commissioner of Taxation’s decisions\n\n  Applications may be made to the Administrative Review Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection 82(4).\n\n#### 84 Application of the Administrative Review Tribunal Act 2024\n\n  (2) If a request is made under subsection 82(1) of this Act in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision.\n  (3) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.\n\n#### 85 Statements to accompany notification of decisions\n\n  Original decision\n  (1) If a written notice is given to a person affected by a reviewable decision telling the person that the reviewable decision has been made, that notice is to include a statement to the effect that:\n    (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 82(1); and\n    (b) the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first‑mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Reconsidered decision\n  (2) If:\n    (a) the Commissioner of Taxation confirms or varies a reviewable decision under subsection 82(4); and\n    (b) gives to a person written notice of the confirmation or variation of the decision;\n  that notice is to include a statement to the effect that the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Validity of decision\n  (3) A failure to comply with this section does not affect the validity of a decision.\n\n## Part 12—Partnerships and unincorporated associations\n\n### Division 1—Partnerships\n\n#### 86 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Partnerships are treated as if they were persons.\n\n• A document given to a partner of a partnership is treated as if it had been given to the partnership.\n\n#### 87 Treatment of partnerships\n\n  The superannuation accounts law applies to a partnership as if the partnership were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the partnership is taken to have been committed by each partner who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 88 Giving of documents to partnerships\n\n  For the purposes of this Act, if a document is given to a partner of a partnership in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the partnership.\n\n### Division 2—Unincorporated associations\n\n#### 89 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Unincorporated associations are treated as if they were persons.\n\n• A document given to a member of the committee of management of an unincorporated association is treated as if it had been given to the unincorporated association.\n\n#### 90 Treatment of unincorporated associations\n\n  Persons\n  The superannuation accounts law applies to an unincorporated association as if the unincorporated association were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the unincorporated association are imposed instead on each member of the committee of management of the association, but may be discharged by any of those members;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the unincorporated association is taken to have been committed by each member of the committee of management of the association who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the member).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 91 Giving of documents to unincorporated associations\n\n  For the purposes of this Act, if a document is given to a member of the committee of management of an unincorporated association in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the unincorporated association.\n\n## Part 12A—Government co‑contributions for low income earners\n\n#### 91A Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a Government co‑contribution payable in respect of the individual.\n\n#### 91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91C Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91D Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91E Debiting account with overpayment of Government co‑contribution\n\n  Under section 24 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a Government co‑contribution if the account includes deposits made under this Part.\n\n#### 91F Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91G Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 12B—PPL superannuation contributions\n\n#### 91H Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a PPL superannuation contribution payable for the individual.\n\n#### 91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91K Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91L Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91M Debiting account with overpayment of PPL superannuation contribution\n\n  Under section 115P of the Paid Parental Leave Act 2010, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a PPL superannuation contribution if the account includes deposits made under this Part.\n\n#### 91N Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91P Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 13—Miscellaneous\n\n#### 92 Delegation\n\n  The Finance Minister may, by writing, delegate to an officer of the Finance Department any or all of his or her powers under this Act.\n\n#### 93 Annual report\n\n  (1) The Commissioner of Taxation must, as soon as practicable after the end of each financial year, prepare and give to the Minister a report on the operation of this Act during that year.\n  (2) The Minister must cause a copy of a report given under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.\n\n#### 94 Regulations\n\n  The Governor‑General may make regulations prescribing all matters:\n    (a) required or permitted by this Act to be prescribed; or\n    (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":26},{"sectionNumber":"20","sectionType":"section","heading":"Notification of opening balance","content":"#### 20 Notification of opening balance\n\n  As soon as practicable after the first occasion on which an amount is credited to an individual’s account, the Commissioner must give the individual a written notice setting out the balance of the account.","sortOrder":27},{"sectionNumber":"21","sectionType":"section","heading":"Individual may request details of account balance","content":"#### 21 Individual may request details of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual asks the Commissioner of Taxation to give the individual a written notice setting out the balance of the account.\n  Form of request\n  (2) The request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with request\n  (3) The Commissioner of Taxation must comply with the request.","sortOrder":28},{"sectionNumber":"22","sectionType":"section","heading":"Annual notification of account balance","content":"#### 22 Annual notification of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account exceeds nil as at the end of a financial year; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the end of the financial year, the Commissioner of Taxation must give the individual a written notice setting out the balance of the account as at the end of the financial year.","sortOrder":29},{"sectionNumber":"23","sectionType":"section","heading":"Notification when account balance reaches $1,200","content":"#### 23 Notification when account balance reaches $1,200\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:\n    (a) setting out the balance of the account; and\n    (b) explaining the effect of sections 49 and 61; and\n    (c) suggesting that the individual make a request under section 61.\n\n> Note 1: Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.\n\n> Note 2: Section 61 provides for the transfer of the balance of the account to a superannuation fund.","sortOrder":30},{"sectionNumber":"Part 4","sectionType":"part","heading":"Deposits","content":"## Part 4—Deposits","sortOrder":31},{"sectionNumber":"24","sectionType":"section","heading":"Simplified outline","content":"#### 24 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit.\n\n• The deposit must be accompanied by a deposit form.\n\n• The deposit form must include certain declarations.\n\n• The 2 key declarations are:\n\n(a) that the depositor is the employer, or former employer, of the individual; and\n\n(b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.\n\n• A defect in the deposit form will not result in the invalidity of the deposit.\n\n• A deposit form may deal with multiple payments.\n\n• Deposits are not held on trust.","sortOrder":32},{"sectionNumber":"25","sectionType":"section","heading":"Deposits","content":"#### 25 Deposits\n\n  A person (the depositor) may make a payment (the deposit) to the Commissioner of Taxation under this section in respect of an individual if, and only if, the payment is made before 1 July 2006.","sortOrder":33},{"sectionNumber":"26","sectionType":"section","heading":"Deposit to be accompanied by deposit form","content":"#### 26 Deposit to be accompanied by deposit form\n\n  The deposit must be accompanied by a written statement (the deposit form) that:\n    (a) is in a form approved in writing by the Commissioner of Taxation; and\n    (b) contains the information required by the form to be given; and\n    (c) contains the declarations required by sections 27, 28, 29 and 30; and\n    (d) sets out the individual’s tax file number (if known to the depositor); and\n    (e) is signed by or on behalf of the depositor.","sortOrder":34},{"sectionNumber":"27","sectionType":"section","heading":"Deposit to be made by employer or former employer","content":"#### 27 Deposit to be made by employer or former employer\n\n  The deposit form must include a declaration that the depositor is the employer, or former employer, of the individual.","sortOrder":35},{"sectionNumber":"28","sectionType":"section","heading":"Deposit to be instead of superannuation contributions","content":"#### 28 Deposit to be instead of superannuation contributions\n\n  The deposit form must include a declaration that the depositor is making the deposit:\n    (a) in respect of the employment, or former employment, of the individual by the depositor; and\n    (b) instead of making a superannuation contribution:\n    (i) in respect of the individual; and\n    (ii) of an amount equal to the deposit.","sortOrder":36},{"sectionNumber":"29","sectionType":"section","heading":"Deposit to be consistent with other laws etc.","content":"#### 29 Deposit to be consistent with other laws etc.\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the making of the deposit does not contravene:\n    (a) a law of the Commonwealth (other than this Act) or a law of a State or Territory; or\n    (b) an award, order, determination or industrial agreement in force under such a law; or\n    (c) a legally enforceable agreement.","sortOrder":37},{"sectionNumber":"30","sectionType":"section","heading":"Age limit","content":"#### 30 Age limit\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the individual was under 70 on at least one day during the period of employment to which the deposit relates.","sortOrder":38},{"sectionNumber":"31","sectionType":"section","heading":"Consequences of false declarations etc.","content":"#### 31 Consequences of false declarations etc.\n\n  If the deposit is accompanied by a deposit form, or a purported deposit form, that:\n    (a) contains a declaration, or information, that is false or misleading; or\n    (b) has some other defect or irregularity;\n  that circumstance does not result in the invalidity of the deposit. However, it may result in the deposit being refunded under Part 8.\n\n> Note 1: A false or misleading statement may result in criminal liability under Part III of the Taxation Administration Act 1953.\n\n> Note 2: A false or misleading declaration may result in an employer being denied:\n\n    (a) an income tax deduction under section 82AAF of the Income Tax Assessment Act 1936; and\n    (b) concessional treatment under section 23 of the Superannuation Guarantee (Administration) Act 1992.","sortOrder":39},{"sectionNumber":"33","sectionType":"section","heading":"Deposit not held on trust etc.","content":"#### 33 Deposit not held on trust etc.\n\n  (1) A deposit, or purported deposit, made in respect of an individual is not held on trust.\n  (2) A deposit, or purported deposit, made in respect of an individual is not repayable or refundable except as provided by this Act.","sortOrder":40},{"sectionNumber":"Part 5","sectionType":"part","heading":"Crediting of deposits","content":"## Part 5—Crediting of deposits","sortOrder":41},{"sectionNumber":"34","sectionType":"section","heading":"Simplified outline","content":"#### 34 Simplified outline\n\n  The following is a simplified outline of this Part:\n\nDeposits are to be credited to accounts by following these steps:\n\n• credit the deposit to the Special Account;\n\n• credit the deposit to the individual’s account.","sortOrder":42},{"sectionNumber":"35","sectionType":"section","heading":"Crediting of deposits","content":"#### 35 Crediting of deposits\n\n  Step 1—Credit to Special Account\n  (1) An amount equal to a deposit or purported deposit made in respect of an individual is to be credited to the Special Account.\n  Step 2—Credit to individual’s account\n  (2) As soon as practicable after the amount is credited to the Special Account, the individual’s account is to be credited with an amount equal to the deposit or purported deposit.","sortOrder":43},{"sectionNumber":"Part 6","sectionType":"part","heading":"Crediting of interest","content":"An Act relating to the small superannuation accounts scheme\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n  This Act may be cited as the Small Superannuation Accounts Act 1995.\n\n#### 2 Commencement\n\n  This Act commences on 1 July 1995.\n\n#### 3 Simplified explanation\n\n  The following is a simplified explanation of this Act:\n\n• The Australian Taxation Office administers a special account. Notional accounts are kept within the special account.\n\n• The account offers employees with small balances an opportunity to avoid the erosion of those balances by fees.\n\n• Employees may request that account balances be transferred to a nominated superannuation fund or RSA.\n\n• Except in special cases, employees will not have direct access to their account balances.\n\n• Interest will be calculated on the daily balance of the account and credited to the account on a quarterly basis.\n\n• Interest is exempt from income tax.\n\n• If an account balance exceeds $1,200, interest will only be credited on the first $1,200 of the balance. This is an incentive for employees to request that balances of more than $1,200 be transferred to a superannuation fund.\n\n• Under the Income Tax Assessment Act 1936, employers may get income tax deductions for deposits. There is an annual deduction limit of $1,200 per employee.\n\n• Under the Superannuation Guarantee (Administration) Act 1992, deposits made by an employer will be treated as superannuation contributions.\n\n• The accounts may also be credited with Government co‑contributions payable under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003. The rules for these deposits differ in some respects from those that apply to other deposits.\n\n#### 4 Definitions\n\n  In this Act, unless the contrary intention appears:\n\n> account means a notional account kept in accordance with section 12.\n\n> child, of a person, means a child of the person within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.\n\n> Note: The Income Tax Assessment Act 1997 defines complying superannuation fund by reference to section 45 of the Superannuation Industry (Supervision) Act 1993.\n\n> dependant, in relation to an individual, includes the spouse and any child of the person.\n\n> Note: This expression is only used in the definition of superannuation contribution.\n\n> deposit means a payment under section 25.\n\n> deposit form means a statement under section 26.\n\n> depositor means a person who makes a payment under section 25.\n\n> employee has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employee.\n\n> employer has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employer.\n\n> employment has a meaning corresponding to employee and employer.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Government co‑contribution in respect of an individual means a Government co‑contribution payable in respect of the individual under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003.\n\n> leave Australia has the same meaning as in the Migration Act 1958.\n\n> person has a meaning affected by sections 87 and 90.\n\n> Note 1: Under section 87, partnerships are treated as persons.\n\n> Note 2: Under section 90, unincorporated associations are treated as persons.\n\n> PPL superannuation contribution for an individual has the same meaning as in the Paid Parental Leave Act 2010.\n\n> provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> quarter means a period of 3 months beginning on 1 July, 1 October, 1 January or 1 April in:\n\n    (a) the financial year beginning on 1 July 1995; or\n    (b) any later financial year.\n\n> RSA has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> Special Account means the Superannuation Holding Accounts Special Account continued in existence by section 8.\n\n> spouse of a person includes:\n\n    (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and\n    (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.\n\n> Note: This expression is only used in the definition of dependant.\n\n> superannuation accounts law means:\n\n    (a) this Act; and\n    (b) the regulations; and\n    (c) Part III of the Taxation Administration Act 1953, in so far as that Part relates to this Act or the regulations.\n\n> superannuation contribution, in relation to an individual, means a contribution made to a superannuation fund, an RSA or a superannuation scheme for the purpose of making provision for superannuation benefits for, or for dependants of, the individual.\n\n> superannuation fund means a provident, benefit, superannuation or retirement fund.\n\n> superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits.\n\n> tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.\n\n> Unallocated Interest Pool means the Unallocated Interest Pool kept in accordance with section 42.\n\n#### 5 Crown to be bound\n\n  This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n\n#### 6 Act to be administered by the Commissioner of Taxation\n\n  The Commissioner of Taxation has the general administration of this Act.\n\n> Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.\n\n## Part 2—Superannuation Holding Accounts Special Account\n\n#### 7 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Superannuation Holding Accounts Special Account is continued in existence.\n\n• The Special Account is not a superannuation fund.\n\n#### 8 Superannuation Holding Accounts Special Account\n\n  (1) The Superannuation Holding Accounts Account is continued in existence as the Superannuation Holding Accounts Special Account.\n\n> Note: The Superannuation Holding Accounts Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.\n\n  (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 9 Special Account is not a superannuation fund\n\n  Special Account is not a superannuation fund\n  (1) For the purposes of a law of the Commonwealth:\n    (a) the Special Account is taken not to be a superannuation fund; and\n    (b) the scheme embodied in this Act is taken not to be a superannuation scheme.\n  Avoidance of doubt\n  (2) Subsection (1) is enacted to avoid doubt.\n\n## Part 3—Accounts\n\n### Division 1—Simplified outline\n\n#### 11 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Notional accounts are to be kept within the Special Account in the names of particular individuals.\n\n• Section 13 outlines credits to accounts.\n\n• Section 14 outlines debits to accounts.\n\n• The Commissioner of Taxation may open or close an account.\n\n• Accounts may have a nil balance.\n\n• An individual may only have one account.\n\n• Account balances are not held on trust.\n\n• An individual’s account balance will be notified to the individual in certain circumstances.\n\n### Division 2—Keeping of accounts\n\n#### 12 Accounts\n\n  Accounts to be kept\n  (1) Separate notional accounts are to be kept within the Special Account in the names of particular individuals.\n  Individual’s account\n  (2) An account kept in the name of an individual is to be known as the individual’s account.\n\n> Note: Section 4 provides that account means a notional account kept in accordance with this section.\n\n### Division 3—Outline of credits and debits to accounts\n\n#### 13 Outline of credits to accounts\n\n  The following is a simplified outline of the types of credits that may be made to an individual’s account.\n\nDeposits by employers\n\n• Under section 25, the individual’s employer or former employer may make a deposit in respect of the individual. The employer or former employer will make the deposit instead of making a superannuation contribution in respect of the individual. The deposit will result in a credit to the individual’s account.\n\nSuperannuation guarantee shortfalls\n\n• Under section 65 of the Superannuation Guarantee (Administration) Act 1992, if there is a shortfall component of a payment of superannuation guarantee charge in relation to the individual, the Commissioner of Taxation may credit the shortfall component to the individual’s account.\n\nInterest\n\n• Under Part 6, interest may be credited to the individual’s account.\n\n#### 14 Outline of debits to accounts\n\n  The following is a simplified outline of the types of debits that may be made to an individual’s account. These debits also involve debiting the Special Account.\n\nTransfer to superannuation fund or RSA\n\n• Under section 61, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund or RSA.\n\nBalance of less than $200—individual has ceased to be employed by all depositors\n\n• Under section 63, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\nReceipt of Commonwealth income support payments\n\n• Under section 64, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\nDisability\n\n• Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.\n\nTerminal medical condition\n\n• Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.\n\nIndividual turns 65\n\n• Under section 66, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has turned 65.\n\nIndividual at least 55 years old and not an Australian resident\n\n• Under section 67, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\nFormer temporary resident\n\n• The balance of the amount standing to the credit of an individual’s account may be debited from the Special Account if the individual is a former temporary resident.\n\nDeath of individual\n\n• Under section 68, if the individual dies, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual’s legal personal representative.\n\nRefunds of deposits\n\n• Under Part 8, an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits that were:\n\n(a) accompanied by false or defective deposit forms; or\n\n(b) made by mistake.\n\n### Division 4—Opening and closing of accounts\n\n#### 15 Opening of accounts\n\n  Power\n  (1) The Commissioner of Taxation may open an account in the name of a particular individual.\n  Duty\n  (2) The Commissioner of Taxation must open an account in the name of a particular individual if:\n    (a) the individual does not already have an account; and\n    (b) a person makes a deposit, or a purported deposit, in respect of the individual.\n  Payment split under Family Law Act\n  (3) If an account is subject to a payment split, then the Commissioner may open an account in the name of the non‑member spouse.\n  (4) The balance of the account when it is opened is an amount worked out in accordance with the regulations.\n  (5) The balance of the member spouse’s account is to be reduced by the amount worked out under subsection (4).\n  (6) The Commissioner must give the member spouse a written notice setting out the balance (if any) of the member spouse’s account after the reduction.\n  (7) In this section:\n\n> member spouse means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> non‑member spouse means a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n#### 16 Closing of accounts\n\n  The Commissioner of Taxation may close an individual’s account if the balance of the account is nil and:\n    (a) the balance of the account was nil throughout the preceding period of 2 years; or\n    (b) the balance of the account has been withdrawn under section 61, 65, 65A, 66, 67, 67A or 91E; or\n    (c) the individual has died; or\n    (d) the individual asks the Commissioner of Taxation to close the account; or\n    (e) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n> Note 1: Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.\n\n> Note 2: Section 65 deals with individuals who retire because of disability.\n\n> Note 2A: Section 65A deals with individuals in relation to whom terminal medical conditions exist.\n\n> Note 3: Section 66 deals with individuals who have turned 65.\n\n> Note 4: Section 67 deals with individuals who are not Australian residents for income tax purposes etc.\n\n> Note 5: Section 67A deals with individuals who have permanently departed from Australia.\n\n> Note 6: Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.\n\n### Division 5—Rules about accounts\n\n#### 17 Accounts may have a nil balance\n\n  Nil balance\n  (1) An account may have a nil balance.\n  Examples\n  (2) The following are examples of cases where an account might have a nil balance:\n    (a) no money has been credited to the account;\n    (b) the balance of the account has been withdrawn under Part 7;\n    (c) the balance of the account has been refunded to an employer or former employer under Part 8;\n    (d) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n#### 18 One account per individual\n\n  Only one account\n  (1) Only one account may be kept in respect of a particular individual.\n  Amalgamation etc.\n  (2) A contravention of subsection (1) does not affect the validity of an account. However, if the Commissioner of Taxation becomes aware that 2 or more accounts are being kept in respect of the same individual, the Commissioner of Taxation must amalgamate the accounts into a single account.\n\n#### 19 Account balances not held on trust etc.\n\n  (1) Money credited to an individual’s account is not held on trust.\n  (2) The Commonwealth is not liable to pay, repay or refund money credited to an individual’s account except as provided by this Act.\n\n> Note: Under section 69A of the Superannuation Guarantee (Administration) Act 1992, if a shortfall component of superannuation guarantee charge has been incorrectly credited to an individual’s account, the account may be debited for the purposes of reversing the credit.\n\n### Division 6—Notification of account balances\n\n#### 20 Notification of opening balance\n\n  As soon as practicable after the first occasion on which an amount is credited to an individual’s account, the Commissioner must give the individual a written notice setting out the balance of the account.\n\n#### 21 Individual may request details of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual asks the Commissioner of Taxation to give the individual a written notice setting out the balance of the account.\n  Form of request\n  (2) The request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with request\n  (3) The Commissioner of Taxation must comply with the request.\n\n#### 22 Annual notification of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account exceeds nil as at the end of a financial year; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the end of the financial year, the Commissioner of Taxation must give the individual a written notice setting out the balance of the account as at the end of the financial year.\n\n#### 23 Notification when account balance reaches $1,200\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:\n    (a) setting out the balance of the account; and\n    (b) explaining the effect of sections 49 and 61; and\n    (c) suggesting that the individual make a request under section 61.\n\n> Note 1: Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.\n\n> Note 2: Section 61 provides for the transfer of the balance of the account to a superannuation fund.\n\n## Part 4—Deposits\n\n#### 24 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit.\n\n• The deposit must be accompanied by a deposit form.\n\n• The deposit form must include certain declarations.\n\n• The 2 key declarations are:\n\n(a) that the depositor is the employer, or former employer, of the individual; and\n\n(b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.\n\n• A defect in the deposit form will not result in the invalidity of the deposit.\n\n• A deposit form may deal with multiple payments.\n\n• Deposits are not held on trust.\n\n#### 25 Deposits\n\n  A person (the depositor) may make a payment (the deposit) to the Commissioner of Taxation under this section in respect of an individual if, and only if, the payment is made before 1 July 2006.\n\n#### 26 Deposit to be accompanied by deposit form\n\n  The deposit must be accompanied by a written statement (the deposit form) that:\n    (a) is in a form approved in writing by the Commissioner of Taxation; and\n    (b) contains the information required by the form to be given; and\n    (c) contains the declarations required by sections 27, 28, 29 and 30; and\n    (d) sets out the individual’s tax file number (if known to the depositor); and\n    (e) is signed by or on behalf of the depositor.\n\n#### 27 Deposit to be made by employer or former employer\n\n  The deposit form must include a declaration that the depositor is the employer, or former employer, of the individual.\n\n#### 28 Deposit to be instead of superannuation contributions\n\n  The deposit form must include a declaration that the depositor is making the deposit:\n    (a) in respect of the employment, or former employment, of the individual by the depositor; and\n    (b) instead of making a superannuation contribution:\n    (i) in respect of the individual; and\n    (ii) of an amount equal to the deposit.\n\n#### 29 Deposit to be consistent with other laws etc.\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the making of the deposit does not contravene:\n    (a) a law of the Commonwealth (other than this Act) or a law of a State or Territory; or\n    (b) an award, order, determination or industrial agreement in force under such a law; or\n    (c) a legally enforceable agreement.\n\n#### 30 Age limit\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the individual was under 70 on at least one day during the period of employment to which the deposit relates.\n\n#### 31 Consequences of false declarations etc.\n\n  If the deposit is accompanied by a deposit form, or a purported deposit form, that:\n    (a) contains a declaration, or information, that is false or misleading; or\n    (b) has some other defect or irregularity;\n  that circumstance does not result in the invalidity of the deposit. However, it may result in the deposit being refunded under Part 8.\n\n> Note 1: A false or misleading statement may result in criminal liability under Part III of the Taxation Administration Act 1953.\n\n> Note 2: A false or misleading declaration may result in an employer being denied:\n\n    (a) an income tax deduction under section 82AAF of the Income Tax Assessment Act 1936; and\n    (b) concessional treatment under section 23 of the Superannuation Guarantee (Administration) Act 1992.\n\n#### 33 Deposit not held on trust etc.\n\n  (1) A deposit, or purported deposit, made in respect of an individual is not held on trust.\n  (2) A deposit, or purported deposit, made in respect of an individual is not repayable or refundable except as provided by this Act.\n\n## Part 5—Crediting of deposits\n\n#### 34 Simplified outline\n\n  The following is a simplified outline of this Part:\n\nDeposits are to be credited to accounts by following these steps:\n\n• credit the deposit to the Special Account;\n\n• credit the deposit to the individual’s account.\n\n#### 35 Crediting of deposits\n\n  Step 1—Credit to Special Account\n  (1) An amount equal to a deposit or purported deposit made in respect of an individual is to be credited to the Special Account.\n  Step 2—Credit to individual’s account\n  (2) As soon as practicable after the amount is credited to the Special Account, the individual’s account is to be credited with an amount equal to the deposit or purported deposit.\n\n## Part 6—Crediting of interest\n\n### Division 1—Simplified outline\n\n#### 36 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Interest is funded by crediting amounts to the Special Account.\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n• The allocation day is published in the Gazette.\n\n• The rate at which interest accrues is called the allocation rate.\n\n• The allocation rate is published in the Gazette.\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n### Division 2—Gross interest amount and net interest amount\n\n#### 37 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The expressions gross interest amount and net interest amount are defined.\n\n• Those expressions are used to work out:\n\n(a) how interest is funded; and\n\n(b) the rate at which interest accrues to an account.\n\n#### 38 Gross interest amount\n\n  For the purposes of this Part, the gross interest amount for a quarter is the sum of the following amounts:\n    (a) the income derived by the Commonwealth during the quarter from the investment of amounts standing to the credit of the Special Account;\n    (b) the amount (if any) determined by the Finance Minister in relation to the quarter having regard to the amount standing to the credit of the Special Account that remains uninvested from time to time during the quarter.\n\n#### 39 Net interest amount\n\n  Net interest amount\n  (1) For the purposes of this Part, the net interest amount for a quarter is the gross interest amount for the quarter, reduced (but not below 0) by the sum of:\n    (a) the amount determined by the Commissioner of Taxation, where the amount represents a fair approximation of the costs incurred by the Commonwealth during the quarter in connection with the administration of this Act; and\n    (b) the amount, or the total of the amounts, allocated to the quarter under subsection (3).\n\n> Note: Gross interest amount is defined by section 38.\n\n  Carry‑forward amount\n  (2) For the purposes of this section, if:\n    (a) the amount determined under paragraph (1)(a) in relation to a quarter;\n  exceeds:\n    (b) the gross interest amount for the quarter;\n  the excess is taken to be the carry‑forward amount for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation of carry‑forward amounts\n  (3) For the purposes of this section, the Finance Minister may determine that:\n    (a) a carry‑forward amount for a quarter is to be allocated to a later quarter; or\n    (b) different parts of the carry‑forward amount for a quarter are to be allocated to different later quarters.\n  Amortisation\n  (4) For the purposes of this section, capital costs and development costs are to be amortised in accordance with generally accepted accounting principles.\n  Investment costs\n  (5) For the purposes of this section, the costs incurred by the Commonwealth in connection with the investment of amounts standing to the credit of the Special Account are taken to have been incurred in connection with the administration of this Act.\n\n### Division 3—Funding of interest\n\n#### 40 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest is funded by crediting the net interest amount to the Special Account.\n\n• An Unallocated Interest Pool is to be kept within the Special Account.\n\n• Unallocated interest is represented by the balance of the Unallocated Interest Pool.\n\n• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.\n\n• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.\n\n#### 41 Crediting of net interest amount to the Special Account\n\n  As soon as practicable after the end of a quarter, an amount equal to the net interest amount for the quarter is to be credited to the Special Account.\n\n> Note: Net interest amount is defined by section 39.\n\n#### 42 Unallocated Interest Pool\n\n  Pool\n  (1) For accounting purposes, a separate notional subcomponent, called the Unallocated Interest Pool, is to be kept within the Special Account.\n  Credits to Pool\n  (2) An amount credited to the Special Account under section 41 is to be credited to the Unallocated Interest Pool.\n  Debits from Pool\n  (3) The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual’s account.\n\n#### 43 Supplementation of Unallocated Interest Pool\n\n  When section applies\n  (1) This section applies if the Finance Minister is satisfied that:\n    (a) the balance of the Unallocated Interest Pool is nil; or\n    (b) the balance of the Unallocated Interest Pool is, or is likely to be, insufficient to meet the requirements of the Unallocated Interest Pool.\n  Supplementation\n  (2) The Finance Minister may determine that the Unallocated Interest Pool is to be supplemented by a specified amount.\n  Crediting of the supplementation amount\n  (3) The specified amount is to be credited to the Special Account.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the specified amount.\n\n#### 44 Debiting of unallocated interest\n\n  (1) If the Commissioner of Taxation is satisfied that the balance of the Unallocated Interest Pool exceeds the requirements of the Unallocated Interest Pool, the Commissioner of Taxation must determine that the excess is surplus to the requirements of the Unallocated Interest Pool.\n  (2) The Unallocated Interest Pool is to be debited by an amount equal to the excess.\n  (3) An amount equal to the excess is to be debited from the Special Account.\n\n### Division 4—Allocation day and allocation rate\n\n#### 45 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The allocation day for a quarter is published in the Gazette. The allocation day is the day on which interest is credited to accounts.\n\n• The allocation rate for a quarter is published in the Gazette. The allocation rate is the rate at which interest accrues to an account.\n\n• The allocation rate is worked out under section 47.\n\n#### 46 Gazettal of allocation day and allocation rate\n\n  (1) As soon as practicable after an amount is credited to the Special Account under section 41 in respect of a quarter (the current quarter), the Commissioner of Taxation must, by notice published in the Gazette, declare that, for the purposes of this Part:\n    (a) a specified day in the quarter next following the current quarter is the allocation day for the current quarter; and\n    (b) a specified percentage is the allocation rate for the current quarter.\n\n> Note: To work out the allocation rate see section 47.\n\n  (2) The declaration has effect accordingly.\n\n#### 47 Calculation of the allocation rate\n\n  Application of steps\n  (1) To work out the allocation rate for a quarter, apply the following steps.\n  Adjusted total balances\n  (2) Calculate the adjusted total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  For the purposes of this calculation, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n  Provisional rate\n  (3) Calculate the provisional rate for the quarter as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Net interest amount over Adjusted total balances end fraction times 100 end formula](image.002.png)\n  where:\n\n> Net interest amount means the net interest amount for the quarter;\n\n> Adjusted total balances means the adjusted total balances for the quarter.\n\n> Note: Net interest amount is defined by section 39.\n\n  Total balances\n  (4) Calculate the total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  Capped rate\n  (5) Calculate the capped rate as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Gross interest amount over Total balances end fraction times 100 end formula](image.003.png)\n  where:\n\n> Gross interest amount means the gross interest amount for the quarter;\n\n> Total balances means the total balances for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation rate—comparison between provisional rate and capped rate\n  (6) Compare the provisional rate with the capped rate:\n    (a) if the provisional rate is less than or equal to the capped rate—the allocation rate equals the provisional rate; or\n    (b) if the provisional rate exceeds the capped rate—the allocation rate equals the capped rate.\n\n### Division 5—Crediting of interest\n\n#### 48 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n#### 49 Accrual of interest on first $1,200 of daily balance\n\n  (1) Interest accrues to an account each day on the balance of the account as at the end of that day.\n  (2) For the purposes of this Division, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n\n#### 50 Rate of accrual, and crediting, of interest\n\n  When section applies\n  (1) This section applies to interest that accrues under section 49.\n  Allocation day event, withdrawal event and inactive account debit event\n  (2) Both:\n    (a) the rate of accrual of interest to an account in respect of a particular day (the accrual day) in a particular quarter; and\n    (b) the time at which accrued interest in respect of the accrual day is to be credited to the account;\n  depends on whichever of the following events first happens after the accrual day:\n    (c) the occurrence of the allocation day for the quarter (this event is to be known as the allocation day event);\n    (d) the withdrawal under Part 7 of the balance of the account (this event is to be known as the withdrawal event);\n    (e) the debiting of the balance of the account from the Special Account under Part 9 (this event is to be known as the inactive account debit event).\n  Allocation day event\n  (3) If the allocation day event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Allocation rate over Total number of days in the quarter end fraction end formula](image.004.png)\n    where:\n\n> Allocation rate means the allocation rate for the quarter; and\n\n    (b) the accrued interest is to be credited to the account on the allocation day.\n  Withdrawal event\n  (4) If the withdrawal event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day before the day of the withdrawal.\n  Inactive account debit event\n  (5) If the inactive account debit event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day of the debit.\n  Transitional—withdrawal event before first allocation day\n  (6) Despite paragraph (4)(a), if the withdrawal event occurs before the allocation day for the quarter beginning on 1 July 1995, that paragraph has effect, in relation to that event, as if the adjusted allocation rate were 0.4% or such higher rate as the Finance Minister determines.\n\n#### 51 Rounding up\n\n  If the total amount of interest to be credited to an account on a particular day (when expressed as a number of cents) is not a number of whole cents, that total must be rounded up to the nearest cent.\n\n### Division 6—Interest not to accrue in certain cases\n\n#### 52 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n#### 53 Interest does not accrue on refunded deposits\n\n  No interest\n  (1) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8.\n  Reversing interest credit\n  (2) If interest has been credited to an individual’s account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.\n  Unallocated Interest Pool to be credited\n  (3) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).\n\n#### 54 Interest does not accrue on shortfall components incorrectly credited to accounts\n\n  When section applies\n  (1) This section applies if:\n    (a) an amount credited to an account under section 65 of the Superannuation Guarantee (Administration) Act 1992 exceeds the amount that should have been credited to the account; and\n    (b) the balance of the account is attributable, in whole or in part, to the credit.\n  No interest\n  (2) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of the account as is attributable to the excess.\n  Debit reversing interest credit\n  (3) If interest has been credited to the account in contravention of subsection (2), the Commissioner of Taxation must debit the account by the amount of the credit.\n  Unallocated Interest Pool to be credited\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n#### 55 Amalgamated accounts—no interest if $1,200 limit avoided\n\n  When section applies\n  (1) This section applies if:\n    (a) the Commissioner becomes aware that 2 or more accounts (the separate accounts) are being kept in respect of the same individual; and\n    (b) the Commissioner of Taxation amalgamates the separate accounts into a single account; and\n    (c) immediately after the amalgamation, the balance of the amalgamated account exceeds $1,200.\n\n> Note: Section 18 empowers the Commissioner to amalgamate the separate accounts.\n\n  No interest if $1,200 limit avoided\n  (2) If, because of the $1,200 limit referred to in subsection 49(2):\n    (a) the total amount of interest that accrued to the separate accounts before the day of the amalgamation;\n  exceeds:\n    (b) the total amount of interest that would have accrued to the amalgamated account if it were assumed that the amalgamated account had been in existence at all times since the earliest time at which any of the separate accounts was opened;\n  then, despite section 49, the excess interest is taken never to have accrued under that section.\n  Debit to amalgamated account\n  (3) If excess interest has been credited in contravention of subsection (2), the Commissioner of Taxation must debit the amalgamated account by an amount equal to the amount of the credit.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n## Part 7—Withdrawal of account balances\n\n### Division 1—Simplified outline\n\n#### 56 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• There are 3 types of withdrawals of account balances:\n\n(a) transfers of account balances to superannuation funds or RSAs;\n\n(b) direct withdrawals of account balances by individuals;\n\n(c) withdrawals of account balances after death.\n\n• Under Part 8, a depositor has 14 days to apply for a refund of a deposit on the grounds that the deposit was made by mistake. During the 14‑day period, the individual’s account will be frozen.\n\n### Division 2—No withdrawals for 14 days after deposit credited to account etc.\n\n#### 57 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• An individual’s account will be frozen for 14 days after a deposit is credited to the account.\n\n• The delay gives the depositor a chance to apply for a refund of the deposit.\n\n• If the depositor applies for a refund of the deposit, the 14‑day period will be extended until the application is finalised.\n\n• Accounts will be frozen for 14 days after a shortfall component is credited to the account.\n\n• The delay gives the Commissioner of Taxation a chance to correct mistakes.\n\n#### 58 No withdrawals for 14 days after deposit credited to account etc.\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a deposit, or purported deposit, was made in respect of the individual; and\n    (b) as a result of the deposit or purported deposit, an amount was credited to the account under Part 5 at a particular time (the deposit time); and\n    (c) a request under this Part (the individual’s request) is made during the period of 14 days beginning at the deposit time.\n  Individual’s request frozen for 14 days\n  (2) The individual’s request has no effect at any time during that 14‑day period.\n\n> Note: This gives the depositor a chance to apply for a refund of the deposit.\n\n  Individual’s request frozen for additional period\n  (3) If an application for a refund of the deposit or purported deposit was made under section 73 during that 14‑day period, then:\n    (a) if the refund application is granted—the individual’s request has no effect at any time; or\n    (b) if the refund application is refused—the individual’s request has no effect at a particular time if:\n    (i) the time is after the refund application is made but before the end of the period of 21 days after the giving of the notice of refusal; or\n    (ii) if, during that 21‑day period, the refund applicant asks the Commissioner of Taxation to reconsider the refund application—the time is during the period when that reconsideration, or any later application to the Administrative Review Tribunal, has not been finalised.\n  (3A) For the purposes of subsection (3), a reference to the Administrative Review Tribunal is taken to include a reference to the Administrative Appeals Tribunal.\n  When reconsiderations finalised\n  (4) For the purposes of this section, a reconsideration of a decision is taken not to have been finalised during the period of 28 days after:\n    (a) if, because of the operation of subsection 82(5), the decision is taken to be confirmed—the day on which the decision is taken to have been confirmed; or\n    (b) in any other case—the day on which the decision on the reconsideration is notified to the refund applicant.\n\n#### 59 No withdrawals for 14 days after shortfall component credited to account\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) an amount was credited to the account under section 65 of the Superannuation Guarantee (Administration) Act 1992 at a particular time (the credit time); and\n    (b) a request under this Part is made during the period of 14 days beginning at the credit time.\n  Request frozen for 14 days\n  (2) The request has no effect at any time during that 14‑day period.\n\n> Note: This gives the Commissioner a chance to correct mistakes.\n\n### Division 3—Timing of withdrawals\n\n#### 60 Timing of withdrawals\n\n  24‑hour delay\n  (1) If a request is made under this Part, the Commissioner of Taxation must wait at least 24 hours before complying with the request.\n\n> Note: This delay enables interest to be credited to the account.\n\n  When withdrawal occurs\n  (2) For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.\n\n### Division 4—Transfer of account balances to RSAs and superannuation funds\n\n#### 61 Transfer to RSA or superannuation fund\n\n  Transfer request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the transfer request) to transfer the account balance to a specified RSA or to the trustee of a specified fund for the benefit of the individual; and\n    (b) the fund passes the compliance test set out in subsection (2).\n\n> Note: Subsection (7) provides for the transfer request to be given by the individual personally or by the trustee acting on behalf of the individual.\n\n  Compliance test for funds\n  (2) For the purposes of this section, a fund passes the compliance test if:\n    (a) the fund is an exempt public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or\n    (b) at the time of the transfer request, the Commissioner of Taxation has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:\n    (i) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and\n    (ii) is not subject to a direction under section 63 of that Act.\n\n> Note: Section 63 of the Superannuation Industry (Supervision) Act 1993 deals with funds that have been directed not to accept contributions from an employer‑sponsor.\n\n  Form of transfer request\n  (3) The transfer request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with transfer request\n  (4) The Commissioner of Taxation must pay to the provider of the RSA, or to the trustee, for the benefit of the individual, an amount equal to the account balance immediately before the payment is made. However, this rule does not apply if the Commissioner of Taxation is satisfied that the RSA provider or the trustee is unwilling to accept the payment.\n  Special Account to be debited\n  (5) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (6) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Authorisation of trustee by individual etc.\n  (7) The transfer request may be given by:\n    (a) the individual personally; or\n    (b) the RSA provider or the trustee acting on the individual’s behalf in accordance with an authority given by the individual.\n  If paragraph (b) applies, the transfer request must be accompanied by a copy of the authority.\n  Form of authorisation\n  (8) An authority referred to in subsection (7) must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Definitions\n  (9) In this section:\n\n> fund includes a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> trustee has the same meaning as in the Superannuation Industry (Supervision) Act 1993.\n\n#### 61A Commissioner may transfer account balance to RSA or superannuation fund\n\n  (1) The Commissioner of Taxation may pay the balance of an individual’s account to:\n    (a) an RSA of the individual; or\n    (b) the trustee of a complying superannuation fund for crediting to an account of the individual within that fund.\n  (2) To avoid doubt, the Commissioner of Taxation may make the payment under subsection (1) without a request from the individual under section 61.\n  (3) The Special Account is debited for the purposes of making the payment under subsection (1).\n  (4) When the payment under subsection (1) is made, the individual’s account is debited by the amount of the payment.\n  (5) In this section:\n\n> trustee of a superannuation fund means:\n\n    (a) if there is a trustee (within the ordinary meaning of that expression) of the fund—the trustee; or\n    (b) otherwise—the person who manages the fund.\n\n### Division 5—Direct withdrawals of account balances by individuals\n\n#### 62 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The balance of an individual’s account may be withdrawn if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\n• The balance of an individual’s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\n• The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.\n\n• The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.\n\n• The balance of an individual’s account may be withdrawn if the individual has turned 65.\n\n• The balance of an individual’s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n• The balance of an individual’s account may be withdrawn if the individual is a former temporary resident.\n\n#### 63 Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account is attributable, in whole or in part, to:\n    (i) one or more deposits, or purported deposits, made by one or more employers or former employers of the individual; or\n    (ii) one or more shortfall components of payments of superannuation guarantee charge made by one or more employers or former employers of the individual; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual has ceased to be employed by each of the employers or former employers; and\n    (c) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (d) the balance of the account is less than $200 immediately before the time when the account balance is withdrawn.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 64 Withdrawal of account balance—receipt of Commonwealth income support payments\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual has been in receipt of one or more Commonwealth income support payments for:\n    (i) if the person is at least 55 years of age—a period of at least 39 weeks, or for 2 or more periods that total at least 39 weeks, since the person turned 55; or\n    (ii) in any case—for an unbroken period of at least 26 weeks (other than such a period that ended before the withdrawal request was given); and\n    (c) the individual gives the Commissioner of Taxation:\n    (i) written evidence of the individual’s receipt of relevant Commonwealth income support payments provided by the Commonwealth Department or agency that is responsible for administering the payment; or\n    (ii) such other evidence of the individual’s receipt of relevant Commonwealth income support payments as is prescribed.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  (6) For the purposes of subparagraph (1)(b)(ii), if an individual obtains evidence covered by subparagraph (1)(c)(i), the individual is, subject to evidence to the contrary, to be taken to have continued to have received the Commonwealth income support payment concerned for 21 days after the date of the written evidence.\n  (7) In this section:\n\n> Commonwealth income support payment means:\n\n    (a) any of the following payments (as defined in section 23 of the Social Security Act 1991):\n    (i) a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full‑time study);\n    (ii) a social security pension;\n    (iii) a service pension;\n    (iv) an income support supplement; or\n    (e) any other payment prescribed for the purposes of this definition.\n\n#### 65 Withdrawal of account balance—retirement on grounds of disability\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not in employment; and\n    (c) the individual last ceased to be an employee because of the disability of the individual; and\n    (d) 2 legally qualified medical practitioners have certified that the disability is likely to result in the individual being unable ever to be employed in a capacity for which the individual is reasonably qualified because of education, training or experience.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 65A Withdrawal of account balance—terminal medical condition\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 66 Withdrawal of account balance—individual turns 65\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual has turned 65.\n  Withdrawal decision\n  (2) The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.\n  Withdrawal request\n  (3) The individual may give the Commissioner of Taxation a request (the withdrawal request) to make a payment under subsection (2).\n  Form of withdrawal request\n  (4) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (5) The Commissioner of Taxation must comply with the withdrawal request.\n  Special Account to be debited\n  (6) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (7) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 67 Withdrawal of account balance—individual not an Australian resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not a resident (within the meaning of the Income Tax Assessment Act 1936); and\n    (ba) the individual is at least 55 years old when he or she gives the withdrawal request; and\n    (c) the individual satisfies the Commissioner of Taxation that:\n    (i) the individual is not in employment; or\n    (ii) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n> Note: Australia is defined by subsection (6).\n\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Definition\n  (6) In this section:\n\n> Australia has the same meaning as in the Income Tax Assessment Act 1936.\n\n#### 67A Withdrawal of account balance—former temporary resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that before, on or after the commencement of this section, the individual:\n    (i) was, under the Migration Act 1958, the holder of a temporary visa that has ceased to be in effect; and\n    (ii) left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and\n    (c) the individual satisfies the Commissioner of Taxation that the individual:\n    (i) is not, under the Migration Act 1958, the holder of a permanent visa; and\n    (ii) is neither an Australian citizen nor a New Zealand citizen.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 6—Withdrawals of account balances after death\n\n#### 68 Withdrawal of account balance—death of individual\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual has died; and\n    (b) the individual’s legal personal representative gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the legal personal representative an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 7—Notification of refusal of requests\n\n#### 69 Notification of refusal of requests\n\n  (1) This section applies if:\n    (a) a person makes a request under this Part; and\n    (b) the Commissioner of Taxation refuses the request.\n  (2) The Commissioner of Taxation must give the person written notice of the refusal.\n\n### Division 8—Recovery of account balances\n\n#### 70 Recovery of account balances\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 8—Refunds of deposits\n\n#### 71 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Commissioner of Taxation may refund a deposit if the deposit form was false or defective.\n\n• A depositor may apply for the refund of a deposit if it was made by mistake. The refund application must be made within 14 days after the deposit was credited to the account.\n\n#### 72 Refunds—false or defective deposit forms etc.\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was accompanied by a deposit form, or a purported deposit form, that, in so far as it related to the deposit or purported deposit:\n    (i) contained a declaration, or information, that was false or misleading in a material particular; or\n    (ii) had some other defect or irregularity; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit.\n  Refund payment\n  (2) The Commissioner of Taxation may decide to pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (3) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (4) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Part 7 obligations prevail\n  (5) The Commissioner of Taxation must not exercise a power conferred by this section in a manner that would be inconsistent with an obligation imposed on him or her by Part 7.\n\n> Note: Part 7 deals with withdrawals.\n\n#### 73 Refunds—deposit made by mistake\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was paid due to a clerical error or due to some other mistake; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit; and\n    (f) within 14 days after the credit was made, the depositor or purported depositor applies to the Commissioner of Taxation for a refund of the deposit or purported deposit.\n  Form of application\n  (2) The application must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Refund payment\n  (3) The Commissioner of Taxation must pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (5) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Obligations under this section prevail over obligations under Part 7\n  (6) In the event of a conflict between:\n    (a) an obligation imposed on the Commissioner of Taxation by this section; and\n    (b) an obligation imposed on the Commissioner of Taxation by Part 7;\n  the first‑mentioned obligation prevails.\n\n> Note: Part 7 deals with withdrawals.\n\n  Notification of refusal of application\n  (7) If the Commissioner of Taxation refuses an application under this section, the Commissioner of Taxation must give the applicant written notice of the refusal.\n\n#### 74 Recovery of refunds\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 9—Inactive accounts\n\n#### 75 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• If an individual’s account is inactive for 10 years, the account balance is to be debited from the Special Account.\n\n• The individual may claim the account balance from the Commissioner of Taxation.\n\n• The Commissioner of Taxation must keep a register of individuals’ account balances debited.\n\n#### 76 No activity for 10 years\n\n  When section applies\n  (1) This section applies to an individual’s account if no amount was credited to the account under:\n    (a) Part 5 of this Act; or\n    (b) section 65 of the Superannuation Guarantee (Administration) Act 1992;\n  at any time during a period of 10 consecutive financial years.\n\n> Note 1: Part 5 of this Act deals with deposits.\n\n> Note 2: Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.\n\n  Statement to be given to the Commissioner\n  (2) As soon as practicable after the end of that period, the Commissioner must record information about the account.\n  Tax file number\n  (3) If the individual’s tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.\n  Debit from the Special Account\n  (4) As soon as practicable after the end of that period, an amount equal to the balance of the individual’s account as at the end of that period is to be debited from the Special Account.\n  Debiting of individual’s account balance\n  (5) If an amount is debited from the Special Account under subsection (4), the individual’s account is debited by an amount equal to the amount debited from the Special Account.\n  Claim by individual\n  (6) If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.\n  Claim by individual’s legal personal representative\n  (7) If:\n    (a) an amount has been debited from the Special Account under subsection (4) in respect of the individual’s account; and\n    (b) the individual has died;\n  the individual’s legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the amount debited from the Special Account in respect of the individual’s account.\n  Payments\n  (8) The Commissioner of Taxation must comply with a request under subsection (6) or (7).\n  Appropriation\n  (9) The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).\n\n#### 77 Register\n\n  In addition to the particulars that are required by section 19 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 to be set out in the register kept under that section, that register must set out:\n    (a) particulars of amounts debited from the Special Account under section 76 in respect of particular individuals; and\n    (b) particulars of the individuals, which may include the tax file numbers of the individuals.\n\n## Part 10—Tax file numbers\n\n#### 78 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• An individual may quote his or her tax file number to the Commissioner of Taxation.\n\n#### 79 Individual may quote his or her tax file number\n\n  (1) An individual may quote his or her tax file number to the Commissioner of Taxation in connection with the operation, or the possibility of the future operation, of this Act in relation to the individual.\n\n> Note: This means that an individual’s tax file number may be quoted before or after an account is opened in the name of the individual.\n\n  (2) The tax file number may be quoted:\n    (a) in response to a request made by the Commissioner of Taxation; or\n    (b) on the individual’s own initiative.\n\n## Part 11—Review of decisions\n\n#### 80 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person who is dissatisfied with a reviewable decision of the Commissioner of Taxation may seek a reconsideration of the decision.\n\n• A person who is dissatisfied with a reconsidered decision may have the reconsidered decision reviewed by the Administrative Review Tribunal.\n\n• The Commissioner of Taxation must tell people about their rights to have decisions reconsidered and reviewed.\n\n#### 81 Reviewable decisions\n\n  For the purposes of this Part, a reviewable decision is a decision made by the Commissioner of Taxation under this Act (other than a decision under Division 2, 3 or 4 of Part 6 or a decision relating to the approval of a form).\n\n> Note: Decisions under Division 2, 3 or 4 of Part 6 relate to the funding of interest and the calculation of the allocation rate etc.\n\n#### 82 Reconsideration of reviewable decisions\n\n  Request for reconsideration\n  (1) A person who is affected by a reviewable decision may, if dissatisfied with the decision, request the Commissioner of Taxation to reconsider the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  How request must be made\n  (2) The request must be made by written notice given to the Commissioner of Taxation within the period of 21 days after the day on which the person first receives notice of the decision, or within such further period as the Commissioner of Taxation allows.\n  Request must set out reasons\n  (3) The request must set out the reasons for making the request.\n  Commissioner of Taxation to reconsider decision\n  (4) Upon receipt of the request, the Commissioner of Taxation must reconsider the decision and may, subject to subsection (5), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.\n  Deemed confirmation of decision if delay\n  (5) If the Commissioner of Taxation does not confirm, revoke or vary a decision before the end of the period of 60 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation is taken, at the end of that period, to have confirmed the decision under subsection (4).\n  Notice of Commissioner of Taxation’s action\n  (6) If the Commissioner of Taxation confirms, revokes or varies a decision before the end of the period referred to in subsection (5), the Commissioner of Taxation must give written notice to the person telling the person:\n    (a) the result of the reconsideration of the decision; and\n    (b) the reasons for confirming, varying or revoking the decision, as the case may be.\n\n#### 83 ART review of Commissioner of Taxation’s decisions\n\n  Applications may be made to the Administrative Review Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection 82(4).\n\n#### 84 Application of the Administrative Review Tribunal Act 2024\n\n  (2) If a request is made under subsection 82(1) of this Act in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision.\n  (3) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.\n\n#### 85 Statements to accompany notification of decisions\n\n  Original decision\n  (1) If a written notice is given to a person affected by a reviewable decision telling the person that the reviewable decision has been made, that notice is to include a statement to the effect that:\n    (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 82(1); and\n    (b) the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first‑mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Reconsidered decision\n  (2) If:\n    (a) the Commissioner of Taxation confirms or varies a reviewable decision under subsection 82(4); and\n    (b) gives to a person written notice of the confirmation or variation of the decision;\n  that notice is to include a statement to the effect that the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Validity of decision\n  (3) A failure to comply with this section does not affect the validity of a decision.\n\n## Part 12—Partnerships and unincorporated associations\n\n### Division 1—Partnerships\n\n#### 86 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Partnerships are treated as if they were persons.\n\n• A document given to a partner of a partnership is treated as if it had been given to the partnership.\n\n#### 87 Treatment of partnerships\n\n  The superannuation accounts law applies to a partnership as if the partnership were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the partnership is taken to have been committed by each partner who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 88 Giving of documents to partnerships\n\n  For the purposes of this Act, if a document is given to a partner of a partnership in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the partnership.\n\n### Division 2—Unincorporated associations\n\n#### 89 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Unincorporated associations are treated as if they were persons.\n\n• A document given to a member of the committee of management of an unincorporated association is treated as if it had been given to the unincorporated association.\n\n#### 90 Treatment of unincorporated associations\n\n  Persons\n  The superannuation accounts law applies to an unincorporated association as if the unincorporated association were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the unincorporated association are imposed instead on each member of the committee of management of the association, but may be discharged by any of those members;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the unincorporated association is taken to have been committed by each member of the committee of management of the association who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the member).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 91 Giving of documents to unincorporated associations\n\n  For the purposes of this Act, if a document is given to a member of the committee of management of an unincorporated association in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the unincorporated association.\n\n## Part 12A—Government co‑contributions for low income earners\n\n#### 91A Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a Government co‑contribution payable in respect of the individual.\n\n#### 91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91C Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91D Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91E Debiting account with overpayment of Government co‑contribution\n\n  Under section 24 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a Government co‑contribution if the account includes deposits made under this Part.\n\n#### 91F Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91G Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 12B—PPL superannuation contributions\n\n#### 91H Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a PPL superannuation contribution payable for the individual.\n\n#### 91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91K Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91L Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91M Debiting account with overpayment of PPL superannuation contribution\n\n  Under section 115P of the Paid Parental Leave Act 2010, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a PPL superannuation contribution if the account includes deposits made under this Part.\n\n#### 91N Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91P Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 13—Miscellaneous\n\n#### 92 Delegation\n\n  The Finance Minister may, by writing, delegate to an officer of the Finance Department any or all of his or her powers under this Act.\n\n#### 93 Annual report\n\n  (1) The Commissioner of Taxation must, as soon as practicable after the end of each financial year, prepare and give to the Minister a report on the operation of this Act during that year.\n  (2) The Minister must cause a copy of a report given under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.\n\n#### 94 Regulations\n\n  The Governor‑General may make regulations prescribing all matters:\n    (a) required or permitted by this Act to be prescribed; or\n    (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":44},{"sectionNumber":"36","sectionType":"section","heading":"Simplified outline","content":"#### 36 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Interest is funded by crediting amounts to the Special Account.\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n• The allocation day is published in the Gazette.\n\n• The rate at which interest accrues is called the allocation rate.\n\n• The allocation rate is published in the Gazette.\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.","sortOrder":46},{"sectionNumber":"37","sectionType":"section","heading":"Simplified outline","content":"#### 37 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The expressions gross interest amount and net interest amount are defined.\n\n• Those expressions are used to work out:\n\n(a) how interest is funded; and\n\n(b) the rate at which interest accrues to an account.","sortOrder":48},{"sectionNumber":"38","sectionType":"section","heading":"Gross interest amount","content":"#### 38 Gross interest amount\n\n  For the purposes of this Part, the gross interest amount for a quarter is the sum of the following amounts:\n    (a) the income derived by the Commonwealth during the quarter from the investment of amounts standing to the credit of the Special Account;\n    (b) the amount (if any) determined by the Finance Minister in relation to the quarter having regard to the amount standing to the credit of the Special Account that remains uninvested from time to time during the quarter.","sortOrder":49},{"sectionNumber":"39","sectionType":"section","heading":"Net interest amount","content":"#### 39 Net interest amount\n\n  Net interest amount\n  (1) For the purposes of this Part, the net interest amount for a quarter is the gross interest amount for the quarter, reduced (but not below 0) by the sum of:\n    (a) the amount determined by the Commissioner of Taxation, where the amount represents a fair approximation of the costs incurred by the Commonwealth during the quarter in connection with the administration of this Act; and\n    (b) the amount, or the total of the amounts, allocated to the quarter under subsection (3).\n\n> Note: Gross interest amount is defined by section 38.\n\n  Carry‑forward amount\n  (2) For the purposes of this section, if:\n    (a) the amount determined under paragraph (1)(a) in relation to a quarter;\n  exceeds:\n    (b) the gross interest amount for the quarter;\n  the excess is taken to be the carry‑forward amount for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation of carry‑forward amounts\n  (3) For the purposes of this section, the Finance Minister may determine that:\n    (a) a carry‑forward amount for a quarter is to be allocated to a later quarter; or\n    (b) different parts of the carry‑forward amount for a quarter are to be allocated to different later quarters.\n  Amortisation\n  (4) For the purposes of this section, capital costs and development costs are to be amortised in accordance with generally accepted accounting principles.\n  Investment costs\n  (5) For the purposes of this section, the costs incurred by the Commonwealth in connection with the investment of amounts standing to the credit of the Special Account are taken to have been incurred in connection with the administration of this Act.","sortOrder":50},{"sectionNumber":"40","sectionType":"section","heading":"Simplified outline","content":"#### 40 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest is funded by crediting the net interest amount to the Special Account.\n\n• An Unallocated Interest Pool is to be kept within the Special Account.\n\n• Unallocated interest is represented by the balance of the Unallocated Interest Pool.\n\n• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.\n\n• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.","sortOrder":52},{"sectionNumber":"41","sectionType":"section","heading":"Crediting of net interest amount to the Special Account","content":"#### 41 Crediting of net interest amount to the Special Account\n\n  As soon as practicable after the end of a quarter, an amount equal to the net interest amount for the quarter is to be credited to the Special Account.\n\n> Note: Net interest amount is defined by section 39.","sortOrder":53},{"sectionNumber":"42","sectionType":"section","heading":"Unallocated Interest Pool","content":"#### 42 Unallocated Interest Pool\n\n  Pool\n  (1) For accounting purposes, a separate notional subcomponent, called the Unallocated Interest Pool, is to be kept within the Special Account.\n  Credits to Pool\n  (2) An amount credited to the Special Account under section 41 is to be credited to the Unallocated Interest Pool.\n  Debits from Pool\n  (3) The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual’s account.","sortOrder":54},{"sectionNumber":"43","sectionType":"section","heading":"Supplementation of Unallocated Interest Pool","content":"#### 43 Supplementation of Unallocated Interest Pool\n\n  When section applies\n  (1) This section applies if the Finance Minister is satisfied that:\n    (a) the balance of the Unallocated Interest Pool is nil; or\n    (b) the balance of the Unallocated Interest Pool is, or is likely to be, insufficient to meet the requirements of the Unallocated Interest Pool.\n  Supplementation\n  (2) The Finance Minister may determine that the Unallocated Interest Pool is to be supplemented by a specified amount.\n  Crediting of the supplementation amount\n  (3) The specified amount is to be credited to the Special Account.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the specified amount.","sortOrder":55},{"sectionNumber":"44","sectionType":"section","heading":"Debiting of unallocated interest","content":"#### 44 Debiting of unallocated interest\n\n  (1) If the Commissioner of Taxation is satisfied that the balance of the Unallocated Interest Pool exceeds the requirements of the Unallocated Interest Pool, the Commissioner of Taxation must determine that the excess is surplus to the requirements of the Unallocated Interest Pool.\n  (2) The Unallocated Interest Pool is to be debited by an amount equal to the excess.\n  (3) An amount equal to the excess is to be debited from the Special Account.","sortOrder":56},{"sectionNumber":"45","sectionType":"section","heading":"Simplified outline","content":"#### 45 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The allocation day for a quarter is published in the Gazette. The allocation day is the day on which interest is credited to accounts.\n\n• The allocation rate for a quarter is published in the Gazette. The allocation rate is the rate at which interest accrues to an account.\n\n• The allocation rate is worked out under section 47.","sortOrder":58},{"sectionNumber":"46","sectionType":"section","heading":"Gazettal of allocation day and allocation rate","content":"#### 46 Gazettal of allocation day and allocation rate\n\n  (1) As soon as practicable after an amount is credited to the Special Account under section 41 in respect of a quarter (the current quarter), the Commissioner of Taxation must, by notice published in the Gazette, declare that, for the purposes of this Part:\n    (a) a specified day in the quarter next following the current quarter is the allocation day for the current quarter; and\n    (b) a specified percentage is the allocation rate for the current quarter.\n\n> Note: To work out the allocation rate see section 47.\n\n  (2) The declaration has effect accordingly.","sortOrder":59},{"sectionNumber":"47","sectionType":"section","heading":"Calculation of the allocation rate","content":"#### 47 Calculation of the allocation rate\n\n  Application of steps\n  (1) To work out the allocation rate for a quarter, apply the following steps.\n  Adjusted total balances\n  (2) Calculate the adjusted total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  For the purposes of this calculation, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n  Provisional rate\n  (3) Calculate the provisional rate for the quarter as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Net interest amount over Adjusted total balances end fraction times 100 end formula](image.002.png)\n  where:\n\n> Net interest amount means the net interest amount for the quarter;\n\n> Adjusted total balances means the adjusted total balances for the quarter.\n\n> Note: Net interest amount is defined by section 39.\n\n  Total balances\n  (4) Calculate the total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  Capped rate\n  (5) Calculate the capped rate as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Gross interest amount over Total balances end fraction times 100 end formula](image.003.png)\n  where:\n\n> Gross interest amount means the gross interest amount for the quarter;\n\n> Total balances means the total balances for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation rate—comparison between provisional rate and capped rate\n  (6) Compare the provisional rate with the capped rate:\n    (a) if the provisional rate is less than or equal to the capped rate—the allocation rate equals the provisional rate; or\n    (b) if the provisional rate exceeds the capped rate—the allocation rate equals the capped rate.","sortOrder":60},{"sectionNumber":"48","sectionType":"section","heading":"Simplified outline","content":"#### 48 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.","sortOrder":62},{"sectionNumber":"49","sectionType":"section","heading":"Accrual of interest on first $1,200 of daily balance","content":"#### 49 Accrual of interest on first $1,200 of daily balance\n\n  (1) Interest accrues to an account each day on the balance of the account as at the end of that day.\n  (2) For the purposes of this Division, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.","sortOrder":63},{"sectionNumber":"50","sectionType":"section","heading":"Rate of accrual, and crediting, of interest","content":"#### 50 Rate of accrual, and crediting, of interest\n\n  When section applies\n  (1) This section applies to interest that accrues under section 49.\n  Allocation day event, withdrawal event and inactive account debit event\n  (2) Both:\n    (a) the rate of accrual of interest to an account in respect of a particular day (the accrual day) in a particular quarter; and\n    (b) the time at which accrued interest in respect of the accrual day is to be credited to the account;\n  depends on whichever of the following events first happens after the accrual day:\n    (c) the occurrence of the allocation day for the quarter (this event is to be known as the allocation day event);\n    (d) the withdrawal under Part 7 of the balance of the account (this event is to be known as the withdrawal event);\n    (e) the debiting of the balance of the account from the Special Account under Part 9 (this event is to be known as the inactive account debit event).\n  Allocation day event\n  (3) If the allocation day event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Allocation rate over Total number of days in the quarter end fraction end formula](image.004.png)\n    where:\n\n> Allocation rate means the allocation rate for the quarter; and\n\n    (b) the accrued interest is to be credited to the account on the allocation day.\n  Withdrawal event\n  (4) If the withdrawal event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day before the day of the withdrawal.\n  Inactive account debit event\n  (5) If the inactive account debit event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day of the debit.\n  Transitional—withdrawal event before first allocation day\n  (6) Despite paragraph (4)(a), if the withdrawal event occurs before the allocation day for the quarter beginning on 1 July 1995, that paragraph has effect, in relation to that event, as if the adjusted allocation rate were 0.4% or such higher rate as the Finance Minister determines.","sortOrder":64},{"sectionNumber":"51","sectionType":"section","heading":"Rounding up","content":"#### 51 Rounding up\n\n  If the total amount of interest to be credited to an account on a particular day (when expressed as a number of cents) is not a number of whole cents, that total must be rounded up to the nearest cent.","sortOrder":65},{"sectionNumber":"52","sectionType":"section","heading":"Simplified outline","content":"#### 52 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.","sortOrder":67},{"sectionNumber":"53","sectionType":"section","heading":"Interest does not accrue on refunded deposits","content":"#### 53 Interest does not accrue on refunded deposits\n\n  No interest\n  (1) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8.\n  Reversing interest credit\n  (2) If interest has been credited to an individual’s account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.\n  Unallocated Interest Pool to be credited\n  (3) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).","sortOrder":68},{"sectionNumber":"54","sectionType":"section","heading":"Interest does not accrue on shortfall components incorrectly credited to accounts","content":"#### 54 Interest does not accrue on shortfall components incorrectly credited to accounts\n\n  When section applies\n  (1) This section applies if:\n    (a) an amount credited to an account under section 65 of the Superannuation Guarantee (Administration) Act 1992 exceeds the amount that should have been credited to the account; and\n    (b) the balance of the account is attributable, in whole or in part, to the credit.\n  No interest\n  (2) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of the account as is attributable to the excess.\n  Debit reversing interest credit\n  (3) If interest has been credited to the account in contravention of subsection (2), the Commissioner of Taxation must debit the account by the amount of the credit.\n  Unallocated Interest Pool to be credited\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).","sortOrder":69},{"sectionNumber":"55","sectionType":"section","heading":"Amalgamated accounts—no interest if $1,200 limit avoided","content":"#### 55 Amalgamated accounts—no interest if $1,200 limit avoided\n\n  When section applies\n  (1) This section applies if:\n    (a) the Commissioner becomes aware that 2 or more accounts (the separate accounts) are being kept in respect of the same individual; and\n    (b) the Commissioner of Taxation amalgamates the separate accounts into a single account; and\n    (c) immediately after the amalgamation, the balance of the amalgamated account exceeds $1,200.\n\n> Note: Section 18 empowers the Commissioner to amalgamate the separate accounts.\n\n  No interest if $1,200 limit avoided\n  (2) If, because of the $1,200 limit referred to in subsection 49(2):\n    (a) the total amount of interest that accrued to the separate accounts before the day of the amalgamation;\n  exceeds:\n    (b) the total amount of interest that would have accrued to the amalgamated account if it were assumed that the amalgamated account had been in existence at all times since the earliest time at which any of the separate accounts was opened;\n  then, despite section 49, the excess interest is taken never to have accrued under that section.\n  Debit to amalgamated account\n  (3) If excess interest has been credited in contravention of subsection (2), the Commissioner of Taxation must debit the amalgamated account by an amount equal to the amount of the credit.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).","sortOrder":70},{"sectionNumber":"Part 7","sectionType":"part","heading":"Withdrawal of account balances","content":"An Act relating to the small superannuation accounts scheme\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n  This Act may be cited as the Small Superannuation Accounts Act 1995.\n\n#### 2 Commencement\n\n  This Act commences on 1 July 1995.\n\n#### 3 Simplified explanation\n\n  The following is a simplified explanation of this Act:\n\n• The Australian Taxation Office administers a special account. Notional accounts are kept within the special account.\n\n• The account offers employees with small balances an opportunity to avoid the erosion of those balances by fees.\n\n• Employees may request that account balances be transferred to a nominated superannuation fund or RSA.\n\n• Except in special cases, employees will not have direct access to their account balances.\n\n• Interest will be calculated on the daily balance of the account and credited to the account on a quarterly basis.\n\n• Interest is exempt from income tax.\n\n• If an account balance exceeds $1,200, interest will only be credited on the first $1,200 of the balance. This is an incentive for employees to request that balances of more than $1,200 be transferred to a superannuation fund.\n\n• Under the Income Tax Assessment Act 1936, employers may get income tax deductions for deposits. There is an annual deduction limit of $1,200 per employee.\n\n• Under the Superannuation Guarantee (Administration) Act 1992, deposits made by an employer will be treated as superannuation contributions.\n\n• The accounts may also be credited with Government co‑contributions payable under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003. The rules for these deposits differ in some respects from those that apply to other deposits.\n\n#### 4 Definitions\n\n  In this Act, unless the contrary intention appears:\n\n> account means a notional account kept in accordance with section 12.\n\n> child, of a person, means a child of the person within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.\n\n> Note: The Income Tax Assessment Act 1997 defines complying superannuation fund by reference to section 45 of the Superannuation Industry (Supervision) Act 1993.\n\n> dependant, in relation to an individual, includes the spouse and any child of the person.\n\n> Note: This expression is only used in the definition of superannuation contribution.\n\n> deposit means a payment under section 25.\n\n> deposit form means a statement under section 26.\n\n> depositor means a person who makes a payment under section 25.\n\n> employee has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employee.\n\n> employer has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employer.\n\n> employment has a meaning corresponding to employee and employer.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Government co‑contribution in respect of an individual means a Government co‑contribution payable in respect of the individual under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003.\n\n> leave Australia has the same meaning as in the Migration Act 1958.\n\n> person has a meaning affected by sections 87 and 90.\n\n> Note 1: Under section 87, partnerships are treated as persons.\n\n> Note 2: Under section 90, unincorporated associations are treated as persons.\n\n> PPL superannuation contribution for an individual has the same meaning as in the Paid Parental Leave Act 2010.\n\n> provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> quarter means a period of 3 months beginning on 1 July, 1 October, 1 January or 1 April in:\n\n    (a) the financial year beginning on 1 July 1995; or\n    (b) any later financial year.\n\n> RSA has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> Special Account means the Superannuation Holding Accounts Special Account continued in existence by section 8.\n\n> spouse of a person includes:\n\n    (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and\n    (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.\n\n> Note: This expression is only used in the definition of dependant.\n\n> superannuation accounts law means:\n\n    (a) this Act; and\n    (b) the regulations; and\n    (c) Part III of the Taxation Administration Act 1953, in so far as that Part relates to this Act or the regulations.\n\n> superannuation contribution, in relation to an individual, means a contribution made to a superannuation fund, an RSA or a superannuation scheme for the purpose of making provision for superannuation benefits for, or for dependants of, the individual.\n\n> superannuation fund means a provident, benefit, superannuation or retirement fund.\n\n> superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits.\n\n> tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.\n\n> Unallocated Interest Pool means the Unallocated Interest Pool kept in accordance with section 42.\n\n#### 5 Crown to be bound\n\n  This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n\n#### 6 Act to be administered by the Commissioner of Taxation\n\n  The Commissioner of Taxation has the general administration of this Act.\n\n> Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.\n\n## Part 2—Superannuation Holding Accounts Special Account\n\n#### 7 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Superannuation Holding Accounts Special Account is continued in existence.\n\n• The Special Account is not a superannuation fund.\n\n#### 8 Superannuation Holding Accounts Special Account\n\n  (1) The Superannuation Holding Accounts Account is continued in existence as the Superannuation Holding Accounts Special Account.\n\n> Note: The Superannuation Holding Accounts Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.\n\n  (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 9 Special Account is not a superannuation fund\n\n  Special Account is not a superannuation fund\n  (1) For the purposes of a law of the Commonwealth:\n    (a) the Special Account is taken not to be a superannuation fund; and\n    (b) the scheme embodied in this Act is taken not to be a superannuation scheme.\n  Avoidance of doubt\n  (2) Subsection (1) is enacted to avoid doubt.\n\n## Part 3—Accounts\n\n### Division 1—Simplified outline\n\n#### 11 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Notional accounts are to be kept within the Special Account in the names of particular individuals.\n\n• Section 13 outlines credits to accounts.\n\n• Section 14 outlines debits to accounts.\n\n• The Commissioner of Taxation may open or close an account.\n\n• Accounts may have a nil balance.\n\n• An individual may only have one account.\n\n• Account balances are not held on trust.\n\n• An individual’s account balance will be notified to the individual in certain circumstances.\n\n### Division 2—Keeping of accounts\n\n#### 12 Accounts\n\n  Accounts to be kept\n  (1) Separate notional accounts are to be kept within the Special Account in the names of particular individuals.\n  Individual’s account\n  (2) An account kept in the name of an individual is to be known as the individual’s account.\n\n> Note: Section 4 provides that account means a notional account kept in accordance with this section.\n\n### Division 3—Outline of credits and debits to accounts\n\n#### 13 Outline of credits to accounts\n\n  The following is a simplified outline of the types of credits that may be made to an individual’s account.\n\nDeposits by employers\n\n• Under section 25, the individual’s employer or former employer may make a deposit in respect of the individual. The employer or former employer will make the deposit instead of making a superannuation contribution in respect of the individual. The deposit will result in a credit to the individual’s account.\n\nSuperannuation guarantee shortfalls\n\n• Under section 65 of the Superannuation Guarantee (Administration) Act 1992, if there is a shortfall component of a payment of superannuation guarantee charge in relation to the individual, the Commissioner of Taxation may credit the shortfall component to the individual’s account.\n\nInterest\n\n• Under Part 6, interest may be credited to the individual’s account.\n\n#### 14 Outline of debits to accounts\n\n  The following is a simplified outline of the types of debits that may be made to an individual’s account. These debits also involve debiting the Special Account.\n\nTransfer to superannuation fund or RSA\n\n• Under section 61, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund or RSA.\n\nBalance of less than $200—individual has ceased to be employed by all depositors\n\n• Under section 63, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\nReceipt of Commonwealth income support payments\n\n• Under section 64, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\nDisability\n\n• Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.\n\nTerminal medical condition\n\n• Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.\n\nIndividual turns 65\n\n• Under section 66, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has turned 65.\n\nIndividual at least 55 years old and not an Australian resident\n\n• Under section 67, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\nFormer temporary resident\n\n• The balance of the amount standing to the credit of an individual’s account may be debited from the Special Account if the individual is a former temporary resident.\n\nDeath of individual\n\n• Under section 68, if the individual dies, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual’s legal personal representative.\n\nRefunds of deposits\n\n• Under Part 8, an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits that were:\n\n(a) accompanied by false or defective deposit forms; or\n\n(b) made by mistake.\n\n### Division 4—Opening and closing of accounts\n\n#### 15 Opening of accounts\n\n  Power\n  (1) The Commissioner of Taxation may open an account in the name of a particular individual.\n  Duty\n  (2) The Commissioner of Taxation must open an account in the name of a particular individual if:\n    (a) the individual does not already have an account; and\n    (b) a person makes a deposit, or a purported deposit, in respect of the individual.\n  Payment split under Family Law Act\n  (3) If an account is subject to a payment split, then the Commissioner may open an account in the name of the non‑member spouse.\n  (4) The balance of the account when it is opened is an amount worked out in accordance with the regulations.\n  (5) The balance of the member spouse’s account is to be reduced by the amount worked out under subsection (4).\n  (6) The Commissioner must give the member spouse a written notice setting out the balance (if any) of the member spouse’s account after the reduction.\n  (7) In this section:\n\n> member spouse means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> non‑member spouse means a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n#### 16 Closing of accounts\n\n  The Commissioner of Taxation may close an individual’s account if the balance of the account is nil and:\n    (a) the balance of the account was nil throughout the preceding period of 2 years; or\n    (b) the balance of the account has been withdrawn under section 61, 65, 65A, 66, 67, 67A or 91E; or\n    (c) the individual has died; or\n    (d) the individual asks the Commissioner of Taxation to close the account; or\n    (e) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n> Note 1: Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.\n\n> Note 2: Section 65 deals with individuals who retire because of disability.\n\n> Note 2A: Section 65A deals with individuals in relation to whom terminal medical conditions exist.\n\n> Note 3: Section 66 deals with individuals who have turned 65.\n\n> Note 4: Section 67 deals with individuals who are not Australian residents for income tax purposes etc.\n\n> Note 5: Section 67A deals with individuals who have permanently departed from Australia.\n\n> Note 6: Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.\n\n### Division 5—Rules about accounts\n\n#### 17 Accounts may have a nil balance\n\n  Nil balance\n  (1) An account may have a nil balance.\n  Examples\n  (2) The following are examples of cases where an account might have a nil balance:\n    (a) no money has been credited to the account;\n    (b) the balance of the account has been withdrawn under Part 7;\n    (c) the balance of the account has been refunded to an employer or former employer under Part 8;\n    (d) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n#### 18 One account per individual\n\n  Only one account\n  (1) Only one account may be kept in respect of a particular individual.\n  Amalgamation etc.\n  (2) A contravention of subsection (1) does not affect the validity of an account. However, if the Commissioner of Taxation becomes aware that 2 or more accounts are being kept in respect of the same individual, the Commissioner of Taxation must amalgamate the accounts into a single account.\n\n#### 19 Account balances not held on trust etc.\n\n  (1) Money credited to an individual’s account is not held on trust.\n  (2) The Commonwealth is not liable to pay, repay or refund money credited to an individual’s account except as provided by this Act.\n\n> Note: Under section 69A of the Superannuation Guarantee (Administration) Act 1992, if a shortfall component of superannuation guarantee charge has been incorrectly credited to an individual’s account, the account may be debited for the purposes of reversing the credit.\n\n### Division 6—Notification of account balances\n\n#### 20 Notification of opening balance\n\n  As soon as practicable after the first occasion on which an amount is credited to an individual’s account, the Commissioner must give the individual a written notice setting out the balance of the account.\n\n#### 21 Individual may request details of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual asks the Commissioner of Taxation to give the individual a written notice setting out the balance of the account.\n  Form of request\n  (2) The request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with request\n  (3) The Commissioner of Taxation must comply with the request.\n\n#### 22 Annual notification of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account exceeds nil as at the end of a financial year; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the end of the financial year, the Commissioner of Taxation must give the individual a written notice setting out the balance of the account as at the end of the financial year.\n\n#### 23 Notification when account balance reaches $1,200\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:\n    (a) setting out the balance of the account; and\n    (b) explaining the effect of sections 49 and 61; and\n    (c) suggesting that the individual make a request under section 61.\n\n> Note 1: Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.\n\n> Note 2: Section 61 provides for the transfer of the balance of the account to a superannuation fund.\n\n## Part 4—Deposits\n\n#### 24 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit.\n\n• The deposit must be accompanied by a deposit form.\n\n• The deposit form must include certain declarations.\n\n• The 2 key declarations are:\n\n(a) that the depositor is the employer, or former employer, of the individual; and\n\n(b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.\n\n• A defect in the deposit form will not result in the invalidity of the deposit.\n\n• A deposit form may deal with multiple payments.\n\n• Deposits are not held on trust.\n\n#### 25 Deposits\n\n  A person (the depositor) may make a payment (the deposit) to the Commissioner of Taxation under this section in respect of an individual if, and only if, the payment is made before 1 July 2006.\n\n#### 26 Deposit to be accompanied by deposit form\n\n  The deposit must be accompanied by a written statement (the deposit form) that:\n    (a) is in a form approved in writing by the Commissioner of Taxation; and\n    (b) contains the information required by the form to be given; and\n    (c) contains the declarations required by sections 27, 28, 29 and 30; and\n    (d) sets out the individual’s tax file number (if known to the depositor); and\n    (e) is signed by or on behalf of the depositor.\n\n#### 27 Deposit to be made by employer or former employer\n\n  The deposit form must include a declaration that the depositor is the employer, or former employer, of the individual.\n\n#### 28 Deposit to be instead of superannuation contributions\n\n  The deposit form must include a declaration that the depositor is making the deposit:\n    (a) in respect of the employment, or former employment, of the individual by the depositor; and\n    (b) instead of making a superannuation contribution:\n    (i) in respect of the individual; and\n    (ii) of an amount equal to the deposit.\n\n#### 29 Deposit to be consistent with other laws etc.\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the making of the deposit does not contravene:\n    (a) a law of the Commonwealth (other than this Act) or a law of a State or Territory; or\n    (b) an award, order, determination or industrial agreement in force under such a law; or\n    (c) a legally enforceable agreement.\n\n#### 30 Age limit\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the individual was under 70 on at least one day during the period of employment to which the deposit relates.\n\n#### 31 Consequences of false declarations etc.\n\n  If the deposit is accompanied by a deposit form, or a purported deposit form, that:\n    (a) contains a declaration, or information, that is false or misleading; or\n    (b) has some other defect or irregularity;\n  that circumstance does not result in the invalidity of the deposit. However, it may result in the deposit being refunded under Part 8.\n\n> Note 1: A false or misleading statement may result in criminal liability under Part III of the Taxation Administration Act 1953.\n\n> Note 2: A false or misleading declaration may result in an employer being denied:\n\n    (a) an income tax deduction under section 82AAF of the Income Tax Assessment Act 1936; and\n    (b) concessional treatment under section 23 of the Superannuation Guarantee (Administration) Act 1992.\n\n#### 33 Deposit not held on trust etc.\n\n  (1) A deposit, or purported deposit, made in respect of an individual is not held on trust.\n  (2) A deposit, or purported deposit, made in respect of an individual is not repayable or refundable except as provided by this Act.\n\n## Part 5—Crediting of deposits\n\n#### 34 Simplified outline\n\n  The following is a simplified outline of this Part:\n\nDeposits are to be credited to accounts by following these steps:\n\n• credit the deposit to the Special Account;\n\n• credit the deposit to the individual’s account.\n\n#### 35 Crediting of deposits\n\n  Step 1—Credit to Special Account\n  (1) An amount equal to a deposit or purported deposit made in respect of an individual is to be credited to the Special Account.\n  Step 2—Credit to individual’s account\n  (2) As soon as practicable after the amount is credited to the Special Account, the individual’s account is to be credited with an amount equal to the deposit or purported deposit.\n\n## Part 6—Crediting of interest\n\n### Division 1—Simplified outline\n\n#### 36 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Interest is funded by crediting amounts to the Special Account.\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n• The allocation day is published in the Gazette.\n\n• The rate at which interest accrues is called the allocation rate.\n\n• The allocation rate is published in the Gazette.\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n### Division 2—Gross interest amount and net interest amount\n\n#### 37 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The expressions gross interest amount and net interest amount are defined.\n\n• Those expressions are used to work out:\n\n(a) how interest is funded; and\n\n(b) the rate at which interest accrues to an account.\n\n#### 38 Gross interest amount\n\n  For the purposes of this Part, the gross interest amount for a quarter is the sum of the following amounts:\n    (a) the income derived by the Commonwealth during the quarter from the investment of amounts standing to the credit of the Special Account;\n    (b) the amount (if any) determined by the Finance Minister in relation to the quarter having regard to the amount standing to the credit of the Special Account that remains uninvested from time to time during the quarter.\n\n#### 39 Net interest amount\n\n  Net interest amount\n  (1) For the purposes of this Part, the net interest amount for a quarter is the gross interest amount for the quarter, reduced (but not below 0) by the sum of:\n    (a) the amount determined by the Commissioner of Taxation, where the amount represents a fair approximation of the costs incurred by the Commonwealth during the quarter in connection with the administration of this Act; and\n    (b) the amount, or the total of the amounts, allocated to the quarter under subsection (3).\n\n> Note: Gross interest amount is defined by section 38.\n\n  Carry‑forward amount\n  (2) For the purposes of this section, if:\n    (a) the amount determined under paragraph (1)(a) in relation to a quarter;\n  exceeds:\n    (b) the gross interest amount for the quarter;\n  the excess is taken to be the carry‑forward amount for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation of carry‑forward amounts\n  (3) For the purposes of this section, the Finance Minister may determine that:\n    (a) a carry‑forward amount for a quarter is to be allocated to a later quarter; or\n    (b) different parts of the carry‑forward amount for a quarter are to be allocated to different later quarters.\n  Amortisation\n  (4) For the purposes of this section, capital costs and development costs are to be amortised in accordance with generally accepted accounting principles.\n  Investment costs\n  (5) For the purposes of this section, the costs incurred by the Commonwealth in connection with the investment of amounts standing to the credit of the Special Account are taken to have been incurred in connection with the administration of this Act.\n\n### Division 3—Funding of interest\n\n#### 40 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest is funded by crediting the net interest amount to the Special Account.\n\n• An Unallocated Interest Pool is to be kept within the Special Account.\n\n• Unallocated interest is represented by the balance of the Unallocated Interest Pool.\n\n• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.\n\n• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.\n\n#### 41 Crediting of net interest amount to the Special Account\n\n  As soon as practicable after the end of a quarter, an amount equal to the net interest amount for the quarter is to be credited to the Special Account.\n\n> Note: Net interest amount is defined by section 39.\n\n#### 42 Unallocated Interest Pool\n\n  Pool\n  (1) For accounting purposes, a separate notional subcomponent, called the Unallocated Interest Pool, is to be kept within the Special Account.\n  Credits to Pool\n  (2) An amount credited to the Special Account under section 41 is to be credited to the Unallocated Interest Pool.\n  Debits from Pool\n  (3) The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual’s account.\n\n#### 43 Supplementation of Unallocated Interest Pool\n\n  When section applies\n  (1) This section applies if the Finance Minister is satisfied that:\n    (a) the balance of the Unallocated Interest Pool is nil; or\n    (b) the balance of the Unallocated Interest Pool is, or is likely to be, insufficient to meet the requirements of the Unallocated Interest Pool.\n  Supplementation\n  (2) The Finance Minister may determine that the Unallocated Interest Pool is to be supplemented by a specified amount.\n  Crediting of the supplementation amount\n  (3) The specified amount is to be credited to the Special Account.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the specified amount.\n\n#### 44 Debiting of unallocated interest\n\n  (1) If the Commissioner of Taxation is satisfied that the balance of the Unallocated Interest Pool exceeds the requirements of the Unallocated Interest Pool, the Commissioner of Taxation must determine that the excess is surplus to the requirements of the Unallocated Interest Pool.\n  (2) The Unallocated Interest Pool is to be debited by an amount equal to the excess.\n  (3) An amount equal to the excess is to be debited from the Special Account.\n\n### Division 4—Allocation day and allocation rate\n\n#### 45 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The allocation day for a quarter is published in the Gazette. The allocation day is the day on which interest is credited to accounts.\n\n• The allocation rate for a quarter is published in the Gazette. The allocation rate is the rate at which interest accrues to an account.\n\n• The allocation rate is worked out under section 47.\n\n#### 46 Gazettal of allocation day and allocation rate\n\n  (1) As soon as practicable after an amount is credited to the Special Account under section 41 in respect of a quarter (the current quarter), the Commissioner of Taxation must, by notice published in the Gazette, declare that, for the purposes of this Part:\n    (a) a specified day in the quarter next following the current quarter is the allocation day for the current quarter; and\n    (b) a specified percentage is the allocation rate for the current quarter.\n\n> Note: To work out the allocation rate see section 47.\n\n  (2) The declaration has effect accordingly.\n\n#### 47 Calculation of the allocation rate\n\n  Application of steps\n  (1) To work out the allocation rate for a quarter, apply the following steps.\n  Adjusted total balances\n  (2) Calculate the adjusted total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  For the purposes of this calculation, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n  Provisional rate\n  (3) Calculate the provisional rate for the quarter as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Net interest amount over Adjusted total balances end fraction times 100 end formula](image.002.png)\n  where:\n\n> Net interest amount means the net interest amount for the quarter;\n\n> Adjusted total balances means the adjusted total balances for the quarter.\n\n> Note: Net interest amount is defined by section 39.\n\n  Total balances\n  (4) Calculate the total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  Capped rate\n  (5) Calculate the capped rate as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Gross interest amount over Total balances end fraction times 100 end formula](image.003.png)\n  where:\n\n> Gross interest amount means the gross interest amount for the quarter;\n\n> Total balances means the total balances for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation rate—comparison between provisional rate and capped rate\n  (6) Compare the provisional rate with the capped rate:\n    (a) if the provisional rate is less than or equal to the capped rate—the allocation rate equals the provisional rate; or\n    (b) if the provisional rate exceeds the capped rate—the allocation rate equals the capped rate.\n\n### Division 5—Crediting of interest\n\n#### 48 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n#### 49 Accrual of interest on first $1,200 of daily balance\n\n  (1) Interest accrues to an account each day on the balance of the account as at the end of that day.\n  (2) For the purposes of this Division, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n\n#### 50 Rate of accrual, and crediting, of interest\n\n  When section applies\n  (1) This section applies to interest that accrues under section 49.\n  Allocation day event, withdrawal event and inactive account debit event\n  (2) Both:\n    (a) the rate of accrual of interest to an account in respect of a particular day (the accrual day) in a particular quarter; and\n    (b) the time at which accrued interest in respect of the accrual day is to be credited to the account;\n  depends on whichever of the following events first happens after the accrual day:\n    (c) the occurrence of the allocation day for the quarter (this event is to be known as the allocation day event);\n    (d) the withdrawal under Part 7 of the balance of the account (this event is to be known as the withdrawal event);\n    (e) the debiting of the balance of the account from the Special Account under Part 9 (this event is to be known as the inactive account debit event).\n  Allocation day event\n  (3) If the allocation day event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Allocation rate over Total number of days in the quarter end fraction end formula](image.004.png)\n    where:\n\n> Allocation rate means the allocation rate for the quarter; and\n\n    (b) the accrued interest is to be credited to the account on the allocation day.\n  Withdrawal event\n  (4) If the withdrawal event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day before the day of the withdrawal.\n  Inactive account debit event\n  (5) If the inactive account debit event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day of the debit.\n  Transitional—withdrawal event before first allocation day\n  (6) Despite paragraph (4)(a), if the withdrawal event occurs before the allocation day for the quarter beginning on 1 July 1995, that paragraph has effect, in relation to that event, as if the adjusted allocation rate were 0.4% or such higher rate as the Finance Minister determines.\n\n#### 51 Rounding up\n\n  If the total amount of interest to be credited to an account on a particular day (when expressed as a number of cents) is not a number of whole cents, that total must be rounded up to the nearest cent.\n\n### Division 6—Interest not to accrue in certain cases\n\n#### 52 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n#### 53 Interest does not accrue on refunded deposits\n\n  No interest\n  (1) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8.\n  Reversing interest credit\n  (2) If interest has been credited to an individual’s account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.\n  Unallocated Interest Pool to be credited\n  (3) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).\n\n#### 54 Interest does not accrue on shortfall components incorrectly credited to accounts\n\n  When section applies\n  (1) This section applies if:\n    (a) an amount credited to an account under section 65 of the Superannuation Guarantee (Administration) Act 1992 exceeds the amount that should have been credited to the account; and\n    (b) the balance of the account is attributable, in whole or in part, to the credit.\n  No interest\n  (2) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of the account as is attributable to the excess.\n  Debit reversing interest credit\n  (3) If interest has been credited to the account in contravention of subsection (2), the Commissioner of Taxation must debit the account by the amount of the credit.\n  Unallocated Interest Pool to be credited\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n#### 55 Amalgamated accounts—no interest if $1,200 limit avoided\n\n  When section applies\n  (1) This section applies if:\n    (a) the Commissioner becomes aware that 2 or more accounts (the separate accounts) are being kept in respect of the same individual; and\n    (b) the Commissioner of Taxation amalgamates the separate accounts into a single account; and\n    (c) immediately after the amalgamation, the balance of the amalgamated account exceeds $1,200.\n\n> Note: Section 18 empowers the Commissioner to amalgamate the separate accounts.\n\n  No interest if $1,200 limit avoided\n  (2) If, because of the $1,200 limit referred to in subsection 49(2):\n    (a) the total amount of interest that accrued to the separate accounts before the day of the amalgamation;\n  exceeds:\n    (b) the total amount of interest that would have accrued to the amalgamated account if it were assumed that the amalgamated account had been in existence at all times since the earliest time at which any of the separate accounts was opened;\n  then, despite section 49, the excess interest is taken never to have accrued under that section.\n  Debit to amalgamated account\n  (3) If excess interest has been credited in contravention of subsection (2), the Commissioner of Taxation must debit the amalgamated account by an amount equal to the amount of the credit.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n## Part 7—Withdrawal of account balances\n\n### Division 1—Simplified outline\n\n#### 56 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• There are 3 types of withdrawals of account balances:\n\n(a) transfers of account balances to superannuation funds or RSAs;\n\n(b) direct withdrawals of account balances by individuals;\n\n(c) withdrawals of account balances after death.\n\n• Under Part 8, a depositor has 14 days to apply for a refund of a deposit on the grounds that the deposit was made by mistake. During the 14‑day period, the individual’s account will be frozen.\n\n### Division 2—No withdrawals for 14 days after deposit credited to account etc.\n\n#### 57 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• An individual’s account will be frozen for 14 days after a deposit is credited to the account.\n\n• The delay gives the depositor a chance to apply for a refund of the deposit.\n\n• If the depositor applies for a refund of the deposit, the 14‑day period will be extended until the application is finalised.\n\n• Accounts will be frozen for 14 days after a shortfall component is credited to the account.\n\n• The delay gives the Commissioner of Taxation a chance to correct mistakes.\n\n#### 58 No withdrawals for 14 days after deposit credited to account etc.\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a deposit, or purported deposit, was made in respect of the individual; and\n    (b) as a result of the deposit or purported deposit, an amount was credited to the account under Part 5 at a particular time (the deposit time); and\n    (c) a request under this Part (the individual’s request) is made during the period of 14 days beginning at the deposit time.\n  Individual’s request frozen for 14 days\n  (2) The individual’s request has no effect at any time during that 14‑day period.\n\n> Note: This gives the depositor a chance to apply for a refund of the deposit.\n\n  Individual’s request frozen for additional period\n  (3) If an application for a refund of the deposit or purported deposit was made under section 73 during that 14‑day period, then:\n    (a) if the refund application is granted—the individual’s request has no effect at any time; or\n    (b) if the refund application is refused—the individual’s request has no effect at a particular time if:\n    (i) the time is after the refund application is made but before the end of the period of 21 days after the giving of the notice of refusal; or\n    (ii) if, during that 21‑day period, the refund applicant asks the Commissioner of Taxation to reconsider the refund application—the time is during the period when that reconsideration, or any later application to the Administrative Review Tribunal, has not been finalised.\n  (3A) For the purposes of subsection (3), a reference to the Administrative Review Tribunal is taken to include a reference to the Administrative Appeals Tribunal.\n  When reconsiderations finalised\n  (4) For the purposes of this section, a reconsideration of a decision is taken not to have been finalised during the period of 28 days after:\n    (a) if, because of the operation of subsection 82(5), the decision is taken to be confirmed—the day on which the decision is taken to have been confirmed; or\n    (b) in any other case—the day on which the decision on the reconsideration is notified to the refund applicant.\n\n#### 59 No withdrawals for 14 days after shortfall component credited to account\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) an amount was credited to the account under section 65 of the Superannuation Guarantee (Administration) Act 1992 at a particular time (the credit time); and\n    (b) a request under this Part is made during the period of 14 days beginning at the credit time.\n  Request frozen for 14 days\n  (2) The request has no effect at any time during that 14‑day period.\n\n> Note: This gives the Commissioner a chance to correct mistakes.\n\n### Division 3—Timing of withdrawals\n\n#### 60 Timing of withdrawals\n\n  24‑hour delay\n  (1) If a request is made under this Part, the Commissioner of Taxation must wait at least 24 hours before complying with the request.\n\n> Note: This delay enables interest to be credited to the account.\n\n  When withdrawal occurs\n  (2) For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.\n\n### Division 4—Transfer of account balances to RSAs and superannuation funds\n\n#### 61 Transfer to RSA or superannuation fund\n\n  Transfer request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the transfer request) to transfer the account balance to a specified RSA or to the trustee of a specified fund for the benefit of the individual; and\n    (b) the fund passes the compliance test set out in subsection (2).\n\n> Note: Subsection (7) provides for the transfer request to be given by the individual personally or by the trustee acting on behalf of the individual.\n\n  Compliance test for funds\n  (2) For the purposes of this section, a fund passes the compliance test if:\n    (a) the fund is an exempt public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or\n    (b) at the time of the transfer request, the Commissioner of Taxation has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:\n    (i) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and\n    (ii) is not subject to a direction under section 63 of that Act.\n\n> Note: Section 63 of the Superannuation Industry (Supervision) Act 1993 deals with funds that have been directed not to accept contributions from an employer‑sponsor.\n\n  Form of transfer request\n  (3) The transfer request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with transfer request\n  (4) The Commissioner of Taxation must pay to the provider of the RSA, or to the trustee, for the benefit of the individual, an amount equal to the account balance immediately before the payment is made. However, this rule does not apply if the Commissioner of Taxation is satisfied that the RSA provider or the trustee is unwilling to accept the payment.\n  Special Account to be debited\n  (5) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (6) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Authorisation of trustee by individual etc.\n  (7) The transfer request may be given by:\n    (a) the individual personally; or\n    (b) the RSA provider or the trustee acting on the individual’s behalf in accordance with an authority given by the individual.\n  If paragraph (b) applies, the transfer request must be accompanied by a copy of the authority.\n  Form of authorisation\n  (8) An authority referred to in subsection (7) must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Definitions\n  (9) In this section:\n\n> fund includes a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> trustee has the same meaning as in the Superannuation Industry (Supervision) Act 1993.\n\n#### 61A Commissioner may transfer account balance to RSA or superannuation fund\n\n  (1) The Commissioner of Taxation may pay the balance of an individual’s account to:\n    (a) an RSA of the individual; or\n    (b) the trustee of a complying superannuation fund for crediting to an account of the individual within that fund.\n  (2) To avoid doubt, the Commissioner of Taxation may make the payment under subsection (1) without a request from the individual under section 61.\n  (3) The Special Account is debited for the purposes of making the payment under subsection (1).\n  (4) When the payment under subsection (1) is made, the individual’s account is debited by the amount of the payment.\n  (5) In this section:\n\n> trustee of a superannuation fund means:\n\n    (a) if there is a trustee (within the ordinary meaning of that expression) of the fund—the trustee; or\n    (b) otherwise—the person who manages the fund.\n\n### Division 5—Direct withdrawals of account balances by individuals\n\n#### 62 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The balance of an individual’s account may be withdrawn if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\n• The balance of an individual’s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\n• The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.\n\n• The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.\n\n• The balance of an individual’s account may be withdrawn if the individual has turned 65.\n\n• The balance of an individual’s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n• The balance of an individual’s account may be withdrawn if the individual is a former temporary resident.\n\n#### 63 Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account is attributable, in whole or in part, to:\n    (i) one or more deposits, or purported deposits, made by one or more employers or former employers of the individual; or\n    (ii) one or more shortfall components of payments of superannuation guarantee charge made by one or more employers or former employers of the individual; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual has ceased to be employed by each of the employers or former employers; and\n    (c) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (d) the balance of the account is less than $200 immediately before the time when the account balance is withdrawn.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 64 Withdrawal of account balance—receipt of Commonwealth income support payments\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual has been in receipt of one or more Commonwealth income support payments for:\n    (i) if the person is at least 55 years of age—a period of at least 39 weeks, or for 2 or more periods that total at least 39 weeks, since the person turned 55; or\n    (ii) in any case—for an unbroken period of at least 26 weeks (other than such a period that ended before the withdrawal request was given); and\n    (c) the individual gives the Commissioner of Taxation:\n    (i) written evidence of the individual’s receipt of relevant Commonwealth income support payments provided by the Commonwealth Department or agency that is responsible for administering the payment; or\n    (ii) such other evidence of the individual’s receipt of relevant Commonwealth income support payments as is prescribed.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  (6) For the purposes of subparagraph (1)(b)(ii), if an individual obtains evidence covered by subparagraph (1)(c)(i), the individual is, subject to evidence to the contrary, to be taken to have continued to have received the Commonwealth income support payment concerned for 21 days after the date of the written evidence.\n  (7) In this section:\n\n> Commonwealth income support payment means:\n\n    (a) any of the following payments (as defined in section 23 of the Social Security Act 1991):\n    (i) a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full‑time study);\n    (ii) a social security pension;\n    (iii) a service pension;\n    (iv) an income support supplement; or\n    (e) any other payment prescribed for the purposes of this definition.\n\n#### 65 Withdrawal of account balance—retirement on grounds of disability\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not in employment; and\n    (c) the individual last ceased to be an employee because of the disability of the individual; and\n    (d) 2 legally qualified medical practitioners have certified that the disability is likely to result in the individual being unable ever to be employed in a capacity for which the individual is reasonably qualified because of education, training or experience.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 65A Withdrawal of account balance—terminal medical condition\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 66 Withdrawal of account balance—individual turns 65\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual has turned 65.\n  Withdrawal decision\n  (2) The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.\n  Withdrawal request\n  (3) The individual may give the Commissioner of Taxation a request (the withdrawal request) to make a payment under subsection (2).\n  Form of withdrawal request\n  (4) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (5) The Commissioner of Taxation must comply with the withdrawal request.\n  Special Account to be debited\n  (6) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (7) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 67 Withdrawal of account balance—individual not an Australian resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not a resident (within the meaning of the Income Tax Assessment Act 1936); and\n    (ba) the individual is at least 55 years old when he or she gives the withdrawal request; and\n    (c) the individual satisfies the Commissioner of Taxation that:\n    (i) the individual is not in employment; or\n    (ii) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n> Note: Australia is defined by subsection (6).\n\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Definition\n  (6) In this section:\n\n> Australia has the same meaning as in the Income Tax Assessment Act 1936.\n\n#### 67A Withdrawal of account balance—former temporary resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that before, on or after the commencement of this section, the individual:\n    (i) was, under the Migration Act 1958, the holder of a temporary visa that has ceased to be in effect; and\n    (ii) left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and\n    (c) the individual satisfies the Commissioner of Taxation that the individual:\n    (i) is not, under the Migration Act 1958, the holder of a permanent visa; and\n    (ii) is neither an Australian citizen nor a New Zealand citizen.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 6—Withdrawals of account balances after death\n\n#### 68 Withdrawal of account balance—death of individual\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual has died; and\n    (b) the individual’s legal personal representative gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the legal personal representative an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 7—Notification of refusal of requests\n\n#### 69 Notification of refusal of requests\n\n  (1) This section applies if:\n    (a) a person makes a request under this Part; and\n    (b) the Commissioner of Taxation refuses the request.\n  (2) The Commissioner of Taxation must give the person written notice of the refusal.\n\n### Division 8—Recovery of account balances\n\n#### 70 Recovery of account balances\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 8—Refunds of deposits\n\n#### 71 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Commissioner of Taxation may refund a deposit if the deposit form was false or defective.\n\n• A depositor may apply for the refund of a deposit if it was made by mistake. The refund application must be made within 14 days after the deposit was credited to the account.\n\n#### 72 Refunds—false or defective deposit forms etc.\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was accompanied by a deposit form, or a purported deposit form, that, in so far as it related to the deposit or purported deposit:\n    (i) contained a declaration, or information, that was false or misleading in a material particular; or\n    (ii) had some other defect or irregularity; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit.\n  Refund payment\n  (2) The Commissioner of Taxation may decide to pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (3) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (4) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Part 7 obligations prevail\n  (5) The Commissioner of Taxation must not exercise a power conferred by this section in a manner that would be inconsistent with an obligation imposed on him or her by Part 7.\n\n> Note: Part 7 deals with withdrawals.\n\n#### 73 Refunds—deposit made by mistake\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was paid due to a clerical error or due to some other mistake; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit; and\n    (f) within 14 days after the credit was made, the depositor or purported depositor applies to the Commissioner of Taxation for a refund of the deposit or purported deposit.\n  Form of application\n  (2) The application must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Refund payment\n  (3) The Commissioner of Taxation must pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (5) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Obligations under this section prevail over obligations under Part 7\n  (6) In the event of a conflict between:\n    (a) an obligation imposed on the Commissioner of Taxation by this section; and\n    (b) an obligation imposed on the Commissioner of Taxation by Part 7;\n  the first‑mentioned obligation prevails.\n\n> Note: Part 7 deals with withdrawals.\n\n  Notification of refusal of application\n  (7) If the Commissioner of Taxation refuses an application under this section, the Commissioner of Taxation must give the applicant written notice of the refusal.\n\n#### 74 Recovery of refunds\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 9—Inactive accounts\n\n#### 75 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• If an individual’s account is inactive for 10 years, the account balance is to be debited from the Special Account.\n\n• The individual may claim the account balance from the Commissioner of Taxation.\n\n• The Commissioner of Taxation must keep a register of individuals’ account balances debited.\n\n#### 76 No activity for 10 years\n\n  When section applies\n  (1) This section applies to an individual’s account if no amount was credited to the account under:\n    (a) Part 5 of this Act; or\n    (b) section 65 of the Superannuation Guarantee (Administration) Act 1992;\n  at any time during a period of 10 consecutive financial years.\n\n> Note 1: Part 5 of this Act deals with deposits.\n\n> Note 2: Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.\n\n  Statement to be given to the Commissioner\n  (2) As soon as practicable after the end of that period, the Commissioner must record information about the account.\n  Tax file number\n  (3) If the individual’s tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.\n  Debit from the Special Account\n  (4) As soon as practicable after the end of that period, an amount equal to the balance of the individual’s account as at the end of that period is to be debited from the Special Account.\n  Debiting of individual’s account balance\n  (5) If an amount is debited from the Special Account under subsection (4), the individual’s account is debited by an amount equal to the amount debited from the Special Account.\n  Claim by individual\n  (6) If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.\n  Claim by individual’s legal personal representative\n  (7) If:\n    (a) an amount has been debited from the Special Account under subsection (4) in respect of the individual’s account; and\n    (b) the individual has died;\n  the individual’s legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the amount debited from the Special Account in respect of the individual’s account.\n  Payments\n  (8) The Commissioner of Taxation must comply with a request under subsection (6) or (7).\n  Appropriation\n  (9) The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).\n\n#### 77 Register\n\n  In addition to the particulars that are required by section 19 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 to be set out in the register kept under that section, that register must set out:\n    (a) particulars of amounts debited from the Special Account under section 76 in respect of particular individuals; and\n    (b) particulars of the individuals, which may include the tax file numbers of the individuals.\n\n## Part 10—Tax file numbers\n\n#### 78 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• An individual may quote his or her tax file number to the Commissioner of Taxation.\n\n#### 79 Individual may quote his or her tax file number\n\n  (1) An individual may quote his or her tax file number to the Commissioner of Taxation in connection with the operation, or the possibility of the future operation, of this Act in relation to the individual.\n\n> Note: This means that an individual’s tax file number may be quoted before or after an account is opened in the name of the individual.\n\n  (2) The tax file number may be quoted:\n    (a) in response to a request made by the Commissioner of Taxation; or\n    (b) on the individual’s own initiative.\n\n## Part 11—Review of decisions\n\n#### 80 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person who is dissatisfied with a reviewable decision of the Commissioner of Taxation may seek a reconsideration of the decision.\n\n• A person who is dissatisfied with a reconsidered decision may have the reconsidered decision reviewed by the Administrative Review Tribunal.\n\n• The Commissioner of Taxation must tell people about their rights to have decisions reconsidered and reviewed.\n\n#### 81 Reviewable decisions\n\n  For the purposes of this Part, a reviewable decision is a decision made by the Commissioner of Taxation under this Act (other than a decision under Division 2, 3 or 4 of Part 6 or a decision relating to the approval of a form).\n\n> Note: Decisions under Division 2, 3 or 4 of Part 6 relate to the funding of interest and the calculation of the allocation rate etc.\n\n#### 82 Reconsideration of reviewable decisions\n\n  Request for reconsideration\n  (1) A person who is affected by a reviewable decision may, if dissatisfied with the decision, request the Commissioner of Taxation to reconsider the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  How request must be made\n  (2) The request must be made by written notice given to the Commissioner of Taxation within the period of 21 days after the day on which the person first receives notice of the decision, or within such further period as the Commissioner of Taxation allows.\n  Request must set out reasons\n  (3) The request must set out the reasons for making the request.\n  Commissioner of Taxation to reconsider decision\n  (4) Upon receipt of the request, the Commissioner of Taxation must reconsider the decision and may, subject to subsection (5), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.\n  Deemed confirmation of decision if delay\n  (5) If the Commissioner of Taxation does not confirm, revoke or vary a decision before the end of the period of 60 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation is taken, at the end of that period, to have confirmed the decision under subsection (4).\n  Notice of Commissioner of Taxation’s action\n  (6) If the Commissioner of Taxation confirms, revokes or varies a decision before the end of the period referred to in subsection (5), the Commissioner of Taxation must give written notice to the person telling the person:\n    (a) the result of the reconsideration of the decision; and\n    (b) the reasons for confirming, varying or revoking the decision, as the case may be.\n\n#### 83 ART review of Commissioner of Taxation’s decisions\n\n  Applications may be made to the Administrative Review Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection 82(4).\n\n#### 84 Application of the Administrative Review Tribunal Act 2024\n\n  (2) If a request is made under subsection 82(1) of this Act in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision.\n  (3) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.\n\n#### 85 Statements to accompany notification of decisions\n\n  Original decision\n  (1) If a written notice is given to a person affected by a reviewable decision telling the person that the reviewable decision has been made, that notice is to include a statement to the effect that:\n    (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 82(1); and\n    (b) the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first‑mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Reconsidered decision\n  (2) If:\n    (a) the Commissioner of Taxation confirms or varies a reviewable decision under subsection 82(4); and\n    (b) gives to a person written notice of the confirmation or variation of the decision;\n  that notice is to include a statement to the effect that the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Validity of decision\n  (3) A failure to comply with this section does not affect the validity of a decision.\n\n## Part 12—Partnerships and unincorporated associations\n\n### Division 1—Partnerships\n\n#### 86 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Partnerships are treated as if they were persons.\n\n• A document given to a partner of a partnership is treated as if it had been given to the partnership.\n\n#### 87 Treatment of partnerships\n\n  The superannuation accounts law applies to a partnership as if the partnership were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the partnership is taken to have been committed by each partner who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 88 Giving of documents to partnerships\n\n  For the purposes of this Act, if a document is given to a partner of a partnership in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the partnership.\n\n### Division 2—Unincorporated associations\n\n#### 89 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Unincorporated associations are treated as if they were persons.\n\n• A document given to a member of the committee of management of an unincorporated association is treated as if it had been given to the unincorporated association.\n\n#### 90 Treatment of unincorporated associations\n\n  Persons\n  The superannuation accounts law applies to an unincorporated association as if the unincorporated association were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the unincorporated association are imposed instead on each member of the committee of management of the association, but may be discharged by any of those members;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the unincorporated association is taken to have been committed by each member of the committee of management of the association who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the member).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 91 Giving of documents to unincorporated associations\n\n  For the purposes of this Act, if a document is given to a member of the committee of management of an unincorporated association in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the unincorporated association.\n\n## Part 12A—Government co‑contributions for low income earners\n\n#### 91A Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a Government co‑contribution payable in respect of the individual.\n\n#### 91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91C Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91D Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91E Debiting account with overpayment of Government co‑contribution\n\n  Under section 24 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a Government co‑contribution if the account includes deposits made under this Part.\n\n#### 91F Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91G Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 12B—PPL superannuation contributions\n\n#### 91H Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a PPL superannuation contribution payable for the individual.\n\n#### 91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91K Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91L Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91M Debiting account with overpayment of PPL superannuation contribution\n\n  Under section 115P of the Paid Parental Leave Act 2010, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a PPL superannuation contribution if the account includes deposits made under this Part.\n\n#### 91N Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91P Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 13—Miscellaneous\n\n#### 92 Delegation\n\n  The Finance Minister may, by writing, delegate to an officer of the Finance Department any or all of his or her powers under this Act.\n\n#### 93 Annual report\n\n  (1) The Commissioner of Taxation must, as soon as practicable after the end of each financial year, prepare and give to the Minister a report on the operation of this Act during that year.\n  (2) The Minister must cause a copy of a report given under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.\n\n#### 94 Regulations\n\n  The Governor‑General may make regulations prescribing all matters:\n    (a) required or permitted by this Act to be prescribed; or\n    (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":71},{"sectionNumber":"56","sectionType":"section","heading":"Simplified outline","content":"#### 56 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• There are 3 types of withdrawals of account balances:\n\n(a) transfers of account balances to superannuation funds or RSAs;\n\n(b) direct withdrawals of account balances by individuals;\n\n(c) withdrawals of account balances after death.\n\n• Under Part 8, a depositor has 14 days to apply for a refund of a deposit on the grounds that the deposit was made by mistake. During the 14‑day period, the individual’s account will be frozen.","sortOrder":73},{"sectionNumber":"57","sectionType":"section","heading":"Simplified outline","content":"#### 57 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• An individual’s account will be frozen for 14 days after a deposit is credited to the account.\n\n• The delay gives the depositor a chance to apply for a refund of the deposit.\n\n• If the depositor applies for a refund of the deposit, the 14‑day period will be extended until the application is finalised.\n\n• Accounts will be frozen for 14 days after a shortfall component is credited to the account.\n\n• The delay gives the Commissioner of Taxation a chance to correct mistakes.","sortOrder":75},{"sectionNumber":"58","sectionType":"section","heading":"No withdrawals for 14 days after deposit credited to account etc.","content":"#### 58 No withdrawals for 14 days after deposit credited to account etc.\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a deposit, or purported deposit, was made in respect of the individual; and\n    (b) as a result of the deposit or purported deposit, an amount was credited to the account under Part 5 at a particular time (the deposit time); and\n    (c) a request under this Part (the individual’s request) is made during the period of 14 days beginning at the deposit time.\n  Individual’s request frozen for 14 days\n  (2) The individual’s request has no effect at any time during that 14‑day period.\n\n> Note: This gives the depositor a chance to apply for a refund of the deposit.\n\n  Individual’s request frozen for additional period\n  (3) If an application for a refund of the deposit or purported deposit was made under section 73 during that 14‑day period, then:\n    (a) if the refund application is granted—the individual’s request has no effect at any time; or\n    (b) if the refund application is refused—the individual’s request has no effect at a particular time if:\n    (i) the time is after the refund application is made but before the end of the period of 21 days after the giving of the notice of refusal; or\n    (ii) if, during that 21‑day period, the refund applicant asks the Commissioner of Taxation to reconsider the refund application—the time is during the period when that reconsideration, or any later application to the Administrative Review Tribunal, has not been finalised.\n  (3A) For the purposes of subsection (3), a reference to the Administrative Review Tribunal is taken to include a reference to the Administrative Appeals Tribunal.\n  When reconsiderations finalised\n  (4) For the purposes of this section, a reconsideration of a decision is taken not to have been finalised during the period of 28 days after:\n    (a) if, because of the operation of subsection 82(5), the decision is taken to be confirmed—the day on which the decision is taken to have been confirmed; or\n    (b) in any other case—the day on which the decision on the reconsideration is notified to the refund applicant.","sortOrder":76},{"sectionNumber":"59","sectionType":"section","heading":"No withdrawals for 14 days after shortfall component credited to account","content":"#### 59 No withdrawals for 14 days after shortfall component credited to account\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) an amount was credited to the account under section 65 of the Superannuation Guarantee (Administration) Act 1992 at a particular time (the credit time); and\n    (b) a request under this Part is made during the period of 14 days beginning at the credit time.\n  Request frozen for 14 days\n  (2) The request has no effect at any time during that 14‑day period.\n\n> Note: This gives the Commissioner a chance to correct mistakes.","sortOrder":77},{"sectionNumber":"60","sectionType":"section","heading":"Timing of withdrawals","content":"#### 60 Timing of withdrawals\n\n  24‑hour delay\n  (1) If a request is made under this Part, the Commissioner of Taxation must wait at least 24 hours before complying with the request.\n\n> Note: This delay enables interest to be credited to the account.\n\n  When withdrawal occurs\n  (2) For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.","sortOrder":79},{"sectionNumber":"61","sectionType":"section","heading":"Transfer to RSA or superannuation fund","content":"#### 61 Transfer to RSA or superannuation fund\n\n  Transfer request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the transfer request) to transfer the account balance to a specified RSA or to the trustee of a specified fund for the benefit of the individual; and\n    (b) the fund passes the compliance test set out in subsection (2).\n\n> Note: Subsection (7) provides for the transfer request to be given by the individual personally or by the trustee acting on behalf of the individual.\n\n  Compliance test for funds\n  (2) For the purposes of this section, a fund passes the compliance test if:\n    (a) the fund is an exempt public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or\n    (b) at the time of the transfer request, the Commissioner of Taxation has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:\n    (i) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and\n    (ii) is not subject to a direction under section 63 of that Act.\n\n> Note: Section 63 of the Superannuation Industry (Supervision) Act 1993 deals with funds that have been directed not to accept contributions from an employer‑sponsor.\n\n  Form of transfer request\n  (3) The transfer request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with transfer request\n  (4) The Commissioner of Taxation must pay to the provider of the RSA, or to the trustee, for the benefit of the individual, an amount equal to the account balance immediately before the payment is made. However, this rule does not apply if the Commissioner of Taxation is satisfied that the RSA provider or the trustee is unwilling to accept the payment.\n  Special Account to be debited\n  (5) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (6) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Authorisation of trustee by individual etc.\n  (7) The transfer request may be given by:\n    (a) the individual personally; or\n    (b) the RSA provider or the trustee acting on the individual’s behalf in accordance with an authority given by the individual.\n  If paragraph (b) applies, the transfer request must be accompanied by a copy of the authority.\n  Form of authorisation\n  (8) An authority referred to in subsection (7) must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Definitions\n  (9) In this section:\n\n> fund includes a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> trustee has the same meaning as in the Superannuation Industry (Supervision) Act 1993.","sortOrder":81},{"sectionNumber":"61A","sectionType":"section","heading":"Commissioner may transfer account balance to RSA or superannuation fund","content":"#### 61A Commissioner may transfer account balance to RSA or superannuation fund\n\n  (1) The Commissioner of Taxation may pay the balance of an individual’s account to:\n    (a) an RSA of the individual; or\n    (b) the trustee of a complying superannuation fund for crediting to an account of the individual within that fund.\n  (2) To avoid doubt, the Commissioner of Taxation may make the payment under subsection (1) without a request from the individual under section 61.\n  (3) The Special Account is debited for the purposes of making the payment under subsection (1).\n  (4) When the payment under subsection (1) is made, the individual’s account is debited by the amount of the payment.\n  (5) In this section:\n\n> trustee of a superannuation fund means:\n\n    (a) if there is a trustee (within the ordinary meaning of that expression) of the fund—the trustee; or\n    (b) otherwise—the person who manages the fund.","sortOrder":82},{"sectionNumber":"62","sectionType":"section","heading":"Simplified outline","content":"#### 62 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The balance of an individual’s account may be withdrawn if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\n• The balance of an individual’s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\n• The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.\n\n• The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.\n\n• The balance of an individual’s account may be withdrawn if the individual has turned 65.\n\n• The balance of an individual’s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n• The balance of an individual’s account may be withdrawn if the individual is a former temporary resident.","sortOrder":84},{"sectionNumber":"63","sectionType":"section","heading":"Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.","content":"#### 63 Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account is attributable, in whole or in part, to:\n    (i) one or more deposits, or purported deposits, made by one or more employers or former employers of the individual; or\n    (ii) one or more shortfall components of payments of superannuation guarantee charge made by one or more employers or former employers of the individual; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual has ceased to be employed by each of the employers or former employers; and\n    (c) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (d) the balance of the account is less than $200 immediately before the time when the account balance is withdrawn.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.","sortOrder":85},{"sectionNumber":"64","sectionType":"section","heading":"Withdrawal of account balance—receipt of Commonwealth income support payments","content":"#### 64 Withdrawal of account balance—receipt of Commonwealth income support payments\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual has been in receipt of one or more Commonwealth income support payments for:\n    (i) if the person is at least 55 years of age—a period of at least 39 weeks, or for 2 or more periods that total at least 39 weeks, since the person turned 55; or\n    (ii) in any case—for an unbroken period of at least 26 weeks (other than such a period that ended before the withdrawal request was given); and\n    (c) the individual gives the Commissioner of Taxation:\n    (i) written evidence of the individual’s receipt of relevant Commonwealth income support payments provided by the Commonwealth Department or agency that is responsible for administering the payment; or\n    (ii) such other evidence of the individual’s receipt of relevant Commonwealth income support payments as is prescribed.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  (6) For the purposes of subparagraph (1)(b)(ii), if an individual obtains evidence covered by subparagraph (1)(c)(i), the individual is, subject to evidence to the contrary, to be taken to have continued to have received the Commonwealth income support payment concerned for 21 days after the date of the written evidence.\n  (7) In this section:\n\n> Commonwealth income support payment means:\n\n    (a) any of the following payments (as defined in section 23 of the Social Security Act 1991):\n    (i) a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full‑time study);\n    (ii) a social security pension;\n    (iii) a service pension;\n    (iv) an income support supplement; or\n    (e) any other payment prescribed for the purposes of this definition.","sortOrder":86},{"sectionNumber":"65","sectionType":"section","heading":"Withdrawal of account balance—retirement on grounds of disability","content":"#### 65 Withdrawal of account balance—retirement on grounds of disability\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not in employment; and\n    (c) the individual last ceased to be an employee because of the disability of the individual; and\n    (d) 2 legally qualified medical practitioners have certified that the disability is likely to result in the individual being unable ever to be employed in a capacity for which the individual is reasonably qualified because of education, training or experience.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.","sortOrder":87},{"sectionNumber":"65A","sectionType":"section","heading":"Withdrawal of account balance—terminal medical condition","content":"#### 65A Withdrawal of account balance—terminal medical condition\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.","sortOrder":88},{"sectionNumber":"66","sectionType":"section","heading":"Withdrawal of account balance—individual turns 65","content":"#### 66 Withdrawal of account balance—individual turns 65\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual has turned 65.\n  Withdrawal decision\n  (2) The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.\n  Withdrawal request\n  (3) The individual may give the Commissioner of Taxation a request (the withdrawal request) to make a payment under subsection (2).\n  Form of withdrawal request\n  (4) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (5) The Commissioner of Taxation must comply with the withdrawal request.\n  Special Account to be debited\n  (6) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (7) When the payment is made, the individual’s account is debited by the amount of the payment.","sortOrder":89},{"sectionNumber":"67","sectionType":"section","heading":"Withdrawal of account balance—individual not an Australian resident","content":"#### 67 Withdrawal of account balance—individual not an Australian resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not a resident (within the meaning of the Income Tax Assessment Act 1936); and\n    (ba) the individual is at least 55 years old when he or she gives the withdrawal request; and\n    (c) the individual satisfies the Commissioner of Taxation that:\n    (i) the individual is not in employment; or\n    (ii) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n> Note: Australia is defined by subsection (6).\n\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Definition\n  (6) In this section:\n\n> Australia has the same meaning as in the Income Tax Assessment Act 1936.","sortOrder":90},{"sectionNumber":"67A","sectionType":"section","heading":"Withdrawal of account balance—former temporary resident","content":"#### 67A Withdrawal of account balance—former temporary resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that before, on or after the commencement of this section, the individual:\n    (i) was, under the Migration Act 1958, the holder of a temporary visa that has ceased to be in effect; and\n    (ii) left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and\n    (c) the individual satisfies the Commissioner of Taxation that the individual:\n    (i) is not, under the Migration Act 1958, the holder of a permanent visa; and\n    (ii) is neither an Australian citizen nor a New Zealand citizen.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.","sortOrder":91},{"sectionNumber":"68","sectionType":"section","heading":"Withdrawal of account balance—death of individual","content":"#### 68 Withdrawal of account balance—death of individual\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual has died; and\n    (b) the individual’s legal personal representative gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the legal personal representative an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.","sortOrder":93},{"sectionNumber":"Division 7","sectionType":"division","heading":"Notification of refusal of requests","content":"An Act relating to the small superannuation accounts scheme\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n  This Act may be cited as the Small Superannuation Accounts Act 1995.\n\n#### 2 Commencement\n\n  This Act commences on 1 July 1995.\n\n#### 3 Simplified explanation\n\n  The following is a simplified explanation of this Act:\n\n• The Australian Taxation Office administers a special account. Notional accounts are kept within the special account.\n\n• The account offers employees with small balances an opportunity to avoid the erosion of those balances by fees.\n\n• Employees may request that account balances be transferred to a nominated superannuation fund or RSA.\n\n• Except in special cases, employees will not have direct access to their account balances.\n\n• Interest will be calculated on the daily balance of the account and credited to the account on a quarterly basis.\n\n• Interest is exempt from income tax.\n\n• If an account balance exceeds $1,200, interest will only be credited on the first $1,200 of the balance. This is an incentive for employees to request that balances of more than $1,200 be transferred to a superannuation fund.\n\n• Under the Income Tax Assessment Act 1936, employers may get income tax deductions for deposits. There is an annual deduction limit of $1,200 per employee.\n\n• Under the Superannuation Guarantee (Administration) Act 1992, deposits made by an employer will be treated as superannuation contributions.\n\n• The accounts may also be credited with Government co‑contributions payable under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003. The rules for these deposits differ in some respects from those that apply to other deposits.\n\n#### 4 Definitions\n\n  In this Act, unless the contrary intention appears:\n\n> account means a notional account kept in accordance with section 12.\n\n> child, of a person, means a child of the person within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.\n\n> Note: The Income Tax Assessment Act 1997 defines complying superannuation fund by reference to section 45 of the Superannuation Industry (Supervision) Act 1993.\n\n> dependant, in relation to an individual, includes the spouse and any child of the person.\n\n> Note: This expression is only used in the definition of superannuation contribution.\n\n> deposit means a payment under section 25.\n\n> deposit form means a statement under section 26.\n\n> depositor means a person who makes a payment under section 25.\n\n> employee has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employee.\n\n> employer has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employer.\n\n> employment has a meaning corresponding to employee and employer.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Government co‑contribution in respect of an individual means a Government co‑contribution payable in respect of the individual under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003.\n\n> leave Australia has the same meaning as in the Migration Act 1958.\n\n> person has a meaning affected by sections 87 and 90.\n\n> Note 1: Under section 87, partnerships are treated as persons.\n\n> Note 2: Under section 90, unincorporated associations are treated as persons.\n\n> PPL superannuation contribution for an individual has the same meaning as in the Paid Parental Leave Act 2010.\n\n> provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> quarter means a period of 3 months beginning on 1 July, 1 October, 1 January or 1 April in:\n\n    (a) the financial year beginning on 1 July 1995; or\n    (b) any later financial year.\n\n> RSA has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> Special Account means the Superannuation Holding Accounts Special Account continued in existence by section 8.\n\n> spouse of a person includes:\n\n    (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and\n    (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.\n\n> Note: This expression is only used in the definition of dependant.\n\n> superannuation accounts law means:\n\n    (a) this Act; and\n    (b) the regulations; and\n    (c) Part III of the Taxation Administration Act 1953, in so far as that Part relates to this Act or the regulations.\n\n> superannuation contribution, in relation to an individual, means a contribution made to a superannuation fund, an RSA or a superannuation scheme for the purpose of making provision for superannuation benefits for, or for dependants of, the individual.\n\n> superannuation fund means a provident, benefit, superannuation or retirement fund.\n\n> superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits.\n\n> tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.\n\n> Unallocated Interest Pool means the Unallocated Interest Pool kept in accordance with section 42.\n\n#### 5 Crown to be bound\n\n  This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n\n#### 6 Act to be administered by the Commissioner of Taxation\n\n  The Commissioner of Taxation has the general administration of this Act.\n\n> Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.\n\n## Part 2—Superannuation Holding Accounts Special Account\n\n#### 7 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Superannuation Holding Accounts Special Account is continued in existence.\n\n• The Special Account is not a superannuation fund.\n\n#### 8 Superannuation Holding Accounts Special Account\n\n  (1) The Superannuation Holding Accounts Account is continued in existence as the Superannuation Holding Accounts Special Account.\n\n> Note: The Superannuation Holding Accounts Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.\n\n  (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 9 Special Account is not a superannuation fund\n\n  Special Account is not a superannuation fund\n  (1) For the purposes of a law of the Commonwealth:\n    (a) the Special Account is taken not to be a superannuation fund; and\n    (b) the scheme embodied in this Act is taken not to be a superannuation scheme.\n  Avoidance of doubt\n  (2) Subsection (1) is enacted to avoid doubt.\n\n## Part 3—Accounts\n\n### Division 1—Simplified outline\n\n#### 11 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Notional accounts are to be kept within the Special Account in the names of particular individuals.\n\n• Section 13 outlines credits to accounts.\n\n• Section 14 outlines debits to accounts.\n\n• The Commissioner of Taxation may open or close an account.\n\n• Accounts may have a nil balance.\n\n• An individual may only have one account.\n\n• Account balances are not held on trust.\n\n• An individual’s account balance will be notified to the individual in certain circumstances.\n\n### Division 2—Keeping of accounts\n\n#### 12 Accounts\n\n  Accounts to be kept\n  (1) Separate notional accounts are to be kept within the Special Account in the names of particular individuals.\n  Individual’s account\n  (2) An account kept in the name of an individual is to be known as the individual’s account.\n\n> Note: Section 4 provides that account means a notional account kept in accordance with this section.\n\n### Division 3—Outline of credits and debits to accounts\n\n#### 13 Outline of credits to accounts\n\n  The following is a simplified outline of the types of credits that may be made to an individual’s account.\n\nDeposits by employers\n\n• Under section 25, the individual’s employer or former employer may make a deposit in respect of the individual. The employer or former employer will make the deposit instead of making a superannuation contribution in respect of the individual. The deposit will result in a credit to the individual’s account.\n\nSuperannuation guarantee shortfalls\n\n• Under section 65 of the Superannuation Guarantee (Administration) Act 1992, if there is a shortfall component of a payment of superannuation guarantee charge in relation to the individual, the Commissioner of Taxation may credit the shortfall component to the individual’s account.\n\nInterest\n\n• Under Part 6, interest may be credited to the individual’s account.\n\n#### 14 Outline of debits to accounts\n\n  The following is a simplified outline of the types of debits that may be made to an individual’s account. These debits also involve debiting the Special Account.\n\nTransfer to superannuation fund or RSA\n\n• Under section 61, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund or RSA.\n\nBalance of less than $200—individual has ceased to be employed by all depositors\n\n• Under section 63, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\nReceipt of Commonwealth income support payments\n\n• Under section 64, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\nDisability\n\n• Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.\n\nTerminal medical condition\n\n• Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.\n\nIndividual turns 65\n\n• Under section 66, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has turned 65.\n\nIndividual at least 55 years old and not an Australian resident\n\n• Under section 67, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\nFormer temporary resident\n\n• The balance of the amount standing to the credit of an individual’s account may be debited from the Special Account if the individual is a former temporary resident.\n\nDeath of individual\n\n• Under section 68, if the individual dies, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual’s legal personal representative.\n\nRefunds of deposits\n\n• Under Part 8, an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits that were:\n\n(a) accompanied by false or defective deposit forms; or\n\n(b) made by mistake.\n\n### Division 4—Opening and closing of accounts\n\n#### 15 Opening of accounts\n\n  Power\n  (1) The Commissioner of Taxation may open an account in the name of a particular individual.\n  Duty\n  (2) The Commissioner of Taxation must open an account in the name of a particular individual if:\n    (a) the individual does not already have an account; and\n    (b) a person makes a deposit, or a purported deposit, in respect of the individual.\n  Payment split under Family Law Act\n  (3) If an account is subject to a payment split, then the Commissioner may open an account in the name of the non‑member spouse.\n  (4) The balance of the account when it is opened is an amount worked out in accordance with the regulations.\n  (5) The balance of the member spouse’s account is to be reduced by the amount worked out under subsection (4).\n  (6) The Commissioner must give the member spouse a written notice setting out the balance (if any) of the member spouse’s account after the reduction.\n  (7) In this section:\n\n> member spouse means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> non‑member spouse means a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n#### 16 Closing of accounts\n\n  The Commissioner of Taxation may close an individual’s account if the balance of the account is nil and:\n    (a) the balance of the account was nil throughout the preceding period of 2 years; or\n    (b) the balance of the account has been withdrawn under section 61, 65, 65A, 66, 67, 67A or 91E; or\n    (c) the individual has died; or\n    (d) the individual asks the Commissioner of Taxation to close the account; or\n    (e) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n> Note 1: Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.\n\n> Note 2: Section 65 deals with individuals who retire because of disability.\n\n> Note 2A: Section 65A deals with individuals in relation to whom terminal medical conditions exist.\n\n> Note 3: Section 66 deals with individuals who have turned 65.\n\n> Note 4: Section 67 deals with individuals who are not Australian residents for income tax purposes etc.\n\n> Note 5: Section 67A deals with individuals who have permanently departed from Australia.\n\n> Note 6: Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.\n\n### Division 5—Rules about accounts\n\n#### 17 Accounts may have a nil balance\n\n  Nil balance\n  (1) An account may have a nil balance.\n  Examples\n  (2) The following are examples of cases where an account might have a nil balance:\n    (a) no money has been credited to the account;\n    (b) the balance of the account has been withdrawn under Part 7;\n    (c) the balance of the account has been refunded to an employer or former employer under Part 8;\n    (d) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n#### 18 One account per individual\n\n  Only one account\n  (1) Only one account may be kept in respect of a particular individual.\n  Amalgamation etc.\n  (2) A contravention of subsection (1) does not affect the validity of an account. However, if the Commissioner of Taxation becomes aware that 2 or more accounts are being kept in respect of the same individual, the Commissioner of Taxation must amalgamate the accounts into a single account.\n\n#### 19 Account balances not held on trust etc.\n\n  (1) Money credited to an individual’s account is not held on trust.\n  (2) The Commonwealth is not liable to pay, repay or refund money credited to an individual’s account except as provided by this Act.\n\n> Note: Under section 69A of the Superannuation Guarantee (Administration) Act 1992, if a shortfall component of superannuation guarantee charge has been incorrectly credited to an individual’s account, the account may be debited for the purposes of reversing the credit.\n\n### Division 6—Notification of account balances\n\n#### 20 Notification of opening balance\n\n  As soon as practicable after the first occasion on which an amount is credited to an individual’s account, the Commissioner must give the individual a written notice setting out the balance of the account.\n\n#### 21 Individual may request details of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual asks the Commissioner of Taxation to give the individual a written notice setting out the balance of the account.\n  Form of request\n  (2) The request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with request\n  (3) The Commissioner of Taxation must comply with the request.\n\n#### 22 Annual notification of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account exceeds nil as at the end of a financial year; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the end of the financial year, the Commissioner of Taxation must give the individual a written notice setting out the balance of the account as at the end of the financial year.\n\n#### 23 Notification when account balance reaches $1,200\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:\n    (a) setting out the balance of the account; and\n    (b) explaining the effect of sections 49 and 61; and\n    (c) suggesting that the individual make a request under section 61.\n\n> Note 1: Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.\n\n> Note 2: Section 61 provides for the transfer of the balance of the account to a superannuation fund.\n\n## Part 4—Deposits\n\n#### 24 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit.\n\n• The deposit must be accompanied by a deposit form.\n\n• The deposit form must include certain declarations.\n\n• The 2 key declarations are:\n\n(a) that the depositor is the employer, or former employer, of the individual; and\n\n(b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.\n\n• A defect in the deposit form will not result in the invalidity of the deposit.\n\n• A deposit form may deal with multiple payments.\n\n• Deposits are not held on trust.\n\n#### 25 Deposits\n\n  A person (the depositor) may make a payment (the deposit) to the Commissioner of Taxation under this section in respect of an individual if, and only if, the payment is made before 1 July 2006.\n\n#### 26 Deposit to be accompanied by deposit form\n\n  The deposit must be accompanied by a written statement (the deposit form) that:\n    (a) is in a form approved in writing by the Commissioner of Taxation; and\n    (b) contains the information required by the form to be given; and\n    (c) contains the declarations required by sections 27, 28, 29 and 30; and\n    (d) sets out the individual’s tax file number (if known to the depositor); and\n    (e) is signed by or on behalf of the depositor.\n\n#### 27 Deposit to be made by employer or former employer\n\n  The deposit form must include a declaration that the depositor is the employer, or former employer, of the individual.\n\n#### 28 Deposit to be instead of superannuation contributions\n\n  The deposit form must include a declaration that the depositor is making the deposit:\n    (a) in respect of the employment, or former employment, of the individual by the depositor; and\n    (b) instead of making a superannuation contribution:\n    (i) in respect of the individual; and\n    (ii) of an amount equal to the deposit.\n\n#### 29 Deposit to be consistent with other laws etc.\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the making of the deposit does not contravene:\n    (a) a law of the Commonwealth (other than this Act) or a law of a State or Territory; or\n    (b) an award, order, determination or industrial agreement in force under such a law; or\n    (c) a legally enforceable agreement.\n\n#### 30 Age limit\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the individual was under 70 on at least one day during the period of employment to which the deposit relates.\n\n#### 31 Consequences of false declarations etc.\n\n  If the deposit is accompanied by a deposit form, or a purported deposit form, that:\n    (a) contains a declaration, or information, that is false or misleading; or\n    (b) has some other defect or irregularity;\n  that circumstance does not result in the invalidity of the deposit. However, it may result in the deposit being refunded under Part 8.\n\n> Note 1: A false or misleading statement may result in criminal liability under Part III of the Taxation Administration Act 1953.\n\n> Note 2: A false or misleading declaration may result in an employer being denied:\n\n    (a) an income tax deduction under section 82AAF of the Income Tax Assessment Act 1936; and\n    (b) concessional treatment under section 23 of the Superannuation Guarantee (Administration) Act 1992.\n\n#### 33 Deposit not held on trust etc.\n\n  (1) A deposit, or purported deposit, made in respect of an individual is not held on trust.\n  (2) A deposit, or purported deposit, made in respect of an individual is not repayable or refundable except as provided by this Act.\n\n## Part 5—Crediting of deposits\n\n#### 34 Simplified outline\n\n  The following is a simplified outline of this Part:\n\nDeposits are to be credited to accounts by following these steps:\n\n• credit the deposit to the Special Account;\n\n• credit the deposit to the individual’s account.\n\n#### 35 Crediting of deposits\n\n  Step 1—Credit to Special Account\n  (1) An amount equal to a deposit or purported deposit made in respect of an individual is to be credited to the Special Account.\n  Step 2—Credit to individual’s account\n  (2) As soon as practicable after the amount is credited to the Special Account, the individual’s account is to be credited with an amount equal to the deposit or purported deposit.\n\n## Part 6—Crediting of interest\n\n### Division 1—Simplified outline\n\n#### 36 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Interest is funded by crediting amounts to the Special Account.\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n• The allocation day is published in the Gazette.\n\n• The rate at which interest accrues is called the allocation rate.\n\n• The allocation rate is published in the Gazette.\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n### Division 2—Gross interest amount and net interest amount\n\n#### 37 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The expressions gross interest amount and net interest amount are defined.\n\n• Those expressions are used to work out:\n\n(a) how interest is funded; and\n\n(b) the rate at which interest accrues to an account.\n\n#### 38 Gross interest amount\n\n  For the purposes of this Part, the gross interest amount for a quarter is the sum of the following amounts:\n    (a) the income derived by the Commonwealth during the quarter from the investment of amounts standing to the credit of the Special Account;\n    (b) the amount (if any) determined by the Finance Minister in relation to the quarter having regard to the amount standing to the credit of the Special Account that remains uninvested from time to time during the quarter.\n\n#### 39 Net interest amount\n\n  Net interest amount\n  (1) For the purposes of this Part, the net interest amount for a quarter is the gross interest amount for the quarter, reduced (but not below 0) by the sum of:\n    (a) the amount determined by the Commissioner of Taxation, where the amount represents a fair approximation of the costs incurred by the Commonwealth during the quarter in connection with the administration of this Act; and\n    (b) the amount, or the total of the amounts, allocated to the quarter under subsection (3).\n\n> Note: Gross interest amount is defined by section 38.\n\n  Carry‑forward amount\n  (2) For the purposes of this section, if:\n    (a) the amount determined under paragraph (1)(a) in relation to a quarter;\n  exceeds:\n    (b) the gross interest amount for the quarter;\n  the excess is taken to be the carry‑forward amount for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation of carry‑forward amounts\n  (3) For the purposes of this section, the Finance Minister may determine that:\n    (a) a carry‑forward amount for a quarter is to be allocated to a later quarter; or\n    (b) different parts of the carry‑forward amount for a quarter are to be allocated to different later quarters.\n  Amortisation\n  (4) For the purposes of this section, capital costs and development costs are to be amortised in accordance with generally accepted accounting principles.\n  Investment costs\n  (5) For the purposes of this section, the costs incurred by the Commonwealth in connection with the investment of amounts standing to the credit of the Special Account are taken to have been incurred in connection with the administration of this Act.\n\n### Division 3—Funding of interest\n\n#### 40 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest is funded by crediting the net interest amount to the Special Account.\n\n• An Unallocated Interest Pool is to be kept within the Special Account.\n\n• Unallocated interest is represented by the balance of the Unallocated Interest Pool.\n\n• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.\n\n• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.\n\n#### 41 Crediting of net interest amount to the Special Account\n\n  As soon as practicable after the end of a quarter, an amount equal to the net interest amount for the quarter is to be credited to the Special Account.\n\n> Note: Net interest amount is defined by section 39.\n\n#### 42 Unallocated Interest Pool\n\n  Pool\n  (1) For accounting purposes, a separate notional subcomponent, called the Unallocated Interest Pool, is to be kept within the Special Account.\n  Credits to Pool\n  (2) An amount credited to the Special Account under section 41 is to be credited to the Unallocated Interest Pool.\n  Debits from Pool\n  (3) The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual’s account.\n\n#### 43 Supplementation of Unallocated Interest Pool\n\n  When section applies\n  (1) This section applies if the Finance Minister is satisfied that:\n    (a) the balance of the Unallocated Interest Pool is nil; or\n    (b) the balance of the Unallocated Interest Pool is, or is likely to be, insufficient to meet the requirements of the Unallocated Interest Pool.\n  Supplementation\n  (2) The Finance Minister may determine that the Unallocated Interest Pool is to be supplemented by a specified amount.\n  Crediting of the supplementation amount\n  (3) The specified amount is to be credited to the Special Account.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the specified amount.\n\n#### 44 Debiting of unallocated interest\n\n  (1) If the Commissioner of Taxation is satisfied that the balance of the Unallocated Interest Pool exceeds the requirements of the Unallocated Interest Pool, the Commissioner of Taxation must determine that the excess is surplus to the requirements of the Unallocated Interest Pool.\n  (2) The Unallocated Interest Pool is to be debited by an amount equal to the excess.\n  (3) An amount equal to the excess is to be debited from the Special Account.\n\n### Division 4—Allocation day and allocation rate\n\n#### 45 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The allocation day for a quarter is published in the Gazette. The allocation day is the day on which interest is credited to accounts.\n\n• The allocation rate for a quarter is published in the Gazette. The allocation rate is the rate at which interest accrues to an account.\n\n• The allocation rate is worked out under section 47.\n\n#### 46 Gazettal of allocation day and allocation rate\n\n  (1) As soon as practicable after an amount is credited to the Special Account under section 41 in respect of a quarter (the current quarter), the Commissioner of Taxation must, by notice published in the Gazette, declare that, for the purposes of this Part:\n    (a) a specified day in the quarter next following the current quarter is the allocation day for the current quarter; and\n    (b) a specified percentage is the allocation rate for the current quarter.\n\n> Note: To work out the allocation rate see section 47.\n\n  (2) The declaration has effect accordingly.\n\n#### 47 Calculation of the allocation rate\n\n  Application of steps\n  (1) To work out the allocation rate for a quarter, apply the following steps.\n  Adjusted total balances\n  (2) Calculate the adjusted total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  For the purposes of this calculation, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n  Provisional rate\n  (3) Calculate the provisional rate for the quarter as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Net interest amount over Adjusted total balances end fraction times 100 end formula](image.002.png)\n  where:\n\n> Net interest amount means the net interest amount for the quarter;\n\n> Adjusted total balances means the adjusted total balances for the quarter.\n\n> Note: Net interest amount is defined by section 39.\n\n  Total balances\n  (4) Calculate the total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  Capped rate\n  (5) Calculate the capped rate as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Gross interest amount over Total balances end fraction times 100 end formula](image.003.png)\n  where:\n\n> Gross interest amount means the gross interest amount for the quarter;\n\n> Total balances means the total balances for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation rate—comparison between provisional rate and capped rate\n  (6) Compare the provisional rate with the capped rate:\n    (a) if the provisional rate is less than or equal to the capped rate—the allocation rate equals the provisional rate; or\n    (b) if the provisional rate exceeds the capped rate—the allocation rate equals the capped rate.\n\n### Division 5—Crediting of interest\n\n#### 48 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n#### 49 Accrual of interest on first $1,200 of daily balance\n\n  (1) Interest accrues to an account each day on the balance of the account as at the end of that day.\n  (2) For the purposes of this Division, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n\n#### 50 Rate of accrual, and crediting, of interest\n\n  When section applies\n  (1) This section applies to interest that accrues under section 49.\n  Allocation day event, withdrawal event and inactive account debit event\n  (2) Both:\n    (a) the rate of accrual of interest to an account in respect of a particular day (the accrual day) in a particular quarter; and\n    (b) the time at which accrued interest in respect of the accrual day is to be credited to the account;\n  depends on whichever of the following events first happens after the accrual day:\n    (c) the occurrence of the allocation day for the quarter (this event is to be known as the allocation day event);\n    (d) the withdrawal under Part 7 of the balance of the account (this event is to be known as the withdrawal event);\n    (e) the debiting of the balance of the account from the Special Account under Part 9 (this event is to be known as the inactive account debit event).\n  Allocation day event\n  (3) If the allocation day event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Allocation rate over Total number of days in the quarter end fraction end formula](image.004.png)\n    where:\n\n> Allocation rate means the allocation rate for the quarter; and\n\n    (b) the accrued interest is to be credited to the account on the allocation day.\n  Withdrawal event\n  (4) If the withdrawal event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day before the day of the withdrawal.\n  Inactive account debit event\n  (5) If the inactive account debit event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day of the debit.\n  Transitional—withdrawal event before first allocation day\n  (6) Despite paragraph (4)(a), if the withdrawal event occurs before the allocation day for the quarter beginning on 1 July 1995, that paragraph has effect, in relation to that event, as if the adjusted allocation rate were 0.4% or such higher rate as the Finance Minister determines.\n\n#### 51 Rounding up\n\n  If the total amount of interest to be credited to an account on a particular day (when expressed as a number of cents) is not a number of whole cents, that total must be rounded up to the nearest cent.\n\n### Division 6—Interest not to accrue in certain cases\n\n#### 52 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n#### 53 Interest does not accrue on refunded deposits\n\n  No interest\n  (1) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8.\n  Reversing interest credit\n  (2) If interest has been credited to an individual’s account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.\n  Unallocated Interest Pool to be credited\n  (3) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).\n\n#### 54 Interest does not accrue on shortfall components incorrectly credited to accounts\n\n  When section applies\n  (1) This section applies if:\n    (a) an amount credited to an account under section 65 of the Superannuation Guarantee (Administration) Act 1992 exceeds the amount that should have been credited to the account; and\n    (b) the balance of the account is attributable, in whole or in part, to the credit.\n  No interest\n  (2) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of the account as is attributable to the excess.\n  Debit reversing interest credit\n  (3) If interest has been credited to the account in contravention of subsection (2), the Commissioner of Taxation must debit the account by the amount of the credit.\n  Unallocated Interest Pool to be credited\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n#### 55 Amalgamated accounts—no interest if $1,200 limit avoided\n\n  When section applies\n  (1) This section applies if:\n    (a) the Commissioner becomes aware that 2 or more accounts (the separate accounts) are being kept in respect of the same individual; and\n    (b) the Commissioner of Taxation amalgamates the separate accounts into a single account; and\n    (c) immediately after the amalgamation, the balance of the amalgamated account exceeds $1,200.\n\n> Note: Section 18 empowers the Commissioner to amalgamate the separate accounts.\n\n  No interest if $1,200 limit avoided\n  (2) If, because of the $1,200 limit referred to in subsection 49(2):\n    (a) the total amount of interest that accrued to the separate accounts before the day of the amalgamation;\n  exceeds:\n    (b) the total amount of interest that would have accrued to the amalgamated account if it were assumed that the amalgamated account had been in existence at all times since the earliest time at which any of the separate accounts was opened;\n  then, despite section 49, the excess interest is taken never to have accrued under that section.\n  Debit to amalgamated account\n  (3) If excess interest has been credited in contravention of subsection (2), the Commissioner of Taxation must debit the amalgamated account by an amount equal to the amount of the credit.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n## Part 7—Withdrawal of account balances\n\n### Division 1—Simplified outline\n\n#### 56 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• There are 3 types of withdrawals of account balances:\n\n(a) transfers of account balances to superannuation funds or RSAs;\n\n(b) direct withdrawals of account balances by individuals;\n\n(c) withdrawals of account balances after death.\n\n• Under Part 8, a depositor has 14 days to apply for a refund of a deposit on the grounds that the deposit was made by mistake. During the 14‑day period, the individual’s account will be frozen.\n\n### Division 2—No withdrawals for 14 days after deposit credited to account etc.\n\n#### 57 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• An individual’s account will be frozen for 14 days after a deposit is credited to the account.\n\n• The delay gives the depositor a chance to apply for a refund of the deposit.\n\n• If the depositor applies for a refund of the deposit, the 14‑day period will be extended until the application is finalised.\n\n• Accounts will be frozen for 14 days after a shortfall component is credited to the account.\n\n• The delay gives the Commissioner of Taxation a chance to correct mistakes.\n\n#### 58 No withdrawals for 14 days after deposit credited to account etc.\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a deposit, or purported deposit, was made in respect of the individual; and\n    (b) as a result of the deposit or purported deposit, an amount was credited to the account under Part 5 at a particular time (the deposit time); and\n    (c) a request under this Part (the individual’s request) is made during the period of 14 days beginning at the deposit time.\n  Individual’s request frozen for 14 days\n  (2) The individual’s request has no effect at any time during that 14‑day period.\n\n> Note: This gives the depositor a chance to apply for a refund of the deposit.\n\n  Individual’s request frozen for additional period\n  (3) If an application for a refund of the deposit or purported deposit was made under section 73 during that 14‑day period, then:\n    (a) if the refund application is granted—the individual’s request has no effect at any time; or\n    (b) if the refund application is refused—the individual’s request has no effect at a particular time if:\n    (i) the time is after the refund application is made but before the end of the period of 21 days after the giving of the notice of refusal; or\n    (ii) if, during that 21‑day period, the refund applicant asks the Commissioner of Taxation to reconsider the refund application—the time is during the period when that reconsideration, or any later application to the Administrative Review Tribunal, has not been finalised.\n  (3A) For the purposes of subsection (3), a reference to the Administrative Review Tribunal is taken to include a reference to the Administrative Appeals Tribunal.\n  When reconsiderations finalised\n  (4) For the purposes of this section, a reconsideration of a decision is taken not to have been finalised during the period of 28 days after:\n    (a) if, because of the operation of subsection 82(5), the decision is taken to be confirmed—the day on which the decision is taken to have been confirmed; or\n    (b) in any other case—the day on which the decision on the reconsideration is notified to the refund applicant.\n\n#### 59 No withdrawals for 14 days after shortfall component credited to account\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) an amount was credited to the account under section 65 of the Superannuation Guarantee (Administration) Act 1992 at a particular time (the credit time); and\n    (b) a request under this Part is made during the period of 14 days beginning at the credit time.\n  Request frozen for 14 days\n  (2) The request has no effect at any time during that 14‑day period.\n\n> Note: This gives the Commissioner a chance to correct mistakes.\n\n### Division 3—Timing of withdrawals\n\n#### 60 Timing of withdrawals\n\n  24‑hour delay\n  (1) If a request is made under this Part, the Commissioner of Taxation must wait at least 24 hours before complying with the request.\n\n> Note: This delay enables interest to be credited to the account.\n\n  When withdrawal occurs\n  (2) For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.\n\n### Division 4—Transfer of account balances to RSAs and superannuation funds\n\n#### 61 Transfer to RSA or superannuation fund\n\n  Transfer request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the transfer request) to transfer the account balance to a specified RSA or to the trustee of a specified fund for the benefit of the individual; and\n    (b) the fund passes the compliance test set out in subsection (2).\n\n> Note: Subsection (7) provides for the transfer request to be given by the individual personally or by the trustee acting on behalf of the individual.\n\n  Compliance test for funds\n  (2) For the purposes of this section, a fund passes the compliance test if:\n    (a) the fund is an exempt public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or\n    (b) at the time of the transfer request, the Commissioner of Taxation has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:\n    (i) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and\n    (ii) is not subject to a direction under section 63 of that Act.\n\n> Note: Section 63 of the Superannuation Industry (Supervision) Act 1993 deals with funds that have been directed not to accept contributions from an employer‑sponsor.\n\n  Form of transfer request\n  (3) The transfer request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with transfer request\n  (4) The Commissioner of Taxation must pay to the provider of the RSA, or to the trustee, for the benefit of the individual, an amount equal to the account balance immediately before the payment is made. However, this rule does not apply if the Commissioner of Taxation is satisfied that the RSA provider or the trustee is unwilling to accept the payment.\n  Special Account to be debited\n  (5) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (6) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Authorisation of trustee by individual etc.\n  (7) The transfer request may be given by:\n    (a) the individual personally; or\n    (b) the RSA provider or the trustee acting on the individual’s behalf in accordance with an authority given by the individual.\n  If paragraph (b) applies, the transfer request must be accompanied by a copy of the authority.\n  Form of authorisation\n  (8) An authority referred to in subsection (7) must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Definitions\n  (9) In this section:\n\n> fund includes a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> trustee has the same meaning as in the Superannuation Industry (Supervision) Act 1993.\n\n#### 61A Commissioner may transfer account balance to RSA or superannuation fund\n\n  (1) The Commissioner of Taxation may pay the balance of an individual’s account to:\n    (a) an RSA of the individual; or\n    (b) the trustee of a complying superannuation fund for crediting to an account of the individual within that fund.\n  (2) To avoid doubt, the Commissioner of Taxation may make the payment under subsection (1) without a request from the individual under section 61.\n  (3) The Special Account is debited for the purposes of making the payment under subsection (1).\n  (4) When the payment under subsection (1) is made, the individual’s account is debited by the amount of the payment.\n  (5) In this section:\n\n> trustee of a superannuation fund means:\n\n    (a) if there is a trustee (within the ordinary meaning of that expression) of the fund—the trustee; or\n    (b) otherwise—the person who manages the fund.\n\n### Division 5—Direct withdrawals of account balances by individuals\n\n#### 62 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The balance of an individual’s account may be withdrawn if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\n• The balance of an individual’s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\n• The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.\n\n• The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.\n\n• The balance of an individual’s account may be withdrawn if the individual has turned 65.\n\n• The balance of an individual’s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n• The balance of an individual’s account may be withdrawn if the individual is a former temporary resident.\n\n#### 63 Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account is attributable, in whole or in part, to:\n    (i) one or more deposits, or purported deposits, made by one or more employers or former employers of the individual; or\n    (ii) one or more shortfall components of payments of superannuation guarantee charge made by one or more employers or former employers of the individual; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual has ceased to be employed by each of the employers or former employers; and\n    (c) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (d) the balance of the account is less than $200 immediately before the time when the account balance is withdrawn.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 64 Withdrawal of account balance—receipt of Commonwealth income support payments\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual has been in receipt of one or more Commonwealth income support payments for:\n    (i) if the person is at least 55 years of age—a period of at least 39 weeks, or for 2 or more periods that total at least 39 weeks, since the person turned 55; or\n    (ii) in any case—for an unbroken period of at least 26 weeks (other than such a period that ended before the withdrawal request was given); and\n    (c) the individual gives the Commissioner of Taxation:\n    (i) written evidence of the individual’s receipt of relevant Commonwealth income support payments provided by the Commonwealth Department or agency that is responsible for administering the payment; or\n    (ii) such other evidence of the individual’s receipt of relevant Commonwealth income support payments as is prescribed.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  (6) For the purposes of subparagraph (1)(b)(ii), if an individual obtains evidence covered by subparagraph (1)(c)(i), the individual is, subject to evidence to the contrary, to be taken to have continued to have received the Commonwealth income support payment concerned for 21 days after the date of the written evidence.\n  (7) In this section:\n\n> Commonwealth income support payment means:\n\n    (a) any of the following payments (as defined in section 23 of the Social Security Act 1991):\n    (i) a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full‑time study);\n    (ii) a social security pension;\n    (iii) a service pension;\n    (iv) an income support supplement; or\n    (e) any other payment prescribed for the purposes of this definition.\n\n#### 65 Withdrawal of account balance—retirement on grounds of disability\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not in employment; and\n    (c) the individual last ceased to be an employee because of the disability of the individual; and\n    (d) 2 legally qualified medical practitioners have certified that the disability is likely to result in the individual being unable ever to be employed in a capacity for which the individual is reasonably qualified because of education, training or experience.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 65A Withdrawal of account balance—terminal medical condition\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 66 Withdrawal of account balance—individual turns 65\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual has turned 65.\n  Withdrawal decision\n  (2) The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.\n  Withdrawal request\n  (3) The individual may give the Commissioner of Taxation a request (the withdrawal request) to make a payment under subsection (2).\n  Form of withdrawal request\n  (4) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (5) The Commissioner of Taxation must comply with the withdrawal request.\n  Special Account to be debited\n  (6) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (7) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 67 Withdrawal of account balance—individual not an Australian resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not a resident (within the meaning of the Income Tax Assessment Act 1936); and\n    (ba) the individual is at least 55 years old when he or she gives the withdrawal request; and\n    (c) the individual satisfies the Commissioner of Taxation that:\n    (i) the individual is not in employment; or\n    (ii) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n> Note: Australia is defined by subsection (6).\n\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Definition\n  (6) In this section:\n\n> Australia has the same meaning as in the Income Tax Assessment Act 1936.\n\n#### 67A Withdrawal of account balance—former temporary resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that before, on or after the commencement of this section, the individual:\n    (i) was, under the Migration Act 1958, the holder of a temporary visa that has ceased to be in effect; and\n    (ii) left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and\n    (c) the individual satisfies the Commissioner of Taxation that the individual:\n    (i) is not, under the Migration Act 1958, the holder of a permanent visa; and\n    (ii) is neither an Australian citizen nor a New Zealand citizen.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 6—Withdrawals of account balances after death\n\n#### 68 Withdrawal of account balance—death of individual\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual has died; and\n    (b) the individual’s legal personal representative gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the legal personal representative an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 7—Notification of refusal of requests\n\n#### 69 Notification of refusal of requests\n\n  (1) This section applies if:\n    (a) a person makes a request under this Part; and\n    (b) the Commissioner of Taxation refuses the request.\n  (2) The Commissioner of Taxation must give the person written notice of the refusal.\n\n### Division 8—Recovery of account balances\n\n#### 70 Recovery of account balances\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 8—Refunds of deposits\n\n#### 71 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Commissioner of Taxation may refund a deposit if the deposit form was false or defective.\n\n• A depositor may apply for the refund of a deposit if it was made by mistake. The refund application must be made within 14 days after the deposit was credited to the account.\n\n#### 72 Refunds—false or defective deposit forms etc.\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was accompanied by a deposit form, or a purported deposit form, that, in so far as it related to the deposit or purported deposit:\n    (i) contained a declaration, or information, that was false or misleading in a material particular; or\n    (ii) had some other defect or irregularity; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit.\n  Refund payment\n  (2) The Commissioner of Taxation may decide to pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (3) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (4) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Part 7 obligations prevail\n  (5) The Commissioner of Taxation must not exercise a power conferred by this section in a manner that would be inconsistent with an obligation imposed on him or her by Part 7.\n\n> Note: Part 7 deals with withdrawals.\n\n#### 73 Refunds—deposit made by mistake\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was paid due to a clerical error or due to some other mistake; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit; and\n    (f) within 14 days after the credit was made, the depositor or purported depositor applies to the Commissioner of Taxation for a refund of the deposit or purported deposit.\n  Form of application\n  (2) The application must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Refund payment\n  (3) The Commissioner of Taxation must pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (5) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Obligations under this section prevail over obligations under Part 7\n  (6) In the event of a conflict between:\n    (a) an obligation imposed on the Commissioner of Taxation by this section; and\n    (b) an obligation imposed on the Commissioner of Taxation by Part 7;\n  the first‑mentioned obligation prevails.\n\n> Note: Part 7 deals with withdrawals.\n\n  Notification of refusal of application\n  (7) If the Commissioner of Taxation refuses an application under this section, the Commissioner of Taxation must give the applicant written notice of the refusal.\n\n#### 74 Recovery of refunds\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 9—Inactive accounts\n\n#### 75 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• If an individual’s account is inactive for 10 years, the account balance is to be debited from the Special Account.\n\n• The individual may claim the account balance from the Commissioner of Taxation.\n\n• The Commissioner of Taxation must keep a register of individuals’ account balances debited.\n\n#### 76 No activity for 10 years\n\n  When section applies\n  (1) This section applies to an individual’s account if no amount was credited to the account under:\n    (a) Part 5 of this Act; or\n    (b) section 65 of the Superannuation Guarantee (Administration) Act 1992;\n  at any time during a period of 10 consecutive financial years.\n\n> Note 1: Part 5 of this Act deals with deposits.\n\n> Note 2: Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.\n\n  Statement to be given to the Commissioner\n  (2) As soon as practicable after the end of that period, the Commissioner must record information about the account.\n  Tax file number\n  (3) If the individual’s tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.\n  Debit from the Special Account\n  (4) As soon as practicable after the end of that period, an amount equal to the balance of the individual’s account as at the end of that period is to be debited from the Special Account.\n  Debiting of individual’s account balance\n  (5) If an amount is debited from the Special Account under subsection (4), the individual’s account is debited by an amount equal to the amount debited from the Special Account.\n  Claim by individual\n  (6) If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.\n  Claim by individual’s legal personal representative\n  (7) If:\n    (a) an amount has been debited from the Special Account under subsection (4) in respect of the individual’s account; and\n    (b) the individual has died;\n  the individual’s legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the amount debited from the Special Account in respect of the individual’s account.\n  Payments\n  (8) The Commissioner of Taxation must comply with a request under subsection (6) or (7).\n  Appropriation\n  (9) The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).\n\n#### 77 Register\n\n  In addition to the particulars that are required by section 19 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 to be set out in the register kept under that section, that register must set out:\n    (a) particulars of amounts debited from the Special Account under section 76 in respect of particular individuals; and\n    (b) particulars of the individuals, which may include the tax file numbers of the individuals.\n\n## Part 10—Tax file numbers\n\n#### 78 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• An individual may quote his or her tax file number to the Commissioner of Taxation.\n\n#### 79 Individual may quote his or her tax file number\n\n  (1) An individual may quote his or her tax file number to the Commissioner of Taxation in connection with the operation, or the possibility of the future operation, of this Act in relation to the individual.\n\n> Note: This means that an individual’s tax file number may be quoted before or after an account is opened in the name of the individual.\n\n  (2) The tax file number may be quoted:\n    (a) in response to a request made by the Commissioner of Taxation; or\n    (b) on the individual’s own initiative.\n\n## Part 11—Review of decisions\n\n#### 80 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person who is dissatisfied with a reviewable decision of the Commissioner of Taxation may seek a reconsideration of the decision.\n\n• A person who is dissatisfied with a reconsidered decision may have the reconsidered decision reviewed by the Administrative Review Tribunal.\n\n• The Commissioner of Taxation must tell people about their rights to have decisions reconsidered and reviewed.\n\n#### 81 Reviewable decisions\n\n  For the purposes of this Part, a reviewable decision is a decision made by the Commissioner of Taxation under this Act (other than a decision under Division 2, 3 or 4 of Part 6 or a decision relating to the approval of a form).\n\n> Note: Decisions under Division 2, 3 or 4 of Part 6 relate to the funding of interest and the calculation of the allocation rate etc.\n\n#### 82 Reconsideration of reviewable decisions\n\n  Request for reconsideration\n  (1) A person who is affected by a reviewable decision may, if dissatisfied with the decision, request the Commissioner of Taxation to reconsider the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  How request must be made\n  (2) The request must be made by written notice given to the Commissioner of Taxation within the period of 21 days after the day on which the person first receives notice of the decision, or within such further period as the Commissioner of Taxation allows.\n  Request must set out reasons\n  (3) The request must set out the reasons for making the request.\n  Commissioner of Taxation to reconsider decision\n  (4) Upon receipt of the request, the Commissioner of Taxation must reconsider the decision and may, subject to subsection (5), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.\n  Deemed confirmation of decision if delay\n  (5) If the Commissioner of Taxation does not confirm, revoke or vary a decision before the end of the period of 60 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation is taken, at the end of that period, to have confirmed the decision under subsection (4).\n  Notice of Commissioner of Taxation’s action\n  (6) If the Commissioner of Taxation confirms, revokes or varies a decision before the end of the period referred to in subsection (5), the Commissioner of Taxation must give written notice to the person telling the person:\n    (a) the result of the reconsideration of the decision; and\n    (b) the reasons for confirming, varying or revoking the decision, as the case may be.\n\n#### 83 ART review of Commissioner of Taxation’s decisions\n\n  Applications may be made to the Administrative Review Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection 82(4).\n\n#### 84 Application of the Administrative Review Tribunal Act 2024\n\n  (2) If a request is made under subsection 82(1) of this Act in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision.\n  (3) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.\n\n#### 85 Statements to accompany notification of decisions\n\n  Original decision\n  (1) If a written notice is given to a person affected by a reviewable decision telling the person that the reviewable decision has been made, that notice is to include a statement to the effect that:\n    (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 82(1); and\n    (b) the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first‑mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Reconsidered decision\n  (2) If:\n    (a) the Commissioner of Taxation confirms or varies a reviewable decision under subsection 82(4); and\n    (b) gives to a person written notice of the confirmation or variation of the decision;\n  that notice is to include a statement to the effect that the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Validity of decision\n  (3) A failure to comply with this section does not affect the validity of a decision.\n\n## Part 12—Partnerships and unincorporated associations\n\n### Division 1—Partnerships\n\n#### 86 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Partnerships are treated as if they were persons.\n\n• A document given to a partner of a partnership is treated as if it had been given to the partnership.\n\n#### 87 Treatment of partnerships\n\n  The superannuation accounts law applies to a partnership as if the partnership were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the partnership is taken to have been committed by each partner who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 88 Giving of documents to partnerships\n\n  For the purposes of this Act, if a document is given to a partner of a partnership in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the partnership.\n\n### Division 2—Unincorporated associations\n\n#### 89 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Unincorporated associations are treated as if they were persons.\n\n• A document given to a member of the committee of management of an unincorporated association is treated as if it had been given to the unincorporated association.\n\n#### 90 Treatment of unincorporated associations\n\n  Persons\n  The superannuation accounts law applies to an unincorporated association as if the unincorporated association were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the unincorporated association are imposed instead on each member of the committee of management of the association, but may be discharged by any of those members;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the unincorporated association is taken to have been committed by each member of the committee of management of the association who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the member).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 91 Giving of documents to unincorporated associations\n\n  For the purposes of this Act, if a document is given to a member of the committee of management of an unincorporated association in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the unincorporated association.\n\n## Part 12A—Government co‑contributions for low income earners\n\n#### 91A Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a Government co‑contribution payable in respect of the individual.\n\n#### 91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91C Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91D Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91E Debiting account with overpayment of Government co‑contribution\n\n  Under section 24 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a Government co‑contribution if the account includes deposits made under this Part.\n\n#### 91F Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91G Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 12B—PPL superannuation contributions\n\n#### 91H Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a PPL superannuation contribution payable for the individual.\n\n#### 91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91K Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91L Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91M Debiting account with overpayment of PPL superannuation contribution\n\n  Under section 115P of the Paid Parental Leave Act 2010, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a PPL superannuation contribution if the account includes deposits made under this Part.\n\n#### 91N Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91P Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 13—Miscellaneous\n\n#### 92 Delegation\n\n  The Finance Minister may, by writing, delegate to an officer of the Finance Department any or all of his or her powers under this Act.\n\n#### 93 Annual report\n\n  (1) The Commissioner of Taxation must, as soon as practicable after the end of each financial year, prepare and give to the Minister a report on the operation of this Act during that year.\n  (2) The Minister must cause a copy of a report given under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.\n\n#### 94 Regulations\n\n  The Governor‑General may make regulations prescribing all matters:\n    (a) required or permitted by this Act to be prescribed; or\n    (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":94},{"sectionNumber":"69","sectionType":"section","heading":"Notification of refusal of requests","content":"#### 69 Notification of refusal of requests\n\n  (1) This section applies if:\n    (a) a person makes a request under this Part; and\n    (b) the Commissioner of Taxation refuses the request.\n  (2) The Commissioner of Taxation must give the person written notice of the refusal.","sortOrder":95},{"sectionNumber":"Division 8","sectionType":"division","heading":"Recovery of account balances","content":"An Act relating to the small superannuation accounts scheme\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n  This Act may be cited as the Small Superannuation Accounts Act 1995.\n\n#### 2 Commencement\n\n  This Act commences on 1 July 1995.\n\n#### 3 Simplified explanation\n\n  The following is a simplified explanation of this Act:\n\n• The Australian Taxation Office administers a special account. Notional accounts are kept within the special account.\n\n• The account offers employees with small balances an opportunity to avoid the erosion of those balances by fees.\n\n• Employees may request that account balances be transferred to a nominated superannuation fund or RSA.\n\n• Except in special cases, employees will not have direct access to their account balances.\n\n• Interest will be calculated on the daily balance of the account and credited to the account on a quarterly basis.\n\n• Interest is exempt from income tax.\n\n• If an account balance exceeds $1,200, interest will only be credited on the first $1,200 of the balance. This is an incentive for employees to request that balances of more than $1,200 be transferred to a superannuation fund.\n\n• Under the Income Tax Assessment Act 1936, employers may get income tax deductions for deposits. There is an annual deduction limit of $1,200 per employee.\n\n• Under the Superannuation Guarantee (Administration) Act 1992, deposits made by an employer will be treated as superannuation contributions.\n\n• The accounts may also be credited with Government co‑contributions payable under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003. The rules for these deposits differ in some respects from those that apply to other deposits.\n\n#### 4 Definitions\n\n  In this Act, unless the contrary intention appears:\n\n> account means a notional account kept in accordance with section 12.\n\n> child, of a person, means a child of the person within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.\n\n> Note: The Income Tax Assessment Act 1997 defines complying superannuation fund by reference to section 45 of the Superannuation Industry (Supervision) Act 1993.\n\n> dependant, in relation to an individual, includes the spouse and any child of the person.\n\n> Note: This expression is only used in the definition of superannuation contribution.\n\n> deposit means a payment under section 25.\n\n> deposit form means a statement under section 26.\n\n> depositor means a person who makes a payment under section 25.\n\n> employee has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employee.\n\n> employer has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employer.\n\n> employment has a meaning corresponding to employee and employer.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Government co‑contribution in respect of an individual means a Government co‑contribution payable in respect of the individual under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003.\n\n> leave Australia has the same meaning as in the Migration Act 1958.\n\n> person has a meaning affected by sections 87 and 90.\n\n> Note 1: Under section 87, partnerships are treated as persons.\n\n> Note 2: Under section 90, unincorporated associations are treated as persons.\n\n> PPL superannuation contribution for an individual has the same meaning as in the Paid Parental Leave Act 2010.\n\n> provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> quarter means a period of 3 months beginning on 1 July, 1 October, 1 January or 1 April in:\n\n    (a) the financial year beginning on 1 July 1995; or\n    (b) any later financial year.\n\n> RSA has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> Special Account means the Superannuation Holding Accounts Special Account continued in existence by section 8.\n\n> spouse of a person includes:\n\n    (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and\n    (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.\n\n> Note: This expression is only used in the definition of dependant.\n\n> superannuation accounts law means:\n\n    (a) this Act; and\n    (b) the regulations; and\n    (c) Part III of the Taxation Administration Act 1953, in so far as that Part relates to this Act or the regulations.\n\n> superannuation contribution, in relation to an individual, means a contribution made to a superannuation fund, an RSA or a superannuation scheme for the purpose of making provision for superannuation benefits for, or for dependants of, the individual.\n\n> superannuation fund means a provident, benefit, superannuation or retirement fund.\n\n> superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits.\n\n> tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.\n\n> Unallocated Interest Pool means the Unallocated Interest Pool kept in accordance with section 42.\n\n#### 5 Crown to be bound\n\n  This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n\n#### 6 Act to be administered by the Commissioner of Taxation\n\n  The Commissioner of Taxation has the general administration of this Act.\n\n> Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.\n\n## Part 2—Superannuation Holding Accounts Special Account\n\n#### 7 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Superannuation Holding Accounts Special Account is continued in existence.\n\n• The Special Account is not a superannuation fund.\n\n#### 8 Superannuation Holding Accounts Special Account\n\n  (1) The Superannuation Holding Accounts Account is continued in existence as the Superannuation Holding Accounts Special Account.\n\n> Note: The Superannuation Holding Accounts Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.\n\n  (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 9 Special Account is not a superannuation fund\n\n  Special Account is not a superannuation fund\n  (1) For the purposes of a law of the Commonwealth:\n    (a) the Special Account is taken not to be a superannuation fund; and\n    (b) the scheme embodied in this Act is taken not to be a superannuation scheme.\n  Avoidance of doubt\n  (2) Subsection (1) is enacted to avoid doubt.\n\n## Part 3—Accounts\n\n### Division 1—Simplified outline\n\n#### 11 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Notional accounts are to be kept within the Special Account in the names of particular individuals.\n\n• Section 13 outlines credits to accounts.\n\n• Section 14 outlines debits to accounts.\n\n• The Commissioner of Taxation may open or close an account.\n\n• Accounts may have a nil balance.\n\n• An individual may only have one account.\n\n• Account balances are not held on trust.\n\n• An individual’s account balance will be notified to the individual in certain circumstances.\n\n### Division 2—Keeping of accounts\n\n#### 12 Accounts\n\n  Accounts to be kept\n  (1) Separate notional accounts are to be kept within the Special Account in the names of particular individuals.\n  Individual’s account\n  (2) An account kept in the name of an individual is to be known as the individual’s account.\n\n> Note: Section 4 provides that account means a notional account kept in accordance with this section.\n\n### Division 3—Outline of credits and debits to accounts\n\n#### 13 Outline of credits to accounts\n\n  The following is a simplified outline of the types of credits that may be made to an individual’s account.\n\nDeposits by employers\n\n• Under section 25, the individual’s employer or former employer may make a deposit in respect of the individual. The employer or former employer will make the deposit instead of making a superannuation contribution in respect of the individual. The deposit will result in a credit to the individual’s account.\n\nSuperannuation guarantee shortfalls\n\n• Under section 65 of the Superannuation Guarantee (Administration) Act 1992, if there is a shortfall component of a payment of superannuation guarantee charge in relation to the individual, the Commissioner of Taxation may credit the shortfall component to the individual’s account.\n\nInterest\n\n• Under Part 6, interest may be credited to the individual’s account.\n\n#### 14 Outline of debits to accounts\n\n  The following is a simplified outline of the types of debits that may be made to an individual’s account. These debits also involve debiting the Special Account.\n\nTransfer to superannuation fund or RSA\n\n• Under section 61, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund or RSA.\n\nBalance of less than $200—individual has ceased to be employed by all depositors\n\n• Under section 63, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\nReceipt of Commonwealth income support payments\n\n• Under section 64, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\nDisability\n\n• Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.\n\nTerminal medical condition\n\n• Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.\n\nIndividual turns 65\n\n• Under section 66, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has turned 65.\n\nIndividual at least 55 years old and not an Australian resident\n\n• Under section 67, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\nFormer temporary resident\n\n• The balance of the amount standing to the credit of an individual’s account may be debited from the Special Account if the individual is a former temporary resident.\n\nDeath of individual\n\n• Under section 68, if the individual dies, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual’s legal personal representative.\n\nRefunds of deposits\n\n• Under Part 8, an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits that were:\n\n(a) accompanied by false or defective deposit forms; or\n\n(b) made by mistake.\n\n### Division 4—Opening and closing of accounts\n\n#### 15 Opening of accounts\n\n  Power\n  (1) The Commissioner of Taxation may open an account in the name of a particular individual.\n  Duty\n  (2) The Commissioner of Taxation must open an account in the name of a particular individual if:\n    (a) the individual does not already have an account; and\n    (b) a person makes a deposit, or a purported deposit, in respect of the individual.\n  Payment split under Family Law Act\n  (3) If an account is subject to a payment split, then the Commissioner may open an account in the name of the non‑member spouse.\n  (4) The balance of the account when it is opened is an amount worked out in accordance with the regulations.\n  (5) The balance of the member spouse’s account is to be reduced by the amount worked out under subsection (4).\n  (6) The Commissioner must give the member spouse a written notice setting out the balance (if any) of the member spouse’s account after the reduction.\n  (7) In this section:\n\n> member spouse means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> non‑member spouse means a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n#### 16 Closing of accounts\n\n  The Commissioner of Taxation may close an individual’s account if the balance of the account is nil and:\n    (a) the balance of the account was nil throughout the preceding period of 2 years; or\n    (b) the balance of the account has been withdrawn under section 61, 65, 65A, 66, 67, 67A or 91E; or\n    (c) the individual has died; or\n    (d) the individual asks the Commissioner of Taxation to close the account; or\n    (e) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n> Note 1: Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.\n\n> Note 2: Section 65 deals with individuals who retire because of disability.\n\n> Note 2A: Section 65A deals with individuals in relation to whom terminal medical conditions exist.\n\n> Note 3: Section 66 deals with individuals who have turned 65.\n\n> Note 4: Section 67 deals with individuals who are not Australian residents for income tax purposes etc.\n\n> Note 5: Section 67A deals with individuals who have permanently departed from Australia.\n\n> Note 6: Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.\n\n### Division 5—Rules about accounts\n\n#### 17 Accounts may have a nil balance\n\n  Nil balance\n  (1) An account may have a nil balance.\n  Examples\n  (2) The following are examples of cases where an account might have a nil balance:\n    (a) no money has been credited to the account;\n    (b) the balance of the account has been withdrawn under Part 7;\n    (c) the balance of the account has been refunded to an employer or former employer under Part 8;\n    (d) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n#### 18 One account per individual\n\n  Only one account\n  (1) Only one account may be kept in respect of a particular individual.\n  Amalgamation etc.\n  (2) A contravention of subsection (1) does not affect the validity of an account. However, if the Commissioner of Taxation becomes aware that 2 or more accounts are being kept in respect of the same individual, the Commissioner of Taxation must amalgamate the accounts into a single account.\n\n#### 19 Account balances not held on trust etc.\n\n  (1) Money credited to an individual’s account is not held on trust.\n  (2) The Commonwealth is not liable to pay, repay or refund money credited to an individual’s account except as provided by this Act.\n\n> Note: Under section 69A of the Superannuation Guarantee (Administration) Act 1992, if a shortfall component of superannuation guarantee charge has been incorrectly credited to an individual’s account, the account may be debited for the purposes of reversing the credit.\n\n### Division 6—Notification of account balances\n\n#### 20 Notification of opening balance\n\n  As soon as practicable after the first occasion on which an amount is credited to an individual’s account, the Commissioner must give the individual a written notice setting out the balance of the account.\n\n#### 21 Individual may request details of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual asks the Commissioner of Taxation to give the individual a written notice setting out the balance of the account.\n  Form of request\n  (2) The request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with request\n  (3) The Commissioner of Taxation must comply with the request.\n\n#### 22 Annual notification of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account exceeds nil as at the end of a financial year; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the end of the financial year, the Commissioner of Taxation must give the individual a written notice setting out the balance of the account as at the end of the financial year.\n\n#### 23 Notification when account balance reaches $1,200\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:\n    (a) setting out the balance of the account; and\n    (b) explaining the effect of sections 49 and 61; and\n    (c) suggesting that the individual make a request under section 61.\n\n> Note 1: Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.\n\n> Note 2: Section 61 provides for the transfer of the balance of the account to a superannuation fund.\n\n## Part 4—Deposits\n\n#### 24 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit.\n\n• The deposit must be accompanied by a deposit form.\n\n• The deposit form must include certain declarations.\n\n• The 2 key declarations are:\n\n(a) that the depositor is the employer, or former employer, of the individual; and\n\n(b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.\n\n• A defect in the deposit form will not result in the invalidity of the deposit.\n\n• A deposit form may deal with multiple payments.\n\n• Deposits are not held on trust.\n\n#### 25 Deposits\n\n  A person (the depositor) may make a payment (the deposit) to the Commissioner of Taxation under this section in respect of an individual if, and only if, the payment is made before 1 July 2006.\n\n#### 26 Deposit to be accompanied by deposit form\n\n  The deposit must be accompanied by a written statement (the deposit form) that:\n    (a) is in a form approved in writing by the Commissioner of Taxation; and\n    (b) contains the information required by the form to be given; and\n    (c) contains the declarations required by sections 27, 28, 29 and 30; and\n    (d) sets out the individual’s tax file number (if known to the depositor); and\n    (e) is signed by or on behalf of the depositor.\n\n#### 27 Deposit to be made by employer or former employer\n\n  The deposit form must include a declaration that the depositor is the employer, or former employer, of the individual.\n\n#### 28 Deposit to be instead of superannuation contributions\n\n  The deposit form must include a declaration that the depositor is making the deposit:\n    (a) in respect of the employment, or former employment, of the individual by the depositor; and\n    (b) instead of making a superannuation contribution:\n    (i) in respect of the individual; and\n    (ii) of an amount equal to the deposit.\n\n#### 29 Deposit to be consistent with other laws etc.\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the making of the deposit does not contravene:\n    (a) a law of the Commonwealth (other than this Act) or a law of a State or Territory; or\n    (b) an award, order, determination or industrial agreement in force under such a law; or\n    (c) a legally enforceable agreement.\n\n#### 30 Age limit\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the individual was under 70 on at least one day during the period of employment to which the deposit relates.\n\n#### 31 Consequences of false declarations etc.\n\n  If the deposit is accompanied by a deposit form, or a purported deposit form, that:\n    (a) contains a declaration, or information, that is false or misleading; or\n    (b) has some other defect or irregularity;\n  that circumstance does not result in the invalidity of the deposit. However, it may result in the deposit being refunded under Part 8.\n\n> Note 1: A false or misleading statement may result in criminal liability under Part III of the Taxation Administration Act 1953.\n\n> Note 2: A false or misleading declaration may result in an employer being denied:\n\n    (a) an income tax deduction under section 82AAF of the Income Tax Assessment Act 1936; and\n    (b) concessional treatment under section 23 of the Superannuation Guarantee (Administration) Act 1992.\n\n#### 33 Deposit not held on trust etc.\n\n  (1) A deposit, or purported deposit, made in respect of an individual is not held on trust.\n  (2) A deposit, or purported deposit, made in respect of an individual is not repayable or refundable except as provided by this Act.\n\n## Part 5—Crediting of deposits\n\n#### 34 Simplified outline\n\n  The following is a simplified outline of this Part:\n\nDeposits are to be credited to accounts by following these steps:\n\n• credit the deposit to the Special Account;\n\n• credit the deposit to the individual’s account.\n\n#### 35 Crediting of deposits\n\n  Step 1—Credit to Special Account\n  (1) An amount equal to a deposit or purported deposit made in respect of an individual is to be credited to the Special Account.\n  Step 2—Credit to individual’s account\n  (2) As soon as practicable after the amount is credited to the Special Account, the individual’s account is to be credited with an amount equal to the deposit or purported deposit.\n\n## Part 6—Crediting of interest\n\n### Division 1—Simplified outline\n\n#### 36 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Interest is funded by crediting amounts to the Special Account.\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n• The allocation day is published in the Gazette.\n\n• The rate at which interest accrues is called the allocation rate.\n\n• The allocation rate is published in the Gazette.\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n### Division 2—Gross interest amount and net interest amount\n\n#### 37 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The expressions gross interest amount and net interest amount are defined.\n\n• Those expressions are used to work out:\n\n(a) how interest is funded; and\n\n(b) the rate at which interest accrues to an account.\n\n#### 38 Gross interest amount\n\n  For the purposes of this Part, the gross interest amount for a quarter is the sum of the following amounts:\n    (a) the income derived by the Commonwealth during the quarter from the investment of amounts standing to the credit of the Special Account;\n    (b) the amount (if any) determined by the Finance Minister in relation to the quarter having regard to the amount standing to the credit of the Special Account that remains uninvested from time to time during the quarter.\n\n#### 39 Net interest amount\n\n  Net interest amount\n  (1) For the purposes of this Part, the net interest amount for a quarter is the gross interest amount for the quarter, reduced (but not below 0) by the sum of:\n    (a) the amount determined by the Commissioner of Taxation, where the amount represents a fair approximation of the costs incurred by the Commonwealth during the quarter in connection with the administration of this Act; and\n    (b) the amount, or the total of the amounts, allocated to the quarter under subsection (3).\n\n> Note: Gross interest amount is defined by section 38.\n\n  Carry‑forward amount\n  (2) For the purposes of this section, if:\n    (a) the amount determined under paragraph (1)(a) in relation to a quarter;\n  exceeds:\n    (b) the gross interest amount for the quarter;\n  the excess is taken to be the carry‑forward amount for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation of carry‑forward amounts\n  (3) For the purposes of this section, the Finance Minister may determine that:\n    (a) a carry‑forward amount for a quarter is to be allocated to a later quarter; or\n    (b) different parts of the carry‑forward amount for a quarter are to be allocated to different later quarters.\n  Amortisation\n  (4) For the purposes of this section, capital costs and development costs are to be amortised in accordance with generally accepted accounting principles.\n  Investment costs\n  (5) For the purposes of this section, the costs incurred by the Commonwealth in connection with the investment of amounts standing to the credit of the Special Account are taken to have been incurred in connection with the administration of this Act.\n\n### Division 3—Funding of interest\n\n#### 40 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest is funded by crediting the net interest amount to the Special Account.\n\n• An Unallocated Interest Pool is to be kept within the Special Account.\n\n• Unallocated interest is represented by the balance of the Unallocated Interest Pool.\n\n• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.\n\n• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.\n\n#### 41 Crediting of net interest amount to the Special Account\n\n  As soon as practicable after the end of a quarter, an amount equal to the net interest amount for the quarter is to be credited to the Special Account.\n\n> Note: Net interest amount is defined by section 39.\n\n#### 42 Unallocated Interest Pool\n\n  Pool\n  (1) For accounting purposes, a separate notional subcomponent, called the Unallocated Interest Pool, is to be kept within the Special Account.\n  Credits to Pool\n  (2) An amount credited to the Special Account under section 41 is to be credited to the Unallocated Interest Pool.\n  Debits from Pool\n  (3) The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual’s account.\n\n#### 43 Supplementation of Unallocated Interest Pool\n\n  When section applies\n  (1) This section applies if the Finance Minister is satisfied that:\n    (a) the balance of the Unallocated Interest Pool is nil; or\n    (b) the balance of the Unallocated Interest Pool is, or is likely to be, insufficient to meet the requirements of the Unallocated Interest Pool.\n  Supplementation\n  (2) The Finance Minister may determine that the Unallocated Interest Pool is to be supplemented by a specified amount.\n  Crediting of the supplementation amount\n  (3) The specified amount is to be credited to the Special Account.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the specified amount.\n\n#### 44 Debiting of unallocated interest\n\n  (1) If the Commissioner of Taxation is satisfied that the balance of the Unallocated Interest Pool exceeds the requirements of the Unallocated Interest Pool, the Commissioner of Taxation must determine that the excess is surplus to the requirements of the Unallocated Interest Pool.\n  (2) The Unallocated Interest Pool is to be debited by an amount equal to the excess.\n  (3) An amount equal to the excess is to be debited from the Special Account.\n\n### Division 4—Allocation day and allocation rate\n\n#### 45 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The allocation day for a quarter is published in the Gazette. The allocation day is the day on which interest is credited to accounts.\n\n• The allocation rate for a quarter is published in the Gazette. The allocation rate is the rate at which interest accrues to an account.\n\n• The allocation rate is worked out under section 47.\n\n#### 46 Gazettal of allocation day and allocation rate\n\n  (1) As soon as practicable after an amount is credited to the Special Account under section 41 in respect of a quarter (the current quarter), the Commissioner of Taxation must, by notice published in the Gazette, declare that, for the purposes of this Part:\n    (a) a specified day in the quarter next following the current quarter is the allocation day for the current quarter; and\n    (b) a specified percentage is the allocation rate for the current quarter.\n\n> Note: To work out the allocation rate see section 47.\n\n  (2) The declaration has effect accordingly.\n\n#### 47 Calculation of the allocation rate\n\n  Application of steps\n  (1) To work out the allocation rate for a quarter, apply the following steps.\n  Adjusted total balances\n  (2) Calculate the adjusted total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  For the purposes of this calculation, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n  Provisional rate\n  (3) Calculate the provisional rate for the quarter as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Net interest amount over Adjusted total balances end fraction times 100 end formula](image.002.png)\n  where:\n\n> Net interest amount means the net interest amount for the quarter;\n\n> Adjusted total balances means the adjusted total balances for the quarter.\n\n> Note: Net interest amount is defined by section 39.\n\n  Total balances\n  (4) Calculate the total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  Capped rate\n  (5) Calculate the capped rate as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Gross interest amount over Total balances end fraction times 100 end formula](image.003.png)\n  where:\n\n> Gross interest amount means the gross interest amount for the quarter;\n\n> Total balances means the total balances for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation rate—comparison between provisional rate and capped rate\n  (6) Compare the provisional rate with the capped rate:\n    (a) if the provisional rate is less than or equal to the capped rate—the allocation rate equals the provisional rate; or\n    (b) if the provisional rate exceeds the capped rate—the allocation rate equals the capped rate.\n\n### Division 5—Crediting of interest\n\n#### 48 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n#### 49 Accrual of interest on first $1,200 of daily balance\n\n  (1) Interest accrues to an account each day on the balance of the account as at the end of that day.\n  (2) For the purposes of this Division, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n\n#### 50 Rate of accrual, and crediting, of interest\n\n  When section applies\n  (1) This section applies to interest that accrues under section 49.\n  Allocation day event, withdrawal event and inactive account debit event\n  (2) Both:\n    (a) the rate of accrual of interest to an account in respect of a particular day (the accrual day) in a particular quarter; and\n    (b) the time at which accrued interest in respect of the accrual day is to be credited to the account;\n  depends on whichever of the following events first happens after the accrual day:\n    (c) the occurrence of the allocation day for the quarter (this event is to be known as the allocation day event);\n    (d) the withdrawal under Part 7 of the balance of the account (this event is to be known as the withdrawal event);\n    (e) the debiting of the balance of the account from the Special Account under Part 9 (this event is to be known as the inactive account debit event).\n  Allocation day event\n  (3) If the allocation day event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Allocation rate over Total number of days in the quarter end fraction end formula](image.004.png)\n    where:\n\n> Allocation rate means the allocation rate for the quarter; and\n\n    (b) the accrued interest is to be credited to the account on the allocation day.\n  Withdrawal event\n  (4) If the withdrawal event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day before the day of the withdrawal.\n  Inactive account debit event\n  (5) If the inactive account debit event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day of the debit.\n  Transitional—withdrawal event before first allocation day\n  (6) Despite paragraph (4)(a), if the withdrawal event occurs before the allocation day for the quarter beginning on 1 July 1995, that paragraph has effect, in relation to that event, as if the adjusted allocation rate were 0.4% or such higher rate as the Finance Minister determines.\n\n#### 51 Rounding up\n\n  If the total amount of interest to be credited to an account on a particular day (when expressed as a number of cents) is not a number of whole cents, that total must be rounded up to the nearest cent.\n\n### Division 6—Interest not to accrue in certain cases\n\n#### 52 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n#### 53 Interest does not accrue on refunded deposits\n\n  No interest\n  (1) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8.\n  Reversing interest credit\n  (2) If interest has been credited to an individual’s account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.\n  Unallocated Interest Pool to be credited\n  (3) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).\n\n#### 54 Interest does not accrue on shortfall components incorrectly credited to accounts\n\n  When section applies\n  (1) This section applies if:\n    (a) an amount credited to an account under section 65 of the Superannuation Guarantee (Administration) Act 1992 exceeds the amount that should have been credited to the account; and\n    (b) the balance of the account is attributable, in whole or in part, to the credit.\n  No interest\n  (2) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of the account as is attributable to the excess.\n  Debit reversing interest credit\n  (3) If interest has been credited to the account in contravention of subsection (2), the Commissioner of Taxation must debit the account by the amount of the credit.\n  Unallocated Interest Pool to be credited\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n#### 55 Amalgamated accounts—no interest if $1,200 limit avoided\n\n  When section applies\n  (1) This section applies if:\n    (a) the Commissioner becomes aware that 2 or more accounts (the separate accounts) are being kept in respect of the same individual; and\n    (b) the Commissioner of Taxation amalgamates the separate accounts into a single account; and\n    (c) immediately after the amalgamation, the balance of the amalgamated account exceeds $1,200.\n\n> Note: Section 18 empowers the Commissioner to amalgamate the separate accounts.\n\n  No interest if $1,200 limit avoided\n  (2) If, because of the $1,200 limit referred to in subsection 49(2):\n    (a) the total amount of interest that accrued to the separate accounts before the day of the amalgamation;\n  exceeds:\n    (b) the total amount of interest that would have accrued to the amalgamated account if it were assumed that the amalgamated account had been in existence at all times since the earliest time at which any of the separate accounts was opened;\n  then, despite section 49, the excess interest is taken never to have accrued under that section.\n  Debit to amalgamated account\n  (3) If excess interest has been credited in contravention of subsection (2), the Commissioner of Taxation must debit the amalgamated account by an amount equal to the amount of the credit.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n## Part 7—Withdrawal of account balances\n\n### Division 1—Simplified outline\n\n#### 56 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• There are 3 types of withdrawals of account balances:\n\n(a) transfers of account balances to superannuation funds or RSAs;\n\n(b) direct withdrawals of account balances by individuals;\n\n(c) withdrawals of account balances after death.\n\n• Under Part 8, a depositor has 14 days to apply for a refund of a deposit on the grounds that the deposit was made by mistake. During the 14‑day period, the individual’s account will be frozen.\n\n### Division 2—No withdrawals for 14 days after deposit credited to account etc.\n\n#### 57 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• An individual’s account will be frozen for 14 days after a deposit is credited to the account.\n\n• The delay gives the depositor a chance to apply for a refund of the deposit.\n\n• If the depositor applies for a refund of the deposit, the 14‑day period will be extended until the application is finalised.\n\n• Accounts will be frozen for 14 days after a shortfall component is credited to the account.\n\n• The delay gives the Commissioner of Taxation a chance to correct mistakes.\n\n#### 58 No withdrawals for 14 days after deposit credited to account etc.\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a deposit, or purported deposit, was made in respect of the individual; and\n    (b) as a result of the deposit or purported deposit, an amount was credited to the account under Part 5 at a particular time (the deposit time); and\n    (c) a request under this Part (the individual’s request) is made during the period of 14 days beginning at the deposit time.\n  Individual’s request frozen for 14 days\n  (2) The individual’s request has no effect at any time during that 14‑day period.\n\n> Note: This gives the depositor a chance to apply for a refund of the deposit.\n\n  Individual’s request frozen for additional period\n  (3) If an application for a refund of the deposit or purported deposit was made under section 73 during that 14‑day period, then:\n    (a) if the refund application is granted—the individual’s request has no effect at any time; or\n    (b) if the refund application is refused—the individual’s request has no effect at a particular time if:\n    (i) the time is after the refund application is made but before the end of the period of 21 days after the giving of the notice of refusal; or\n    (ii) if, during that 21‑day period, the refund applicant asks the Commissioner of Taxation to reconsider the refund application—the time is during the period when that reconsideration, or any later application to the Administrative Review Tribunal, has not been finalised.\n  (3A) For the purposes of subsection (3), a reference to the Administrative Review Tribunal is taken to include a reference to the Administrative Appeals Tribunal.\n  When reconsiderations finalised\n  (4) For the purposes of this section, a reconsideration of a decision is taken not to have been finalised during the period of 28 days after:\n    (a) if, because of the operation of subsection 82(5), the decision is taken to be confirmed—the day on which the decision is taken to have been confirmed; or\n    (b) in any other case—the day on which the decision on the reconsideration is notified to the refund applicant.\n\n#### 59 No withdrawals for 14 days after shortfall component credited to account\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) an amount was credited to the account under section 65 of the Superannuation Guarantee (Administration) Act 1992 at a particular time (the credit time); and\n    (b) a request under this Part is made during the period of 14 days beginning at the credit time.\n  Request frozen for 14 days\n  (2) The request has no effect at any time during that 14‑day period.\n\n> Note: This gives the Commissioner a chance to correct mistakes.\n\n### Division 3—Timing of withdrawals\n\n#### 60 Timing of withdrawals\n\n  24‑hour delay\n  (1) If a request is made under this Part, the Commissioner of Taxation must wait at least 24 hours before complying with the request.\n\n> Note: This delay enables interest to be credited to the account.\n\n  When withdrawal occurs\n  (2) For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.\n\n### Division 4—Transfer of account balances to RSAs and superannuation funds\n\n#### 61 Transfer to RSA or superannuation fund\n\n  Transfer request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the transfer request) to transfer the account balance to a specified RSA or to the trustee of a specified fund for the benefit of the individual; and\n    (b) the fund passes the compliance test set out in subsection (2).\n\n> Note: Subsection (7) provides for the transfer request to be given by the individual personally or by the trustee acting on behalf of the individual.\n\n  Compliance test for funds\n  (2) For the purposes of this section, a fund passes the compliance test if:\n    (a) the fund is an exempt public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or\n    (b) at the time of the transfer request, the Commissioner of Taxation has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:\n    (i) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and\n    (ii) is not subject to a direction under section 63 of that Act.\n\n> Note: Section 63 of the Superannuation Industry (Supervision) Act 1993 deals with funds that have been directed not to accept contributions from an employer‑sponsor.\n\n  Form of transfer request\n  (3) The transfer request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with transfer request\n  (4) The Commissioner of Taxation must pay to the provider of the RSA, or to the trustee, for the benefit of the individual, an amount equal to the account balance immediately before the payment is made. However, this rule does not apply if the Commissioner of Taxation is satisfied that the RSA provider or the trustee is unwilling to accept the payment.\n  Special Account to be debited\n  (5) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (6) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Authorisation of trustee by individual etc.\n  (7) The transfer request may be given by:\n    (a) the individual personally; or\n    (b) the RSA provider or the trustee acting on the individual’s behalf in accordance with an authority given by the individual.\n  If paragraph (b) applies, the transfer request must be accompanied by a copy of the authority.\n  Form of authorisation\n  (8) An authority referred to in subsection (7) must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Definitions\n  (9) In this section:\n\n> fund includes a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> trustee has the same meaning as in the Superannuation Industry (Supervision) Act 1993.\n\n#### 61A Commissioner may transfer account balance to RSA or superannuation fund\n\n  (1) The Commissioner of Taxation may pay the balance of an individual’s account to:\n    (a) an RSA of the individual; or\n    (b) the trustee of a complying superannuation fund for crediting to an account of the individual within that fund.\n  (2) To avoid doubt, the Commissioner of Taxation may make the payment under subsection (1) without a request from the individual under section 61.\n  (3) The Special Account is debited for the purposes of making the payment under subsection (1).\n  (4) When the payment under subsection (1) is made, the individual’s account is debited by the amount of the payment.\n  (5) In this section:\n\n> trustee of a superannuation fund means:\n\n    (a) if there is a trustee (within the ordinary meaning of that expression) of the fund—the trustee; or\n    (b) otherwise—the person who manages the fund.\n\n### Division 5—Direct withdrawals of account balances by individuals\n\n#### 62 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The balance of an individual’s account may be withdrawn if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\n• The balance of an individual’s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\n• The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.\n\n• The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.\n\n• The balance of an individual’s account may be withdrawn if the individual has turned 65.\n\n• The balance of an individual’s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n• The balance of an individual’s account may be withdrawn if the individual is a former temporary resident.\n\n#### 63 Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account is attributable, in whole or in part, to:\n    (i) one or more deposits, or purported deposits, made by one or more employers or former employers of the individual; or\n    (ii) one or more shortfall components of payments of superannuation guarantee charge made by one or more employers or former employers of the individual; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual has ceased to be employed by each of the employers or former employers; and\n    (c) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (d) the balance of the account is less than $200 immediately before the time when the account balance is withdrawn.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 64 Withdrawal of account balance—receipt of Commonwealth income support payments\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual has been in receipt of one or more Commonwealth income support payments for:\n    (i) if the person is at least 55 years of age—a period of at least 39 weeks, or for 2 or more periods that total at least 39 weeks, since the person turned 55; or\n    (ii) in any case—for an unbroken period of at least 26 weeks (other than such a period that ended before the withdrawal request was given); and\n    (c) the individual gives the Commissioner of Taxation:\n    (i) written evidence of the individual’s receipt of relevant Commonwealth income support payments provided by the Commonwealth Department or agency that is responsible for administering the payment; or\n    (ii) such other evidence of the individual’s receipt of relevant Commonwealth income support payments as is prescribed.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  (6) For the purposes of subparagraph (1)(b)(ii), if an individual obtains evidence covered by subparagraph (1)(c)(i), the individual is, subject to evidence to the contrary, to be taken to have continued to have received the Commonwealth income support payment concerned for 21 days after the date of the written evidence.\n  (7) In this section:\n\n> Commonwealth income support payment means:\n\n    (a) any of the following payments (as defined in section 23 of the Social Security Act 1991):\n    (i) a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full‑time study);\n    (ii) a social security pension;\n    (iii) a service pension;\n    (iv) an income support supplement; or\n    (e) any other payment prescribed for the purposes of this definition.\n\n#### 65 Withdrawal of account balance—retirement on grounds of disability\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not in employment; and\n    (c) the individual last ceased to be an employee because of the disability of the individual; and\n    (d) 2 legally qualified medical practitioners have certified that the disability is likely to result in the individual being unable ever to be employed in a capacity for which the individual is reasonably qualified because of education, training or experience.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 65A Withdrawal of account balance—terminal medical condition\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 66 Withdrawal of account balance—individual turns 65\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual has turned 65.\n  Withdrawal decision\n  (2) The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.\n  Withdrawal request\n  (3) The individual may give the Commissioner of Taxation a request (the withdrawal request) to make a payment under subsection (2).\n  Form of withdrawal request\n  (4) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (5) The Commissioner of Taxation must comply with the withdrawal request.\n  Special Account to be debited\n  (6) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (7) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 67 Withdrawal of account balance—individual not an Australian resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not a resident (within the meaning of the Income Tax Assessment Act 1936); and\n    (ba) the individual is at least 55 years old when he or she gives the withdrawal request; and\n    (c) the individual satisfies the Commissioner of Taxation that:\n    (i) the individual is not in employment; or\n    (ii) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n> Note: Australia is defined by subsection (6).\n\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Definition\n  (6) In this section:\n\n> Australia has the same meaning as in the Income Tax Assessment Act 1936.\n\n#### 67A Withdrawal of account balance—former temporary resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that before, on or after the commencement of this section, the individual:\n    (i) was, under the Migration Act 1958, the holder of a temporary visa that has ceased to be in effect; and\n    (ii) left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and\n    (c) the individual satisfies the Commissioner of Taxation that the individual:\n    (i) is not, under the Migration Act 1958, the holder of a permanent visa; and\n    (ii) is neither an Australian citizen nor a New Zealand citizen.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 6—Withdrawals of account balances after death\n\n#### 68 Withdrawal of account balance—death of individual\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual has died; and\n    (b) the individual’s legal personal representative gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the legal personal representative an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 7—Notification of refusal of requests\n\n#### 69 Notification of refusal of requests\n\n  (1) This section applies if:\n    (a) a person makes a request under this Part; and\n    (b) the Commissioner of Taxation refuses the request.\n  (2) The Commissioner of Taxation must give the person written notice of the refusal.\n\n### Division 8—Recovery of account balances\n\n#### 70 Recovery of account balances\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 8—Refunds of deposits\n\n#### 71 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Commissioner of Taxation may refund a deposit if the deposit form was false or defective.\n\n• A depositor may apply for the refund of a deposit if it was made by mistake. The refund application must be made within 14 days after the deposit was credited to the account.\n\n#### 72 Refunds—false or defective deposit forms etc.\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was accompanied by a deposit form, or a purported deposit form, that, in so far as it related to the deposit or purported deposit:\n    (i) contained a declaration, or information, that was false or misleading in a material particular; or\n    (ii) had some other defect or irregularity; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit.\n  Refund payment\n  (2) The Commissioner of Taxation may decide to pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (3) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (4) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Part 7 obligations prevail\n  (5) The Commissioner of Taxation must not exercise a power conferred by this section in a manner that would be inconsistent with an obligation imposed on him or her by Part 7.\n\n> Note: Part 7 deals with withdrawals.\n\n#### 73 Refunds—deposit made by mistake\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was paid due to a clerical error or due to some other mistake; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit; and\n    (f) within 14 days after the credit was made, the depositor or purported depositor applies to the Commissioner of Taxation for a refund of the deposit or purported deposit.\n  Form of application\n  (2) The application must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Refund payment\n  (3) The Commissioner of Taxation must pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (5) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Obligations under this section prevail over obligations under Part 7\n  (6) In the event of a conflict between:\n    (a) an obligation imposed on the Commissioner of Taxation by this section; and\n    (b) an obligation imposed on the Commissioner of Taxation by Part 7;\n  the first‑mentioned obligation prevails.\n\n> Note: Part 7 deals with withdrawals.\n\n  Notification of refusal of application\n  (7) If the Commissioner of Taxation refuses an application under this section, the Commissioner of Taxation must give the applicant written notice of the refusal.\n\n#### 74 Recovery of refunds\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 9—Inactive accounts\n\n#### 75 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• If an individual’s account is inactive for 10 years, the account balance is to be debited from the Special Account.\n\n• The individual may claim the account balance from the Commissioner of Taxation.\n\n• The Commissioner of Taxation must keep a register of individuals’ account balances debited.\n\n#### 76 No activity for 10 years\n\n  When section applies\n  (1) This section applies to an individual’s account if no amount was credited to the account under:\n    (a) Part 5 of this Act; or\n    (b) section 65 of the Superannuation Guarantee (Administration) Act 1992;\n  at any time during a period of 10 consecutive financial years.\n\n> Note 1: Part 5 of this Act deals with deposits.\n\n> Note 2: Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.\n\n  Statement to be given to the Commissioner\n  (2) As soon as practicable after the end of that period, the Commissioner must record information about the account.\n  Tax file number\n  (3) If the individual’s tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.\n  Debit from the Special Account\n  (4) As soon as practicable after the end of that period, an amount equal to the balance of the individual’s account as at the end of that period is to be debited from the Special Account.\n  Debiting of individual’s account balance\n  (5) If an amount is debited from the Special Account under subsection (4), the individual’s account is debited by an amount equal to the amount debited from the Special Account.\n  Claim by individual\n  (6) If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.\n  Claim by individual’s legal personal representative\n  (7) If:\n    (a) an amount has been debited from the Special Account under subsection (4) in respect of the individual’s account; and\n    (b) the individual has died;\n  the individual’s legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the amount debited from the Special Account in respect of the individual’s account.\n  Payments\n  (8) The Commissioner of Taxation must comply with a request under subsection (6) or (7).\n  Appropriation\n  (9) The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).\n\n#### 77 Register\n\n  In addition to the particulars that are required by section 19 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 to be set out in the register kept under that section, that register must set out:\n    (a) particulars of amounts debited from the Special Account under section 76 in respect of particular individuals; and\n    (b) particulars of the individuals, which may include the tax file numbers of the individuals.\n\n## Part 10—Tax file numbers\n\n#### 78 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• An individual may quote his or her tax file number to the Commissioner of Taxation.\n\n#### 79 Individual may quote his or her tax file number\n\n  (1) An individual may quote his or her tax file number to the Commissioner of Taxation in connection with the operation, or the possibility of the future operation, of this Act in relation to the individual.\n\n> Note: This means that an individual’s tax file number may be quoted before or after an account is opened in the name of the individual.\n\n  (2) The tax file number may be quoted:\n    (a) in response to a request made by the Commissioner of Taxation; or\n    (b) on the individual’s own initiative.\n\n## Part 11—Review of decisions\n\n#### 80 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person who is dissatisfied with a reviewable decision of the Commissioner of Taxation may seek a reconsideration of the decision.\n\n• A person who is dissatisfied with a reconsidered decision may have the reconsidered decision reviewed by the Administrative Review Tribunal.\n\n• The Commissioner of Taxation must tell people about their rights to have decisions reconsidered and reviewed.\n\n#### 81 Reviewable decisions\n\n  For the purposes of this Part, a reviewable decision is a decision made by the Commissioner of Taxation under this Act (other than a decision under Division 2, 3 or 4 of Part 6 or a decision relating to the approval of a form).\n\n> Note: Decisions under Division 2, 3 or 4 of Part 6 relate to the funding of interest and the calculation of the allocation rate etc.\n\n#### 82 Reconsideration of reviewable decisions\n\n  Request for reconsideration\n  (1) A person who is affected by a reviewable decision may, if dissatisfied with the decision, request the Commissioner of Taxation to reconsider the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  How request must be made\n  (2) The request must be made by written notice given to the Commissioner of Taxation within the period of 21 days after the day on which the person first receives notice of the decision, or within such further period as the Commissioner of Taxation allows.\n  Request must set out reasons\n  (3) The request must set out the reasons for making the request.\n  Commissioner of Taxation to reconsider decision\n  (4) Upon receipt of the request, the Commissioner of Taxation must reconsider the decision and may, subject to subsection (5), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.\n  Deemed confirmation of decision if delay\n  (5) If the Commissioner of Taxation does not confirm, revoke or vary a decision before the end of the period of 60 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation is taken, at the end of that period, to have confirmed the decision under subsection (4).\n  Notice of Commissioner of Taxation’s action\n  (6) If the Commissioner of Taxation confirms, revokes or varies a decision before the end of the period referred to in subsection (5), the Commissioner of Taxation must give written notice to the person telling the person:\n    (a) the result of the reconsideration of the decision; and\n    (b) the reasons for confirming, varying or revoking the decision, as the case may be.\n\n#### 83 ART review of Commissioner of Taxation’s decisions\n\n  Applications may be made to the Administrative Review Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection 82(4).\n\n#### 84 Application of the Administrative Review Tribunal Act 2024\n\n  (2) If a request is made under subsection 82(1) of this Act in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision.\n  (3) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.\n\n#### 85 Statements to accompany notification of decisions\n\n  Original decision\n  (1) If a written notice is given to a person affected by a reviewable decision telling the person that the reviewable decision has been made, that notice is to include a statement to the effect that:\n    (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 82(1); and\n    (b) the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first‑mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Reconsidered decision\n  (2) If:\n    (a) the Commissioner of Taxation confirms or varies a reviewable decision under subsection 82(4); and\n    (b) gives to a person written notice of the confirmation or variation of the decision;\n  that notice is to include a statement to the effect that the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Validity of decision\n  (3) A failure to comply with this section does not affect the validity of a decision.\n\n## Part 12—Partnerships and unincorporated associations\n\n### Division 1—Partnerships\n\n#### 86 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Partnerships are treated as if they were persons.\n\n• A document given to a partner of a partnership is treated as if it had been given to the partnership.\n\n#### 87 Treatment of partnerships\n\n  The superannuation accounts law applies to a partnership as if the partnership were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the partnership is taken to have been committed by each partner who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 88 Giving of documents to partnerships\n\n  For the purposes of this Act, if a document is given to a partner of a partnership in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the partnership.\n\n### Division 2—Unincorporated associations\n\n#### 89 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Unincorporated associations are treated as if they were persons.\n\n• A document given to a member of the committee of management of an unincorporated association is treated as if it had been given to the unincorporated association.\n\n#### 90 Treatment of unincorporated associations\n\n  Persons\n  The superannuation accounts law applies to an unincorporated association as if the unincorporated association were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the unincorporated association are imposed instead on each member of the committee of management of the association, but may be discharged by any of those members;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the unincorporated association is taken to have been committed by each member of the committee of management of the association who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the member).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 91 Giving of documents to unincorporated associations\n\n  For the purposes of this Act, if a document is given to a member of the committee of management of an unincorporated association in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the unincorporated association.\n\n## Part 12A—Government co‑contributions for low income earners\n\n#### 91A Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a Government co‑contribution payable in respect of the individual.\n\n#### 91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91C Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91D Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91E Debiting account with overpayment of Government co‑contribution\n\n  Under section 24 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a Government co‑contribution if the account includes deposits made under this Part.\n\n#### 91F Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91G Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 12B—PPL superannuation contributions\n\n#### 91H Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a PPL superannuation contribution payable for the individual.\n\n#### 91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91K Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91L Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91M Debiting account with overpayment of PPL superannuation contribution\n\n  Under section 115P of the Paid Parental Leave Act 2010, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a PPL superannuation contribution if the account includes deposits made under this Part.\n\n#### 91N Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91P Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 13—Miscellaneous\n\n#### 92 Delegation\n\n  The Finance Minister may, by writing, delegate to an officer of the Finance Department any or all of his or her powers under this Act.\n\n#### 93 Annual report\n\n  (1) The Commissioner of Taxation must, as soon as practicable after the end of each financial year, prepare and give to the Minister a report on the operation of this Act during that year.\n  (2) The Minister must cause a copy of a report given under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.\n\n#### 94 Regulations\n\n  The Governor‑General may make regulations prescribing all matters:\n    (a) required or permitted by this Act to be prescribed; or\n    (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":96},{"sectionNumber":"70","sectionType":"section","heading":"Recovery of account balances","content":"#### 70 Recovery of account balances\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.","sortOrder":97},{"sectionNumber":"Part 8","sectionType":"part","heading":"Refunds of deposits","content":"## Part 8—Refunds of deposits","sortOrder":98},{"sectionNumber":"71","sectionType":"section","heading":"Simplified outline","content":"#### 71 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Commissioner of Taxation may refund a deposit if the deposit form was false or defective.\n\n• A depositor may apply for the refund of a deposit if it was made by mistake. The refund application must be made within 14 days after the deposit was credited to the account.","sortOrder":99},{"sectionNumber":"72","sectionType":"section","heading":"Refunds—false or defective deposit forms etc.","content":"#### 72 Refunds—false or defective deposit forms etc.\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was accompanied by a deposit form, or a purported deposit form, that, in so far as it related to the deposit or purported deposit:\n    (i) contained a declaration, or information, that was false or misleading in a material particular; or\n    (ii) had some other defect or irregularity; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit.\n  Refund payment\n  (2) The Commissioner of Taxation may decide to pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (3) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (4) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Part 7 obligations prevail\n  (5) The Commissioner of Taxation must not exercise a power conferred by this section in a manner that would be inconsistent with an obligation imposed on him or her by Part 7.\n\n> Note: Part 7 deals with withdrawals.","sortOrder":100},{"sectionNumber":"73","sectionType":"section","heading":"Refunds—deposit made by mistake","content":"#### 73 Refunds—deposit made by mistake\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was paid due to a clerical error or due to some other mistake; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit; and\n    (f) within 14 days after the credit was made, the depositor or purported depositor applies to the Commissioner of Taxation for a refund of the deposit or purported deposit.\n  Form of application\n  (2) The application must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Refund payment\n  (3) The Commissioner of Taxation must pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (5) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Obligations under this section prevail over obligations under Part 7\n  (6) In the event of a conflict between:\n    (a) an obligation imposed on the Commissioner of Taxation by this section; and\n    (b) an obligation imposed on the Commissioner of Taxation by Part 7;\n  the first‑mentioned obligation prevails.\n\n> Note: Part 7 deals with withdrawals.\n\n  Notification of refusal of application\n  (7) If the Commissioner of Taxation refuses an application under this section, the Commissioner of Taxation must give the applicant written notice of the refusal.","sortOrder":101},{"sectionNumber":"74","sectionType":"section","heading":"Recovery of refunds","content":"#### 74 Recovery of refunds\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.","sortOrder":102},{"sectionNumber":"Part 9","sectionType":"part","heading":"Inactive accounts","content":"## Part 9—Inactive accounts","sortOrder":103},{"sectionNumber":"75","sectionType":"section","heading":"Simplified outline","content":"#### 75 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• If an individual’s account is inactive for 10 years, the account balance is to be debited from the Special Account.\n\n• The individual may claim the account balance from the Commissioner of Taxation.\n\n• The Commissioner of Taxation must keep a register of individuals’ account balances debited.","sortOrder":104},{"sectionNumber":"76","sectionType":"section","heading":"No activity for 10 years","content":"#### 76 No activity for 10 years\n\n  When section applies\n  (1) This section applies to an individual’s account if no amount was credited to the account under:\n    (a) Part 5 of this Act; or\n    (b) section 65 of the Superannuation Guarantee (Administration) Act 1992;\n  at any time during a period of 10 consecutive financial years.\n\n> Note 1: Part 5 of this Act deals with deposits.\n\n> Note 2: Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.\n\n  Statement to be given to the Commissioner\n  (2) As soon as practicable after the end of that period, the Commissioner must record information about the account.\n  Tax file number\n  (3) If the individual’s tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.\n  Debit from the Special Account\n  (4) As soon as practicable after the end of that period, an amount equal to the balance of the individual’s account as at the end of that period is to be debited from the Special Account.\n  Debiting of individual’s account balance\n  (5) If an amount is debited from the Special Account under subsection (4), the individual’s account is debited by an amount equal to the amount debited from the Special Account.\n  Claim by individual\n  (6) If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.\n  Claim by individual’s legal personal representative\n  (7) If:\n    (a) an amount has been debited from the Special Account under subsection (4) in respect of the individual’s account; and\n    (b) the individual has died;\n  the individual’s legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the amount debited from the Special Account in respect of the individual’s account.\n  Payments\n  (8) The Commissioner of Taxation must comply with a request under subsection (6) or (7).\n  Appropriation\n  (9) The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).","sortOrder":105},{"sectionNumber":"77","sectionType":"section","heading":"Register","content":"#### 77 Register\n\n  In addition to the particulars that are required by section 19 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 to be set out in the register kept under that section, that register must set out:\n    (a) particulars of amounts debited from the Special Account under section 76 in respect of particular individuals; and\n    (b) particulars of the individuals, which may include the tax file numbers of the individuals.","sortOrder":106},{"sectionNumber":"Part 10","sectionType":"part","heading":"Tax file numbers","content":"## Part 10—Tax file numbers","sortOrder":107},{"sectionNumber":"78","sectionType":"section","heading":"Simplified outline","content":"#### 78 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• An individual may quote his or her tax file number to the Commissioner of Taxation.","sortOrder":108},{"sectionNumber":"79","sectionType":"section","heading":"Individual may quote his or her tax file number","content":"#### 79 Individual may quote his or her tax file number\n\n  (1) An individual may quote his or her tax file number to the Commissioner of Taxation in connection with the operation, or the possibility of the future operation, of this Act in relation to the individual.\n\n> Note: This means that an individual’s tax file number may be quoted before or after an account is opened in the name of the individual.\n\n  (2) The tax file number may be quoted:\n    (a) in response to a request made by the Commissioner of Taxation; or\n    (b) on the individual’s own initiative.","sortOrder":109},{"sectionNumber":"Part 11","sectionType":"part","heading":"Review of decisions","content":"## Part 11—Review of decisions","sortOrder":110},{"sectionNumber":"80","sectionType":"section","heading":"Simplified outline","content":"#### 80 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person who is dissatisfied with a reviewable decision of the Commissioner of Taxation may seek a reconsideration of the decision.\n\n• A person who is dissatisfied with a reconsidered decision may have the reconsidered decision reviewed by the Administrative Review Tribunal.\n\n• The Commissioner of Taxation must tell people about their rights to have decisions reconsidered and reviewed.","sortOrder":111},{"sectionNumber":"81","sectionType":"section","heading":"Reviewable decisions","content":"#### 81 Reviewable decisions\n\n  For the purposes of this Part, a reviewable decision is a decision made by the Commissioner of Taxation under this Act (other than a decision under Division 2, 3 or 4 of Part 6 or a decision relating to the approval of a form).\n\n> Note: Decisions under Division 2, 3 or 4 of Part 6 relate to the funding of interest and the calculation of the allocation rate etc.","sortOrder":112},{"sectionNumber":"82","sectionType":"section","heading":"Reconsideration of reviewable decisions","content":"#### 82 Reconsideration of reviewable decisions\n\n  Request for reconsideration\n  (1) A person who is affected by a reviewable decision may, if dissatisfied with the decision, request the Commissioner of Taxation to reconsider the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  How request must be made\n  (2) The request must be made by written notice given to the Commissioner of Taxation within the period of 21 days after the day on which the person first receives notice of the decision, or within such further period as the Commissioner of Taxation allows.\n  Request must set out reasons\n  (3) The request must set out the reasons for making the request.\n  Commissioner of Taxation to reconsider decision\n  (4) Upon receipt of the request, the Commissioner of Taxation must reconsider the decision and may, subject to subsection (5), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.\n  Deemed confirmation of decision if delay\n  (5) If the Commissioner of Taxation does not confirm, revoke or vary a decision before the end of the period of 60 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation is taken, at the end of that period, to have confirmed the decision under subsection (4).\n  Notice of Commissioner of Taxation’s action\n  (6) If the Commissioner of Taxation confirms, revokes or varies a decision before the end of the period referred to in subsection (5), the Commissioner of Taxation must give written notice to the person telling the person:\n    (a) the result of the reconsideration of the decision; and\n    (b) the reasons for confirming, varying or revoking the decision, as the case may be.","sortOrder":113},{"sectionNumber":"83","sectionType":"section","heading":"ART review of Commissioner of Taxation’s decisions","content":"#### 83 ART review of Commissioner of Taxation’s decisions\n\n  Applications may be made to the Administrative Review Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection 82(4).","sortOrder":114},{"sectionNumber":"84","sectionType":"section","heading":"Application of the Administrative Review Tribunal Act 2024","content":"#### 84 Application of the Administrative Review Tribunal Act 2024\n\n  (2) If a request is made under subsection 82(1) of this Act in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision.\n  (3) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.","sortOrder":115},{"sectionNumber":"85","sectionType":"section","heading":"Statements to accompany notification of decisions","content":"#### 85 Statements to accompany notification of decisions\n\n  Original decision\n  (1) If a written notice is given to a person affected by a reviewable decision telling the person that the reviewable decision has been made, that notice is to include a statement to the effect that:\n    (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 82(1); and\n    (b) the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first‑mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Reconsidered decision\n  (2) If:\n    (a) the Commissioner of Taxation confirms or varies a reviewable decision under subsection 82(4); and\n    (b) gives to a person written notice of the confirmation or variation of the decision;\n  that notice is to include a statement to the effect that the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Validity of decision\n  (3) A failure to comply with this section does not affect the validity of a decision.","sortOrder":116},{"sectionNumber":"Part 12","sectionType":"part","heading":"Partnerships and unincorporated associations","content":"An Act relating to the small superannuation accounts scheme\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n  This Act may be cited as the Small Superannuation Accounts Act 1995.\n\n#### 2 Commencement\n\n  This Act commences on 1 July 1995.\n\n#### 3 Simplified explanation\n\n  The following is a simplified explanation of this Act:\n\n• The Australian Taxation Office administers a special account. Notional accounts are kept within the special account.\n\n• The account offers employees with small balances an opportunity to avoid the erosion of those balances by fees.\n\n• Employees may request that account balances be transferred to a nominated superannuation fund or RSA.\n\n• Except in special cases, employees will not have direct access to their account balances.\n\n• Interest will be calculated on the daily balance of the account and credited to the account on a quarterly basis.\n\n• Interest is exempt from income tax.\n\n• If an account balance exceeds $1,200, interest will only be credited on the first $1,200 of the balance. This is an incentive for employees to request that balances of more than $1,200 be transferred to a superannuation fund.\n\n• Under the Income Tax Assessment Act 1936, employers may get income tax deductions for deposits. There is an annual deduction limit of $1,200 per employee.\n\n• Under the Superannuation Guarantee (Administration) Act 1992, deposits made by an employer will be treated as superannuation contributions.\n\n• The accounts may also be credited with Government co‑contributions payable under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003. The rules for these deposits differ in some respects from those that apply to other deposits.\n\n#### 4 Definitions\n\n  In this Act, unless the contrary intention appears:\n\n> account means a notional account kept in accordance with section 12.\n\n> child, of a person, means a child of the person within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.\n\n> Note: The Income Tax Assessment Act 1997 defines complying superannuation fund by reference to section 45 of the Superannuation Industry (Supervision) Act 1993.\n\n> dependant, in relation to an individual, includes the spouse and any child of the person.\n\n> Note: This expression is only used in the definition of superannuation contribution.\n\n> deposit means a payment under section 25.\n\n> deposit form means a statement under section 26.\n\n> depositor means a person who makes a payment under section 25.\n\n> employee has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employee.\n\n> employer has the meaning given by the Schedule.\n\n> Note: The Schedule extends the ordinary meaning of employer.\n\n> employment has a meaning corresponding to employee and employer.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Government co‑contribution in respect of an individual means a Government co‑contribution payable in respect of the individual under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003.\n\n> leave Australia has the same meaning as in the Migration Act 1958.\n\n> person has a meaning affected by sections 87 and 90.\n\n> Note 1: Under section 87, partnerships are treated as persons.\n\n> Note 2: Under section 90, unincorporated associations are treated as persons.\n\n> PPL superannuation contribution for an individual has the same meaning as in the Paid Parental Leave Act 2010.\n\n> provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> quarter means a period of 3 months beginning on 1 July, 1 October, 1 January or 1 April in:\n\n    (a) the financial year beginning on 1 July 1995; or\n    (b) any later financial year.\n\n> RSA has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.\n\n> Special Account means the Superannuation Holding Accounts Special Account continued in existence by section 8.\n\n> spouse of a person includes:\n\n    (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and\n    (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.\n\n> Note: This expression is only used in the definition of dependant.\n\n> superannuation accounts law means:\n\n    (a) this Act; and\n    (b) the regulations; and\n    (c) Part III of the Taxation Administration Act 1953, in so far as that Part relates to this Act or the regulations.\n\n> superannuation contribution, in relation to an individual, means a contribution made to a superannuation fund, an RSA or a superannuation scheme for the purpose of making provision for superannuation benefits for, or for dependants of, the individual.\n\n> superannuation fund means a provident, benefit, superannuation or retirement fund.\n\n> superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits.\n\n> tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.\n\n> Unallocated Interest Pool means the Unallocated Interest Pool kept in accordance with section 42.\n\n#### 5 Crown to be bound\n\n  This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n\n#### 6 Act to be administered by the Commissioner of Taxation\n\n  The Commissioner of Taxation has the general administration of this Act.\n\n> Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.\n\n## Part 2—Superannuation Holding Accounts Special Account\n\n#### 7 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Superannuation Holding Accounts Special Account is continued in existence.\n\n• The Special Account is not a superannuation fund.\n\n#### 8 Superannuation Holding Accounts Special Account\n\n  (1) The Superannuation Holding Accounts Account is continued in existence as the Superannuation Holding Accounts Special Account.\n\n> Note: The Superannuation Holding Accounts Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.\n\n  (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 9 Special Account is not a superannuation fund\n\n  Special Account is not a superannuation fund\n  (1) For the purposes of a law of the Commonwealth:\n    (a) the Special Account is taken not to be a superannuation fund; and\n    (b) the scheme embodied in this Act is taken not to be a superannuation scheme.\n  Avoidance of doubt\n  (2) Subsection (1) is enacted to avoid doubt.\n\n## Part 3—Accounts\n\n### Division 1—Simplified outline\n\n#### 11 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Notional accounts are to be kept within the Special Account in the names of particular individuals.\n\n• Section 13 outlines credits to accounts.\n\n• Section 14 outlines debits to accounts.\n\n• The Commissioner of Taxation may open or close an account.\n\n• Accounts may have a nil balance.\n\n• An individual may only have one account.\n\n• Account balances are not held on trust.\n\n• An individual’s account balance will be notified to the individual in certain circumstances.\n\n### Division 2—Keeping of accounts\n\n#### 12 Accounts\n\n  Accounts to be kept\n  (1) Separate notional accounts are to be kept within the Special Account in the names of particular individuals.\n  Individual’s account\n  (2) An account kept in the name of an individual is to be known as the individual’s account.\n\n> Note: Section 4 provides that account means a notional account kept in accordance with this section.\n\n### Division 3—Outline of credits and debits to accounts\n\n#### 13 Outline of credits to accounts\n\n  The following is a simplified outline of the types of credits that may be made to an individual’s account.\n\nDeposits by employers\n\n• Under section 25, the individual’s employer or former employer may make a deposit in respect of the individual. The employer or former employer will make the deposit instead of making a superannuation contribution in respect of the individual. The deposit will result in a credit to the individual’s account.\n\nSuperannuation guarantee shortfalls\n\n• Under section 65 of the Superannuation Guarantee (Administration) Act 1992, if there is a shortfall component of a payment of superannuation guarantee charge in relation to the individual, the Commissioner of Taxation may credit the shortfall component to the individual’s account.\n\nInterest\n\n• Under Part 6, interest may be credited to the individual’s account.\n\n#### 14 Outline of debits to accounts\n\n  The following is a simplified outline of the types of debits that may be made to an individual’s account. These debits also involve debiting the Special Account.\n\nTransfer to superannuation fund or RSA\n\n• Under section 61, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund or RSA.\n\nBalance of less than $200—individual has ceased to be employed by all depositors\n\n• Under section 63, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\nReceipt of Commonwealth income support payments\n\n• Under section 64, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\nDisability\n\n• Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.\n\nTerminal medical condition\n\n• Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.\n\nIndividual turns 65\n\n• Under section 66, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has turned 65.\n\nIndividual at least 55 years old and not an Australian resident\n\n• Under section 67, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\nFormer temporary resident\n\n• The balance of the amount standing to the credit of an individual’s account may be debited from the Special Account if the individual is a former temporary resident.\n\nDeath of individual\n\n• Under section 68, if the individual dies, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual’s legal personal representative.\n\nRefunds of deposits\n\n• Under Part 8, an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits that were:\n\n(a) accompanied by false or defective deposit forms; or\n\n(b) made by mistake.\n\n### Division 4—Opening and closing of accounts\n\n#### 15 Opening of accounts\n\n  Power\n  (1) The Commissioner of Taxation may open an account in the name of a particular individual.\n  Duty\n  (2) The Commissioner of Taxation must open an account in the name of a particular individual if:\n    (a) the individual does not already have an account; and\n    (b) a person makes a deposit, or a purported deposit, in respect of the individual.\n  Payment split under Family Law Act\n  (3) If an account is subject to a payment split, then the Commissioner may open an account in the name of the non‑member spouse.\n  (4) The balance of the account when it is opened is an amount worked out in accordance with the regulations.\n  (5) The balance of the member spouse’s account is to be reduced by the amount worked out under subsection (4).\n  (6) The Commissioner must give the member spouse a written notice setting out the balance (if any) of the member spouse’s account after the reduction.\n  (7) In this section:\n\n> member spouse means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> non‑member spouse means a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n> payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.\n\n#### 16 Closing of accounts\n\n  The Commissioner of Taxation may close an individual’s account if the balance of the account is nil and:\n    (a) the balance of the account was nil throughout the preceding period of 2 years; or\n    (b) the balance of the account has been withdrawn under section 61, 65, 65A, 66, 67, 67A or 91E; or\n    (c) the individual has died; or\n    (d) the individual asks the Commissioner of Taxation to close the account; or\n    (e) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n> Note 1: Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.\n\n> Note 2: Section 65 deals with individuals who retire because of disability.\n\n> Note 2A: Section 65A deals with individuals in relation to whom terminal medical conditions exist.\n\n> Note 3: Section 66 deals with individuals who have turned 65.\n\n> Note 4: Section 67 deals with individuals who are not Australian residents for income tax purposes etc.\n\n> Note 5: Section 67A deals with individuals who have permanently departed from Australia.\n\n> Note 6: Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.\n\n### Division 5—Rules about accounts\n\n#### 17 Accounts may have a nil balance\n\n  Nil balance\n  (1) An account may have a nil balance.\n  Examples\n  (2) The following are examples of cases where an account might have a nil balance:\n    (a) no money has been credited to the account;\n    (b) the balance of the account has been withdrawn under Part 7;\n    (c) the balance of the account has been refunded to an employer or former employer under Part 8;\n    (d) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).\n\n#### 18 One account per individual\n\n  Only one account\n  (1) Only one account may be kept in respect of a particular individual.\n  Amalgamation etc.\n  (2) A contravention of subsection (1) does not affect the validity of an account. However, if the Commissioner of Taxation becomes aware that 2 or more accounts are being kept in respect of the same individual, the Commissioner of Taxation must amalgamate the accounts into a single account.\n\n#### 19 Account balances not held on trust etc.\n\n  (1) Money credited to an individual’s account is not held on trust.\n  (2) The Commonwealth is not liable to pay, repay or refund money credited to an individual’s account except as provided by this Act.\n\n> Note: Under section 69A of the Superannuation Guarantee (Administration) Act 1992, if a shortfall component of superannuation guarantee charge has been incorrectly credited to an individual’s account, the account may be debited for the purposes of reversing the credit.\n\n### Division 6—Notification of account balances\n\n#### 20 Notification of opening balance\n\n  As soon as practicable after the first occasion on which an amount is credited to an individual’s account, the Commissioner must give the individual a written notice setting out the balance of the account.\n\n#### 21 Individual may request details of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual asks the Commissioner of Taxation to give the individual a written notice setting out the balance of the account.\n  Form of request\n  (2) The request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with request\n  (3) The Commissioner of Taxation must comply with the request.\n\n#### 22 Annual notification of account balance\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account exceeds nil as at the end of a financial year; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the end of the financial year, the Commissioner of Taxation must give the individual a written notice setting out the balance of the account as at the end of the financial year.\n\n#### 23 Notification when account balance reaches $1,200\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and\n    (b) the individual’s current address is known to the Commissioner of Taxation.\n  Notification\n  (2) As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:\n    (a) setting out the balance of the account; and\n    (b) explaining the effect of sections 49 and 61; and\n    (c) suggesting that the individual make a request under section 61.\n\n> Note 1: Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.\n\n> Note 2: Section 61 provides for the transfer of the balance of the account to a superannuation fund.\n\n## Part 4—Deposits\n\n#### 24 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit.\n\n• The deposit must be accompanied by a deposit form.\n\n• The deposit form must include certain declarations.\n\n• The 2 key declarations are:\n\n(a) that the depositor is the employer, or former employer, of the individual; and\n\n(b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.\n\n• A defect in the deposit form will not result in the invalidity of the deposit.\n\n• A deposit form may deal with multiple payments.\n\n• Deposits are not held on trust.\n\n#### 25 Deposits\n\n  A person (the depositor) may make a payment (the deposit) to the Commissioner of Taxation under this section in respect of an individual if, and only if, the payment is made before 1 July 2006.\n\n#### 26 Deposit to be accompanied by deposit form\n\n  The deposit must be accompanied by a written statement (the deposit form) that:\n    (a) is in a form approved in writing by the Commissioner of Taxation; and\n    (b) contains the information required by the form to be given; and\n    (c) contains the declarations required by sections 27, 28, 29 and 30; and\n    (d) sets out the individual’s tax file number (if known to the depositor); and\n    (e) is signed by or on behalf of the depositor.\n\n#### 27 Deposit to be made by employer or former employer\n\n  The deposit form must include a declaration that the depositor is the employer, or former employer, of the individual.\n\n#### 28 Deposit to be instead of superannuation contributions\n\n  The deposit form must include a declaration that the depositor is making the deposit:\n    (a) in respect of the employment, or former employment, of the individual by the depositor; and\n    (b) instead of making a superannuation contribution:\n    (i) in respect of the individual; and\n    (ii) of an amount equal to the deposit.\n\n#### 29 Deposit to be consistent with other laws etc.\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the making of the deposit does not contravene:\n    (a) a law of the Commonwealth (other than this Act) or a law of a State or Territory; or\n    (b) an award, order, determination or industrial agreement in force under such a law; or\n    (c) a legally enforceable agreement.\n\n#### 30 Age limit\n\n  The deposit form must include a declaration that, to the best of the knowledge of the depositor, the individual was under 70 on at least one day during the period of employment to which the deposit relates.\n\n#### 31 Consequences of false declarations etc.\n\n  If the deposit is accompanied by a deposit form, or a purported deposit form, that:\n    (a) contains a declaration, or information, that is false or misleading; or\n    (b) has some other defect or irregularity;\n  that circumstance does not result in the invalidity of the deposit. However, it may result in the deposit being refunded under Part 8.\n\n> Note 1: A false or misleading statement may result in criminal liability under Part III of the Taxation Administration Act 1953.\n\n> Note 2: A false or misleading declaration may result in an employer being denied:\n\n    (a) an income tax deduction under section 82AAF of the Income Tax Assessment Act 1936; and\n    (b) concessional treatment under section 23 of the Superannuation Guarantee (Administration) Act 1992.\n\n#### 33 Deposit not held on trust etc.\n\n  (1) A deposit, or purported deposit, made in respect of an individual is not held on trust.\n  (2) A deposit, or purported deposit, made in respect of an individual is not repayable or refundable except as provided by this Act.\n\n## Part 5—Crediting of deposits\n\n#### 34 Simplified outline\n\n  The following is a simplified outline of this Part:\n\nDeposits are to be credited to accounts by following these steps:\n\n• credit the deposit to the Special Account;\n\n• credit the deposit to the individual’s account.\n\n#### 35 Crediting of deposits\n\n  Step 1—Credit to Special Account\n  (1) An amount equal to a deposit or purported deposit made in respect of an individual is to be credited to the Special Account.\n  Step 2—Credit to individual’s account\n  (2) As soon as practicable after the amount is credited to the Special Account, the individual’s account is to be credited with an amount equal to the deposit or purported deposit.\n\n## Part 6—Crediting of interest\n\n### Division 1—Simplified outline\n\n#### 36 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• Interest is funded by crediting amounts to the Special Account.\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n• The allocation day is published in the Gazette.\n\n• The rate at which interest accrues is called the allocation rate.\n\n• The allocation rate is published in the Gazette.\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n### Division 2—Gross interest amount and net interest amount\n\n#### 37 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The expressions gross interest amount and net interest amount are defined.\n\n• Those expressions are used to work out:\n\n(a) how interest is funded; and\n\n(b) the rate at which interest accrues to an account.\n\n#### 38 Gross interest amount\n\n  For the purposes of this Part, the gross interest amount for a quarter is the sum of the following amounts:\n    (a) the income derived by the Commonwealth during the quarter from the investment of amounts standing to the credit of the Special Account;\n    (b) the amount (if any) determined by the Finance Minister in relation to the quarter having regard to the amount standing to the credit of the Special Account that remains uninvested from time to time during the quarter.\n\n#### 39 Net interest amount\n\n  Net interest amount\n  (1) For the purposes of this Part, the net interest amount for a quarter is the gross interest amount for the quarter, reduced (but not below 0) by the sum of:\n    (a) the amount determined by the Commissioner of Taxation, where the amount represents a fair approximation of the costs incurred by the Commonwealth during the quarter in connection with the administration of this Act; and\n    (b) the amount, or the total of the amounts, allocated to the quarter under subsection (3).\n\n> Note: Gross interest amount is defined by section 38.\n\n  Carry‑forward amount\n  (2) For the purposes of this section, if:\n    (a) the amount determined under paragraph (1)(a) in relation to a quarter;\n  exceeds:\n    (b) the gross interest amount for the quarter;\n  the excess is taken to be the carry‑forward amount for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation of carry‑forward amounts\n  (3) For the purposes of this section, the Finance Minister may determine that:\n    (a) a carry‑forward amount for a quarter is to be allocated to a later quarter; or\n    (b) different parts of the carry‑forward amount for a quarter are to be allocated to different later quarters.\n  Amortisation\n  (4) For the purposes of this section, capital costs and development costs are to be amortised in accordance with generally accepted accounting principles.\n  Investment costs\n  (5) For the purposes of this section, the costs incurred by the Commonwealth in connection with the investment of amounts standing to the credit of the Special Account are taken to have been incurred in connection with the administration of this Act.\n\n### Division 3—Funding of interest\n\n#### 40 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest is funded by crediting the net interest amount to the Special Account.\n\n• An Unallocated Interest Pool is to be kept within the Special Account.\n\n• Unallocated interest is represented by the balance of the Unallocated Interest Pool.\n\n• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.\n\n• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.\n\n#### 41 Crediting of net interest amount to the Special Account\n\n  As soon as practicable after the end of a quarter, an amount equal to the net interest amount for the quarter is to be credited to the Special Account.\n\n> Note: Net interest amount is defined by section 39.\n\n#### 42 Unallocated Interest Pool\n\n  Pool\n  (1) For accounting purposes, a separate notional subcomponent, called the Unallocated Interest Pool, is to be kept within the Special Account.\n  Credits to Pool\n  (2) An amount credited to the Special Account under section 41 is to be credited to the Unallocated Interest Pool.\n  Debits from Pool\n  (3) The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual’s account.\n\n#### 43 Supplementation of Unallocated Interest Pool\n\n  When section applies\n  (1) This section applies if the Finance Minister is satisfied that:\n    (a) the balance of the Unallocated Interest Pool is nil; or\n    (b) the balance of the Unallocated Interest Pool is, or is likely to be, insufficient to meet the requirements of the Unallocated Interest Pool.\n  Supplementation\n  (2) The Finance Minister may determine that the Unallocated Interest Pool is to be supplemented by a specified amount.\n  Crediting of the supplementation amount\n  (3) The specified amount is to be credited to the Special Account.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the specified amount.\n\n#### 44 Debiting of unallocated interest\n\n  (1) If the Commissioner of Taxation is satisfied that the balance of the Unallocated Interest Pool exceeds the requirements of the Unallocated Interest Pool, the Commissioner of Taxation must determine that the excess is surplus to the requirements of the Unallocated Interest Pool.\n  (2) The Unallocated Interest Pool is to be debited by an amount equal to the excess.\n  (3) An amount equal to the excess is to be debited from the Special Account.\n\n### Division 4—Allocation day and allocation rate\n\n#### 45 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The allocation day for a quarter is published in the Gazette. The allocation day is the day on which interest is credited to accounts.\n\n• The allocation rate for a quarter is published in the Gazette. The allocation rate is the rate at which interest accrues to an account.\n\n• The allocation rate is worked out under section 47.\n\n#### 46 Gazettal of allocation day and allocation rate\n\n  (1) As soon as practicable after an amount is credited to the Special Account under section 41 in respect of a quarter (the current quarter), the Commissioner of Taxation must, by notice published in the Gazette, declare that, for the purposes of this Part:\n    (a) a specified day in the quarter next following the current quarter is the allocation day for the current quarter; and\n    (b) a specified percentage is the allocation rate for the current quarter.\n\n> Note: To work out the allocation rate see section 47.\n\n  (2) The declaration has effect accordingly.\n\n#### 47 Calculation of the allocation rate\n\n  Application of steps\n  (1) To work out the allocation rate for a quarter, apply the following steps.\n  Adjusted total balances\n  (2) Calculate the adjusted total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  For the purposes of this calculation, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n  Provisional rate\n  (3) Calculate the provisional rate for the quarter as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Net interest amount over Adjusted total balances end fraction times 100 end formula](image.002.png)\n  where:\n\n> Net interest amount means the net interest amount for the quarter;\n\n> Adjusted total balances means the adjusted total balances for the quarter.\n\n> Note: Net interest amount is defined by section 39.\n\n  Total balances\n  (4) Calculate the total balances for the quarter by:\n    (a) working out, for each day in the quarter, the total balances of all the accounts; and\n    (b) adding up those totals; and\n    (c) dividing the result by the number of days in the quarter.\n  Capped rate\n  (5) Calculate the capped rate as a percentage (to 4 decimal places) using the formula:\n  ![Start formula start fraction Gross interest amount over Total balances end fraction times 100 end formula](image.003.png)\n  where:\n\n> Gross interest amount means the gross interest amount for the quarter;\n\n> Total balances means the total balances for the quarter.\n\n> Note: Gross interest amount is defined by section 38.\n\n  Allocation rate—comparison between provisional rate and capped rate\n  (6) Compare the provisional rate with the capped rate:\n    (a) if the provisional rate is less than or equal to the capped rate—the allocation rate equals the provisional rate; or\n    (b) if the provisional rate exceeds the capped rate—the allocation rate equals the capped rate.\n\n### Division 5—Crediting of interest\n\n#### 48 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• 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.\n\n• Interest is credited each quarter on the allocation day.\n\n#### 49 Accrual of interest on first $1,200 of daily balance\n\n  (1) Interest accrues to an account each day on the balance of the account as at the end of that day.\n  (2) For the purposes of this Division, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.\n\n#### 50 Rate of accrual, and crediting, of interest\n\n  When section applies\n  (1) This section applies to interest that accrues under section 49.\n  Allocation day event, withdrawal event and inactive account debit event\n  (2) Both:\n    (a) the rate of accrual of interest to an account in respect of a particular day (the accrual day) in a particular quarter; and\n    (b) the time at which accrued interest in respect of the accrual day is to be credited to the account;\n  depends on whichever of the following events first happens after the accrual day:\n    (c) the occurrence of the allocation day for the quarter (this event is to be known as the allocation day event);\n    (d) the withdrawal under Part 7 of the balance of the account (this event is to be known as the withdrawal event);\n    (e) the debiting of the balance of the account from the Special Account under Part 9 (this event is to be known as the inactive account debit event).\n  Allocation day event\n  (3) If the allocation day event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Allocation rate over Total number of days in the quarter end fraction end formula](image.004.png)\n    where:\n\n> Allocation rate means the allocation rate for the quarter; and\n\n    (b) the accrued interest is to be credited to the account on the allocation day.\n  Withdrawal event\n  (4) If the withdrawal event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day before the day of the withdrawal.\n  Inactive account debit event\n  (5) If the inactive account debit event comes first:\n    (a) the rate of accrual is the percentage worked out (to 6 decimal places) using the formula:\n    ![Start formula start fraction Adjusted allocation rate over Total number of days in the quarter end fraction end formula](image.005.png)\n    where:\n\n> Adjusted allocation rate means the last allocation rate that was published in the Gazette before the accrual day; and\n\n    (b) the accrued interest is to be credited to the account on the day of the debit.\n  Transitional—withdrawal event before first allocation day\n  (6) Despite paragraph (4)(a), if the withdrawal event occurs before the allocation day for the quarter beginning on 1 July 1995, that paragraph has effect, in relation to that event, as if the adjusted allocation rate were 0.4% or such higher rate as the Finance Minister determines.\n\n#### 51 Rounding up\n\n  If the total amount of interest to be credited to an account on a particular day (when expressed as a number of cents) is not a number of whole cents, that total must be rounded up to the nearest cent.\n\n### Division 6—Interest not to accrue in certain cases\n\n#### 52 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Interest will not accrue to an account in the following cases:\n\n(a) a deposit is refunded;\n\n(b) a shortfall component is incorrectly credited to the account;\n\n(c) the $1,200 limit has been avoided by the use of multiple accounts.\n\n#### 53 Interest does not accrue on refunded deposits\n\n  No interest\n  (1) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8.\n  Reversing interest credit\n  (2) If interest has been credited to an individual’s account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.\n  Unallocated Interest Pool to be credited\n  (3) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).\n\n#### 54 Interest does not accrue on shortfall components incorrectly credited to accounts\n\n  When section applies\n  (1) This section applies if:\n    (a) an amount credited to an account under section 65 of the Superannuation Guarantee (Administration) Act 1992 exceeds the amount that should have been credited to the account; and\n    (b) the balance of the account is attributable, in whole or in part, to the credit.\n  No interest\n  (2) Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of the account as is attributable to the excess.\n  Debit reversing interest credit\n  (3) If interest has been credited to the account in contravention of subsection (2), the Commissioner of Taxation must debit the account by the amount of the credit.\n  Unallocated Interest Pool to be credited\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n#### 55 Amalgamated accounts—no interest if $1,200 limit avoided\n\n  When section applies\n  (1) This section applies if:\n    (a) the Commissioner becomes aware that 2 or more accounts (the separate accounts) are being kept in respect of the same individual; and\n    (b) the Commissioner of Taxation amalgamates the separate accounts into a single account; and\n    (c) immediately after the amalgamation, the balance of the amalgamated account exceeds $1,200.\n\n> Note: Section 18 empowers the Commissioner to amalgamate the separate accounts.\n\n  No interest if $1,200 limit avoided\n  (2) If, because of the $1,200 limit referred to in subsection 49(2):\n    (a) the total amount of interest that accrued to the separate accounts before the day of the amalgamation;\n  exceeds:\n    (b) the total amount of interest that would have accrued to the amalgamated account if it were assumed that the amalgamated account had been in existence at all times since the earliest time at which any of the separate accounts was opened;\n  then, despite section 49, the excess interest is taken never to have accrued under that section.\n  Debit to amalgamated account\n  (3) If excess interest has been credited in contravention of subsection (2), the Commissioner of Taxation must debit the amalgamated account by an amount equal to the amount of the credit.\n  Credit to Unallocated Interest Pool\n  (4) The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (3).\n\n## Part 7—Withdrawal of account balances\n\n### Division 1—Simplified outline\n\n#### 56 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• There are 3 types of withdrawals of account balances:\n\n(a) transfers of account balances to superannuation funds or RSAs;\n\n(b) direct withdrawals of account balances by individuals;\n\n(c) withdrawals of account balances after death.\n\n• Under Part 8, a depositor has 14 days to apply for a refund of a deposit on the grounds that the deposit was made by mistake. During the 14‑day period, the individual’s account will be frozen.\n\n### Division 2—No withdrawals for 14 days after deposit credited to account etc.\n\n#### 57 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• An individual’s account will be frozen for 14 days after a deposit is credited to the account.\n\n• The delay gives the depositor a chance to apply for a refund of the deposit.\n\n• If the depositor applies for a refund of the deposit, the 14‑day period will be extended until the application is finalised.\n\n• Accounts will be frozen for 14 days after a shortfall component is credited to the account.\n\n• The delay gives the Commissioner of Taxation a chance to correct mistakes.\n\n#### 58 No withdrawals for 14 days after deposit credited to account etc.\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) a deposit, or purported deposit, was made in respect of the individual; and\n    (b) as a result of the deposit or purported deposit, an amount was credited to the account under Part 5 at a particular time (the deposit time); and\n    (c) a request under this Part (the individual’s request) is made during the period of 14 days beginning at the deposit time.\n  Individual’s request frozen for 14 days\n  (2) The individual’s request has no effect at any time during that 14‑day period.\n\n> Note: This gives the depositor a chance to apply for a refund of the deposit.\n\n  Individual’s request frozen for additional period\n  (3) If an application for a refund of the deposit or purported deposit was made under section 73 during that 14‑day period, then:\n    (a) if the refund application is granted—the individual’s request has no effect at any time; or\n    (b) if the refund application is refused—the individual’s request has no effect at a particular time if:\n    (i) the time is after the refund application is made but before the end of the period of 21 days after the giving of the notice of refusal; or\n    (ii) if, during that 21‑day period, the refund applicant asks the Commissioner of Taxation to reconsider the refund application—the time is during the period when that reconsideration, or any later application to the Administrative Review Tribunal, has not been finalised.\n  (3A) For the purposes of subsection (3), a reference to the Administrative Review Tribunal is taken to include a reference to the Administrative Appeals Tribunal.\n  When reconsiderations finalised\n  (4) For the purposes of this section, a reconsideration of a decision is taken not to have been finalised during the period of 28 days after:\n    (a) if, because of the operation of subsection 82(5), the decision is taken to be confirmed—the day on which the decision is taken to have been confirmed; or\n    (b) in any other case—the day on which the decision on the reconsideration is notified to the refund applicant.\n\n#### 59 No withdrawals for 14 days after shortfall component credited to account\n\n  When section applies\n  (1) This section applies to an individual’s account if:\n    (a) an amount was credited to the account under section 65 of the Superannuation Guarantee (Administration) Act 1992 at a particular time (the credit time); and\n    (b) a request under this Part is made during the period of 14 days beginning at the credit time.\n  Request frozen for 14 days\n  (2) The request has no effect at any time during that 14‑day period.\n\n> Note: This gives the Commissioner a chance to correct mistakes.\n\n### Division 3—Timing of withdrawals\n\n#### 60 Timing of withdrawals\n\n  24‑hour delay\n  (1) If a request is made under this Part, the Commissioner of Taxation must wait at least 24 hours before complying with the request.\n\n> Note: This delay enables interest to be credited to the account.\n\n  When withdrawal occurs\n  (2) For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.\n\n### Division 4—Transfer of account balances to RSAs and superannuation funds\n\n#### 61 Transfer to RSA or superannuation fund\n\n  Transfer request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the transfer request) to transfer the account balance to a specified RSA or to the trustee of a specified fund for the benefit of the individual; and\n    (b) the fund passes the compliance test set out in subsection (2).\n\n> Note: Subsection (7) provides for the transfer request to be given by the individual personally or by the trustee acting on behalf of the individual.\n\n  Compliance test for funds\n  (2) For the purposes of this section, a fund passes the compliance test if:\n    (a) the fund is an exempt public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or\n    (b) at the time of the transfer request, the Commissioner of Taxation has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:\n    (i) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and\n    (ii) is not subject to a direction under section 63 of that Act.\n\n> Note: Section 63 of the Superannuation Industry (Supervision) Act 1993 deals with funds that have been directed not to accept contributions from an employer‑sponsor.\n\n  Form of transfer request\n  (3) The transfer request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with transfer request\n  (4) The Commissioner of Taxation must pay to the provider of the RSA, or to the trustee, for the benefit of the individual, an amount equal to the account balance immediately before the payment is made. However, this rule does not apply if the Commissioner of Taxation is satisfied that the RSA provider or the trustee is unwilling to accept the payment.\n  Special Account to be debited\n  (5) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (6) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Authorisation of trustee by individual etc.\n  (7) The transfer request may be given by:\n    (a) the individual personally; or\n    (b) the RSA provider or the trustee acting on the individual’s behalf in accordance with an authority given by the individual.\n  If paragraph (b) applies, the transfer request must be accompanied by a copy of the authority.\n  Form of authorisation\n  (8) An authority referred to in subsection (7) must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Definitions\n  (9) In this section:\n\n> fund includes a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993.\n\n> trustee has the same meaning as in the Superannuation Industry (Supervision) Act 1993.\n\n#### 61A Commissioner may transfer account balance to RSA or superannuation fund\n\n  (1) The Commissioner of Taxation may pay the balance of an individual’s account to:\n    (a) an RSA of the individual; or\n    (b) the trustee of a complying superannuation fund for crediting to an account of the individual within that fund.\n  (2) To avoid doubt, the Commissioner of Taxation may make the payment under subsection (1) without a request from the individual under section 61.\n  (3) The Special Account is debited for the purposes of making the payment under subsection (1).\n  (4) When the payment under subsection (1) is made, the individual’s account is debited by the amount of the payment.\n  (5) In this section:\n\n> trustee of a superannuation fund means:\n\n    (a) if there is a trustee (within the ordinary meaning of that expression) of the fund—the trustee; or\n    (b) otherwise—the person who manages the fund.\n\n### Division 5—Direct withdrawals of account balances by individuals\n\n#### 62 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• The balance of an individual’s account may be withdrawn if:\n\n(a) the balance is less than $200; and\n\n(b) the individual has ceased to be employed by all depositors.\n\n• The balance of an individual’s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.\n\n• The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.\n\n• The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.\n\n• The balance of an individual’s account may be withdrawn if the individual has turned 65.\n\n• The balance of an individual’s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:\n\n(a) the individual is not in employment; or\n\n(b) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n• The balance of an individual’s account may be withdrawn if the individual is a former temporary resident.\n\n#### 63 Withdrawal of account balance of less than $200, where individual has ceased to be employed by depositor etc.\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the balance of the account is attributable, in whole or in part, to:\n    (i) one or more deposits, or purported deposits, made by one or more employers or former employers of the individual; or\n    (ii) one or more shortfall components of payments of superannuation guarantee charge made by one or more employers or former employers of the individual; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual has ceased to be employed by each of the employers or former employers; and\n    (c) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (d) the balance of the account is less than $200 immediately before the time when the account balance is withdrawn.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 64 Withdrawal of account balance—receipt of Commonwealth income support payments\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual has been in receipt of one or more Commonwealth income support payments for:\n    (i) if the person is at least 55 years of age—a period of at least 39 weeks, or for 2 or more periods that total at least 39 weeks, since the person turned 55; or\n    (ii) in any case—for an unbroken period of at least 26 weeks (other than such a period that ended before the withdrawal request was given); and\n    (c) the individual gives the Commissioner of Taxation:\n    (i) written evidence of the individual’s receipt of relevant Commonwealth income support payments provided by the Commonwealth Department or agency that is responsible for administering the payment; or\n    (ii) such other evidence of the individual’s receipt of relevant Commonwealth income support payments as is prescribed.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  (6) For the purposes of subparagraph (1)(b)(ii), if an individual obtains evidence covered by subparagraph (1)(c)(i), the individual is, subject to evidence to the contrary, to be taken to have continued to have received the Commonwealth income support payment concerned for 21 days after the date of the written evidence.\n  (7) In this section:\n\n> Commonwealth income support payment means:\n\n    (a) any of the following payments (as defined in section 23 of the Social Security Act 1991):\n    (i) a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full‑time study);\n    (ii) a social security pension;\n    (iii) a service pension;\n    (iv) an income support supplement; or\n    (e) any other payment prescribed for the purposes of this definition.\n\n#### 65 Withdrawal of account balance—retirement on grounds of disability\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not in employment; and\n    (c) the individual last ceased to be an employee because of the disability of the individual; and\n    (d) 2 legally qualified medical practitioners have certified that the disability is likely to result in the individual being unable ever to be employed in a capacity for which the individual is reasonably qualified because of education, training or experience.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 65A Withdrawal of account balance—terminal medical condition\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 66 Withdrawal of account balance—individual turns 65\n\n  When section applies\n  (1) This section applies to an individual’s account if the individual has turned 65.\n  Withdrawal decision\n  (2) The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.\n  Withdrawal request\n  (3) The individual may give the Commissioner of Taxation a request (the withdrawal request) to make a payment under subsection (2).\n  Form of withdrawal request\n  (4) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (5) The Commissioner of Taxation must comply with the withdrawal request.\n  Special Account to be debited\n  (6) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (7) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n#### 67 Withdrawal of account balance—individual not an Australian resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that the individual is not a resident (within the meaning of the Income Tax Assessment Act 1936); and\n    (ba) the individual is at least 55 years old when he or she gives the withdrawal request; and\n    (c) the individual satisfies the Commissioner of Taxation that:\n    (i) the individual is not in employment; or\n    (ii) the individual is in employment, but the duties of the individual’s employment are performed wholly or principally outside Australia.\n\n> Note: Australia is defined by subsection (6).\n\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n  Definition\n  (6) In this section:\n\n> Australia has the same meaning as in the Income Tax Assessment Act 1936.\n\n#### 67A Withdrawal of account balance—former temporary resident\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and\n    (b) the individual satisfies the Commissioner of Taxation that before, on or after the commencement of this section, the individual:\n    (i) was, under the Migration Act 1958, the holder of a temporary visa that has ceased to be in effect; and\n    (ii) left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and\n    (c) the individual satisfies the Commissioner of Taxation that the individual:\n    (i) is not, under the Migration Act 1958, the holder of a permanent visa; and\n    (ii) is neither an Australian citizen nor a New Zealand citizen.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 6—Withdrawals of account balances after death\n\n#### 68 Withdrawal of account balance—death of individual\n\n  Withdrawal request\n  (1) This section applies to an individual’s account if:\n    (a) the individual has died; and\n    (b) the individual’s legal personal representative gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance.\n  Form of withdrawal request\n  (2) The withdrawal request must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Compliance with withdrawal request\n  (3) The Commissioner of Taxation must pay to the legal personal representative an amount equal to the account balance immediately before the payment is made.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the payment.\n  Individual’s account to be debited\n  (5) When the payment is made, the individual’s account is debited by the amount of the payment.\n\n### Division 7—Notification of refusal of requests\n\n#### 69 Notification of refusal of requests\n\n  (1) This section applies if:\n    (a) a person makes a request under this Part; and\n    (b) the Commissioner of Taxation refuses the request.\n  (2) The Commissioner of Taxation must give the person written notice of the refusal.\n\n### Division 8—Recovery of account balances\n\n#### 70 Recovery of account balances\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 8—Refunds of deposits\n\n#### 71 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• The Commissioner of Taxation may refund a deposit if the deposit form was false or defective.\n\n• A depositor may apply for the refund of a deposit if it was made by mistake. The refund application must be made within 14 days after the deposit was credited to the account.\n\n#### 72 Refunds—false or defective deposit forms etc.\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was accompanied by a deposit form, or a purported deposit form, that, in so far as it related to the deposit or purported deposit:\n    (i) contained a declaration, or information, that was false or misleading in a material particular; or\n    (ii) had some other defect or irregularity; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit.\n  Refund payment\n  (2) The Commissioner of Taxation may decide to pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (3) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (4) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Part 7 obligations prevail\n  (5) The Commissioner of Taxation must not exercise a power conferred by this section in a manner that would be inconsistent with an obligation imposed on him or her by Part 7.\n\n> Note: Part 7 deals with withdrawals.\n\n#### 73 Refunds—deposit made by mistake\n\n  When section applies\n  (1) This section applies if:\n    (a) a deposit or purported deposit was made in respect of an individual; and\n    (b) the individual’s account was credited with an amount equal to the deposit or purported deposit; and\n    (c) the credit was made in consequence of the deposit or purported deposit; and\n    (d) the deposit or purported deposit was paid due to a clerical error or due to some other mistake; and\n    (e) the balance of the individual’s account is attributable, in whole or in part, to the deposit or purported deposit; and\n    (f) within 14 days after the credit was made, the depositor or purported depositor applies to the Commissioner of Taxation for a refund of the deposit or purported deposit.\n  Form of application\n  (2) The application must be:\n    (a) in writing; and\n    (b) in a form approved in writing by the Commissioner of Taxation.\n  Refund payment\n  (3) The Commissioner of Taxation must pay to the depositor or purported depositor an amount (the refund payment) equal to the deposit or purported deposit.\n  Special Account to be debited\n  (4) The Special Account is debited for the purposes of making the refund payment.\n  Individual’s account to be debited\n  (5) When the refund payment is made, the individual’s account is debited by the amount of the refund payment.\n  Obligations under this section prevail over obligations under Part 7\n  (6) In the event of a conflict between:\n    (a) an obligation imposed on the Commissioner of Taxation by this section; and\n    (b) an obligation imposed on the Commissioner of Taxation by Part 7;\n  the first‑mentioned obligation prevails.\n\n> Note: Part 7 deals with withdrawals.\n\n  Notification of refusal of application\n  (7) If the Commissioner of Taxation refuses an application under this section, the Commissioner of Taxation must give the applicant written notice of the refusal.\n\n#### 74 Recovery of refunds\n\n  If a person is entitled to be paid an amount by the Commissioner of Taxation under this Part, the amount may be recovered, as a debt due to the person by the Commonwealth, by action in a court of competent jurisdiction.\n\n## Part 9—Inactive accounts\n\n#### 75 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• If an individual’s account is inactive for 10 years, the account balance is to be debited from the Special Account.\n\n• The individual may claim the account balance from the Commissioner of Taxation.\n\n• The Commissioner of Taxation must keep a register of individuals’ account balances debited.\n\n#### 76 No activity for 10 years\n\n  When section applies\n  (1) This section applies to an individual’s account if no amount was credited to the account under:\n    (a) Part 5 of this Act; or\n    (b) section 65 of the Superannuation Guarantee (Administration) Act 1992;\n  at any time during a period of 10 consecutive financial years.\n\n> Note 1: Part 5 of this Act deals with deposits.\n\n> Note 2: Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.\n\n  Statement to be given to the Commissioner\n  (2) As soon as practicable after the end of that period, the Commissioner must record information about the account.\n  Tax file number\n  (3) If the individual’s tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.\n  Debit from the Special Account\n  (4) As soon as practicable after the end of that period, an amount equal to the balance of the individual’s account as at the end of that period is to be debited from the Special Account.\n  Debiting of individual’s account balance\n  (5) If an amount is debited from the Special Account under subsection (4), the individual’s account is debited by an amount equal to the amount debited from the Special Account.\n  Claim by individual\n  (6) If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.\n  Claim by individual’s legal personal representative\n  (7) If:\n    (a) an amount has been debited from the Special Account under subsection (4) in respect of the individual’s account; and\n    (b) the individual has died;\n  the individual’s legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the amount debited from the Special Account in respect of the individual’s account.\n  Payments\n  (8) The Commissioner of Taxation must comply with a request under subsection (6) or (7).\n  Appropriation\n  (9) The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).\n\n#### 77 Register\n\n  In addition to the particulars that are required by section 19 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 to be set out in the register kept under that section, that register must set out:\n    (a) particulars of amounts debited from the Special Account under section 76 in respect of particular individuals; and\n    (b) particulars of the individuals, which may include the tax file numbers of the individuals.\n\n## Part 10—Tax file numbers\n\n#### 78 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• An individual may quote his or her tax file number to the Commissioner of Taxation.\n\n#### 79 Individual may quote his or her tax file number\n\n  (1) An individual may quote his or her tax file number to the Commissioner of Taxation in connection with the operation, or the possibility of the future operation, of this Act in relation to the individual.\n\n> Note: This means that an individual’s tax file number may be quoted before or after an account is opened in the name of the individual.\n\n  (2) The tax file number may be quoted:\n    (a) in response to a request made by the Commissioner of Taxation; or\n    (b) on the individual’s own initiative.\n\n## Part 11—Review of decisions\n\n#### 80 Simplified outline\n\n  The following is a simplified outline of this Part:\n\n• A person who is dissatisfied with a reviewable decision of the Commissioner of Taxation may seek a reconsideration of the decision.\n\n• A person who is dissatisfied with a reconsidered decision may have the reconsidered decision reviewed by the Administrative Review Tribunal.\n\n• The Commissioner of Taxation must tell people about their rights to have decisions reconsidered and reviewed.\n\n#### 81 Reviewable decisions\n\n  For the purposes of this Part, a reviewable decision is a decision made by the Commissioner of Taxation under this Act (other than a decision under Division 2, 3 or 4 of Part 6 or a decision relating to the approval of a form).\n\n> Note: Decisions under Division 2, 3 or 4 of Part 6 relate to the funding of interest and the calculation of the allocation rate etc.\n\n#### 82 Reconsideration of reviewable decisions\n\n  Request for reconsideration\n  (1) A person who is affected by a reviewable decision may, if dissatisfied with the decision, request the Commissioner of Taxation to reconsider the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  How request must be made\n  (2) The request must be made by written notice given to the Commissioner of Taxation within the period of 21 days after the day on which the person first receives notice of the decision, or within such further period as the Commissioner of Taxation allows.\n  Request must set out reasons\n  (3) The request must set out the reasons for making the request.\n  Commissioner of Taxation to reconsider decision\n  (4) Upon receipt of the request, the Commissioner of Taxation must reconsider the decision and may, subject to subsection (5), confirm or revoke the decision or vary the decision in such manner as the Commissioner of Taxation thinks fit.\n  Deemed confirmation of decision if delay\n  (5) If the Commissioner of Taxation does not confirm, revoke or vary a decision before the end of the period of 60 days after the day on which the Commissioner of Taxation received the request under subsection (1) to reconsider the decision, the Commissioner of Taxation is taken, at the end of that period, to have confirmed the decision under subsection (4).\n  Notice of Commissioner of Taxation’s action\n  (6) If the Commissioner of Taxation confirms, revokes or varies a decision before the end of the period referred to in subsection (5), the Commissioner of Taxation must give written notice to the person telling the person:\n    (a) the result of the reconsideration of the decision; and\n    (b) the reasons for confirming, varying or revoking the decision, as the case may be.\n\n#### 83 ART review of Commissioner of Taxation’s decisions\n\n  Applications may be made to the Administrative Review Tribunal for review of decisions of the Commissioner of Taxation that have been confirmed or varied under subsection 82(4).\n\n#### 84 Application of the Administrative Review Tribunal Act 2024\n\n  (2) If a request is made under subsection 82(1) of this Act in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision.\n  (3) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal.\n\n#### 85 Statements to accompany notification of decisions\n\n  Original decision\n  (1) If a written notice is given to a person affected by a reviewable decision telling the person that the reviewable decision has been made, that notice is to include a statement to the effect that:\n    (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by the Commissioner of Taxation in accordance with subsection 82(1); and\n    (b) the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with a decision made by the Commissioner of Taxation upon that reconsideration confirming or varying the first‑mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Reconsidered decision\n  (2) If:\n    (a) the Commissioner of Taxation confirms or varies a reviewable decision under subsection 82(4); and\n    (b) gives to a person written notice of the confirmation or variation of the decision;\n  that notice is to include a statement to the effect that the person may, subject to the Administrative Review Tribunal Act 2024, if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision.\n\n> Note: Reviewable decision is defined by section 81.\n\n  Validity of decision\n  (3) A failure to comply with this section does not affect the validity of a decision.\n\n## Part 12—Partnerships and unincorporated associations\n\n### Division 1—Partnerships\n\n#### 86 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Partnerships are treated as if they were persons.\n\n• A document given to a partner of a partnership is treated as if it had been given to the partnership.\n\n#### 87 Treatment of partnerships\n\n  The superannuation accounts law applies to a partnership as if the partnership were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the partnership is taken to have been committed by each partner who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 88 Giving of documents to partnerships\n\n  For the purposes of this Act, if a document is given to a partner of a partnership in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the partnership.\n\n### Division 2—Unincorporated associations\n\n#### 89 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Unincorporated associations are treated as if they were persons.\n\n• A document given to a member of the committee of management of an unincorporated association is treated as if it had been given to the unincorporated association.\n\n#### 90 Treatment of unincorporated associations\n\n  Persons\n  The superannuation accounts law applies to an unincorporated association as if the unincorporated association were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the unincorporated association are imposed instead on each member of the committee of management of the association, but may be discharged by any of those members;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the unincorporated association is taken to have been committed by each member of the committee of management of the association who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the member).\n\n> Note: Superannuation accounts law is defined by section 4.\n\n#### 91 Giving of documents to unincorporated associations\n\n  For the purposes of this Act, if a document is given to a member of the committee of management of an unincorporated association in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the unincorporated association.\n\n## Part 12A—Government co‑contributions for low income earners\n\n#### 91A Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a Government co‑contribution payable in respect of the individual.\n\n#### 91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91C Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91D Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91E Debiting account with overpayment of Government co‑contribution\n\n  Under section 24 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a Government co‑contribution if the account includes deposits made under this Part.\n\n#### 91F Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91G Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 12B—PPL superannuation contributions\n\n#### 91H Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a PPL superannuation contribution payable for the individual.\n\n#### 91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.\n\n#### 91K Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.\n\n#### 91L Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.\n\n#### 91M Debiting account with overpayment of PPL superannuation contribution\n\n  Under section 115P of the Paid Parental Leave Act 2010, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a PPL superannuation contribution if the account includes deposits made under this Part.\n\n#### 91N Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.\n\n#### 91P Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.\n\n## Part 13—Miscellaneous\n\n#### 92 Delegation\n\n  The Finance Minister may, by writing, delegate to an officer of the Finance Department any or all of his or her powers under this Act.\n\n#### 93 Annual report\n\n  (1) The Commissioner of Taxation must, as soon as practicable after the end of each financial year, prepare and give to the Minister a report on the operation of this Act during that year.\n  (2) The Minister must cause a copy of a report given under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.\n\n#### 94 Regulations\n\n  The Governor‑General may make regulations prescribing all matters:\n    (a) required or permitted by this Act to be prescribed; or\n    (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":117},{"sectionNumber":"86","sectionType":"section","heading":"Simplified outline","content":"#### 86 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Partnerships are treated as if they were persons.\n\n• A document given to a partner of a partnership is treated as if it had been given to the partnership.","sortOrder":119},{"sectionNumber":"87","sectionType":"section","heading":"Treatment of partnerships","content":"#### 87 Treatment of partnerships\n\n  The superannuation accounts law applies to a partnership as if the partnership were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the partnership is taken to have been committed by each partner who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).\n\n> Note: Superannuation accounts law is defined by section 4.","sortOrder":120},{"sectionNumber":"88","sectionType":"section","heading":"Giving of documents to partnerships","content":"#### 88 Giving of documents to partnerships\n\n  For the purposes of this Act, if a document is given to a partner of a partnership in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the partnership.","sortOrder":121},{"sectionNumber":"89","sectionType":"section","heading":"Simplified outline","content":"#### 89 Simplified outline\n\n  The following is a simplified outline of this Division:\n\n• Unincorporated associations are treated as if they were persons.\n\n• A document given to a member of the committee of management of an unincorporated association is treated as if it had been given to the unincorporated association.","sortOrder":123},{"sectionNumber":"90","sectionType":"section","heading":"Treatment of unincorporated associations","content":"#### 90 Treatment of unincorporated associations\n\n  Persons\n  The superannuation accounts law applies to an unincorporated association as if the unincorporated association were a person, but it applies with the following changes:\n    (a) obligations that would be imposed on the unincorporated association are imposed instead on each member of the committee of management of the association, but may be discharged by any of those members;\n    (b) any offence against the superannuation accounts law that would otherwise be committed by the unincorporated association is taken to have been committed by each member of the committee of management of the association who:\n    (i) aided, abetted, counselled or procured the relevant act or omission; or\n    (ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the member).\n\n> Note: Superannuation accounts law is defined by section 4.","sortOrder":124},{"sectionNumber":"91","sectionType":"section","heading":"Giving of documents to unincorporated associations","content":"#### 91 Giving of documents to unincorporated associations\n\n  For the purposes of this Act, if a document is given to a member of the committee of management of an unincorporated association in accordance with section 28A of the Acts Interpretation Act 1901, the document is taken to have been given to the unincorporated association.","sortOrder":125},{"sectionNumber":"Part 12A","sectionType":"part","heading":"Government co‑contributions for low income earners","content":"## Part 12A—Government co‑contributions for low income earners","sortOrder":126},{"sectionNumber":"91A","sectionType":"section","heading":"Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual’s account","content":"#### 91A Commissioner of Taxation may deposit Government co‑contributions for low income earners into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a Government co‑contribution payable in respect of the individual.","sortOrder":127},{"sectionNumber":"91B","sectionType":"section","heading":"Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4","content":"#### 91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.","sortOrder":128},{"sectionNumber":"91C","sectionType":"section","heading":"Deposit not held on trust etc.","content":"#### 91C Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.","sortOrder":129},{"sectionNumber":"91D","sectionType":"section","heading":"Crediting of deposits","content":"#### 91D Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.","sortOrder":130},{"sectionNumber":"91E","sectionType":"section","heading":"Debiting account with overpayment of Government co‑contribution","content":"#### 91E Debiting account with overpayment of Government co‑contribution\n\n  Under section 24 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a Government co‑contribution if the account includes deposits made under this Part.","sortOrder":131},{"sectionNumber":"91F","sectionType":"section","heading":"Withdrawal of account balances","content":"#### 91F Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.","sortOrder":132},{"sectionNumber":"91G","sectionType":"section","heading":"Refunds of deposits","content":"#### 91G Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.","sortOrder":133},{"sectionNumber":"Part 12B","sectionType":"part","heading":"PPL superannuation contributions","content":"## Part 12B—PPL superannuation contributions","sortOrder":134},{"sectionNumber":"91H","sectionType":"section","heading":"Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account","content":"#### 91H Commissioner of Taxation may deposit PPL superannuation contribution into individual’s account\n\n  In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual’s account a PPL superannuation contribution payable for the individual.","sortOrder":135},{"sectionNumber":"91J","sectionType":"section","heading":"Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4","content":"#### 91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4\n\n  Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.","sortOrder":136},{"sectionNumber":"91K","sectionType":"section","heading":"Deposit not held on trust etc.","content":"#### 91K Deposit not held on trust etc.\n\n  (1) Section 33 applies to a deposit made under this Part.\n  (2) None of the other provisions of Part 4 apply to a deposit made under this Part.","sortOrder":137},{"sectionNumber":"91L","sectionType":"section","heading":"Crediting of deposits","content":"#### 91L Crediting of deposits\n\n  (1) Part 5 does not apply to a deposit made under this Part.\n  (2) An amount equal to a deposit made under this Part is to be credited to the Special Account.\n  (3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.","sortOrder":138},{"sectionNumber":"91M","sectionType":"section","heading":"Debiting account with overpayment of PPL superannuation contribution","content":"#### 91M Debiting account with overpayment of PPL superannuation contribution\n\n  Under section 115P of the Paid Parental Leave Act 2010, the Commissioner may, in certain circumstances, debit an individual’s account as a way of recovering an overpayment of a PPL superannuation contribution if the account includes deposits made under this Part.","sortOrder":139},{"sectionNumber":"91N","sectionType":"section","heading":"Withdrawal of account balances","content":"#### 91N Withdrawal of account balances\n\n  Division 2 of Part 7 does not apply\n  (1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.\n  Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)\n  (2) To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.\n  Section 63 does not apply\n  (3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.\n  Interpretation\n  (4) A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:\n    (a) deposits made under this Part; and\n    (b) interest accruing on deposits made under this Part.","sortOrder":140},{"sectionNumber":"91P","sectionType":"section","heading":"Refunds of deposits","content":"#### 91P Refunds of deposits\n\n  Part 8 does not apply to deposits made under this Part.","sortOrder":141},{"sectionNumber":"Part 13","sectionType":"part","heading":"Miscellaneous","content":"## Part 13—Miscellaneous","sortOrder":142},{"sectionNumber":"92","sectionType":"section","heading":"Delegation","content":"#### 92 Delegation\n\n  The Finance Minister may, by writing, delegate to an officer of the Finance Department any or all of his or her powers under this Act.","sortOrder":143},{"sectionNumber":"93","sectionType":"section","heading":"Annual report","content":"#### 93 Annual report\n\n  (1) The Commissioner of Taxation must, as soon as practicable after the end of each financial year, prepare and give to the Minister a report on the operation of this Act during that year.\n  (2) The Minister must cause a copy of a report given under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.","sortOrder":144},{"sectionNumber":"94","sectionType":"section","heading":"Regulations","content":"#### 94 Regulations\n\n  The Governor‑General may make regulations prescribing all matters:\n    (a) required or permitted by this Act to be prescribed; or\n    (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":145}],"analysis":{"summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"The Act originally focused narrowly on allowing employers to make small superannuation deposits into an ATO-held account on behalf of employees, protecting small balances from fund fees. Over time, its scope expanded significantly to include: (1) Government co-contributions for low-income earners under Part 12A; (2) Paid Parental Leave superannuation contributions under Part 12B; (3) Family law payment-splitting provisions; and (4) former temporary resident withdrawal rights. The scheme also shifted from an active deposit system to essentially a wind-down/holding mechanism after deposits were closed off from 1 July 2006, meaning its practical purpose changed from accumulation to administration of legacy balances."},"complexity_factors":["Multiple interacting Parts and Divisions with cross-references between sections","Detailed and formulaic interest calculation mechanism involving provisional rates, capped rates, allocation rates and adjusted total balances","Multiple withdrawal pathways with different eligibility conditions (disability, age, residency status, income support, death, etc.)","Three distinct deposit regimes with different rules: employer deposits (Part 4), Government co-contributions (Part 12A), and PPL superannuation contributions (Part 12B)","Complex interaction with at least 10 other pieces of Commonwealth legislation (e.g., Superannuation Guarantee Act, Income Tax Assessment Act, Migration Act, Paid Parental Leave Act, Family Law Act)","Special rules for partnerships and unincorporated associations treated as legal persons","Account freezing and refund mechanics with precise timing windows (14-day, 21-day, 28-day, 60-day periods)","Family law payment-splitting provisions adding another dimension to account management","Scheme is largely historical (deposits closed 1 July 2006) but remains operative for existing balances, inactive accounts, and ongoing interest accrual","Unallocated Interest Pool mechanics and supplementation rules add an extra layer of financial accounting complexity"],"plain_english_summary":"## Small Superannuation Accounts Act 1995 — What Is This?\n\nThis law created a **government-run holding system** for small superannuation (retirement savings) balances, administered by the Australian Taxation Office (ATO). Think of it as a safety net account to stop small super balances from being eaten away by fees charged by private super funds.\n\n### Who Does This Affect?\n- **Employees** with small superannuation balances (particularly those with balances under $1,200)\n- **Employers** who made contributions into the system instead of a super fund\n- **Low-income earners** who received Government co-contributions (top-up payments from the government)\n- **Parents** who received Paid Parental Leave (PPL) superannuation contributions\n- **Former temporary residents** of Australia who left the country\n\n### How Does It Work?\n1. **Employers** could deposit money into an ATO-managed account on behalf of employees, *instead* of paying into a regular super fund. Deposits were capped at $1,200 per employee per year.\n2. The ATO kept a **notional (record-keeping) account** for each individual — essentially a ledger entry, not a separate bank account.\n3. **Interest** was earned on the balance quarterly, but only on the first $1,200. If your balance exceeded $1,200, the interest incentive stopped — encouraging you to move your money to a real super fund.\n4. You generally **could not access the money directly**, except in special circumstances (see below).\n\n### When Can You Get Your Money Out?\nYou can withdraw or transfer your balance if:\n- You want to **transfer it to a super fund or RSA** (Retirement Savings Account — a type of personal retirement account)\n- Your balance is **under $200** and you've stopped working for the employer who made the deposits\n- You've been on **government welfare payments** (like Centrelink) for long enough\n- You're **permanently disabled**\n- You have a **terminal illness**\n- You've **turned 65**\n- You're **55+ and no longer an Australian tax resident**, and you're not working in Australia\n- You're a **former temporary visa holder** who has left Australia\n- You've **died** (your estate can claim it)\n\n### What Happened to Inactive Accounts?\nIf no money was added to your account for **10 consecutive financial years**, the balance was moved out of the Special Account and recorded separately. You (or your estate) can still claim it back from the ATO.\n\n### Important Limits\n- **New deposits were closed off from 1 July 2006** — employers can no longer make fresh deposits into this system. The scheme is essentially in wind-down mode, dealing with historical balances.\n- Interest only accrues on the **first $1,200** of your balance — a deliberate nudge to move funds to a proper super fund.\n\n### Government Co-contributions & Paid Parental Leave\nThe system was later expanded to also hold **government top-up payments for low-income earners** and **superannuation contributions paid under the Paid Parental Leave scheme**. Slightly different rules apply to these deposits.\n\n### Your Rights\nIf the ATO makes a decision you disagree with, you can:\n1. Ask the ATO to **reconsider** the decision (within 21 days)\n2. If still unhappy, apply to the **Administrative Review Tribunal** for an independent review"},"issue_detection":{"absurdities":[{"type":"impossible_compliance","section":"Section 25","severity":"medium","reasoning":"Section 25 hard-codes a sunset of 1 July 2006 for new deposits, yet the definitions of 'deposit', 'depositor', and 'deposit form' in section 4 all reference section 25 as if it remains operative. Parts 4 and 5 impose obligations and set out procedures for deposits that are now permanently impossible to trigger. While accounts can still receive interest and withdrawals can still occur, the bulk of the deposit machinery is permanently inert yet still written in the present tense.","confidence":0.85,"description":"Deposits can only be made before 1 July 2006, yet the Act continues to operate in full force with elaborate machinery for deposits, crediting, interest calculation, and withdrawal for accounts that can no longer receive new employer deposits. The Act creates and maintains extensive administrative infrastructure (Parts 4, 5, 6) for a deposit mechanism that has been permanently closed."},{"type":"self_contradicting","section":"Section 3 (Simplified explanation) / Section 9","severity":"low","reasoning":"Section 3 frames the Act as providing superannuation-like holding for small balances as an alternative to superannuation contributions. Section 28 requires depositors to declare they are making the deposit 'instead of making a superannuation contribution'. Yet section 9 declares the entire scheme is not a superannuation fund or scheme. This creates a conceptual absurdity: deposits replace superannuation contributions but are not superannuation, and the vehicle holding them is expressly not superannuation.","confidence":0.75,"description":"The simplified explanation in section 3 says the Act offers employees an opportunity to hold superannuation savings, and the scheme is described as a superannuation alternative, yet section 9 expressly declares that the Special Account is NOT a superannuation fund and the scheme is NOT a superannuation scheme. The Act is simultaneously marketed as a superannuation solution and legally defined as not superannuation."},{"type":"other","section":"Section 19 / Section 9","severity":"medium","reasoning":"The combination of sections 9 and 19 creates a legally anomalous position: individuals have a statutory claim to money in an account that is not held on trust, is not superannuation, and where the Commonwealth's liability exists only as the Act specifies. The 'account' is purely notional under section 12. This means individuals have no proprietary interest of any conventional kind in funds nominally 'theirs', creating a logical gap between the Act's protective purpose and the legal reality.","confidence":0.72,"description":"Section 19 states money credited to an individual's account is 'not held on trust' and the Commonwealth is not liable to pay except as provided by the Act. Combined with section 9's declaration that the scheme is not a superannuation fund or scheme, individuals have neither a trust interest nor a superannuation entitlement — their 'account' is a notional ledger entry with no proprietary interest underpinning it, yet the Act creates elaborate rights to receive 'their' money."},{"type":"other","section":"Section 46 / Section 50(4)","severity":"low","reasoning":"The interest calculation mechanism creates a systematic lag. For withdrawal events in any quarter after the first, the applicable rate is the previous quarter's allocation rate (per s50(4)), even though the current quarter's rate will eventually be determined. This is a structural asymmetry: regular account holders get the current quarter's rate while withdrawing account holders get last quarter's rate. While possibly intentional, it produces different effective interest rates for otherwise identical accrual periods depending solely on whether a withdrawal occurred.","confidence":0.65,"description":"The allocation rate for a quarter is published in the Gazette after the end of the quarter, yet section 50(4) requires that for withdrawal events, the 'adjusted allocation rate' used is the last allocation rate published before the accrual day — which necessarily belongs to a prior quarter. This means interest on a withdrawal is calculated at a rate from the previous quarter, not the quarter in which the accrual occurs, even though the net interest amount for the current quarter has been determined."},{"type":"other","section":"Section 50(6)","severity":"low","reasoning":"Transitional provisions that have been fully spent but remain in operative legislation are a common drafting issue. Here the provision applies only to the period before the first allocation day in the first quarter (July-September 1995). No new accounts can receive deposits after 2006 anyway, so the provision is doubly spent. Its continued presence is an absurdity in the sense that it purports to be law but can have no future operation.","confidence":0.8,"description":"Section 50(6) provides a transitional rule for withdrawal events before the allocation day for the quarter beginning 1 July 1995, using a deemed rate of 0.4% or higher. Given the Act commenced 1 July 1995, this transitional provision has been permanently spent since at least October 1995 but remains in the Act, creating interpretive clutter and the absurd situation of a 'transitional' provision that can never again apply."},{"type":"other","section":"Section 47(2) and Section 47(4)","severity":"medium","reasoning":"The mathematical structure creates a potential paradox: the $1,200 cap on individual accounts (s49) means the adjusted total balances (denominator for provisional rate) is smaller than total balances (denominator for capped rate). This can make the provisional rate exceed the capped rate even when net interest is less than gross interest, forcing use of the capped rate. The capped rate then applies to capped balances under s49, meaning some interest accrues at the capped rate on balances above $1,200 — but s49(2) deems the balance to be $1,200 for interest accrual purposes. The interaction between the rate calculation and the balance cap creates mathematical tension.","confidence":0.6,"description":"Section 47 requires two separate calculations: 'adjusted total balances' (capping each account at $1,200) and 'total balances' (uncapped). The capped figure feeds into the provisional rate (numerator: net interest amount; denominator: adjusted balances) while the uncapped figure feeds into the capped rate. If all accounts are under $1,200, both calculations yield the same denominator, making the capped rate comparison in subsection (6) redundant. If accounts exceed $1,200, the provisional rate denominator is artificially reduced, potentially making the provisional rate higher than the capped rate, triggering the cap — a circularity where the interest limitation mechanism can make the interest rate appear higher than actual returns."},{"type":"other","section":"Section 76 (Inactive accounts) / Section 25","severity":"medium","reasoning":"With deposits permanently closed from 1 July 2006, and interest credits not counting as credits under Part 5 for the purposes of section 76, the 10-year inactivity clock runs from the last employer deposit or shortfall component. For most accounts, this means virtually all were subject to the inactivity debit by around 2016. The Act creates an inactivity mechanism that, combined with the closed deposit regime, will inevitably zero out all remaining accounts by legislative design rather than individual choice.","confidence":0.82,"description":"Section 76 triggers when no amount is credited to an account under Part 5 (deposits) or under s65 of the SGA Act for 10 consecutive financial years. Since deposits under Part 5 became impossible after 1 July 2006, every account that only holds pre-2006 deposits and does not receive shortfall components will inevitably become 'inactive' under section 76, regardless of the account holder's wishes. The inactivity regime will eventually capture virtually all remaining accounts by operation of law."},{"type":"other","section":"Section 4 - definition of 'dependant'","severity":"low","reasoning":"The definition reads 'dependant, in relation to an individual, includes the spouse and any child of the person.' The pronoun 'the person' does not clearly refer back to 'an individual' since the defined term itself is 'dependant' in relation to an individual, not 'person'. While contextually clear, it is a drafting imprecision that creates minor interpretive ambiguity, especially since 'person' has an extended meaning under sections 87 and 90.","confidence":0.55,"description":"The definition of 'dependant' in section 4 states it 'includes the spouse and any child of the person' — using 'the person' when the definition refers to 'an individual'. This creates a minor but genuine drafting inconsistency: 'dependant, in relation to an individual, includes the spouse and any child of the person' — whose spouse? The individual's or the dependant's?"}],"contradictions":[{"severity":"medium","section_a":"Section 28 (Deposit to be instead of superannuation contributions)","section_b":"Section 9(1)(b) (Scheme not a superannuation scheme)","confidence":0.78,"description":"Section 28 requires depositors to declare they are making the deposit 'instead of making a superannuation contribution' of an equal amount, treating the deposit as a functional substitute for a superannuation contribution. Section 9(1)(b) declares the scheme embodied in the Act is taken NOT to be a superannuation scheme. The Act simultaneously requires deposits to function as superannuation contribution substitutes and declares the scheme is not superannuation."},{"severity":"medium","section_a":"Section 73(3) (Commissioner MUST pay refund for mistaken deposits)","section_b":"Section 72(2) (Commissioner MAY decide to pay refund for false/defective forms)","confidence":0.85,"description":"For deposits made by mistake, section 73(3) mandatorily requires the Commissioner to pay a refund. For deposits accompanied by false or defective deposit forms (a more serious wrongdoing), section 72(2) gives the Commissioner a mere discretion to decide to pay a refund. This creates the perverse outcome that innocent mistakes attract a mandatory refund right while deliberate falsification only attracts a discretionary refund."},{"severity":"medium","section_a":"Section 58(3)(a) (Refund granted — individual's withdrawal request has no effect at any time)","section_b":"Section 73(6) (Refund obligations under s73 prevail over Part 7 withdrawal obligations)","confidence":0.7,"description":"Section 58(3)(a) provides that if a refund application is granted, the individual's withdrawal request 'has no effect at any time' — this appears to permanently extinguish the withdrawal request. Section 73(6) provides that refund obligations under section 73 prevail over Part 7 withdrawal obligations. Together these create a scenario where a successfully refunded mistaken deposit causes the individual's pending withdrawal request to be permanently nullified, potentially trapping other funds in the account that the individual had sought to withdraw."},{"severity":"low","section_a":"Section 19(2) (Commonwealth not liable except as provided by this Act)","section_b":"Section 70 / Section 74 (Amount recoverable as a debt due to the person by the Commonwealth)","confidence":0.6,"description":"Section 19(2) states the Commonwealth is not liable to pay money credited to an individual's account except as provided by the Act. Sections 70 and 74 provide that amounts the Commissioner must pay under Parts 7 and 8 respectively are recoverable as debts due by the Commonwealth in a court of competent jurisdiction. This is not technically contradictory but creates tension: section 19(2) limits Commonwealth liability to the Act's provisions, while sections 70 and 74 convert those statutory rights into common law debt recovery rights, effectively expanding the enforcement mechanism beyond what section 19(2) contemplates."},{"severity":"medium","section_a":"Section 91F(3) (Section 63 does not apply to Government co-contribution portion)","section_b":"Section 63 (Withdrawal of balance less than $200 where individual ceased employment with all depositors)","confidence":0.75,"description":"Section 63 allows withdrawal of the full account balance (less than $200) when an individual has ceased employment with all depositors. Section 91F(3) disapplies section 63 to the extent the balance represents Government co-contributions. This creates an impossible compliance situation: section 63 operates on the entire account balance (tested as a whole at less than $200) but cannot be applied to the portion representing co-contributions. If the total balance is less than $200 but includes both employer deposits and co-contributions, the Commissioner cannot pay the full balance under section 63, yet cannot split the payment without clear authority to do so."},{"severity":"low","section_a":"Section 15(2) (Commissioner MUST open account if deposit made and individual has no account)","section_b":"Section 25 (Deposits only possible before 1 July 2006)","confidence":0.8,"description":"Section 15(2) imposes a mandatory duty on the Commissioner to open an account whenever a deposit or purported deposit is made in respect of an individual who does not have an account. Since section 25 makes it impossible for any valid deposit to be made after 1 July 2006, the mandatory account-opening obligation in section 15(2) can never again be triggered by a valid deposit, creating a permanently inert mandatory duty."},{"severity":"medium","section_a":"Section 82(5) (Decision deemed confirmed after 60 days if Commissioner does not act)","section_b":"Section 83 (ART review only available for decisions 'confirmed or varied' under s82(4))","confidence":0.68,"description":"Section 82(5) provides that if the Commissioner fails to act within 60 days, the decision is 'taken to have been confirmed under subsection (4)'. Section 83 provides ART review is available for decisions 'confirmed or varied under subsection 82(4)'. A deemed confirmation under subsection (5) is taken to have occurred 'under subsection (4)', meaning it should be reviewable. However, subsection (4) requires the Commissioner to 'confirm' the decision, while subsection (5) is a legal fiction. Section 84(2) then applies section 32 of the ART Act 2024 as if the reconsideration request were an ART application, creating a recursive loop where the reconsideration request triggers ART stay provisions before the deemed confirmation even occurs."}]},"kimi_summary":{"_metrics":{"completionTokens":921},"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":true,"description":"The legislation has expanded significantly from its original 1995 purpose. Originally designed simply as a holding account for small employer superannuation contributions, it has since been amended to also receive: (1) Government co-contributions for low income earners (Part 12A, added 2003), (2) Paid Parental Leave superannuation contributions (Part 12B, added 2010), and (3) superannuation guarantee shortfall components. The withdrawal conditions have also expanded from the original limited circumstances to include terminal medical conditions, former temporary resident status, and more flexible age-based access. The administrative framework has been updated to reference the Administrative Review Tribunal Act 2024, replacing earlier references to the Administrative Appeals Tribunal."},"complexity_factors":["Extensive cross-referencing with other Commonwealth legislation (Superannuation Guarantee Act, Income Tax Assessment Acts, Family Law Act, Migration Act, Social Security Act, etc.)","Multiple nested conditions for withdrawals with varying thresholds ($200 balance, age requirements, employment status, residency status)","Complex interest calculation methodology with 'allocation rates', 'gross interest amounts', 'net interest amounts', and 'Unallocated Interest Pool'","Detailed procedural requirements for deposits, transfers, and withdrawals including specific forms, declarations, and time limits","Special treatment for different deposit types (employer deposits vs government co-contributions vs PPL contributions) with modified rules in Parts 12A and 12B","14-day freezing periods and 24-hour delays for withdrawals with exceptions and extensions","Amalgamation rules for multiple accounts with interest adjustment calculations","10-year inactivity rules with debit and reclaim mechanisms"],"plain_english_summary":"This Act establishes a government-run superannuation holding account for employees with small superannuation balances. Here's what it does:\n\n**The basic idea**\nThe Australian Taxation Office (ATO) maintains a special account called the \"Superannuation Holding Accounts Special Account.\" Within this, individual \"notional accounts\" are kept for employees. The scheme was designed to protect small super balances from being eroded by fees that would otherwise apply in regular super funds.\n\n**Who can use it**\n- **Employees** with small super balances (originally intended for those with less than $1,200)\n- **Employers** can make deposits on behalf of employees instead of paying into a regular super fund\n- The scheme closed to new employer deposits after 1 July 2006, but existing accounts continue\n\n**Key features**\n- **Interest**: Calculated daily on account balances, credited quarterly. Interest is tax-free.\n- **$1,200 cap**: Interest only accrues on the first $1,200 of any balance. This was designed as an incentive for people to transfer larger balances to proper super funds.\n- **No direct access**: Employees generally cannot withdraw money directly. The main way to access funds is to request a transfer to a nominated superannuation fund or Retirement Savings Account (RSA).\n\n**When can money be withdrawn directly**\nIn limited circumstances, individuals can access their balance directly:\n- Balance under $200 and no longer employed by contributing employers\n- Receiving Commonwealth income support payments for sufficient periods (26 weeks generally, 39 weeks if over 55)\n- Permanent disability (certified by two doctors)\n- Terminal medical condition\n- Turning 65 years old\n- Being a former temporary resident who has left Australia\n- Death (paid to legal personal representative)\n\n**Other important rules**\n- Only one account per person (multiple accounts must be amalgamated)\n- Accounts inactive for 10 years are debited and transferred to unclaimed money, but can be reclaimed\n- Employers could claim tax deductions for deposits (up to $1,200 per employee per year)\n- Government co-contributions and Paid Parental Leave superannuation contributions can also be credited to these accounts\n- Decisions by the Commissioner of Taxation can be reviewed through reconsideration and then by the Administrative Review Tribunal\n\n**Why it matters**\nThis was a consumer protection measure for workers with small super balances who might otherwise see their savings eaten up by fees. It provides a low-cost, government-backed holding facility with tax-free interest until the balance grows large enough to justify transferring to a mainstream super fund, or until the individual meets specific conditions of release."}},"importantCases":[],"_links":{"self":"/api/acts/small-superannuation-accounts-act-1995","history":"/api/acts/small-superannuation-accounts-act-1995/history","analysis":"/api/acts/small-superannuation-accounts-act-1995/analysis","conflicts":"/api/acts/small-superannuation-accounts-act-1995/conflicts","importantCases":"/api/acts/small-superannuation-accounts-act-1995/important-cases","documents":"/api/acts/small-superannuation-accounts-act-1995/documents"}}