Small Superannuation Accounts Act 1995

PART 9 - INACTIVE ACCOUNTS  

SECTION 76   NO ACTIVITY FOR 10 YEARS  

76(1)   When section applies.  

This section applies to an individual's account if no amount was credited to the account under:


(a) Part 5 of this Act; or


(b) section 65 of the Superannuation Guarantee (Administration) Act 1992 ;

at any time during a period of 10 consecutive financial years.

Note 1:

Part 5 of this Act deals with deposits.

Note 2:

Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.

76(2)   Statement to be given to the Commissioner.  

As soon as practicable after the end of that period, the Commissioner must record information about the account.

76(3)   Tax file number.  

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.

76(4)   Debit from the Special Account.  

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.

76(5)   Debiting of individual's account balance.  

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.

76(6)   Claim by individual.  

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.

76(7)   Claim by individual's legal personal representative.  

If:


(a) an amount has been debited from the Special Account under subsection (4) in respect of the individual's account; and


(b) the individual has died;

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.

76(8)   Payments.  

The Commissioner of Taxation must comply with a request under subsection (6) or (7).

76(9)   Appropriation.  

The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).




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