Small Superannuation Accounts Act 1995


Division 5 - Direct withdrawals of account balances by individuals  


64(1)   Withdrawal request.  

This section applies to an individual's account if:

(a) the individual gives the Commissioner of Taxation a request (the " withdrawal request " ) for the withdrawal of the account balance; and

(b) the individual has been in receipt of one or more Commonwealth income support payments for:

(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

(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

(c) the individual gives the Commissioner of Taxation:

(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

(ii) such other evidence of the individual's receipt of relevant Commonwealth income support payments as is prescribed.

64(2)   Form of withdrawal request.  

The withdrawal request must be:

(a) in writing; and

(b) in a form approved in writing by the Commissioner of Taxation.

64(3)   Compliance with withdrawal request.  

The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.

64(4)   Special Account to be debited.  

The Special Account is debited for the purposes of making the payment.

64(5)   Individual's account to be debited.  

When the payment is made, the individual's account is debited by the amount of the payment.


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.


In this section:

Commonwealth income support payment

(a) any of the following payments (as defined in section 23 of the Social Security Act 1991 ):

(i) a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full-time study);

(ii) a social security pension;

(iii) a service pension;

(iv) an income support supplement; or

(b) - (c) (Repealed by No 13 of 2014)

(d) a payment of salary or wages made under the employment scheme of the Commonwealth that is known as the Community Development Employment Projects Scheme; or

(e) any other payment prescribed for the purposes of this definition.

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