Superannuation (Government Co-contribution for Low Income Earners) (Consequential Amendments) Act 2003 (111 of 2003)

Schedule 1   Amendments consequential on the Superannuation (Government Co contribution for Low Income Earners) Act 2003

Part 1   Amendments

Small Superannuation Accounts Act 1995

15   After Part 12

Insert:

Part 12A - Government co-contributions for low income earners

91A Commissioner of Taxation may deposit Government co-contributions for low income earners into individual’s account

In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may deposit into an individual’s account a Government co-contribution payable in respect of the individual.

91B Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4

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.

91C Deposit not held on trust etc.

(1) Section 33 applies to a deposit made under this Part.

(2) None of the other provisions of Part 4 apply to a deposit made under this Part.

91D Crediting of deposits

(1) Part 5 does not apply to a deposit made under this Part.

(2) An amount equal to a deposit made under this Part is to be transferred from the Consolidated Revenue Fund to the Reserve.

(3) As soon as practicable after the amount is transferred to the Reserve under subsection (2), the individual’s account is to be credited with an amount equal to the deposit.

91E Debiting account with overpayment of Government co-contribution

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.

91F Withdrawal of account balances

Division 2 of Part 7 does not apply

(1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.

Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)

(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.

Section 63 does not apply

(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.

Interpretation

(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:

(a) deposits made under this Part; and

(b) interest accruing on deposits made under this Part.

91G Refunds of deposits

Part 8 does not apply to deposits made under this Part.