Small Superannuation Accounts Act 1995

PART 4 - DEPOSITS

SECTION 24

24 SIMPLIFIED OUTLINE
The following is a simplified outline of this Part:

• 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 .

• The deposit must be accompanied by a deposit form.

• The deposit form must include certain declarations.

• The 2 key declarations are:

(a) that the depositor is the employer, or former employer, of the individual; and

(b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.

• A defect in the deposit form will not result in the invalidity of the deposit.

• A deposit form may deal with multiple payments.

• Deposits are not held on trust.