Small Superannuation Accounts Act 1995

S 36 (simplified outline) substituted by No 8 of 2005, s 3 and Sch 1 item 334, effective 22 February 2005. For savings provisions see note under s 3 . The simplified outline formerly read:

• Interest is funded by transferring amounts from the Consolidated Revenue Fund to the Reserve.

• 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.

• Interest is credited each quarter on the allocation day.

• The allocation day is published in the Gazette .

• The rate at which interest accrues is called the allocation rate.

• The allocation rate is published in the Gazette .

• Interest will not accrue to an account in the following cases:

(a) a deposit is refunded;

(b) a shortfall component is incorrectly credited to the account;

(c) the $1,200 limit has been avoided by the use of multiple accounts.