Small Superannuation Accounts Act 1995

PART 7 - WITHDRAWAL OF ACCOUNT BALANCES  

Division 1 - Simplified outline  

SECTION 56  

56   SIMPLIFIED OUTLINE  

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The following is a simplified outline of this Part:
  • • There are 3 types of withdrawals of account balances:
  • (a) transfers of account balances to superannuation funds or RSAs;
  • (b) direct withdrawals of account balances by individuals;
  • (c) withdrawals of account balances after death.
  • • Under Part 8 , a depositor has 14 days to apply for a refund of a deposit on the grounds that the deposit was made by mistake. During the 14-day period, the individual's account will be frozen.
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