SMALL SUPERANNUATION ACCOUNTS ACT 1995

PART 7 - WITHDRAWAL OF ACCOUNT BALANCES  

Division 5 - Direct withdrawals of account balances by individuals  

SECTION 62   62   SIMPLIFIED OUTLINE  


The following is a simplified outline of this Division:
  • · The balance of an individual ' s account may be withdrawn if:
  • (a) the balance is less than $200; and
  • (b) the individual has ceased to be employed by all depositors.
  • · The balance of an individual ' s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.
  • · The balance of an individual ' s account may be withdrawn if the individual has retired because of permanent disability.
  • · The balance of an individual ' s account may be withdrawn if a terminal medical condition exists in relation to the individual.
  • · The balance of an individual ' s account may be withdrawn if the individual has turned 65.
  • · The balance of an individual ' s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:
  • (a) the individual is not in employment; or
  • (b) the individual is in employment, but the duties of the individual ' s employment are performed wholly or principally outside Australia.
  • · The balance of an individual ' s account may be withdrawn if the individual is a former temporary resident.

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