Small Superannuation Accounts Act 1995

S 40 (simplified outline) substituted by No 8 of 2005, s 3 and Sch 1 item 338, effective 22 February 2005. For savings provisions see note under s 3 . The simplified outline formerly read:

• Interest is funded by transferring the net interest amount from the Consolidated Revenue Fund to the Reserve.

• An Unallocated Interest Pool is to be kept within the Reserve.

• Unallocated interest is represented by the balance of the Unallocated Interest Pool.

• In special cases, the Unallocated Interest Pool may be supplemented by transferring money from the Consolidated Revenue Fund.

• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be transferred to the Consolidated Revenue Fund.