Small Superannuation Accounts Act 1995

PART 7 - WITHDRAWAL OF ACCOUNT BALANCES  

Division 2 - No withdrawals for 14 days after deposit credited to account etc.  

SECTION 58   NO WITHDRAWALS FOR 14 DAYS AFTER DEPOSIT CREDITED TO ACCOUNT ETC.  

58(1)   When section applies.  

This section applies to an individual ' s account if:

(a)    a deposit, or purported deposit, was made in respect of the individual; and

(b)    as a result of the deposit or purported deposit, an amount was credited to the account under Part 5 at a particular time (the " deposit time " ); and

(c)    a request under this Part (the " individual ' s request " ) is made during the period of 14 days beginning at the deposit time.

58(2)   Individual ' s request frozen for 14 days.  

The individual ' s request has no effect at any time during that 14-day period.

Note:

This gives the depositor a chance to apply for a refund of the deposit.

58(3)   Individual ' s request frozen for additional period.  

If an application for a refund of the deposit or purported deposit was made under section 73 during that 14-day period, then:

(a)    if the refund application is granted - the individual ' s request has no effect at any time; or

(b)    

if the refund application is refused - the individual ' s request has no effect at a particular time if:

(i) the time is after the refund application is made but before the end of the period of 21 days after the giving of the notice of refusal; or

(ii) if, during that 21-day period, the refund applicant asks the Commissioner of Taxation to reconsider the refund application - the time is during the period when that reconsideration, or any later application to the Administrative Review Tribunal, has not been finalised.

58(3A)    

For the purposes of subsection (3) , a reference to the Administrative Review Tribunal is taken to include a reference to the Administrative Appeals Tribunal.

58(4)   When reconsiderations finalised.  

For the purposes of this section, a reconsideration of a decision is taken not to have been finalised during the period of 28 days after:

(a)    if, because of the operation of subsection 82(5) , the decision is taken to be confirmed - the day on which the decision is taken to have been confirmed; or

(b)    in any other case - the day on which the decision on the reconsideration is notified to the refund applicant.