Financial Framework Legislation Amendment Act 2005 (8 of 2005)

Schedule 1   Amendments relating to the Financial Management Legislation Amendment Act 1999 and Special Accounts

Part 2   Special Accounts and references to paid to the Consolidated Revenue Fund

Small Superannuation Accounts Act 1995

318   Section 3 (simplified explanation)

Omit:

• The Australian Taxation Office has accounts that allow employers to deposit money for their employees instead of making superannuation contributions.

substitute:

• The Australian Taxation Office administers a Special Account. Notional accounts are kept within the Special Account. Employers may deposit money for their employees instead of making superannuation contributions. These deposits are credited to the notional accounts.