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

334   Section 36 (simplified outline)

Repeal the simplified outline, substitute:

• Interest is funded by crediting amounts to the Special Account.

• Interest accrues to an account on the daily balance of the account. Interest only accrues on the first $1,200 of the balance of the account.

• Interest is credited each quarter on the allocation day.

• The allocation day is published in the Gazette.

• The rate at which interest accrues is called the allocation rate.

• The allocation rate is published in the Gazette.

• Interest will not accrue to an account in the following cases:

(a) a deposit is refunded;

(b) a shortfall component is incorrectly credited to the account;

(c) the $1,200 limit has been avoided by the use of multiple accounts.