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

358   Section 75 (simplified outline)

Repeal the simplified outline, substitute:

• If an individual's account is inactive for 10 years, the account balance is to be debited from the Special Account.

• The individual may claim the account balance from the Commissioner of Taxation.

• The Commissioner of Taxation must keep a register of individuals' account balances debited.