Small Superannuation Accounts Act 1995

PART 3 - ACCOUNTS  

Division 4 - Opening and closing of accounts  

SECTION 16  

16   CLOSING OF ACCOUNTS  
The Commissioner of Taxation may close an individual ' s account if the balance of the account is nil and:


(a) the balance of the account was nil throughout the preceding period of 2 years; or


(b) the balance of the account has been withdrawn under section 61 , 65 , 65A , 66 , 67 , 67A or 91E ; or


(c) the individual has died; or


(d) the individual asks the Commissioner of Taxation to close the account; or


(e) the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).

Note 1:

Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.

Note 2:

Section 65 deals with individuals who retire because of disability.

Note 2A:

Section 65A deals with individuals in relation to whom terminal medical conditions exist.

Note 3:

Section 66 deals with individuals who have turned 65.

Note 4:

Section 67 deals with individuals who are not Australian residents for income tax purposes etc.

Note 5:

Section 67A deals with individuals who have permanently departed from Australia.

Note 6:

Section 91E deals with debiting of accounts to recover overpayments of Government co-contributions.




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