Small Superannuation Accounts Act 1995

PART 7 - WITHDRAWAL OF ACCOUNT BALANCES  

Division 5 - Direct withdrawals of account balances by individuals  

SECTION 66   WITHDRAWAL OF ACCOUNT BALANCE - INDIVIDUAL TURNS 65  

66(1)   When section applies.  

This section applies to an individual's account if the individual has turned 65.

66(2)   Withdrawal decision.  

The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.

66(3)   Withdrawal request.  

The individual may give the Commissioner of Taxation a request (the ``withdrawal request'' ) to make a payment under subsection (2).

66(4)   Form of withdrawal request.  

The withdrawal request must be:

(a) in writing; and

(b) in a form approved in writing by the Commissioner of Taxation.

66(5)   Compliance with withdrawal request.  

The Commissioner of Taxation must comply with the withdrawal request.

66(6)   Special Account to be debited.  

The Special Account is debited for the purposes of making the payment.

66(7)   Individual's account to be debited.  

When the payment is made, the individual's account is debited by the amount of the payment.