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

338   Section 40 (simplified outline)

Repeal the simplified outline, substitute:

• Interest is funded by crediting the net interest amount to the Special Account.

• An Unallocated Interest Pool is to be kept within the Special Account.

• Unallocated interest is represented by the balance of the Unallocated Interest Pool.

• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.

• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.