Small Superannuation Accounts Act 1995
PART 3
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ACCOUNTS
Division 6
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Notification of account balances
SECTION 23
NOTIFICATION WHEN ACCOUNT BALANCE REACHES $1,200
23(1)
When section applies.
(a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and
(b) the individual's current address is known to the Commissioner of Taxation. 23(2) Notification.
(a) setting out the balance of the account; and
(b) explaining the effect of sections 49 and 61 ; and
(c) suggesting that the individual make a request under section 61 .
This section applies to an individual's account if:
(a) a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and
(b) the individual's current address is known to the Commissioner of Taxation. 23(2) Notification.
As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:
(a) setting out the balance of the account; and
(b) explaining the effect of sections 49 and 61 ; and
(c) suggesting that the individual make a request under section 61 .
Note 1:
Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.
Note 2:
Section 61 provides for the transfer of the balance of the account to a superannuation fund.
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