Small Superannuation Accounts Act 1995

PART 7 - WITHDRAWAL OF ACCOUNT BALANCES

Division 2 - No withdrawals for 14 days after deposit credited to account etc.

SECTION 57

57 SIMPLIFIED OUTLINE
The following is a simplified outline of this Division:

• An individual's account will be frozen for 14 days after a deposit is credited to the account.

• The delay gives the depositor a chance to apply for a refund of the deposit.

• If the depositor applies for a refund of the deposit, the 14-day period will be extended until the application is finalised.

• Accounts will be frozen for 14 days after a shortfall component is credited to the account.

• The delay gives the Commissioner of Taxation a chance to correct mistakes.