Small Superannuation Accounts Act 1995
PART 7
-
WITHDRAWAL OF ACCOUNT BALANCES
Division 5
-
Direct withdrawals of account balances by individuals
SECTION 62
62
SIMPLIFIED OUTLINE
The following is a simplified outline of this Division:
•
The balance of an individual
'
s account may be withdrawn if:
(a) the balance is less than $200; and
(b) the individual has ceased to be employed by all depositors.
•
The balance of an individual
'
s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.
•
The balance of an individual
'
s account may be withdrawn if the individual has retired because of permanent disability.
•
The balance of an individual
'
s account may be withdrawn if a terminal medical condition exists in relation to the individual.
•
The balance of an individual
'
s account may be withdrawn if the individual has turned 65.
•
The balance of an individual
'
s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:
(a) the individual is not in employment; or
(b) the individual is in employment, but the duties of the individual
'
s employment are performed wholly or principally outside Australia.
•
The balance of an individual
'
s account may be withdrawn if the individual is a former temporary resident.
The following is a simplified outline of this Division:
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