Small Superannuation Accounts Act 1995

PART 3 - ACCOUNTS  

Division 1 - Simplified outline  

SECTION 11  

11   SIMPLIFIED OUTLINE  

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The following is a simplified outline of this Part:

• Notional accounts are to be kept within the Special Account in the names of particular individuals.

• Section 13 outlines credits to accounts.

• Section 14 outlines debits to accounts.

• The Commissioner of Taxation may open or close an account.

• Accounts may have a nil balance.

• An individual may only have one account.

• Account balances are not held on trust.

• An individual's account balance will be notified to the individual in certain circumstances.

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History

S 11 (simplified outline) substituted by No 8 of 2005, s 3 and Sch 1 item 327, effective 22 February 2005. For savings provisions see note under s 3 . The simplified outline formerly read:

• Accounts are to be kept within the Reserve in the names of particular individuals.

• Section 13 outlines credits to accounts.

• Section 14 outlines debits to accounts.

• The Commissioner of Taxation may open or close an account.

• Accounts may have a nil balance.

• An individual may only have one account.

• Account balances are not held on trust.

• An individual's account balance will be notified to the individual in certain circumstances.

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