Small Superannuation Accounts Act 1995

PART 3 - ACCOUNTS  

Division 5 - Rules about accounts  

SECTION 19   ACCOUNT BALANCES NOT HELD ON TRUST ETC.  

19(1)    

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Money credited to an individual ' s account is not held on trust.

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History

S 19(1) substituted by No 62 of 2014, s 3 and Sch 12 item 129, effective 1 July 2014. S 19(1) formerly read:

19(1)
Money credited to an individual's account:

(a) is not held on trust; and

(b) is not special public money for the purposes of section 16 of the Financial Management and Accountability Act 1997 .

S 19(1) amended by No 152 of 1997.

19(2)    
The Commonwealth is not liable to pay, repay or refund money credited to an individual's account except as provided by this Act.

Note:

Under section 69A of the Superannuation Guarantee (Administration) Act 1992 , if a shortfall component of superannuation guarantee charge has been incorrectly credited to an individual's account, the account may be debited for the purposes of reversing the credit.

19(3)    
(Repealed by No 152 of 1997)

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