Small Superannuation Accounts Act 1995

PART 4 - DEPOSITS  

SECTION 24  

24   SIMPLIFIED OUTLINE  
The following is a simplified outline of this Part:

  • • A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit .
  • • The deposit must be accompanied by a deposit form.
  • • The deposit form must include certain declarations.
  • • The 2 key declarations are:
  • (a) that the depositor is the employer, or former employer, of the individual; and
  • (b) that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.
  • • A defect in the deposit form will not result in the invalidity of the deposit.
  • • A deposit form may deal with multiple payments.
  • • Deposits are not held on trust.

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