Small Superannuation Accounts Act 1995

PART 6 - CREDITING OF INTEREST  

Division 1 - Simplified outline  

SECTION 36  

36   SIMPLIFIED OUTLINE  

View history reference

The following is a simplified outline of this Part:

• Interest is funded by crediting amounts to the Special Account.

• Interest accrues to an account on the daily balance of the account. Interest only accrues on the first $1,200 of the balance of the account.

• Interest is credited each quarter on the allocation day.

• The allocation day is published in the Gazette .

• The rate at which interest accrues is called the allocation rate.

• The allocation rate is published in the Gazette .

• Interest will not accrue to an account in the following cases:

(a) a deposit is refunded;

(b) a shortfall component is incorrectly credited to the account;

(c) the $1,200 limit has been avoided by the use of multiple accounts.

 View history note

 Hide history note

History

S 36 (simplified outline) substituted by No 8 of 2005, s 3 and Sch 1 item 334, effective 22 February 2005. For savings provisions see note under s 3 . The simplified outline formerly read:

• Interest is funded by transferring amounts from the Consolidated Revenue Fund to the Reserve.

• Interest accrues to an account on the daily balance of the account. Interest only accrues on the first $1,200 of the balance of the account.

• Interest is credited each quarter on the allocation day.

• The allocation day is published in the Gazette .

• The rate at which interest accrues is called the allocation rate.

• The allocation rate is published in the Gazette .

• Interest will not accrue to an account in the following cases:

(a) a deposit is refunded;

(b) a shortfall component is incorrectly credited to the account;

(c) the $1,200 limit has been avoided by the use of multiple accounts.

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.