Small Superannuation Accounts Act 1995

PART 6 - CREDITING OF INTEREST  

Division 3 - Funding of interest  

SECTION 40  

40   SIMPLIFIED OUTLINE  

View history reference

The following is a simplified outline of this Division:

• Interest is funded by crediting the net interest amount to the Special Account.

• An Unallocated Interest Pool is to be kept within the Special Account.

• Unallocated interest is represented by the balance of the Unallocated Interest Pool.

• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.

• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.

 View history note

 Hide history note

History

S 40 (simplified outline) substituted by No 8 of 2005, s 3 and Sch 1 item 338, effective 22 February 2005. For savings provisions see note under s 3 . The simplified outline formerly read:

• Interest is funded by transferring the net interest amount from the Consolidated Revenue Fund to the Reserve.

• An Unallocated Interest Pool is to be kept within the Reserve.

• Unallocated interest is represented by the balance of the Unallocated Interest Pool.

• In special cases, the Unallocated Interest Pool may be supplemented by transferring money from the Consolidated Revenue Fund.

• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be transferred to the Consolidated Revenue Fund.

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.