Small Superannuation Accounts Act 1995

PART 6 - CREDITING OF INTEREST  

Division 6 - Interest not to accrue in certain cases  

SECTION 53   INTEREST DOES NOT ACCRUE ON REFUNDED DEPOSITS  

53(1)   No interest.  

Despite section 49 , interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8 .

53(2)   Reversing interest credit.  

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If interest has been credited to an individual's account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.

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History

S 53(2) substituted by No 8 of 2005, s 3 and Sch 1 item 346, effective 22 February 2005. For savings provisions see note under s 3 . S 53(2) formerly read:

53(2) Reversing interest credit.  

If interest has been credited to an individual's account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account is debited by the amount of the refund payment.

53(3)   Unallocated Interest Pool to be credited.  

The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).

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