Small Superannuation Accounts Act 1995

PART 7 - WITHDRAWAL OF ACCOUNT BALANCES  

Division 2 - No withdrawals for 14 days after deposit credited to account etc.  

SECTION 57  

57   SIMPLIFIED OUTLINE  
The following is a simplified outline of this Division:

  • • An individual's account will be frozen for 14 days after a deposit is credited to the account.
  • • The delay gives the depositor a chance to apply for a refund of the deposit.
  • • If the depositor applies for a refund of the deposit, the 14-day period will be extended until the application is finalised.
  • • Accounts will be frozen for 14 days after a shortfall component is credited to the account.
  • • The delay gives the Commissioner of Taxation a chance to correct mistakes.

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