Small Superannuation Accounts Act 1995

PART 7 - WITHDRAWAL OF ACCOUNT BALANCES  

Division 5 - Direct withdrawals of account balances by individuals  

SECTION 62  

62   SIMPLIFIED OUTLINE  

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The following is a simplified outline of this Division:

• The balance of an individual ' s account may be withdrawn if:

(a) the balance is less than $200; and

(b) the individual has ceased to be employed by all depositors.

• The balance of an individual ' s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.

• The balance of an individual ' s account may be withdrawn if the individual has retired because of permanent disability.

• The balance of an individual ' s account may be withdrawn if a terminal medical condition exists in relation to the individual.

• The balance of an individual ' s account may be withdrawn if the individual has turned 65.

• The balance of an individual ' s account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:

(a) the individual is not in employment; or

(b) the individual is in employment, but the duties of the individual ' s employment are performed wholly or principally outside Australia.

• The balance of an individual ' s account may be withdrawn if the individual is a former temporary resident.

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History

S 62 amended by No 23 of 2018, s 3 and Sch 1 item 27, by inserting " • The balance of an individual ' s account may be withdrawn if a terminal medical condition exists in relation to the individual. " , effective 1 April 2018. For general application and transitional provisions, see note under s 65A .

S 62 (simplified outline) amended by No 27 of 2009, s 3 and Sch 2 item 55, by substituting the last bullet point in the section, effective 27 March 2009. The point formerly read:

• The balance of an individual ' s account may be withdrawn if:

(a) the individual was the holder of an eligible temporary residents visa that has expired or been cancelled; and

(b) the individual has permanently departed from Australia.

S 62 amended by No 15 of 2002, s 3 and Sch 1 item 19, by inserting the last bullet point in the section, applicable to payments made on or after 1 July 2002.

S 62 amended by No 96 of 1999.

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