Small Superannuation Accounts Act 1995

PART 8 - REFUNDS OF DEPOSITS  

SECTION 72   REFUNDS - FALSE OR DEFECTIVE DEPOSIT FORMS ETC.  

72(1)   When section applies.  

This section applies if:


(a) a deposit or purported deposit was made in respect of an individual; and


(b) the individual's account was credited with an amount equal to the deposit or purported deposit; and


(c) the credit was made in consequence of the deposit or purported deposit; and


(d) the deposit or purported deposit was accompanied by a deposit form, or a purported deposit form, that, in so far as it related to the deposit or purported deposit:


(i) contained a declaration, or information, that was false or misleading in a material particular; or

(ii) had some other defect or irregularity; and


(e) the balance of the individual's account is attributable, in whole or in part, to the deposit or purported deposit.

72(2)   Refund payment.  

The Commissioner of Taxation may decide to pay to the depositor or purported depositor an amount (the ``refund payment'' ) equal to the deposit or purported deposit.

72(3)   Special Account to be debited.  

View history reference

The Special Account is debited for the purposes of making the refund payment.

 View history note

72(4)   Individual's account to be debited.  

When the refund payment is made, the individual's account is debited by the amount of the refund payment.

72(5)   Part 7 obligations prevail.  

The Commissioner of Taxation must not exercise a power conferred by this section in a manner that would be inconsistent with an obligation imposed on him or her by Part 7 .

Note:

Part 7 deals with withdrawals.

 

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