Small Superannuation Accounts Act 1995

PART 9 - INACTIVE ACCOUNTS  

SECTION 75  

75   SIMPLIFIED OUTLINE  

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The following is a simplified outline of this Part:

• If an individual's account is inactive for 10 years, the account balance is to be debited from the Special Account.

• The individual may claim the account balance from the Commissioner of Taxation.

• The Commissioner of Taxation must keep a register of individuals' account balances debited.

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History

S 75 (simplified outline) substituted by No 8 of 2005, s 3 and Sch 1 item 358, effective 22 February 2005. For savings provisions see note under s 3 . The simplified outline formerly read:

• If an individual's account is inactive for 10 years, the account balance will be transferred to the Consolidated Revenue Fund.

• The individual may claim the account balance from the Commissioner of Taxation.

• The Commissioner of Taxation must keep a register of account balances transferred to the Consolidated Revenue Fund.

S 75 amended by No 128 of 1999 and No 48 of 1998.

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