Financial Framework Legislation Amendment Act 2005 (8 of 2005)

Schedule 1   Amendments relating to the Financial Management Legislation Amendment Act 1999 and Special Accounts

Part 2   Special Accounts and references to paid to the Consolidated Revenue Fund

Small Superannuation Accounts Act 1995

327   Section 11 (simplified outline)

Repeal the simplified outline, substitute:

• Notional accounts are to be kept within the Special Account in the names of particular individuals.

• Section 13 outlines credits to accounts.

• Section 14 outlines debits to accounts.

• The Commissioner of Taxation may open or close an account.

• Accounts may have a nil balance.

• An individual may only have one account.

• Account balances are not held on trust.

• An individual's account balance will be notified to the individual in certain circumstances.