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

329   Section 14

Repeal the section, substitute:

14 Outline of debits to accounts

The following is a simplified outline of the types of debits that may be made to an individual's account. These debits also involve debiting the Special Account.

Transfer to superannuation fund or RSA

• Under section 61, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund or RSA.

Balance of less than $200 - individual has ceased to be employed by all depositors

• Under section 63, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if:

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

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

Receipt of Commonwealth income support payments

• Under section 64, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.

Disability

• Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.

Individual turns 65

• Under section 66, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has turned 65.

Individual at least 55 years old and not an Australian resident

• Under section 67, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual 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.

Permanent departure from Australia

• The balance of the amount standing to the credit of an individual's account may be debited from the Special Account 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.

Death of individual

• Under section 68, if the individual dies, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual's legal personal representative.

Refunds of deposits

• Under Part 8, an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits that were:

(a) accompanied by false or defective deposit forms; or

(b) made by mistake.