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

338   Section 40 (simplified outline)

Repeal the simplified outline, substitute:

• Interest is funded by crediting the net interest amount to the Special Account.

• An Unallocated Interest Pool is to be kept within the Special Account.

• Unallocated interest is represented by the balance of the Unallocated Interest Pool.

• In special cases, the Unallocated Interest Pool may be supplemented by crediting an amount to the Special Account.

• Since interest only accrues on the first $1,200 of an account balance, it is possible for a surplus to build up in the Unallocated Interest Pool. The surplus can be debited from the Special Account.


Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).