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

339   Sections 41 and 42

Repeal the sections, substitute:

41 Crediting of net interest amount to the Special Account

As soon as practicable after the end of a quarter, an amount equal to the net interest amount for the quarter is to be credited to the Special Account.

Note: Net interest amount is defined by section 39.

42 Unallocated Interest Pool

Pool

(1) For accounting purposes, a separate notional subcomponent, called the Unallocated Interest Pool, is to be kept within the Special Account.

Credits to Pool

(2) An amount credited to the Special Account under section 41 is to be credited to the Unallocated Interest Pool.

Debits from Pool

(3) The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual's account.