Treasury Laws Amendment (2018 Measures No. 1) Act 2018 (23 of 2018)

Schedule 1   Regulatory reform

Part 4   Terminal medical conditions

Small Superannuation Accounts Act 1995

28   After section 65

Insert:

65A Withdrawal of account balance - terminal medical condition

Withdrawal request

(1) This section applies to an individual's account if:

(a) the individual gives the Commissioner of Taxation a request (the withdrawal request ) for the withdrawal of the account balance; and

(b) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.

Form of withdrawal request

(2) The withdrawal request must be:

(a) in writing; and

(b) in a form approved in writing by the Commissioner of Taxation.

Compliance with withdrawal request

(3) The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.

Special Account to be debited

(4) The Special Account is debited for the purposes of making the payment.

Individual's account to be debited

(5) When the payment is made, the individual's account is debited by the amount of the payment.