Paid Parental Leave Amendment (Adding Superannuation for a More Secure Retirement) Act 2024 (90 of 2024)

Schedule 1   Main amendments

Small Superannuation Accounts Act 1995

11   After Part 12A

Insert:

Part 12B - PPL superannuation contributions

91H Commissioner of Taxation may deposit PPL superannuation contribution into individual's account

In addition to the deposits that may be made under Part 4, the Commissioner of Taxation may credit to an individual's account a PPL superannuation contribution payable for the individual.

91J Act generally applies to deposits under this Part in the same way as it applies to deposits under Part 4

Except as provided for in this Part, this Act applies to a deposit made under this Part in the same way as it applies to a deposit made under Part 4.

91K Deposit not held on trust etc.

(1) Section 33 applies to a deposit made under this Part.

(2) None of the other provisions of Part 4 apply to a deposit made under this Part.

91L Crediting of deposits

(1) Part 5 does not apply to a deposit made under this Part.

(2) An amount equal to a deposit made under this Part is to be credited to the Special Account.

(3) As soon as practicable after the amount is credited to the Special Account under subsection (2), the individual's account is to be credited with an amount equal to the deposit.

91M Debiting account with overpayment of PPL superannuation contribution

Undersection 115Pof the Paid Parental Leave Act 2010, the Commissioner may, in certain circumstances, debit an individual's account as a way of recovering an overpayment of a PPL superannuation contribution if the account includes deposits made under this Part.

91N Withdrawal of account balances

Division 2 of Part 7 does not apply

(1) Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.

Modification of section 61 (transfer to RSA or superannuation fund at individual's request)

(2) To the extent to which the balance in an individual's account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.

Section 63 does not apply

(3) Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual's account to the extent that the balance in the account represents deposits made under this Part.

Interpretation

(4) A reference in this section to the balance of an individual's account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:

(a) deposits made under this Part; and

(b) interest accruing on deposits made under this Part.

91P Refunds of deposits

Part 8 does not apply to deposits made under this Part.