Small Superannuation Accounts Act 1995

The following is a simplified outline of the types of credits that may be made to an individual’s account.

Deposits by employers

• Under section 25, the individual’s employer or former employer may make a deposit in respect of the individual. The employer or former employer will make the deposit instead of making a superannuation contribution in respect of the individual. The deposit will result in a credit to the individual’s account.

Superannuation guarantee shortfalls

• Under section 65 of the Superannuation Guarantee (Administration) Act 1992, if there is a shortfall component of a payment of superannuation guarantee charge in relation to the individual, the Commissioner of Taxation may credit the shortfall component to the individual’s account.

Interest

• Under Part 6, interest may be credited to the individual’s account.