s 16

Closing of accounts

In force

The Commissioner of Taxation may close an individual’s account if the balance of the account is nil and:

(a)

the balance of the account was nil throughout the preceding period of 2 years; or

(b)

the balance of the account has been withdrawn under section 61, 65, 65A, 66, 67, 67A or 91E; or

(c)

the individual has died; or

(d)

the individual asks the Commissioner of Taxation to close the account; or

(e)

the balance of the account has been debited from the Special Account under Part 9 (which deals with inactive accounts).

Note 1:

Section 61 deals with individuals who request transfer of account balances to RSAs or superannuation funds.

Note 2:

Section 65 deals with individuals who retire because of disability.

Note 2A: Section 65A deals with individuals in relation to whom terminal medical conditions exist.

Note 3:

Section 66 deals with individuals who have turned 65.

Note 4:

Section 67 deals with individuals who are not Australian residents for income tax purposes etc.

Note 5:

Section 67A deals with individuals who have permanently departed from Australia.

Note 6:

Section 91E deals with debiting of accounts to recover overpayments of Government co‑contributions.

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