Notification when account balance reaches $1,200
23 Notification when account balance reaches $1,200
When section applies
This section applies to an individual’s account if:
a particular credit to the account increases the balance of the account from a figure of less than $1,200 to a figure of $1,200 or more; and
the individual’s current address is known to the Commissioner of Taxation.
Notification
As soon as practicable after the credit is made, the Commissioner of Taxation must give the individual a written notice:
setting out the balance of the account; and
explaining the effect of sections 49 and 61; and
suggesting that the individual make a request under section 61.
Section 49 imposes a limit on the accrual of interest to accounts with balances of more than $1,200.
Section 61 provides for the transfer of the balance of the account to a superannuation fund.
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