Simplified outline
24 Simplified outline
The following is a simplified outline of this Part:
• A person may make a payment to the Commissioner of Taxation under section 25 in respect of an individual. The payment is called a deposit.
• The deposit must be accompanied by a deposit form.
• The deposit form must include certain declarations.
• The 2 key declarations are:
that the depositor is the employer, or former employer, of the individual; and
that the depositor is making the deposit instead of making a superannuation contribution in respect of the individual.
• A defect in the deposit form will not result in the invalidity of the deposit.
• A deposit form may deal with multiple payments.
• Deposits are not held on trust.
This Act’s bill:Second reading speech
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