s 57
In forceSimplified outline
Part 7Withdrawal of account balances
Division 2No withdrawals for 14 days after deposit credited to account etc.
57 Simplified outline
The following is a simplified outline of this Division:
• An individual’s account will be frozen for 14 days after a deposit is credited to the account.
• The delay gives the depositor a chance to apply for a refund of the deposit.
• If the depositor applies for a refund of the deposit, the 14‑day period will be extended until the application is finalised.
• Accounts will be frozen for 14 days after a shortfall component is credited to the account.
• The delay gives the Commissioner of Taxation a chance to correct mistakes.
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