s 60
In forceTiming of withdrawals
Part 7Withdrawal of account balances
Division 3Timing of withdrawals
60 Timing of withdrawals
24‑hour delay
(1)
If a request is made under this Part, the Commissioner of Taxation must wait at least 24 hours before complying with the request.
Note:
This delay enables interest to be credited to the account.
When withdrawal occurs
(2)
For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.
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