Timing of withdrawals

Current

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For the purposes of this Act, the balance of an account is taken to have been withdrawn at the time when a payment is made under this Part in respect of the account.

This Act’s bill:Second reading speech

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60 Timing of withdrawals