Withdrawal of account balance—terminal medical condition
65A Withdrawal of account balance—terminal medical condition
Withdrawal request
This section applies to an individual’s account if:
the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and
a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.
Form of withdrawal request
The withdrawal request must be:
in writing; and
in a form approved in writing by the Commissioner of Taxation.
Compliance with withdrawal request
The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.
Special Account to be debited
The Special Account is debited for the purposes of making the payment.
Individual’s account to be debited
When the payment is made, the individual’s account is debited by the amount of the payment.
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