Withdrawal of account balance—individual turns 65
66 Withdrawal of account balance—individual turns 65
When section applies
This section applies to an individual’s account if the individual has turned 65.
Withdrawal decision
The Commissioner of Taxation may decide to pay to the individual an amount equal to the balance of the account immediately before the payment is made.
Withdrawal request
The individual may give the Commissioner of Taxation a request (the withdrawal request) to make a payment under subsection (2).
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 comply with the withdrawal request.
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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