Withdrawal of account balance—death of individual
68 Withdrawal of account balance—death of individual
Withdrawal request
This section applies to an individual’s account if:
the individual has died; and
the individual’s legal personal representative gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance.
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 legal personal representative 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.
This Act’s bill:Second reading speech
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