Small Superannuation Accounts Act 1995

This section applies to an individual’s account if no amount was credited to the account under:

Part 5 of this Act; or

section 65 of the Superannuation Guarantee (Administration) Act 1992;

Part 5 of this Act deals with deposits.

Section 65 of the Superannuation Guarantee (Administration) Act 1992 deals with the crediting of superannuation guarantee shortfalls.

As soon as practicable after the end of that period, the Commissioner must record information about the account.

If the individual’s tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.

As soon as practicable after the end of that period, an amount equal to the balance of the individual’s account as at the end of that period is to be debited from the Special Account.

If an amount is debited from the Special Account under subsection (4), the individual’s account is debited by an amount equal to the amount debited from the Special Account.

If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.

If:

an amount has been debited from the Special Account under subsection (4) in respect of the individual’s account; and

the individual has died;

The Commissioner of Taxation must comply with a request under subsection (6) or (7).

The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).