Withdrawal of account balances
91F Withdrawal of account balances
Division 2 of Part 7 does not apply
Division 2 of Part 7 (account frozen for 14 days after deposit) does not apply to a deposit made under this Part.
Modification of section 61 (transfer to RSA or superannuation fund at individual’s request)
To the extent to which the balance in an individual’s account represents deposits made under this Part, section 61 applies to the account as if the reference in subparagraph (2)(b)(i) to a regulated superannuation fund were a reference to a complying superannuation fund.
Section 63 does not apply
Section 63 (withdrawal of account balance of less than $200 where individual has ceased to be employed by depositor) does not apply to an individual’s account to the extent that the balance in the account represents deposits made under this Part.
Interpretation
A reference in this section to the balance of an individual’s account to the extent to which it represents deposits made under this Part is a reference to that balance to the extent to which it represents:
deposits made under this Part; and
interest accruing on deposits made under this Part.
This Act’s bill:Second reading speech
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