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Superannuation Legislation Amendment Bill (No. 2) 1999
Schedule 1 Amendment of the Small Superannuation Accounts Act 1995

   

1  Section 14

Omit “$500” (wherever occurring), substitute “$200”.

2  Section 14

Omit:

Financial hardship

•      Under section 64, the balance of the account may be withdrawn and paid to the individual if the individual is in severe financial hardship.

substitute:

Receipt of Commonwealth income support payments

•      Under section 64, the balance of the account may be withdrawn and paid to the individual if the individual is in receipt of Commonwealth income support payments for a sufficient period.

3  Section 14

Omit:

Individual not an Australian resident

substitute:

Individual at least 55 years old and not an Australian resident

4  Section 14

Before “not an Australian resident for”, insert “at least 55 years old and is”.

5  Section 62

Omit “$500”, substitute “$200”.

6  Section 62

Omit:

•      The balance of an individual’s account may be withdrawn if the individual is in severe financial hardship.

substitute:

•    The balance of an individual’s account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.

7  Section 62

Before “not an Australian resident”, insert “at least 55 years old and is”.

8  Paragraph 63(1)(d)

Omit “$500”, substitute “$200”.

Note:       The heading to section 63 is altered by omitting “ $500 ” and substituting “ $200 ”.

9  Paragraph 64(1)(b)

Repeal the paragraph, substitute:

                     (b)  the individual has been in receipt of one or more Commonwealth income support payments for:

                              (i)  if the person is at least 55 years of age—a period of at least 39 weeks, or for 2 or more periods that total at least 39 weeks, since the person turned 55; or

                             (ii)  in any case—for an unbroken period of at least 26 weeks (other than such a period that ended before the withdrawal request was given); and

                     (c)  the individual gives the Commissioner of Taxation:

                              (i)  written evidence of the individual’s receipt of relevant Commonwealth income support payments provided by the Commonwealth Department or agency that is responsible for administering the payment; or

                             (ii)  such other evidence of the individual’s receipt of relevant Commonwealth income support payments as is prescribed.

Note:       The heading to section 64 is altered by omitting “ severe financial hardship ” and substituting “ receipt of Commonwealth income support payments ”.

10  At the end of section 64

Add:

             (6)  For the purposes of subparagraph (1)(b)(ii), if an individual obtains evidence covered by subparagraph (1)(c)(i), the individual is, subject to evidence to the contrary, to be taken to have continued to have received the Commonwealth income support payment concerned for 21 days after the date of the written evidence.

             (7)  In this section:

Commonwealth income support payment means:

                     (a)  any of the following payments (as defined in section 23 of the Social Security Act 1991 ):

                              (i)  a social security benefit (other than an austudy payment or a youth allowance paid to a person who is undertaking full-time study);

                             (ii)  a social security pension;

                            (iii)  a service pension;

                            (iv)  an income support supplement; or

                     (b)  a drought relief payment under the Farm Household Support Act 1992 as in force immediately before the commencement of the Farm Household Support Amendment (Restart and Exceptional Circumstances) Act 1997 ; or

                     (c)  an exceptional circumstances relief payment under the Farm Household Support Act 1992 ; or

                     (d)  a payment of salary or wages made under the employment scheme of the Commonwealth that is known as the Community Development Employment Projects Scheme; or

                     (e)  any other payment prescribed for the purposes of this definition.

11  After paragraph 67(1)(b)

Insert:

                    (ba)  the individual is at least 55 years old when he or she gives the withdrawal request; and

12  Application of amendments

The amendments made by this Schedule apply in relation to requests given to the Commissioner of Taxation on or after the commencement of this Act.