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SMALL SUPERANNUATION ACCOUNTS ACT 1995 - SECT 62

Simplified outline

    The following is a simplified outline of this Division:

  The balance of an individual's account may be withdrawn if:

  (a)   the balance is less than $200; and

  (b)   the individual has ceased to be employed by all depositors.

  The balance of an individual's account may be withdrawn if the individual is in receipt of Commonwealth income support payments for a sufficient period.

  The balance of an individual's account may be withdrawn if the individual has retired because of permanent disability.

  The balance of an individual's account may be withdrawn if a terminal medical condition exists in relation to the individual.

  The balance of an individual's account may be withdrawn if the individual has turned 65.

  The balance of an individual's account may be withdrawn if the individual is at least 55 years old and is not an Australian resident for income tax purposes and:

  (a)   the individual is not in employment; or

  (b)   the individual is in employment, but the duties of the individual's employment are performed wholly or principally outside Australia.

  The balance of an individual's account may be withdrawn if the individual is a former temporary resident.



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