Document ID: chunk:federal_register_of_legislation:C2013C00589:clause:1_327
Version: federal_register_of_legislation:C2013C00589
Segment Type: clause
Provision Reference: sch 1 cl 327
Character Range: 102673–103291

327  Section 11 (simplified outline)
Repeal the simplified outline, substitute:

         • Notional accounts are to be kept within the Special Account in the names of particular individuals.
         • Section 13 outlines credits to accounts.
         • Section 14 outlines debits to accounts.
         • The Commissioner of Taxation may open or close an account.
         • Accounts may have a nil balance.
         • An individual may only have one account.
         • Account balances are not held on trust.
         • An individual's account balance will be notified to the individual in certain circumstances.