Commentary on Sections Childcare Accounts Section 25: Closure of childcare accounts
122.Section 25 contains provision about closing a childcare account.
123.Subsections (1) and (2) permit regulations to be made about closing childcare accounts. Regulations will include provision for non-active childcare accounts to be closed after two years, or one year in cases where the child is no longer a qualifying child, and provision for what is to happen to any funds remaining in the childcare account in such cases.