Superannuation (Government Co-Contribution for Low Income Earners) Regulations 2004 (Repealed)
For subsections 15(3) and 19(6) of the Act and subject to subregulation (3), the Commissioner must determine that a Government co-contribution or an underpaid amount is to be paid in respect of a person in accordance with the following table.
| Item | Person ' s circumstances | Government co-contribution or underpaid amount is to be paid to: | |
| 1 | The Commissioner is satisfied that the person is deceased | The person ' s legal personal representative | |
| 2 | The Commissioner is satisfied that the person has retired and no longer has an eligible account | The person | |
| 3 | The person has nominated an eligible account to the Commissioner for the purpose of receiving a Government co-contribution | The eligible account | |
| 4 | The person has 1 or more eligible accounts and has not nominated an eligible account to the Commissioner for the purpose of receiving a Government co-contribution | (a) | If 1 of the eligible accounts has received a Government co-contribution in the current financial year - that eligible account |
| (b) | If paragraph (a) does not apply, the eligible account:
(i) to which the person has made the greatest amount of eligible personal superannuation contributions; or (ii) with the greatest amount of concessional contributions; in the most recent financial year for which the Commissioner has received a statement in respect of the member under section 390-5 of Schedule 1 to the Taxation Administration Act 1953 |
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| (c) | If paragraphs (a) and (b) do not apply, the eligible account with the most recently opened account date, for which the Commissioner has received a statement in respect of the member under section 390-5 of Schedule 1 to the Taxation Administration Act 1953 | ||
| (d) | If paragraphs (a), (b) and (c) do not apply, the eligible account with the highest account balance in the most recent financial year for which the Commissioner has received a statement in respect of the member under section 390-5 of Schedule 1 to the Taxation Administration Act 1953 | ||
| (e) | If paragraphs (a), (b), (c) and (d) do not apply, the eligible account determined by the Commissioner | ||
| 5 | The person does not have an eligible account | A new or existing account of the person in the Superannuation Holding Accounts Special Account |
Note:
The Small Superannuation Accounts Act 1995 established the Superannuation Holding Accounts Reserve (SHAR) and provided that after the commencement of the Financial Management and Accountability Act 1997 , the SHAR was a component of the Reserved Money Fund - see section 8 of that Act.
The Financial Management Legislation Amendment Act 1999 converted the SHAR into a Special Account for the purposes of the Financial Management and Accountability Act 1997 , with the name Superannuation Holding Accounts Account - see section 5 of that Act.
The Financial Framework Legislation Amendment Act 2005 renamed the Special Account as the Superannuation Holding Accounts Special Account - see item 324 of Schedule 1 to that Act.
View history note
Hide history note5(2)
If the person nominates an eligible account for item 3 in the table in subregulation (1), the nomination has effect until:
(a) the person nominates another eligible account; or
(b) the nominated account stops accepting Government co-contributions for the person; or
(c) the nominated account ceases to be an eligible account.
5(3)
A paragraph in item 4 of the table in subregulation (1) does not apply to a payment if the Commissioner is reasonably satisfied that the eligible account mentioned in that paragraph will not or cannot accept the payment.
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