Superannuation (Government Co-Contribution for Low Income Earners) Regulations 2004 (Repealed)

PART 2 - CO-CONTRIBUTIONS

Division 2.1 - Administration

REGULATION 5 DETERMINING WHERE A GOVERNMENT CO-CONTRIBUTION OR UNDERPAID AMOUNT IS TO BE DIRECTED

5(1)
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
		(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

History

Reg 5(1) amended by SLI No 202 of 2013, reg 4 and Sch 1 items 1 and 2, by inserting " and subject to subregulation (3) " after " the Act " and substituting para (b) of table item 4, effective 7 August 2013. Para (b) of table item 4 formerly read:

(b) If paragraph (a) does not apply, the eligible account to which the person has made the greatest amount of eligible personal superannuation 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

Reg 5(1) amended by SLI No 72 of 2007, reg 3 and Sch 1 item 1, by substituting table item 4, applicable in relation to a financial year commencing on or after 1 July 2007. Table item 4 formerly read:

4 ...

(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 to which the person has made the greatest amount of eligible personal superannuation contributions in the most recent financial year for which the Commissioner has received a statement in respect of the member under section 26 of the Act

(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 26 of the Act

(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 26 of the Act

(e) If paragraphs (a), (b), (c) and (d) do not apply, the eligible account determined by the Commissioner

Reg 5(1) amended by SLI No 218 of 2005, reg 3 and Sch 1 items 30 and 31, by substituting " Superannuation Holding Accounts Special Account " for " Superannuation Holding Accounts Account " in item 5 of the table and substituting the note, effective 8 October 2005. The note formerly read:

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 Holdings Accounts Account - see section 5 of that Act.

5(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.

View history note

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