Document ID: chunk:federal_register_of_legislation:C2022C00273:section:20qa:p2
Version: federal_register_of_legislation:C2022C00273
Segment Type: section
Provision Reference: s 20QA (pt 2/2)
Character Range: 95405–97041

the Retirement Savings Accounts Act 1997 (for an RSA), or paragraph 32(2)(c) of the SIS Act (for an approved deposit fund), that are prescribed for the purposes of this paragraph; and
 (v) the account does not support or relate to a defined benefit interest (within the meaning of section 291‑175 of the Income Tax Assessment Act 1997).
Note: The balance of an account does not reflect any earnings, fees or charges that have not yet been credited to, or debited from, the account.
 (1A) However, an account in a fund that is a regulated superannuation fund is taken not to be an inactive low‑balance account if:
 (a) the account is held on behalf of a member of the fund; and
 (b) any of the following occurred in relation to the member in the last 16 months:
 (i) the member changed the member's investment options under the fund;
 (ii) the member made changes in relation to the member's insurance coverage under the fund;
 (iii) the member made or amended a binding beneficiary nomination;
 (iv) the member, by written notice given to the superannuation provider, made an election that the account was not an inactive low‑balance account.
 (2) A person on whose behalf a superannuation provider holds an inactive low‑balance account is an inactive low‑balance member.
 (3) In a regulated superannuation fund, each MySuper product or choice product to which an inactive low‑balance account relates in whole or in part, and in relation to which subparagraphs (1)(a)(iv), (v), (viii) and (ix) are satisfied, is an inactive low‑balance product in the inactive low‑balance account.

Division 2—Statements on inactive low‑balance accounts