Document ID: chunk:federal_register_of_legislation:F2001B00159:body:0:p2
Version: federal_register_of_legislation:F2001B00159
Segment Type: other
Provision Reference: 
Character Range: 2660–3708

person in accordance with this regulation is determined to be an exempt lump sum under paragraph 5H (12) (c) of the Act, and is therefore not part of the person's ordinary income for the purposes of the Act — see the definition of ordinary income in subsection 5H (1) of the Act.

5 Payment into bank account

 (1) This regulation applies if the Commission has determined, under section 122 of the Act, that a compensation payment under these Regulations is to be paid to the credit of a bank account nominated and kept by a person.

 (2) The account may be an account that is kept by the person alone, or jointly or in common with another person.

Note   A pecuniary benefit that is payable to a person under the Act:
(a) is payable in the way the Commission determines — see subsection 122 (4) of the Act; and
(b) may, on request by the person, be paid to another person if the Commission approves the payment to that other person — see subsection 122 (2) of the Act.

Note

1. Notified in the Commonwealth of Australia Gazette on 31 May 2001.