Document ID: chunk:federal_register_of_legislation:F2022L00155:reg:5
Version: federal_register_of_legislation:F2022L00155
Segment Type: reg
Provision Reference: reg 5
Character Range: 9840–11577

5     The person does not have an eligible account                                                                                                                          A new or existing account of the person in the Superannuation Holding Accounts Special Account

 (2) If the person nominates an eligible account for the purposes of item 3 of the table in subsection (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.
 (3) A paragraph in column 2 of item 4 of the table in subsection (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.
 (4) For the purposes of paragraphs (b), (c) and (d) in column 2 of item 4 of the table in subsection (1), disregard an eligible account (the first account) if:
 (a) the Commissioner has never received a statement under section 390‑5 in Schedule 1 to the Taxation Administration Act 1953 in respect of the person and the first account; or
 (b) the Commissioner has received a statement under section 390‑5 in Schedule 1 to the Taxation Administration Act 1953 in respect of the person that:
 (i) relates to any other eligible account of the person; and
 (ii) relates to a period that ends later than the most recent such statement received by the Commissioner in respect of the person and the first account.
 (5) If 2 or more items of the table in subsection (1) apply to a payment, only the item that is the earliest in the table is to be used.

Division 2—Payment of co‑contribution