Document ID: chunk:federal_register_of_legislation:C2024C00458:section:123wj:p1
Version: federal_register_of_legislation:C2024C00458
Segment Type: section
Provision Reference: s 123WJ (pt 1/3)
Character Range: 611769–614472

123WJ  Payment of credit balances of income management accounts—person ceases to be subject to the income management regime

Scope
 (1) This section applies if:
 (a) at a particular time, a person (the first person) ceases to be subject to the income management regime; and
 (b) the first person's income management account has a credit balance at that time; and
 (c) if, immediately before the first person ceased to be subject to the income management regime, the first person was subject to the income management regime under section 123UC, 123UCA, 123UCB, 123UCC, 123UD, 123UE, 123UF or 123UFAA—the Secretary is satisfied that the first person is not likely to become subject to the income management regime within 60 days after the cessation; and
 (d) if, immediately before the first person ceased to be subject to the income management regime, the first person was subject to the income management regime under section 123UFA—the Secretary is satisfied that the first person is not likely to become subject to the income management regime under section 123UC, 123UCA, 123UCB, 123UCC, 123UD, 123UE, 123UF or 123UFAA within 60 days after the cessation.

Residual amount
 (2) For the purposes of this section, the residual amount is an amount equal to the credit balance of the first person's income management account.
 (3) The residual amount is payable to the first person in accordance with this section.

Payment by instalments
 (4) The Secretary may determine that the whole or a part of the residual amount is to be paid to the first person by instalments. The instalments are to be paid on the days specified in a determination made by the Secretary.
 (5) The days specified in the determination must occur within the 12‑month period beginning when the person ceased to be subject to the income management regime.
 (6) If an instalment is paid under subsection (4):
 (a) the Income Management Record is debited by an amount equal to the amount of the instalment; and
 (b) the first person's income management account is debited by an amount equal to the amount of the instalment.

Lump sum payment
 (7) The Secretary may determine that the whole or a part of the residual amount is to be paid to the first person as a single lump sum on a day determined by the Secretary.
 (8) The day specified in the determination must occur within the 12‑month period beginning when the person ceased to be subject to the income management regime.
 (9) The Secretary must not make a determination under subsection (7) unless:
 (a) the lump sum is $200 or less; or
 (b) the Secretary is satisfied that there are special circumstances that warrant the making of the determination; or
 (c) immediately before