Document ID: chunk:federal_register_of_legislation:F2023C00950:reg:14
Version: federal_register_of_legislation:F2023C00950
Segment Type: reg
Provision Reference: reg 14
Character Range: 13752–15739

14  Transferring balances to an active account—more than one eligible fund
 (1) For the purposes of subsection 24NA(3) of the Act, if:
 (a) under subsection 24NA(1) of the Act, the Commissioner holds a superannuation amount (within the meaning of that subsection) in respect of a person; and
 (b) there is more than one fund in relation to which paragraphs 24NA(2)(b), (c), (d) and (e) of the Act are satisfied in respect of the person (there is more than one eligible fund);
the Commissioner must pay the superannuation amount in respect of the person in accordance with this regulation.
 (2) The Commissioner must pay the superannuation amount in respect of the person to the following eligible fund for crediting to the person:
 (a) if the Commissioner has made any payment under subsection 17(2) or section 20H, 20QF, 21E, 22B, 24G or 24NA of the Act to an eligible fund for crediting to the person during the financial year in which the Commissioner pays the superannuation amount under subsection 24NA(2) of the Act:
 (i) if there is only one such eligible fund—that eligible fund; or
 (ii) if there is more than one such eligible fund—the eligible fund to which the Commissioner has most recently made any of those payments;
 (b) if paragraph (a) does not apply—the eligible fund that most recently received an amount in respect of the person during the period consisting of:
 (i) the financial year in which the Commissioner pays the superannuation amount under subsection 24NA(2) of the Act; and
 (ii) the immediately preceding financial year;
 (c) if paragraphs (a) and (b) do not apply—the eligible fund that holds the largest account balance for the person at the end of the last completed financial year preceding the day on which the Commissioner pays the superannuation amount under subsection 24NA(2) of the Act;
 (d) if paragraphs (a), (b) and (c) do not apply—the eligible fund determined by the Commissioner.

Part 7—Prescribed public sector superannuation schemes