Document ID: chunk:federal_register_of_legislation:C2024C00458:section:123up
Version: federal_register_of_legislation:C2024C00458
Segment Type: section
Provision Reference: s 123UP
Character Range: 605759–607008

123UP  Payment of credit balances of income management account to BasicsCard bank account
 (1) This section applies if a person becomes subject to the enhanced income management regime (within the meaning of Part 3AA) on a day (the trigger day).
Note: A person who is subject to the income management regime can request to transfer to the enhanced income management regime (see section 123SIA).
 (2) Despite any other provision of this Part, the Secretary may, on a day (the payment day) before the end of 60 days beginning on the trigger day, pay, to the credit of a BasicsCard bank account (within the meaning of Part 3AA) maintained by the person, an amount equal to the credit balance (if any) of the person's income management account as at the end of the day before the payment day.
 (3) Immediately after any such payment:
 (a) the Income Management Record is debited by an amount equal to the payment; and
 (b) the person's income management account is debited by an amount equal to the payment.
 (4) Despite any other provision of this Part, the person cannot become subject to the income management regime under any provision of this Part at any time on or after the trigger day.

Division 3—Establishment of the Income Management Record