Document ID: chunk:federal_register_of_legislation:C2010C00495:clause:1_162
Version: federal_register_of_legislation:C2010C00495
Segment Type: clause
Provision Reference: sch 1 cl 162
Character Range: 36476–37632

162  Subsection 65(1)
Repeal the subsection, substitute:

 (1) Except in a case covered by section 65A, 66 or 67, the Commissioner is required to deal with the amount of the shortfall component in one of the following ways:
 (a) in any case—pay the amount of the component, for the benefit of the employee, to:
 (i) an RSA; or
 (ii) an account with a complying superannuation fund; or
 (iii) an account with a complying approved deposit fund;
  that is held in the name of the employee and that is determined by the Commissioner to belong to the employee;
 (b) if the employee has nominated an RSA, a complying superannuation fund or a complying approved deposit fund in accordance with the regulations:
 (i) pay the amount of the component to the RSA or fund for the benefit of the employee; or
 (ii) make arrangements in accordance with the regulations to enable the amount of the component to be paid to the RSA or fund for the benefit of the employee;
 (c) if the employee has not made a nomination under paragraph (b)—credit the amount of the component to an account kept under the Small Superannuation Accounts Act 1995 in the name of the employee.