Superannuation (Government Co-contribution for Low Income Earners) Amendment Regulations 2004 (No. 1) (Cth)

Superannuation (Government

Co-contribution for Low Income Earners) Amendment Regulations 2004 (No. 1)1

Statutory Rules 2004 No. 1512

I, PHILIP MICHAEL JEFFERY, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation (Government Co-contribution for Low Income Earners) Act 2003.

Dated 24 June 2004

P. M. JEFFERY

Governor-General

By His Excellency’s Command

HELEN COONAN

Minister for Revenue and Assistant Treasurer

1Name of Regulations

These Regulations are the Superannuation (Government

Co-contribution for Low Income Earners) Amendment Regulations 2004 (No. 1).

2Commencement

These Regulations commence on the date of their notification in the Gazette.

3Amendment of Superannuation (Government

Co-contribution for Low Income Earners) Regulations 2004

Schedule 1 amends the Superannuation (Government

Co-contribution for Low Income Earners) Regulations 2004.

Schedule 1Amendments

(regulation 3)

  

[1]Regulation 3, after definition of contributed amounts

insert

eligible account, for a member, means an account held by the member with a complying superannuation fund or an RSA:

1. (a)

   in relation to which the Commissioner has not been advised that the account will not accept Government

   co-contributions; and

2. (b)

   that is not an account for which the conditions of release are any of those mentioned in items 102, 103 or 109 of Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 only; and

3. (c)

   that has not commenced paying a pension or an annuity.

[2]Regulation 4, note

omit

[3]After regulation 4

insert in Division 2.1

5Determining where a Government co-contribution or underpaid amount is to be directed

1. (1)

   For subsections 15 (3) and 19 (6) of the Act, the Commissioner must determine that a Government co-contribution or an underpaid amount is to be paid in respect of a person in accordance with the following table.

Item	Person’s circumstances	Government co-contribution or underpaid amount is to be paid to:
1	The Commissioner is satisfied that the person is deceased	The person’s legal personal representative
2	The Commissioner is satisfied that the person has retired and no longer has an eligible account	The person
3	The person has nominated an eligible account to the Commissioner for the purpose of receiving a Government co-contribution	The eligible account
4	The person has 1 or more eligible accounts and has not nominated an eligible account to the Commissioner for the purpose of receiving a Government co-contribution	(a) If 1 of the eligible accounts has received a Government co-contribution in the current financial year — that eligible account (b) If paragraph (a) does not apply, the eligible account to which the person has made the greatest amount of eligible personal superannuation contributions in the most recent financial year for which the Commissioner has received a statement in respect of the member under section 26 of the Act (c) If paragraphs (a) and (b) do not apply, the eligible account with the most recently opened account date, for which the Commissioner has received a statement in respect of the member under section 26 of the Act (d) If paragraphs (a), (b) and (c) do not apply, the eligible account with the highest account balance in the most recent financial year for which the Commissioner has received a statement in respect of the member under section 26 of the Act (e) If paragraphs (a), (b), (c) and (d) do not apply, the eligible account determined by the Commissioner
5	The person does not have an eligible account	A new or existing account of the person in the Superannuation Holding Accounts Account

Note The Small Superannuation Accounts Act 1995 established the Superannuation Holding Accounts Reserve (SHAR) and provided that after the commencement of the Financial Management and Accountability Act 1997, the SHAR was a component of the Reserved Money Fund — see section 8 of that Act. The Financial Management Legislation Amendment Act 1999 converted the SHAR into a Special Account for the purposes of the Financial Management and Accountability Act 1997 with the name Superannuation Holdings Accounts Account — see section 5 of that Act.

1. (2)

   If the person nominates an eligible account for item 3 in the table in subregulation (1), the nomination has effect until:

   1. (a)

      the person nominates another eligible account; or

   2. (b)

      the nominated account stops accepting Government

      co-contributions for the person; or

   3. (c)

      the nominated account ceases to be an eligible account.

[4]Schedule 2, Part 2, item 106

omit

[5]Schedule 3, Part 2, item 205

omit

[6]Schedule 3, Part 3, item 306

omit

Notes

1. These Regulations amend Statutory Rules 2004 No. 13.

2. Notified in the Commonwealth of Australia Gazette