Repayments if your entitlement to a credit ceases for a release authority relating to an FHSS determination
131-80 Repayments if your entitlement to a credit ceases for a release authority relating to an FHSS determination
Repaying the superannuation provider if it still holds a superannuation interest for you
If:
a *superannuation provider pays an amount (the released amount) to the Commissioner under section 131‑35 or 131‑40 in relation to you; and
your entitlement under section 131‑65 to a credit relating to the released amount ceases under subsection 131‑30(4) or 138‑13(3); and
the Commissioner reasonably believes that the provider still holds a *superannuation interest for you; and
the Commissioner reasonably believes that, were the released amount to be repaid to the provider, the provider:
could allocate the repayment (the repaid amount) to that superannuation interest; and
could later pay an amount equal to the repaid amount in response to a release authority issued under this Division in relation to a later *first home super saver determination given to you;
the Commissioner must repay the released amount to the provider.
The Commissioner must make the repayment within 30 *business days after the day the Commissioner starts holding the reasonable belief necessary to satisfy both paragraphs (1)(c) and (d).
What happens if the original provider cannot be repaid
However, if the Commissioner cannot repay the released amount under subsection (1), the Commissioner must only pay an equivalent amount to the released amount if an item of the following table applies.
When the Commissioner must pay the equivalent amount | ||
|---|---|---|
Item | If the Commissioner reasonably believes that: | then the Commissioner must pay the equivalent amount to: |
1 | (a) another release authority has been issued under section 131‑15: (i) to another *superannuation provider in relation to you; and (ii) in relation to a *first home super saver determination (an FHSS determination) given to you; and (b) the other provider still holds a *superannuation interest for you; and (c) were the equivalent amount to be paid to the other provider, the other provider: (i) could allocate the equivalent amount to that superannuation interest; and (ii) could later pay an amount equal to the equivalent amount in response to a release authority issued under this Division in relation to a later FHSS determination given to you | the other *superannuation provider. |
2 | (a) another *superannuation provider holds a *superannuation interest for you; and (b) you or your *legal personal representative has notified the Commissioner of this in the *approved form | the other *superannuation provider. |
3 | (a) you satisfy a condition of release, with a nil cashing restriction, of benefits specified in a standard referred to in paragraph 31(2)(h) of the Superannuation Industry (Supervision) Act 1993; and (b) you or your *legal personal representative has notified the Commissioner of this in the *approved form | you or your *legal personal representative (as applicable). |
The Commissioner must pay the equivalent amount:
in accordance with the item of the table that is the first to so apply; and
within 30 *business days after the day that item starts to so apply.
This Act’s bill:Second reading speech
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