18Methods of payment

18 Methods of payment

(1) This section applies if a person lodges an effective acceptance on their own behalf or on behalf of another person in relation to a relevant debt. (2) For paragraph 3(1)(m) of Schedule 3 and subject to subsection (3), the resolution payment in relation to the debt must, according to the person’s election under paragraph 17(3)(b) be: (a) paid to the bank account nominated in the election; or (b) applied to reduce the outstanding amount of a debt of the person due to the Commonwealth under any prescribed Act.

Note: A payment nominee (see section 28) may nominate the payment nominee’s bank account.

(3) The Secretary may direct that the whole or a part of the resolution payment be paid in a different way to that provided for by the election. If the Secretary gives a direction, the relevant amount must be paid in accordance with the direction.