10ATransferring balances to an active account—more than one eligible fund

10A Transferring balances to an active account—more than one eligible fund

(1) This regulation is made for the purposes of subsection 24NA(3) of the Act. (2) This regulation applies if: (a) under subsection 24NA(1) of the Act, the Commissioner holds a superannuation amount (within the meaning of that subsection) in respect of a person; and (b) there is more than one fund in relation to which paragraphs 24NA(2)(b), (c), (d) and (e) of the Act are satisfied in respect of the person (there is more than one eligible fund). (3) The Commissioner must pay the superannuation amount in respect of the person in accordance with this regulation. (4) The Commissioner must pay the superannuation amount in respect of the person to the following eligible fund for crediting to the person: (a) if the Commissioner has made a payment under subsection 17(2) or section 20H, 20QF, 24G or 24NA of the Act to an eligible fund for crediting to the person during the financial year in which the payment day for the superannuation amount occurs—that eligible fund; (b) if paragraph (a) does not apply—the eligible fund that most recently received an amount in respect of the person during the financial year in which the payment day for the superannuation amount occurs or the immediately preceding financial year; (c) if paragraphs (a) and (b) do not apply—the eligible fund that holds the largest account balance for the person at the end of the last completed financial year preceding the payment day for the superannuation amount; (d) if paragraphs (a), (b) and (c) do not apply—the eligible fund determined by the Commissioner. (5) In this regulation:

payment day, for a superannuation amount in respect of a person, is the day on which the Commissioner pays the superannuation amount to a fund in accordance with this regulation.