Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Commission may direct that the whole or a part of a person's compensation is to be paid, at the intervals that the Commission specifies, to the credit of an account with:
(a) a bank; or
(b) if the person is physically outside Australia--a foreign corporation that takes money on deposit.
This subsection is subject to subsection (3A).
(3) The compensation:
(a) must not be paid into an account until the person has nominated an account; and
(b) must be paid in accordance with the Commission's direction.
Note: For rules about nomination of accounts, see subsections (3D) to (3F).
(3AA) In specifying intervals in a direction under subsection (1), the Commission may take account of a person's choice, notified to the Commission, to be paid energy supplement quarterly. This does not limit the Commission's powers under that subsection.
Compensation must be paid into an account
(3A) A person's compensation must be paid to the credit of an account with a bank, or a foreign corporation that takes money on deposit, in the circumstances specified under subsection (3C).
Note: Sections 432 and 433 deal with payments to trustees.
(3C) The Commission may, by legislative instrument, specify circumstances for the purposes of subsection (3A).
Nomination of accounts
(3D) The account referred to in subsection (1) or (3A) must be one that is:
(a) nominated, at any time by the person, for the purposes of this section; and
(b) maintained by the person (including an account maintained jointly or in common with another person).
(3E) However, if:
(a) there is no nomination of an account by the person in force for the purposes of this section; and
(b) there is a nomination of an account (the existing account) by the person in force for the purposes of subsection 122A(1) of the Veterans' Entitlements Act 1986;
the existing account is taken to be an account nominated by the person for the purposes of this section.
(3F) Subsection (3E) ceases to apply in relation to the person if, in accordance with subsection (3D), the person nominates an account for the purposes of this section.
(4) In this section:
"account" means an account, maintained by a person, to which money received on deposit by a bank, or a foreign corporation, from that person is credited.
"bank" includes a body corporate that is an ADI (authorised deposit - taking institution) for the purposes of the Banking Act 1959 .