Schedule 1 Amendments

(regulation 3)

[1] Regulation 3, definition of accumulation fund

omit

[2] Regulation 3, definition of allocated pension

substitute

allocated pension means a pension paid, within a range of minimum and maximum payments, from an identifiable lump sum, including:

(a) a pension provided under rules of a superannuation fund that meet the standards of subregulation 1.06 (4) of the SIS Regulations; and

(b) a pension provided under terms and conditions of an RSA that meet the standards of subregulation 1.07 (2) of the RSA Regulations.

[3] Regulation 3, definition of defined benefit fund

omit

[4] Regulation 3, after definition of member’s retirement age, including the note

insert

net earnings, in relation to a superannuation interest in a regulated superannuation fund, approved deposit fund or RSA to which the financial product disclosure provisions of the Corporations Regulations 2001 (being the provisions in Part 7.9 of those Regulations) apply, has the meaning given by regulation 7.9.01 of those Regulations.

[5] Regulation 3, definition of percentage-only interest

substitute

percentage-only interest has the meaning given by regulation 9A.

[6] Regulation 3, definition of relevant date, subparagraph (a) (ii)

substitute

(ii) if no date is agreed on by the parties to the agreement and the agreement is dated — the date shown on the agreement; or

(iii) if no date is agreed on by the parties to the agreement and the agreement is not dated — the date when a copy of the agreement is served on the trustee of the relevant eligible superannuation plan; and

[7] Regulation 3, after definition of trustee

insert

unflaggable interest has the meaning given by regulation 10A.

unsplittable interest has the meaning given by regulation 11.

[8] Regulation 3, definition of unit trust

omit

[9] After paragraph 5 (1) (a)

insert

(ab) the amount of salary, or allowance in the nature of salary, payable to another person (for example, a judicial officer, a member of the Commonwealth or a State Parliament, a member of the Legislative Assembly of a Territory);

[10] Subregulation 7 (1)

substitute

(1) This regulation applies to a superannuation interest of a member spouse in a superannuation fund that is not a regulated superannuation fund.

[11] Subregulation 7 (3)

substitute

(3) For this regulation, a releasing event is taken to have occurred in relation to a member spouse if:

(a) the member spouse has retired; or

(b) the member spouse has died; or

(i) has ceased to be gainfully employed (including if the member spouse has ceased temporarily to receive any gain or reward under a continuing arrangement for the member spouse to be gainfully employed); and

(ii) is unlikely, because of the ill health, ever again to engage in gainful employment for which the member spouse is reasonably qualified by education, training or experience; or

(d) the member spouse has turned 65; or

(e) in the case of a member spouse whose employer has contributed to the member spouse’s eligible superannuation plan in relation to the member spouse — the member spouse has ceased his or her employment with the employer.

[12] Subregulation 7 (4)

omit

In paragraph (3) (b):

insert

In paragraph (3) (e):

[13] After regulation 9

insert

9A Meaning of percentage-only interest (Act s 90MD)

For the definition of percentage-only interest in section 90MD of the Act, a superannuation interest in the Judges’ Pensions Act Scheme is prescribed.

[14] After regulation 10

insert

10A Meaning of unflaggable interest (Act s 90MD)

For the definition of unflaggable interest in section 90MD of the Act, a superannuation interest of a member spouse that is in the payment phase is prescribed.

[15] Regulation 11

omit

For the definition

insert

(1) Subject to subregulation (2), for the definition

[16] Regulation 11

insert

(2) This regulation does not apply to any of the following superannuation interests:

(a) a superannuation interest in the Judges’ Pensions Act Scheme;

(b) a superannuation interest in the scheme provided under the Judges’ Pensions Act 1971 of South Australia.

[17] Part 2, after the heading

insert

Division 2.1 General

[18] Paragraph 12 (1) (c)

substitute

(c) a pension payment to the member spouse that is made as a result of the member spouse’s ill health (whether physical or mental, but not including ill health that would constitute a permanent incapacity within the meaning given by subregulation 6.01 (2) of the SIS Regulations), unless the payment:

(i) is one of a series of payments of that kind that have been made to the member spouse for a period of at least 2 years; and

(ii) is made more than 2 years after the first payment of that kind was made to the member spouse;

[19] Paragraph 12 (1) (d)

substitute

(d) if the superannuation interest is in a superannuation fund that is not a regulated superannuation fund — a payment to the member spouse that is made on compassionate grounds as provided by the governing rules of the plan;

[20] Subregulation 12 (2), definitions of gainfully employed and member’s retirement age

omit

[21] Subparagraphs 13 (1) (b) (i) and (ii)

substitute

(i) immediately before the death of the member spouse, the child was dependent on the member spouse; and

(ii) at the date of the payment, the child has turned 18; and

(iii) the payment is made to enable the child to complete his or her education or, if the child has special needs because of a physical or intellectual disability, to provide maintenance and meet expenses in respect of those needs;

[22] Regulation 14

substitute

Division 2.2 Particular circumstances in which payments are not splittable payments

Subdivision 2.2.1 General

14 Circumstances in which payments are not splittable payments

A payment in respect of a superannuation interest of a member spouse, being a superannuation interest to which a particular superannuation agreement, flag lifting agreement or splitting order applies, is not a splittable payment for the purposes of applying Part VIIIB of the Act to that agreement or order, if the payment is made after the requirements of this Division have been satisfied in relation to the non-member spouse’s entitlement under the agreement or order in respect of the superannuation interest.

14A Meaning of certain expressions for Division 2.2

For this Division:

(a) relevant condition of release, in relation to a superannuation interest, means:

(i) if the superannuation interest is in a regulated superannuation fund — a condition of release mentioned in item 101, 102, 103 or 106 of Schedule 1 to the SIS Regulations; and

(ii) if the superannuation interest is in an approved deposit fund — a condition of release mentioned in item 201, 202, 203 or 206 of Schedule 1 to the SIS Regulations; and

(iii) if the superannuation interest is in an RSA — a condition of release mentioned in item 101, 102, 103 or 106 of Schedule 2 to the RSA Regulations; and

(b) a non-member spouse satisfies a relevant condition of release if the event specified in the condition has occurred in relation to the non‑member spouse; and

(c) in the application of item 101, 103, 201 or 203 of Schedule 1 to the SIS Regulations to a non-member spouse, a reference in:

(i) the definition of permanent incapacity in subregulation 6.01 (2) of the SIS Regulations; and

(ii) subregulation 6.01 (7) of the SIS Regulations;

to a member is taken to be a reference to the non-member spouse; and

(d) in the application of item 101 or 103 of Schedule 2 to the RSA Regulations to a non-member spouse, a reference in:

(i) the definition of permanent incapacity in subregulation 4.01 (2) of the RSA Regulations; and

(ii) subregulation 4.01 (4) of the RSA Regulations;

to an RSA holder is taken to be a reference to the non‑member spouse.

Subdivision 2.2.2 Superannuation interest that is not a percentage-only interest

Note Regulation numbers 14B to 14D have been reserved for future use.

14E Application of Subdivision 2.2.2

This Subdivision applies in relation to a superannuation interest that is not a percentage-only interest.

14F New interest created or amount transferred or rolled over or paid, under SIS Regulations or RSA Regulations, in satisfaction of non-member spouse’s entitlement

(1) The requirements of this Division are satisfied in relation to a non-member spouse’s entitlement under a particular superannuation agreement, flag lifting agreement or splitting order in respect of a superannuation interest of a member spouse if the requirements of subregulation (2) or (3) are satisfied.

(2) The requirements of this subregulation are satisfied if the trustee of the relevant eligible superannuation plan has, under the payment split provisions of the SIS Regulations, done any of the following things:

(a) created a new interest in the plan for the non‑member spouse;

(b) transferred or rolled over an amount equal to the value of the benefit that the non-member spouse would be required to have if a new interest had been created for the non‑member spouse under the payment split provisions of the SIS Regulations;

(c) paid to the non-member spouse the amount to which he or she is entitled in respect of the superannuation interest at the time of the payment.

(3) The requirements of this subregulation are satisfied if the trustee of the relevant eligible superannuation plan has, under the payment split provisions of the RSA Regulations, done any of the following things:

(a) opened a new RSA for the non‑member spouse;

(b) transferred or rolled over an amount equal to the value that the non-member spouse would be required to have if a new RSA had been opened for the non‑member spouse under the payment split provisions of the RSA Regulations;

(c) paid to the non-member spouse an amount that is at least the amount to which the non-member spouse is entitled in respect of the superannuation interest at the time of the payment.

(4) In this regulation:

payment split provisions of the RSA Regulations means the provisions of the RSA Regulations dealing with superannuation interests that are subject to a payment split.

payment split provisions of the SIS Regulations means the provisions of the SIS Regulations dealing with superannuation interests that are subject to a payment split.

14G New interest created or amount transferred or rolled over or paid by trustee (other than under regulation 14F) in satisfaction of non-member spouse’s entitlement under agreement or order

(1) This regulation applies to a superannuation interest (including an interest in respect of which benefits are payable as an allocated pension) in:

(a) a superannuation fund; or

(b) an approved deposit fund; or

(2) The requirements of this Division are satisfied in relation to a non-member spouse’s entitlement under a particular superannuation agreement, flag lifting agreement or splitting order in respect of a superannuation interest of a member spouse if the requirements of subregulation (3), (4), (5) or (6) are satisfied.

(3) Subject to subregulation (7), the requirements of this subregulation are satisfied if:

(a) the interest is not a defined benefit interest in a self managed superannuation fund; and

(b) the trustee of the relevant eligible superannuation plan has, in respect of the non-member spouse’s entitlement under the agreement or order and under the governing rules of the plan, done either of the following things:

(i) created a new interest in the plan for the non‑member spouse with a value of at least the value of the non‑member spouse’s entitlement in respect of the superannuation interest at the time the new interest is created;

(ii) transferred or rolled over to another superannuation fund or an RSA an amount, to be held for the benefit of the non-member spouse, with a value of at least the value of the non‑member spouse’s entitlement in respect of the superannuation interest at the time the amount is transferred or rolled over.

(4) Subject to subregulation (7), the requirements of this subregulation are satisfied if:

(a) the interest is a defined benefit interest in a self managed superannuation fund; and

(b) the trustee of the plan has, in respect of the non-member spouse’s entitlement under the agreement or order and under the governing rules of the plan, transferred or rolled over to another superannuation fund or an RSA an amount, to be held for the benefit of the non-member spouse, with a value of at least the value of the non‑member spouse’s entitlement in respect of the superannuation interest at the time the amount is transferred or rolled over.

(5) Subject to subregulation (7), the requirements of this subregulation are satisfied if:

(a) the interest is in a regulated superannuation fund, an approved deposit fund or an RSA; and

(b) the non‑member spouse has satisfied a condition of release in relation to the interest; and

(c) the trustee of the plan has, in respect of the non-member spouse’s entitlement under the agreement or order, paid to the non-member spouse an amount equal to the value of the non-member spouse’s entitlement in respect of the superannuation interest at the time of the payment.

(6) Subject to subregulation (7), the requirements of this subregulation are satisfied if:

(a) the interest is in a superannuation fund that is not a regulated superannuation fund; and

(b) the trustee of the plan has, in respect of the non-member spouse’s entitlement under the agreement or order, paid to the non-member spouse an amount equal to the value of the non-member spouse’s entitlement in respect of the superannuation interest at the time of the payment.

(7) Subregulations (3), (4), (5) and (6) do not apply if:

(a) the superannuation interest is a defined benefit interest; and

(b) the governing rules of the plan provide for the reduction of the benefit payable to any other member of the plan (other than the member spouse) as a result of the creation of the new interest for the non-member spouse, transfer or rollover of an amount to be held for the benefit of the non‑member spouse, or payment of the amount to the non‑member spouse.

(8) For this regulation, the value at a particular time of the non‑member spouse’s entitlement in respect of the superannuation interest is:

(a) the base amount allocated to the non-member spouse, or the adjusted base amount applicable to the non-member spouse at that time, less the amount of any fees payable by the non-member spouse under regulation 59; or

(b) if, under subparagraph 90MJ (1) (c) (iii) or paragraph 90MT (1) (b) of the Act, a specified percentage is to apply to all splittable payments in respect of the interest — the value of the interest at that time, determined in accordance with Part 5, multiplied by the specified percentage, less the amount of any fees payable by the non-member spouse under regulation 59.

14H Amount paid by member spouse in satisfaction of non-member spouse’s entitlement under agreement or order

(2) The requirements of this subregulation are satisfied if:

(a) the interest is in a regulated superannuation fund, an approved deposit fund or an RSA; and

(b) either of the following has happened:

(i) the non-member spouse has satisfied a relevant condition of release in relation to the interest, and the member spouse has paid to the non‑member spouse an amount in satisfaction of the non-member spouse’s entitlement in respect of the superannuation interest;

(ii) the non-member spouse has not satisfied a relevant condition of release in relation to the interest, and the member spouse has paid to another regulated superannuation fund or an RSA, an amount, to be held for the benefit of the non‑member spouse, in satisfaction of the non‑member spouse’s entitlement in respect of the superannuation interest; and

(d) after the payment mentioned in paragraph (b), a notice in accordance with Form 1 in Schedule 1, signed by the non‑member spouse in respect of the superannuation interest, has been served on the trustee of the plan.

(3) The requirements of this subregulation are satisfied if:

(a) the interest is in a superannuation fund that is not a regulated superannuation fund; and

(b) the member spouse has paid to the non-member spouse an amount in satisfaction of the non-member spouse’s entitlement in respect of the superannuation interest; and

(d) after the payment, a notice in accordance with Form 1 in Schedule 1, signed by the non‑member spouse in respect of the superannuation interest, has been served on the trustee of the plan.

Subdivision 2.2.3 Superannuation interest that is a percentage-only interest

Note Regulation numbers 14I to 14L have been reserved for future use.

14M Application of Subdivision 2.2.3

This Subdivision applies in relation to a superannuation interest that is a percentage-only interest.

14N New interest created or amount transferred or rolled over or paid by trustee in satisfaction of non-member spouse’s entitlement under agreement or order

(1) This regulation applies to a superannuation interest in:

(a) a superannuation fund; or

(b) an approved deposit fund; or

(3) Subject to subregulation (6), the requirements of this subregulation are satisfied if:

(a) the trustee of the relevant eligible superannuation plan has, in respect of the non-member spouse’s entitlement under the agreement or order and under the governing rules of the plan, done either of the following things:

(b) the interest was in the payment phase at the time the thing was done.

(4) Subject to subregulation (6), the requirements of this subregulation are satisfied if:

(a) the interest is in a regulated superannuation fund, an approved deposit fund or an RSA; and

(b) the non‑member spouse has satisfied a condition of release in relation to the interest; and

(c) the trustee of the plan has, in respect of the non-member spouse’s entitlement under the agreement or order, paid to the non‑member spouse an amount with a value of at least the non-member spouse’s entitlement in respect of the superannuation interest at the time of the payment; and

(d) the interest was in the payment phase at the time of the payment.

(5) Subject to subregulation (6), the requirements of this subregulation are satisfied if:

(a) the interest is in a superannuation fund that is not a regulated superannuation fund; and

(b) the trustee of the plan has, in respect of the non-member spouse’s entitlement under the agreement or order, paid to the non‑member spouse an amount with a value of at least the non-member spouse’s entitlement in respect of the superannuation interest at the time of the payment; and

(6) Subregulations (3), (4) and (5) do not apply if:

(a) the superannuation interest is a defined benefit interest; and

(7) For this regulation, the value at a particular time of the non‑member spouse’s entitlement in respect of the superannuation interest is the value at that time calculated in accordance with Schedule 1A.

[23] Paragraph 29 (a)

before

value

insert

gross

[24] Subregulation 31 (2)

substitute

(2) If a statement issued by the trustee of the plan in which the interest is held (being a member information statement or similar statement) that states the value of the interest at the relevant date is before the court in evidence in the relevant proceeding, the gross value of the interest at the relevant date is the value of the interest stated in the statement.

[25] Subregulation 31 (3), definition of V2, paragraph (b)

omit

between the relevant date and the second valuation date (excluding both those dates),

insert

beginning on the day after the relevant date and ending at the end of the second valuation date,

[26] Subregulation 31 (3), definition of D

substitute

D is the number of days in the period beginning on the day after the first valuation date and ending at the end of the second valuation date.

[27] Subregulation 31 (4)

substitute

(4) For the purpose of determining the gross value of a member spouse’s interest at the relevant date under subregulation (3):

(a) if, in relation to the interest, one member information statement only is before the court in evidence in the relevant proceeding, and the relevant date is after the valuation date stated in that statement:

(i) the first valuation date is the valuation date stated in that statement; and

(ii) the value of the interest at the first valuation date is the value of the interest stated in that statement; and

(iii) the second valuation date is a date after the relevant date that is within 28 days before the date when the valuation of the interest is being carried out; and

(iv) the value of the interest at the second valuation date is the value of the interest at that date; and

(b) if, in relation to the interest, 2 member information statements are before the court in evidence in the relevant proceeding, and the relevant date is between the valuation date stated in one of those statements (the first statement) and the valuation date stated in the other statement (the second statement):

(i) the first valuation date is the valuation date stated in the first statement; and

(ii) the value of the interest at the first valuation date is the value of the interest stated in the first statement; and

(iii) the second valuation date is the valuation date stated in the second statement; and

(iv) the value of the interest at the second valuation date is the value of the interest stated in the second statement; and

(c) if, in relation to the interest, one member information statement only is before the court in evidence in the relevant proceeding, and the relevant date is before the valuation date stated in that statement:

(i) the first valuation date is the date when the interest was acquired by the member spouse; and

(ii) the value of the interest at the first valuation date is the value of the interest at that date; and

(iii) the second valuation date is the valuation date stated in the statement; and

(iv) the value of the interest at the second valuation date is the value of the interest stated in the statement; and

(d) in any other case:

(i) the first valuation date is the date when the interest was acquired by the member spouse; and

(ii) the value of the interest at the first valuation date is the value of the interest at that date; and

(iii) the second valuation date is a date after the relevant date that is within 28 days before the date when the valuation of the interest is being carried out; and

(iv) the value of the interest at the second valuation date is the value of the interest at that date.

(4A) For subparagraphs (4) (a) (iv) and (d) (iv), the value of the interest at the second valuation date includes:

(a) any amount payable under an earlier payment split that applies in respect of the interest; and

(b) the amount of any surcharge debt of the member spouse in respect of the interest.

[28] Paragraph 32 (a)

before

value

insert

gross

[29] Subregulation 38 (3), note

before each mention of

value

insert

gross

[30] Subregulation 42 (2)

substitute

(2) If the pension is payable for the life of the member spouse, the gross value of the superannuation interest at the relevant date is to be determined using:

(a) if, under regulation 43A, the Minister has approved a method or factors to be used to determine the gross value of the interest — the approved method or factors; or

(b) in any other case — the method of valuation set out in Schedule 4.

[31] After regulation 43

insert in Part 5

43A Approval of methods and factors for valuing superannuation interest being paid as a life pension

(1) The Minister may approve, in writing, for the purposes of this regulation, methods or factors that are to be used to determine the gross value of a superannuation interest the benefits in respect of which are being paid as a pension that is payable for the life of the member spouse.

(2) An approval by the Minister under subregulation (1) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.

Note If the Minister approves a method or factors to be used to determine the gross value of a superannuation interest, the approved method or factors are to be used to determine the gross value of the interest instead of the method of valuation set out in Schedule 4 to these Regulations — see subregulation 42 (2).

[32] Regulation 44, heading

substitute

44 Definition for Part 6

[33] Regulation 44, definitions of accrual period, gainful employment and relevant condition of release

omit

[34] Regulation 46

omit

For section

insert

(1) For section

[35] Regulation 46

after the note, insert

(2) If the payment split is a second or later payment split applicable to the splittable payment, this Division applies as modified in accordance with Schedule 7.

Note Section 90MX of the Act makes provision in relation to the order in which multiple payment splits that apply to the same splittable payment are to be calculated.

[36] Subregulations 47 (2) and (3)

substitute

(2) After each adjustment period in relation to the superannuation interest, the trustee must, if necessary, adjust the base amount in accordance with the rate of interest that applied to the superannuation interest in that adjustment period under regulation 48.

Note Depending on the rate of interest that applied to the superannuation interest in an adjustment period, the base amount may be adjusted by a positive amount or a negative amount or, if the rate was nil, not adjusted.

(3) For this regulation and regulation 48, an adjustment period, for a superannuation interest, is:

(a) if a splittable payment becomes payable in respect of the interest before the end of the first year after the relevant operative time in that year — the period beginning at the beginning of the relevant operative time and ending at the end of the day before the splittable payment becomes payable; or

(b) if a splittable payment does not become payable in respect of the interest before the end of the first year after the relevant operative time in that year:

(i) the period beginning at the beginning of the relevant operative time in that year and ending at the end of that year; and

(ii) after that period:

(A) each year (if any) in which a splittable payment does not become payable in respect of the interest; and

(B) in the year in which a splittable payment becomes payable in respect of the interest — the period beginning at the beginning of that year and ending at the end of the day before the splittable payment becomes payable.

(4) In subregulation (3):

year means:

(a) for a superannuation interest in a regulated superannuation fund that has a year of income within the meaning of subsection 10 (1) of the SIS Act — a year of income; and

(b) for any other superannuation interest — a financial year.

[37] Regulation 48

substitute

48 Interest rates for adjustment of base amount

(1) The rate of interest that applies to a superannuation interest in an adjustment period is the interest rate that applies to the interest for the adjustment period under this regulation.

(2) Subject to subregulation (5), if the whole of the superannuation interest is an accumulation interest (other than an interest in a self managed superannuation fund), the interest rate for the adjustment period is:

(a) for an interest in a regulated superannuation fund, an approved deposit fund or an RSA:

(i) the rate of any allotment (being the allotment of a positive amount, a nil amount or a negative amount) to the member spouse of net earnings of the eligible superannuation plan for the adjustment period; or

(ii) if there has been no such allotment to the member spouse for the adjustment period, the rate mentioned in subregulation (3) for the adjustment period; and

(b) if the interest is in an exempt public sector superannuation scheme or a superannuation fund that is not a regulated superannuation fund:

(i) the rate of any allocation (being the allocation of a positive amount, a nil amount or a negative amount) to the member spouse of investment earnings (however described) of the eligible superannuation plan for the adjustment period; or

(ii) if there has been no such allocation to the member spouse for the adjustment period, the rate mentioned in subregulation (3) for the adjustment period.

(3) Despite subregulations (4) and (5) and subject to subregulation (6), if the superannuation interest is in a self managed superannuation fund, the interest rate for the adjustment period is the percentage change, rounded up or down to 1 decimal place (rounding up if the second decimal place has a value of 5 or more), in the original estimate of full-time adult ordinary time earnings for all persons in Australia, published by the Australian Bureau of Statistics in the document entitled ‘Average Weekly Earnings, Australia (Catalogue 6302.0)’, that applies for that adjustment period, plus 2.5 percentage points.

(4) Subject to subregulation (5), if any component of the superannuation interest is a defined benefit interest, the interest rate for the adjustment period is:

(a) subject to subregulation (6) and if paragraph (b) does not apply — the rate mentioned in subregulation (3); or

(b) if, for the adjustment period, the amount of the total benefits payable in respect of the defined benefit interest is calculated by applying a growth factor to a specified amount — that growth factor.

Example for paragraph (4) (b)

The interest rate mentioned in paragraph (4) (b) would apply for an adjustment period to a defined benefit interest of a member spouse in respect of which the benefit is defined by reference to the member spouse’s final salary and length of service if, in the adjustment period, the interest is converted to a withdrawal or resignation benefit and subsequently adjusted annually by the interest earned by the plan in which the interest is held, or another factor such as the consumer price index or average weekly ordinary time earnings.

(5) If different interest rates apply to different components of the superannuation interest (including an accumulation interest) in the adjustment period, the interest rate for the adjustment period is the weighted average crediting rate (which may be a positive rate, a rate of nil, or a negative rate) that applies to the superannuation interest in the adjustment period, expressed as a percentage, being the total amount of interest that applied in respect of all components of the superannuation interest in the adjustment period divided by the total value of the benefits in respect of all components of the superannuation interest at the beginning of the adjustment period.

Example

A member of an eligible superannuation plan has a superannuation interest the value of which, at the beginning of an adjustment period, is $60 000 (made up of personal contributions and interest valued at $20 000 and employer-financed benefits on resignation valued at $40 000). If the amount of the personal contributions and interest earned interest at the rate of 10% in an adjustment period, and the amount of the employer-financed benefits earned interest at the rate of 3% (the rate of the CPI) in the adjustment period, the weighted average crediting rate that would apply to the superannuation interest for the adjustment period would be 5.33% calculated as follows:

 The value of the interest that applied to the personal contributions and interest in the adjustment period was $2 000 (ie, $20 000  10%).

 The value of the interest that applied to the employer-financed benefits in the adjustment period was $1 200 (ie, $40 000  3%).

 The total interest earned in the adjustment period was therefore $3 200 (ie, $2 000  $1 200).

 The weighted average crediting rate that applies to the superannuation interest for the adjustment period is the total interest for the adjustment period ($3 200) divided by the total benefits at the beginning of the adjustment period ($60 000), expressed as a percentage — 5.33%.

(6) For subregulation (3) and paragraph (4) (a):

(a) if an adjustment period is exactly 12 months, the publication by the Australian Bureau of Statistics (ABS) of an estimate of full-time adult ordinary time earnings for the 12 month period ending most recently before the end of the adjustment period is taken to be the interest rate for the adjustment period; and

(b) if an adjustment period is more than 9 months but less than 12 months, the publication by the ABS of an estimate of full-time adult ordinary time earnings for the 9 month period ending most recently before the end of the adjustment period is taken to be the interest rate for the adjustment period; and

(c) if an adjustment period is more than 6 months but less than 9 months, the publication by the ABS of an estimate of full-time adult ordinary time earnings for the 6 month period ending most recently before the end of the adjustment period is taken to be the interest rate for the adjustment period; and

(d) if an adjustment period is more than 3 months but less than 6 months, the publication by the ABS of an estimate of full-time adult ordinary time earnings for the 3 month period ending most recently before the end of the adjustment period is taken to be the interest rate for the adjustment period; and

(e) if an adjustment period is less than 3 months, the publication by the ABS of an estimate of full-time adult ordinary time earnings for the 3 month period ending most recently before the end of the preceding adjustment period is taken to be the interest rate for the adjustment period.

[38] Subregulation 49 (1)

substitute

(1) This regulation applies in relation to the superannuation interest if:

(a) the splittable payment that the member spouse or other person is entitled to receive is a lump sum (other than a lump sum that the member spouse or other person may be entitled to receive because the member spouse or other person may choose, by way of a commutation of a pension payable to him or her, or otherwise, to take the whole, or a part, of the benefits in respect of the interest, as a lump sum); and

(b) the lump sum is equal to or more than the amount of the adjusted base amount applicable to the non‑member spouse at the time the splittable payment becomes payable.

[39] Subregulation 50 (1)

substitute

(1) This regulation applies in relation to the superannuation interest if:

(b) the lump sum is less than the amount of the adjusted base amount applicable to the non‑member spouse at the time the splittable payment becomes payable.

[40] Subregulation 51 (1)

omit

This subregulation

insert

This regulation

[41] Paragraph 51 (1) (b)

omit

the member spouse

insert

the member spouse or other person

[42] Paragraph 51 (1) (d)

omit each mention of

the member spouse

insert

the member spouse or other person

[43] Paragraph 51 (2) (a)

omit

the member spouse

insert

the member spouse or other person

[44] Subregulation 51 (3), definitions of Comm and Py+m

substitute

Comm is the commutation factor for converting to a lump sum, under the governing rules of the plan, a pension payable to the member spouse or other person, if the pension were to be converted to a lump sum at:

(a) if the relevant splittable payment in respect of the superannuation interest is payable to the member spouse — the date of the first splittable payment to the member spouse in respect of the superannuation after the operative time; or

(b) if the relevant splittable payment in respect of the superannuation interest is payable to another person for the benefit of the member spouse — the earliest date when the pension could be commuted to a lump sum; or

(c) if the relevant splittable payment in respect of the superannuation interest is payable to a reversionary beneficiary after the death of the member spouse — the date of the member spouse’s death; or

(d) if the relevant splittable payment in respect of the superannuation interest is payable to the legal personal representative of the member spouse after the death of the member spouse, or the legal personal representative of a reversionary beneficiary covered by paragraph 90ME (1) (d) of the Act after the death of that reversionary beneficiary — the earliest date at which the legal personal representative could choose to take the remaining benefits in respect of the interest as a lump sum.

Py+m is the pension valuation factor that applies to the particular pension payable to the member spouse or other person at the date that applies under the definition of the factor Comm in this subregulation, being:

(a) if, under regulation 43A, the Minister has approved a method or factors to be used to determine the gross value of a superannuation interest the benefits in respect of which are being paid as a pension that is payable for the life of the member spouse — the approved factor or the factor that applies under the approved method; or

(b) in any other case — the pension valuation factor under Schedule 4 or 5.

[45] Paragraph 51 (4) (a)

omit

the member spouse

insert

the member spouse or other person

[46] Paragraph 51 (4) (a)

omit

subregulation (5);

insert

subregulation (5) (the minimum lump sum);

[47] Subparagraph 51 (4) (b) (ii)

substitute

(ii) the amount, calculated in accordance with subregulation (6), from:

(A) if the member spouse or other person chooses to be paid, as a lump sum, an amount that is more than the minimum lump sum — the amount that is the difference between the actual lump sum paid and the minimum lump sum; and

(B) each other splittable payment that becomes payable in respect of the superannuation interest.

[48] Subregulation 51 (5)

omit the first mention of

the amount of the lump sum

insert

the amount of the minimum lump sum

[49] Subregulation 51 (5), definitions of Comm and Py+m

substitute

Comm has the same meaning as in subregulation (3).

Py+m has the same meaning as in subregulation (3).

[50] Subregulation 51 (6)

omit everything before the formula, insert

(6) For subparagraph (4) (b) (ii), the amount is calculated in accordance with the following formula:

[51] Subregulation 51 (6), definition of SP

substitute

SP is:

(a) if applicable, the amount of the difference between the actual lump sum paid to the member spouse and the minimum lump sum; or

(b) the amount of the relevant splittable payment.

[52] Subregulation 51 (7), definitions of Py+m and Comm

substitute

Py+m has the same meaning as in subregulation (3).

Comm has the same meaning as in subregulation (3).

[53] Subregulation 52 (1)

substitute

(1) This regulation applies in relation to the superannuation interest if:

(a) benefits in respect of the interest are not payable as an allocated pension; and

(b) the member spouse or other person may, under the governing rules of the relevant eligible superannuation plan, choose (by way of a commutation of a pension payable to him or her, or otherwise) to take a lump sum that is at least the amount of the adjusted base amount applicable to the non‑member spouse at that time without losing the right to take the remaining part of the benefits in respect of the interest as a pension; and

(c) the non-member spouse has served a request, in accordance with Form 3 in Schedule 1, on the trustee of the plan requesting that the non-member spouse be paid, as a lump sum, the whole of the adjusted base amount applicable to the non-member spouse at the time the splittable payment becomes payable.

[54] Subregulation 52 (2), definitions of Comm and Py+m

substitute

Comm has the same meaning as in subregulation 51 (3).

Py+m has the same meaning as in subregulation 51 (3).

[55] Subregulation 53 (1)

substitute

(1) This regulation applies in relation to the superannuation interest if:

(a) benefits in respect of the interest are not payable as an allocated pension; and

(c) the non-member spouse has served a request, in accordance with Form 3 in Schedule 1, on the trustee of the plan requesting that the non-member spouse be paid, as a lump sum, a proportion of the adjusted base amount applicable to the non‑member spouse at that time.

[56] Subregulation 53 (2)

omit

formula:

insert

formula (the minimum lump sum):

[57] Subregulation 53 (2), definitions of Comm and Py+m

substitute

Comm has the same meaning as in subregulation 51 (3).

Py+m has the same meaning as in subregulation 51 (3).

[58] Paragraphs 53 (3) (a) and (b)

substitute

(a) the amount of the minimum lump sum; and

(b) the amount, calculated in accordance with subregulation (4), from:

(i) if the member spouse chooses to be paid, as a lump sum, an amount that is more than the minimum lump sum — the amount that is the difference between the actual lump sum paid and the minimum lump sum; and

(ii) each other splittable payment that becomes payable in respect of the superannuation interest.

[59] Subregulation 53 (4)

omit everything before the formula, insert

(4) For paragraph (3) (b), the amount is calculated in accordance with the following formula:

[60] Subregulation 53 (4), definition of SP

substitute

SP is:

(a) if applicable, the amount of the difference between the actual lump sum paid to the member spouse and the minimum lump sum; or

(b) the amount of the relevant splittable payment.

[61] Subregulation 53 (4), definitions of Py+m and Comm

substitute

Py+m has the same meaning as in subregulation 51 (3).

Comm has the same meaning as in subregulation 51 (3).

[62] Subregulation 54 (1)

substitute

(1) This regulation applies in relation to the superannuation interest if:

(a) benefits in respect of the interest are not payable as an allocated pension; and

(b) no benefit is payable to the member spouse or other person as a lump sum (including a lump sum that the member spouse or other person may choose to take, by way of a commutation of a pension payable to him or her, or otherwise, in respect of the whole, or a part, of the benefits in respect of the interest).

[63] After regulation 54

insert in Division 6.2

54A Amount to be paid to non-member spouse — benefits payable as allocated pension

(1) This regulation applies in relation to the superannuation interest if:

(a) the whole, or a part, of the benefits in respect of the interest are payable as an allocated pension; and

(b) regulation 49 does not apply in relation to the interest.

(2) When a splittable payment becomes payable in respect of the superannuation interest, the non-member spouse is entitled to be paid, from the lump sum from which the allocated pension is payable, the amount of the adjusted base amount applicable to the non-member spouse at that time.

(3) Subject to subregulation (4), the non-member spouse is not entitled to be paid any amount from any other splittable payment in respect of the superannuation interest.

(4) If the lump sum from which the allocated pension is payable is less than the amount of the adjusted base amount applicable to the non-member spouse at the time the splittable payment becomes payable, the non-member spouse is entitled to be paid:

(a) the amount of the lump sum; and

(b) from each other splittable payment that becomes payable in respect of the superannuation interest, the amount calculated in accordance with subregulation (5).

(5) For paragraph (4) (b), the amount is calculated in accordance with the following formula:

where:

ABA is the adjusted base amount applicable to the non‑member spouse at the date when the first splittable payment becomes payable in respect of the superannuation interest.

X is the amount of the lump sum paid to the non‑member spouse under paragraph (4) (a).

SP is the amount of the relevant splittable payment.

V is the value of the superannuation interest at the date when the first splittable payment became payable in respect of the superannuation interest, determined in accordance with the relevant method of valuation set out in Division 5.2, as if references in that Division to ‘the relevant date’ were references to ‘the date when the first splittable payment became payable in respect of the superannuation interest’.

[64] Division 6.3, heading

substitute

Division 6.3 Superannuation interest in payment phase at date of service of agreement or date of order

Subdivision 6.3.1 Application of Division 6.3

[65] Before regulation 56

insert

Subdivision 6.3.2 First or only payment split

55A Application of Subdivision 6.3.2

This Subdivision sets out how to calculate the non‑member spouse’s entitlement under the payment split if the payment split is the first or only payment split applicable to the splittable payment.

[66] Subregulation 56 (1)

substitute

(1) This regulation applies in relation to the superannuation interest if:

(a) the first splittable payment that becomes payable in respect of the interest after the operative time is not a payment in respect of an allocated pension; and

(b) the amount of that payment is equal to or more than the amount of the base amount allocated to the non‑member spouse in relation to the interest.

[67] Subregulation 57 (1)

substitute

(1) This regulation applies in relation to the superannuation interest if:

(a) the first splittable payment that becomes payable in respect of the interest after the operative time is not a payment in respect of an allocated pension; and

(b) the amount of that payment is less than the amount of the base amount allocated to the non‑member spouse in relation to the interest.

[68] Subregulation 58 (1)

omit

This subregulation

insert

This regulation

[69] Subregulation 58 (3), definitions of Comm and Py+m

substitute

Comm has the same meaning as in subregulation 51 (3).

Py+m has the same meaning as in subregulation 51 (3).

[70] Paragraph 58 (4) (a)

omit

subregulation (5);

insert

subregulation (5) (the minimum lump sum);

[71] Subparagraph 58 (4) (b) (ii)

substitute

(ii) the amount, calculated in accordance with subregulation (6), from:

(A) if the member spouse chooses to be paid, as a lump sum, an amount that is more than the minimum lump sum — the amount that is the difference between the actual lump sum paid and the minimum lump sum; and

(B) each other splittable payment that becomes payable in respect of the superannuation interest.

[72] Subregulation 58 (5)

omit

the amount of the lump sum

insert

the amount of the minimum lump sum

[73] Subregulation 58 (5), definitions of Comm and Py+m

substitute

Comm has the same meaning as in subregulation 51 (3).

Py+m has the same meaning as in subregulation 51 (3).

[74] Subregulation 58 (6)

omit everything before the formula, insert

(6) For subparagraph (4) (b) (ii), the amount is calculated in accordance with the following formula:

[75] Subregulation 58 (6), definition of SP

substitute

SP is:

(a) if applicable, the amount of the difference between the actual lump sum paid to the member spouse and the minimum lump sum; or

(b) the amount of the relevant splittable payment.

[76] Subregulation 58 (7), definitions of Py+m and Comm

substitute

Py+m has the same meaning as in subregulation 51 (3).

Comm has the same meaning as in subregulation 51 (3).

[77] After regulation 58

insert in Division 6.3

58A Amount to be paid to non-member spouse — benefits payable as allocated pension

(1) This regulation applies in relation to the superannuation interest if the first splittable payment that becomes payable in respect of the interest after the operative time is a payment in respect of an allocated pension.

(2) When the splittable payment becomes payable in respect of the superannuation interest, the non-member spouse is entitled to be paid, from the lump sum from which the allocated pension is payable, the amount of the base amount allocated to the non‑member spouse in relation to the interest.

(3) Subject to subregulation (4), the non-member spouse is not entitled to be paid any amount from any other splittable payment in respect of the superannuation interest.

(4) If the lump sum from which the allocated pension is payable is less than the amount of the base amount allocated to the non‑member spouse in relation to the superannuation interest, the non-member spouse is entitled to be paid:

(a) the amount of the lump sum; and

(b) from each other splittable payment that becomes payable in respect of the superannuation interest, the amount calculated in accordance with subregulation (5).

(5) For paragraph (4) (b), the amount is calculated in accordance with the following formula:

where:

ABA is the adjusted base amount applicable to the non‑member spouse at the date when the first splittable payment becomes payable in respect of the superannuation interest.

X is the amount of the lump sum paid to the non‑member spouse under paragraph (4) (a).

SP is the amount of the relevant splittable payment.

Subdivision 6.3.3 Second or later payment split

58B Application of Subdivision 6.3.3

This Subdivision sets out how to calculate the non‑member spouse’s entitlement under the payment split if the payment split is a second or later payment split applicable to the splittable payment.

58C Amount to be paid to non-member spouse — first splittable payment after operative time equal to or more than amount of earlier payments plus base amount

(1) This regulation applies in relation to the superannuation interest if:

(a) the first splittable payment that becomes payable in respect of the interest after the operative time is not a payment in respect of an allocated pension; and

(b) the amount of that payment is equal to or more than the sum of:

(i) the amount payable under subregulation 50 (3), 51 (6), 53 (4), 54 (2), 57 (3) or 58 (6) or this regulation to each other person under a payment split with an earlier operative time; and

(ii) the base amount allocated to the non-member spouse in relation to the interest.

(2) The amount that the non-member spouse is entitled to be paid in respect of the first splittable payment is the base amount.

(3) The non-member spouse is not entitled to be paid any amount from any other splittable payment in respect of the superannuation interest.

58D Amount to be paid to non-member spouse — first splittable payment after operative time less than amount of earlier payments plus base amount

(1) This regulation applies in relation to the superannuation interest if:

(a) the first splittable payment that becomes payable in respect of the interest after the operative time is not a payment in respect of an allocated pension; and

(b) the amount of that payment is less than the sum of:

(i) the amount payable under subregulation 50 (3), 51 (6), 53 (4), 54 (2), 57 (3) or 58 (6) or this regulation to each other person under a payment split with an earlier operative time; and

(ii) the base amount allocated to the non-member spouse in relation to the interest.

(2) The amount that the non-member spouse is entitled to be paid in respect of the superannuation interest is:

(a) the amount of the first splittable payment; and

(b) from each other splittable payment that becomes payable in respect of the interest, the amount calculated in accordance with subregulation (3).

Note for paragraph (a) Because of the operation of subsection 90MX (3) of the Act, the amount under paragraph (a) will be the amount of the first splittable payment as reduced by the amount to which another person is entitled under each payment split with an earlier operative time.

(3) For paragraph (2) (b), the amount is calculated in accordance with the following formula:

where:

BA is the base amount allocated to the non-member spouse in relation to the superannuation interest.

X is the amount of the first splittable payment paid to the non‑member spouse under paragraph (2) (a).

SP is the amount of the relevant splittable payment.

V is the value of the superannuation interest at the date when the first splittable payment became payable in respect of the superannuation interest after the operative time, determined in accordance with the relevant method of valuation set out in Division 5.2, as if references in that Division to ‘the relevant date’ were references to ‘the date when the first splittable payment became payable in respect of the superannuation interest after the operative time’.

58E Amount to be paid to non-member spouse — benefits payable as allocated pension

(2) The non-member spouse is entitled to be paid the amounts calculated in accordance with regulation 58A.

[78] Paragraph 59 (1) (e)

omit

interest.

insert

interest;

[79] After paragraph 59 (1) (e)

insert

(f) any other thing done by the trustee in relation to a superannuation interest covered by a superannuation agreement, flag lifting agreement or splitting order.

[80] Subregulation 59 (2)

omit

insert

(c), (d) or (f)

[81] Regulation 60

substitute

60 Waiver of rights under payment split (Act s 90MZA)

(1) For subsection 90MZA (2) of the Act, a waiver notice must be in accordance with Form 5 in Schedule 1.

(2) For paragraph 90MZA (2) (a) of the Act, each of the following persons is a prescribed financial adviser:

(a) a person who is the holder of an Australian financial services licence under section 913B of the Corporations Act 2001, being a licence that authorises the person to provide advice of the kind mentioned in paragraph 90MZA (2) (a) of the Family Law Act 1975;

(b) a person who provides a financial service, within the meaning of Chapter 7 of the Corporations Act 2001, on behalf of a person mentioned in paragraph (a) in the circumstances in which that is permitted under section 911B of that Act.

[82] Paragraph 63 (1) (b)

omit

fund.

insert

fund; and

[83] After paragraph 63 (1) (b)

insert

[84] Paragraph 63 (2) (a)

substitute

(aa) if the interest is an unsplittable interest, a statement to that effect;

(a) a statement indicating whether the interest is subject to a payment split or payment flag and, if the interest is subject to a payment split (other than under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non-member spouse’s entitlement has been satisfied as required by Division 2.2), the information mentioned in subregulation (5);

[85] Paragraph 63 (2) (d)

omit

the payment phase information

insert

subject to subregulation (6), the payment phase information

[86] Paragraph 63 (2) (e)

substitute

(e) if the interest was in the growth phase at the appropriate date — subject to subregulation (6), the growth phase information in relation to the interest mentioned in subregulation (4);

(f) details of any fees that may be charged by the trustee under paragraph 59 (1) (a), (b), (c), (d) or (f).

[87] Subregulation 63 (3)

substitute

(3) For paragraph (2) (d), the payment phase information in relation to the superannuation interest is:

(a) if the ongoing pension payments in respect of the interest are in respect of an allocated pension — the withdrawal benefit in relation to the member at the appropriate date; and

(b) in any other case:

(i) the amount of annual pension benefit payable to the member at the appropriate date; and

(ii) a statement indicating whether the pension benefit is a lifetime pension or a fixed-term pension; and

(iii) if the pension is a fixed-term pension:

(A) the date when the pension payments commenced; and

(B) the length of the term; and

(iv) a statement indicating whether the pension benefit is indexed and, if so, the method of indexation; and

(v) a statement indicating whether there is any reversionary beneficiary in relation to the pension benefit and, if so, the proportion of the ongoing pension payments that would be payable to the reversionary beneficiary on the death of the member.

[88] Paragraphs 63 (4) (d), (e) and (f)

substitute

(d) if the interest is in a regulated superannuation fund or an RSA:

(i) in the case of a member who has resigned from his or her employment at the date when the application for information is received by the trustee — the amount, at that date, of the member’s restricted non‑preserved benefits; and

(ii) in the case of any other member — the amount, at the date when the application for information is received by the trustee, of the member’s unrestricted non-preserved benefits that may be cashed by the member without any change in his or her employment;

(e) if the interest is in an approved deposit fund — the amount, at the date when the application for information is received by the trustee, of the member’s unrestricted non‑preserved benefits;

(f) if:

(i) a payment that would have been an eligible termination payment under Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 had been made in respect of the interest at the date when the application for information is received by the trustee; and

(ii) the amount of the payment had been the amount payable to the member if he or she had voluntarily ceased to be a member of the plan —

the value that the components of the payment mentioned in paragraphs 27AA (1) (a), (aa), (b), (c), (cb), (d) and (e) of that Act would have had;

[89] After subregulation 63 (4)

insert

(5) For paragraph (2) (a), the information that must be provided in relation to each payment split to which the superannuation interest is subject (other than under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non‑member spouse’s entitlement has been satisfied as required by Division 2.2) is as follows:

(a) the operative time for the payment split;

(b) if the payment split is under subparagraph 90MJ (1) (c) (i) or (ii) of the Act, or under a splitting order made under paragraph 90MT (1) (a) of the Act, and the interest was in the payment phase at the appropriate date — the amount that, under subregulation 58 (6) or 58D (3), a person is entitled to be paid from each splittable payment that becomes payable in respect of the interest;

(c) if the payment split is under subparagraph 90MJ (1) (c) (i) of the Act, or under a splitting order made under paragraph 90MT (1) (a) of the Act, and the interest was in the growth phase at the appropriate date:

(i) the base amount specified in the relevant superannuation agreement or flag lifting agreement in relation to the interest; and

(ii) if applicable, the adjusted base amount at the appropriate date;

(d) if the payment split is under subparagraph 90MJ (1) (c) (ii) of the Act and the interest was in the growth phase at the appropriate date:

(i) the amount set out in the document served on the trustee under paragraph 90MI (b) of the Act; and

(ii) if applicable, the adjusted base amount at the appropriate date;

(e) if the payment split is under subparagraph 90MJ (1) (c) (iii) of the Act or under a splitting order made under paragraph 90MT (1) (b) of the Act — the specified percentage that is to apply to any splittable payment that becomes payable in respect of the interest.

(6) The trustee is only required to provide the information mentioned in paragraph (3) (a), subparagraph (3) (b) (i) and paragraphs (4) (a), (b) and (c) if a record of that information is in the possession, power or control of the trustee.

[90] Paragraph 64 (1) (b)

omit

fund.

insert

fund; and

[91] After paragraph 64 (1) (b)

insert

[92] Paragraph 64 (2) (a)

substitute

(aa) if the interest is an unsplittable interest, a statement to that effect;

[93] Paragraph 64 (2) (d)

omit

the payment phase information

insert

subject to subregulation (6), the payment phase information

[94] Paragraph 64 (2) (e)

substitute

(e) if the interest was in the growth phase at the appropriate date — subject to subregulation (6), the growth phase information in relation to the interest mentioned in subregulation (4);

(f) details of any fees that may be charged by the trustee under paragraph 59 (1) (a), (b), (c), (d) or (f).

[95] Subregulation 64 (3)

substitute

(3) For paragraph (2) (d), the payment phase information in relation to the superannuation interest is:

(a) if the ongoing pension payments in respect of the interest are in respect of an allocated pension — the withdrawal benefit in relation to the member at the appropriate date; and

(b) in any other case:

(i) the amount of annual pension benefit payable to the member at the appropriate date; and

(ii) a statement indicating whether the pension benefit is a lifetime pension or a fixed-term pension; and

(iii) if the pension is a fixed-term pension:

(A) the date when the pension payments commenced; and

(B) the length of the term; and

(iv) a statement indicating whether the pension benefit is indexed and, if so, the method of indexation; and

[96] Paragraph 64 (4) (b)

before

accrued

insert

member spouse’s

[97] Paragraphs 64 (4) (k), (l) and (m)

substitute

(k) if the interest is in a regulated superannuation fund or an RSA:

(l) if the interest is in an approved deposit fund — the amount, at the date when the application for information is received by the trustee, of the member’s unrestricted non‑preserved benefits;

(m) if:

(ii) the amount of the payment had been the amount payable to the member if he or she had voluntarily ceased to be a member of the plan —

the value that the components of the payment mentioned in paragraphs 27AA (1) (a), (aa), (b), (c), (cb), (d) and (e) of that Act would have had;

[98] After subregulation 64 (4)

insert

(a) the operative time for the payment split;

(i) the base amount specified in the relevant superannuation agreement or flag lifting agreement in relation to the interest; and

(ii) if applicable, the adjusted base amount at the appropriate date;

(d) if the payment split is under subparagraph 90MJ (1) (c) (ii) of the Act and the interest was in the growth phase at the appropriate date:

(i) the amount set out in the document served on the trustee under paragraph 90MI (b) of the Act; and

(ii) if applicable, the adjusted base amount at the appropriate date;

(6) The trustee is only required to provide the information mentioned in paragraph (3) (a), subparagraph (3) (b) (i) and paragraph (4) (j) if a record of that information is in the possession, power or control of the trustee.

[99] Subregulation 65 (3)

omit

a member of the plan in respect of a defined benefit interest in the plan while the interest is in the growth phase,

insert

the member at the appropriate date,

[100] Subregulation 65 (4)

omit everything before the formula, insert

(4) If:

(a) an accrued benefit multiple is not defined under the governing rules of the eligible superannuation plan in which the defined benefit interest is held; and

(b) the benefit in respect of the interest is payable as a lump sum; and

the accrued benefit multiple is:

[101] Subregulation 65 (5)

omit everything before the formula, insert

(5) If:

(a) an accrued benefit multiple is not defined under the governing rules of the eligible superannuation plan in which the defined benefit interest is held; and

(b) the benefit in respect of the interest is payable as a pension; and

the accrued benefit multiple is:

[102] After subregulation 65 (6)

insert

(6A) For the definitions of the factors T1 and T2 in subregulations (4) and (5), a defined benefit interest of a member of an eligible superannuation plan is acquired on the earlier of:

(a) the date when the member first became a member of the plan; and

(b) the date when a benefit began to accrue to the member in respect of the interest.

[103] Subregulation 66 (1)

substitute

(1) This regulation applies in relation to a superannuation interest of a member of an eligible superannuation plan if:

(a) the interest is a percentage-only interest; and

(b) the interest is not an interest in a self managed superannuation fund; and

[104] Paragraph 66 (2) (a)

substitute

(aa) if the interest is an unsplittable interest, a statement to that effect;

[105] Paragraph 66 (2) (d)

omit

the payment phase information

insert

subject to subregulation (6), the payment phase information

[106] Paragraph 66 (2) (e)

substitute

(e) if the interest was in the growth phase at the appropriate date — subject to subregulation (6), the growth phase information in relation to the interest mentioned in subregulation (4);

(f) details of any fees that may be charged by the trustee under paragraph 59 (1) (a), (b), (c), (d) or (f).

[107] Subregulation 66 (3)

substitute

(3) For paragraph (2) (d), the payment phase information in relation to the superannuation interest is:

(a) if the ongoing pension payments in respect of the interest are in respect of an allocated pension — the withdrawal benefit in relation to the member at the appropriate date; and

(b) in any other case:

(i) the amount of annual pension benefit payable to the member at the appropriate date; and

(ii) a statement indicating whether the pension benefit is a lifetime pension or a fixed-term pension; and

(iii) if the pension is a fixed-term pension:

(A) the date when the pension payments commenced; and

(B) the length of the term; and

(iv) a statement indicating whether the pension benefit is indexed and, if so, the method of indexation; and

[108] Paragraph 66 (4) (a)

omit

accrued benefit multiple at separation,

insert

accrued benefit multiple,

[109] Paragraphs 66 (4) (d) and (e)

substitute

(d) if the interest is in a regulated superannuation fund or an RSA:

(ii) in the case of any other member — the amount, at the date when the application for information is received by the trustee, of the member’s unrestricted non-preserved benefits;

(e) if:

(ii) the amount of the payment had been the amount payable to the member if he or she had voluntarily ceased to be a member of the plan —

the value that the components of the payment mentioned in paragraphs 27AA (1) (a), (aa), (b), (c), (cb), (d) and (e) of that Act would have had;

[110] After subregulation 66 (4)

insert

(a) the operative time for the payment split;

(b) if the payment split is under paragraph 90MJ (1) (b) of the Act:

(i) the percentage specified in the relevant superannuation agreement or flag lifting agreement; and

(ii) whether that percentage is to apply for the purposes of subparagraph 90MJ (1) (b) (i) of the Act and, if so, the member’s accrued benefit multiple at separation, within the meaning of regulation 19, in relation to the non-member spouse who has an entitlement under the payment split;

(i) a statement indicating that the splitting order is made under that provision of the Act; and

(ii) the specified percentage that is to apply to any splittable payment that becomes payable in respect of the interest;

(d) if the payment split is under a splitting order made under paragraph 90MT (1) (c) of the Act:

(i) a statement indicating that the splitting order is made under that provision of the Act; and

(ii) the percentage specified in the order; and

(iii) the member’s accrued benefit multiple at separation, within the meaning of regulation 26, in relation to the non-member spouse who has an entitlement under the payment split.

(6) The trustee is only required to provide the information mentioned in paragraph (3) (a), subparagraph (3) (b) (i) and paragraph (4) (c) if a record of that information is in the possession, power or control of the trustee.

[111] Subregulation 67 (1)

substitute

(1) This regulation applies in relation to a superannuation interest of a member of a self managed superannuation fund unless regulation 68A applies in relation to the interest.

[112] Paragraph 67 (2) (a)

substitute

(aa) if the interest is an unsplittable interest, a statement to that effect;

[113] Paragraph 67 (2) (d)

omit

the payment phase information

insert

subject to subregulation (5), the payment phase information

[114] Paragraph 67 (2) (e)

omit

this effect.

insert

this effect;

[115] After paragraph 67 (2) (e)

insert

(f) if requested by the applicant, a copy of the governing rules of the plan;

(g) details of any fees that may be charged by the trustee under paragraph 59 (1) (a), (b), (c), (d) or (f).

[116] Subregulation 67 (3)

substitute

(3) For paragraph (2) (d), the payment phase information in relation to the superannuation interest is:

(a) if the ongoing pension payments in respect of the interest are in respect of an allocated pension — the withdrawal benefit in relation to the member at the appropriate date; and

(b) in any other case:

(i) the amount of annual pension benefit payable to the member at the appropriate date; and

(ii) a statement indicating whether the pension benefit is a lifetime pension or a fixed-term pension; and

(iii) if the pension is a fixed-term pension:

(A) the date when the pension payments commenced; and

(B) the length of the term; and

(iv) a statement indicating whether the pension benefit is indexed and, if so, the method of indexation.

(4) For paragraph (2) (a), the information that must be provided in relation to each payment split to which the superannuation interest is subject (other than under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non‑member spouse’s entitlement has been satisfied as required by Division 2.2) is as follows:

(a) the operative time for the payment split;

(i) the base amount specified in the relevant superannuation agreement or flag lifting agreement in relation to the interest; and

(ii) if applicable, the adjusted base amount at the appropriate date;

(d) if the payment split is under subparagraph 90MJ (1) (c) (ii) of the Act and the interest was in the growth phase at the appropriate date:

(i) the amount set out in the document served on the trustee under paragraph 90MI (b) of the Act; and

(ii) if applicable, the adjusted base amount at the appropriate date;

(5) The trustee is only required to provide the information mentioned in paragraph (3) (a) and subparagraph (3) (b) (i) if a record of that information is in the possession, power or control of the trustee.

[117] After regulation 68

insert

68A Information about certain superannuation interests in relation to which an agreement or splitting order applies (Act s 90MZB)

(1) This regulation applies in relation to a superannuation interest of a member of an eligible superannuation plan if subregulation (2) or (3) applies to the interest.

(2) This subregulation applies to a superannuation interest of a member of an eligible superannuation plan if:

(a) the interest is identified in a superannuation agreement or flag lifting agreement; and

(b) the agreement specifies, under subparagraph 90MJ (1) (c) (i) of the Act, an amount as a base amount or, under subparagraph 90MJ (1) (c) (ii) of the Act, a method by which such a base amount can be calculated; and

(d) the agreement does not relate to an earlier marriage of the member spouse; and

(e) no order in relation to the agreement has been made under section 90MV of the Act; and

(f) the agreement has not been set aside.

(3) This subregulation applies to a superannuation interest of a member of an eligible superannuation plan if:

(a) a splitting order in relation to the interest has been made under paragraph 90MT (1) (a) of the Act; and

(b) the order does not relate to an earlier marriage of the member spouse; and

(4) For subsection 90MZB (3) of the Act, if an application is made under section 90MZB of the Act to the trustee of the plan by a person (the applicant) who is entitled to be paid an amount whenever a splittable payment becomes payable in respect of the interest, the information about the interest that must be provided to the applicant by the trustee is the applicable commutation factor, at the date when the application for information is received by the trustee and at the next 2 anniversaries of that date, for converting any pension benefit payable in respect of the interest to a lump sum.

68B How and when trustee must provide information

(1) Information about a superannuation interest that is provided by the trustee of an eligible superannuation plan to an eligible person under subsection 90MZB (3) of the Act and this Division must be stated in a document that:

(a) is addressed to the person; and

(b) is given to the person within a reasonable time after the application for information is received by the trustee.

Note Document is defined in section 25 of the Acts Interpretation Act 1901. See also sections 28A and 29 of that Act for ways of giving a document to a person.

(2) A document stating information about a superannuation interest that is provided by the trustee to an eligible person under subsection 90MZB (3) of the Act and this Division is evidence:

(a) of the information stated in it; and

(b) that the document was provided to the person to whom it is addressed.

[118] Subparagraphs 70 (2) (b) (i) and (ii)

after

base amount

insert

(if any)

[119] Paragraph 70 (2) (e)

omit

Part III

insert

Division 2 of Part III

[120] Paragraph 71 (1) (a)

substitute

(a) the interest is in a superannuation fund that is not a regulated superannuation fund; and

[121] After paragraph 71 (1) (b)

insert

(ba) the interest is subject to a payment split under subparagraph 90MJ (1) (c) (i) or (ii) of the Act or under a splitting order made under paragraph 90MT (1) (a) of the Act; and

[122] Subregulation 71 (2)

omit

The trustee

insert

Unless the payment split is under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non-member spouse’s entitlement has been satisfied as required by Division 2.2, the trustee

[123] Schedule 1, Form 1

omit

[signature of member spouse]

[124] Schedule 1, Form 2

omit

having been paid,

insert

being entitled to be paid,

[125] Schedule 1, Form 2

omit

applicable to me at the date when the member spouse satisfies a relevant condition of release in relation to the superannuation interest.

insert

applicable to me.

[126] Schedule 1, Form 3

omit

applicable to me at the date when the member spouse satisfies a relevant condition of release in relation to the superannuation interest.

insert

applicable to me.

[127] Schedule 1, Form 4

omit

having being paid, as a lump sum,

insert

being entitled to be paid

[128] After Schedule 1

insert

Schedule 1A Method for calculating value of non-member spouse’s entitlement of percentage-only interest in payment phase

(subregulation 14N (7))

1 Application of Schedule 1A

This Schedule sets out the method for calculating, for the purposes of regulation 14N, the value at a particular time of a non-member spouse’s entitlement in respect of a percentage-only interest that is in the payment phase.

2 Method

(1) If no benefit other than a pension is payable to the member spouse in respect of the interest, the value at a particular time of the non-member spouse’s entitlement in respect of the interest is calculated as follows:

where:

Accrued benefit multiple at separation is the member spouse’s accrued benefit multiple, as defined in the governing rules of the eligible superannuation plan in which the superannuation interest is held, at the date when the member spouse and non‑member spouse separated or, if there have been 2 or more separations, at the date of the most recent separation.

Accrued benefit multiple at payment is the member spouse’s accrued benefit multiple, as defined in the governing rules of the eligible superannuation plan in which the superannuation interest is held, at the date when the new interest is created, or the amount is transferred or rolled over or paid to the non‑member spouse.

X is the percentage specified in the relevant superannuation agreement, flag lifting agreement or splitting order.

YP is the amount of pension payable each year to the member spouse.

Py+m is the pension valuation factor under Schedule 4 that applies to the particular pension payable to the member spouse at the member spouse’s age at the date when the new interest is created, or the amount is transferred or rolled over or paid to the non-member spouse.

r is:

(a) if there is a surviving spouse of the member spouse — the reversionary percentage that would be payable to the surviving spouse if the member spouse had died on the day when the new interest is created, or the amount is transferred or rolled over or paid to the non-member spouse; and

(b) in any other case — zero.

Ry+m is the reversion valuation factor calculated in accordance with subclause (3).

F is the amount of any fees payable by the non-member spouse under regulation 59.

(2) If another benefit, in addition to a pension, is payable to the member spouse in respect of the interest, the value at a particular time of the non‑member spouse’s entitlement in respect of the interest is calculated as follows:

where:

Accrued benefit multiple at separation has the same meaning as in subclause (1).

Accrued benefit multiple at payment has the same meaning as in subclause (1).

X has the same meaning as in subclause (1).

YP has the same meaning as in subclause (1).

Py+m has the same meaning as in subclause (1).

r has the same meaning as in subclause (1).

Ry+m has the same meaning as in subclause (1).

OB is the amount of the other benefit payable to the member spouse in respect of the interest multiplied by the relevant discount valuation factor that applies under clause 4 of Schedule 6.

F is the amount of any fees payable by the non-member spouse under regulation 59.

(3) For subclauses (1) and (2), the reversion valuation factor (Ry+m) at the particular time is:

where:

Ry is the reversion valuation factor mentioned in clause 3 of this Schedule that applies to the pension and the member spouse’s age in completed years at the date when the new interest is created, or the amount is transferred or rolled over or paid to the non-member spouse.

m is the number of completed months of the member spouse’s age that are not included in the completed years at the date mentioned in the definition of the factor Ry.

Ry+1 is the reversion valuation factor mentioned in clause 3 of this Schedule that applies to the pension and the member spouse’s age at the completion of the next year after the year mentioned in the definition of the factor Ry.

(4) For the purpose of applying the factor Py+m in the formula in subclauses (1) and (2), a reference in Schedule 4 to ‘the relevant date’ is to be read as if it were a reference to ‘the date when the new interest was created or the amount was transferred or rolled over or paid to the non-member spouse’.

(5) For the purpose of applying the factor OB in the formula in subclause (2):

(a) a reference in clause 4 of Schedule 6 to ‘the lump sum’ or ‘a lump sum’ is to be read as if it were a reference to ‘the other benefit payable to the member spouse in respect of the superannuation interest’; and

(b) the minimum deferral period, in relation to the other benefit payable to the member spouse in respect of the superannuation interest, is the minimum period of time until the other benefit is payable.

3 Reversion valuation factors

(1) The table in this clause sets out the reversion valuation factors.

(2) The factors in columns 2 and 3 apply if the pension is indexed in accordance with the consumer price index.

(3) The factors in columns 4 and 5 apply if the pension is indexed in accordance with a general wage index (for example, average weekly earnings, or average weekly ordinary time earnings, published by the Australian Bureau of Statistics).

Age at particular time (in completed years)	Reversion valuation factors
	CPI indexed pension		Wage indexed pension
	Males	Females	Males	Females
18	1.5215	0.7388	3.4170	1.6920
19	1.5619	0.7610	3.4742	1.7240
20	1.6016	0.7834	3.5295	1.7559
21	1.6424	0.8065	3.5857	1.7884
22	1.6848	0.8310	3.6433	1.8223
23	1.7287	0.8567	3.7023	1.8575
24	1.7744	0.8838	3.7628	1.8939
25	1.8218	0.9119	3.8248	1.9312
26	1.8710	0.9410	3.8883	1.9694
27	1.9221	0.9711	3.9534	2.0083
28	1.9752	1.0021	4.0202	2.0478
29	2.0303	1.0341	4.0887	2.0880
30	2.0875	1.0669	4.1588	2.1287
31	2.1469	1.1005	4.2306	2.1698
32	2.2085	1.1351	4.3042	2.2115
33	2.2722	1.1705	4.3792	2.2536
34	2.3382	1.2068	4.4560	2.2962
35	2.4065	1.2443	4.5342	2.3395
36	2.4770	1.2828	4.6140	2.3834
37	2.5498	1.3224	4.6953	2.4279
38	2.6251	1.3631	4.7781	2.4730
39	2.7026	1.4047	4.8621	2.5185
40	2.7825	1.4475	4.9477	2.5644
41	2.8649	1.4912	5.0345	2.6108
42	2.9496	1.5359	5.1225	2.6573
43	3.0366	1.5814	5.2115	2.7041
44	3.1258	1.6276	5.3014	2.7507
45	3.2171	1.6745	5.3920	2.7972
46	3.3104	1.7219	5.4830	2.8434
47	3.4055	1.7699	5.5741	2.8893
48	3.5020	1.8182	5.6649	2.9346
49	3.5997	1.8667	5.7551	2.9793
50	3.6984	1.9154	5.8443	3.0231
51	3.7976	1.9641	5.9319	3.0660
52	3.8970	2.0128	6.0176	3.1078
53	3.9962	2.0613	6.1010	3.1484
54	4.0949	2.1095	6.1816	3.1878
55	4.1928	2.1572	6.2590	3.2256
56	4.2893	2.2046	6.3328	3.2621
57	4.3840	2.2513	6.4023	3.2969
58	4.4765	2.2975	6.4672	3.3301
59	4.5662	2.3430	6.5269	3.3617
60	4.6525	2.3880	6.5806	3.3918
61	4.7346	2.4322	6.6278	3.4201
62	4.8121	2.4755	6.6680	3.4467
63	4.8843	2.5179	6.7005	3.4712
64	4.9505	2.5589	6.7247	3.4935
65	5.0102	2.5985	6.7402	3.5135
66	5.0628	2.6364	6.7465	3.5309
67	5.1079	2.6725	6.7434	3.5456
68	5.1451	2.7064	6.7305	3.5574
69	5.1739	2.7382	6.7077	3.5663
70	5.1944	2.7676	6.6751	3.5722
71	5.2064	2.7947	6.6328	3.5751
72	5.2103	2.8195	6.5814	3.5751
73	5.2062	2.8420	6.5213	3.5725
74	5.1945	2.8622	6.4531	3.5672
75	5.1750	2.8799	6.3767	3.5589
76	5.1470	2.8946	6.2916	3.5475
77	5.1094	2.9059	6.1968	3.5327
78	5.0615	2.9135	6.0919	3.5141
79	5.0027	2.9171	5.9767	3.4916
80	4.9332	2.9168	5.8515	3.4654
81	4.8531	2.9132	5.7166	3.4364
82	4.7627	2.9071	5.5727	3.4052
83	4.6625	2.8989	5.4205	3.3724
84	4.5533	2.8889	5.2611	3.3383
85	4.4359	2.8767	5.0953	3.3026
86	4.3113	2.8621	4.9246	3.2649
87	4.1808	2.8441	4.7502	3.2244
88	4.0454	2.8212	4.5735	3.1795
89	3.9062	2.7917	4.3954	3.1285
90	3.7641	2.7544	4.2170	3.0700
91	3.6195	2.7082	4.0386	3.0031
92	3.4748	2.6531	3.8625	2.9273
93	3.3330	2.5889	3.6913	2.8427
94	3.1955	2.5155	3.5259	2.7488
95	3.0604	2.4319	3.3640	2.6446
96	2.9247	2.3366	3.2023	2.5285
97	2.7857	2.2275	3.0378	2.3982
98	2.6399	2.1015	2.8665	2.2507
99	2.4823	1.9549	2.6832	2.0821

[129] Schedule 2, paragraph 2 (c)

after

payable as

insert

a lump sum, a pension, or

[130] Schedule 2, clause 27

after

payable as

insert

a lump sum, a pension, or

[131] Schedule 3, subclause 2 (1)

omit the formula, insert

[132] Schedule 3, subclause 3 (2)

substitute

(2) If a statement issued by the trustee of the plan in which the interest is held (being a member information statement or similar statement) that states the value of the interest at the relevant date is before the court in evidence in the relevant proceeding, the value, at the relevant date, of the actual vested benefit in respect of the interest is the value of the interest stated in the statement.

[133] Schedule 3, subclause 3 (3), definition of V2, paragraph (b)

omit

between the relevant date and the second valuation date (excluding both those dates),

insert

beginning on the day after the relevant date and ending at the end of the second valuation date,

[134] Schedule 3, subclause 3 (3), definition of D

substitute

D is the number of days in the period beginning on the day after the first valuation date and ending at the end of the second valuation date.

[135] Schedule 3, subclause 3 (4)

substitute

(4) For the purpose of determining the value, at the relevant date, of the actual vested benefit in respect of the member spouse’s interest under subclause (3):