Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-D - Superannuation interests  

SECTION 307-230A.11   TOTAL SUPERANNUATION BALANCE VALUE - FAMILY LAW PAYMENT SPLITTING (MEMBER SPOUSE)  

307-230A.11(1)    
This section applies at a particular time if:

(a)    a superannuation interest (the member spouse ' s interest ) is subject to a payment split; and

(b)    the circumstance prescribed by subsection 307-230.01(1) exists in relation to the member spouse ' s interest and the payment split; and

(c)    under subsection 307-230(3) of the Act (as it applies in relation to the payment split), the non-member spouse in relation to the member spouse ' s interest is treated as having a superannuation interest (the non-member spouse ' s interest ) because the member spouse ' s interest is subject to the payment split; and

(d)    the unsplit total superannuation balance value is greater than nil.

307-230A.11(2)    
The unsplit total superannuation balance value is the value that would be the total superannuation balance value of the member spouse ' s interest at that time (disregarding the payment split).

307-230A.11(3)    
For the purposes of paragraph 307-230A(1)(a) of the Act, the value worked out using the following formula is specified in relation to the member spouse ' s interest:

The unsplit total superannuation balance value

−

The total superannuation balance value of the non-member spouse ' s interest at that time

307-230A.11(4)    
However, if the result of the formula in subsection (3) is less than nil, the total superannuation balance value of the member spouse ' s interest is nil.

Effective waiver notices

307-230A.11(5)    
For the purposes of the formula in subsection (3) of this section, disregard subsection 307-230A.10(9) .

Multiple payment splits

307-230A.11(6)    
If, at the time mentioned in subsection (1) , there is more than one payment split to which paragraphs (1)(a) , (b) and (c) apply in relation to the member spouse ' s interest:

(a)    for the purposes of subsection (2) , disregard all of those payment splits; and

(b)    treat the reference in the formula in subsection (3) to the total superannuation balance value of the non-member spouse ' s interest as being a reference to the sum of the total superannuation balance values of the superannuation interests that all of the non-member spouses in relation to the member ' s interest are treated as having because of those payment splits.

Interaction with other provisions of this Subdivision

307-230A.11(7)    
Sections 307-230A.01 and 307-230A.02 have effect subject to this section.