Superannuation Industry (Supervision) Amendment Regulations 2001 (No. 3) (353 of 2001)

Schedule 1   Amendments

[14]   Subregulation 1.03 (1), after definition of Tax Act

insert

transferable benefits , in relation to a superannuation interest that is subject to a payment split and the non-member spouse in relation to that interest, means benefits that are equal to the value of:

(a) if the payment split is a base amount payment split and an adjusted base amount applies to the non-member spouse when the benefits are transferred - the adjusted base amount less the amount of any fees charged in respect of the payment split; or

(b) if the payment split is a base amount payment split and an adjusted base amount does not apply to the non-member spouse when the benefits are transferred - the base amount allocated to the non-member spouse, within the meaning of regulation 45 of the Family Law (Superannuation) Regulations 2001, less the amount of any fees charged in respect of the payment split; or

(c) if the payment split is a percentage payment split - the value of the superannuation interest at the time when the benefits are transferred multiplied by the percentage specified in the relevant superannuation agreement, flag lifting agreement or splitting order, less the amount of any fees charged in respect of the payment split.