Superannuation Industry (Supervision) Amendment Regulations 2002 (No. 5) (353 of 2002)
Schedule 1 Amendments
61 After Division 7A.3
insert
Division 7A.4 Superannuation interest split under the Family Law (Superannuation) Regulations 2001
7A.19 Application
This Division applies if a trustee of a superannuation fund:
(a) creates a new interest in the fund for a non-member spouse to satisfy regulation 14G of the Family Law (Superannuation) Regulations 2001; or
(b) transfers or rolls over to another superannuation fund or RSA an amount, to be held for the benefit of a non-member spouse to satisfy regulation 14G of the Family Law (Superannuation) Regulations 2001; or
(c) pays an amount to a non-member spouse to satisfy regulation 14G of the Family Law (Superannuation) Regulations 2001.
7A.20 Creating a new interest
(1) This regulation applies if the trustee creates a new interest in the fund for the non-member spouse.
(2) In creating the new interest:
(a) a proportion must be taken from the unrestricted non-preserved benefits, the restricted non-preserved benefits and the preserved benefits of the member spouse; and
(b) the proportion taken from each category of benefits must be the same as the category bears to the member spouse's interest immediately before the interest was created.
(3) The benefits held in the new interest are unrestricted non-preserved benefits, restricted non-preserved benefits or preserved benefits in accordance with the character that they had in the member spouse's interest.
7A.21 Rolling over or transferring benefits
(1) This regulation applies if the trustee rolls over or transfers to another superannuation fund or RSA an amount to be held for the benefit of the non-member spouse.
(2) In rolling over or transferring the transferable benefits:
(a) a proportion must be taken from the unrestricted non-preserved benefits, the restricted non-preserved benefits and the preserved benefits of the member spouse; and
(b) the proportion taken from each category of benefits must be the same as the category bears to the member spouse's interest immediately before the amount was rolled over or transferred.
(3) The benefits held in the new interest are unrestricted non-preserved benefits, restricted non-preserved benefits or preserved benefits in accordance with the character that the benefits had in the member spouse's interest.
7A.22 Paying an amount
(1) This regulation applies if the trustee pays an amount to the non-member spouse.
(2) In paying the amount to the non-member spouse:
(a) a proportion must be taken from the unrestricted non-preserved benefits, the restricted non-preserved benefits and the preserved benefits of the member spouse; and
(b) the proportion taken from each category of benefits must be the same as the category bears to the member spouse's interest immediately before the amount was paid.