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 307-230.01   TOTAL SUPERANNUATION BALANCE - FAMILY LAW PAYMENT SPLITTING  

307-230.01(1)    
For the purposes of paragraph 307-230(3)(b) of the Act, the circumstance mentioned in subsection (2) of this section is prescribed.

307-230.01(2)    
The circumstance is that:

(a)    the superannuation interest mentioned in paragraph 307-230(3)(a) of the Act is a defined benefit interest; and

(b)    either:

(i) the interest is not in the retirement phase; or

(ii) the interest is in the retirement phase and supports a superannuation income stream that is a SIS pension, RSA pension, SIS annuity or RSA annuity; and

(c)    the governing rules of the superannuation plan in which the interest exists do not allow the non-member spouse in relation to the interest to become a member of the plan; and

(d)    at least part of the amount to which the non-member spouse is entitled under the payment split to which the interest is subject, as mentioned in subparagraph 307-230(3)(a)(ii) of the Act, has not been rolled-over, transferred or allotted to another superannuation interest for the benefit of the non-member spouse.

307-230.01(3)    
For the purposes of subsection 307-230(4) of the Act, a superannuation interest that you are treated as having under subsection 307-230(3) of the Act in the circumstance prescribed by subsection (1) of this section is to be treated as being a defined benefit interest.