Income Tax Amendment Regulations 2002 (No. 6)
(215 of 2002)
12 September 2002
Made under Income Tax Assessment Act 1936
1 Name of Regulations
These Regulations are the Income Tax Amendment Regulations 2002 (No. 6).
2 Commencement
These Regulations commence on the commencement of the Family Law Legislation Amendment (Superannuation) (Consequential Provisions) Act 2001.
3 Amendment of Income Tax Regulations 1936
Schedule 1 amends the Income Tax Regulations 1936.
Schedule 1 Amendments
[1] Regulation 53J
substitute
53J Pension and annuity standards (Act s 140L)
For section 140L of the Act, the circumstances set out in the table are circumstances in which a pension or annuity is treated as meeting the pension standards mentioned in that section.
|
Pension or annuity |
Circumstances |
|---|---|
|
Annuity |
The annuity meets the standards set out in subregulation 1.05 (2) or (9) of the SIS Regulations. |
|
Pension |
The pension meets the standards set out in subregulation 1.06 (2) or (7) of the SIS Regulations ( the SIS pension standards) |
|
Superannuation pension taken to have commenced under paragraph 140M (1A) (e) of the Act |
The superannuation pension mentioned in paragraph 140M (1A) (c) of the Act (that would have been paid to the original payee if there had not been a payment split) would have met the SIS pension standards |
|
Superannuation pension taken to have commenced under paragraph 140M (1C) (g) of the Act |
The superannuation pension mentioned in paragraph 140M (1C) (a) of the Act (that was paid before the payment split) met the SIS pension standards immediately before the payment split |
[2] Regulation 53K
substitute
53K Payers of benefits - specified information (Act s 140M)
For each of the following provisions of the Act, the payer mentioned in the provision must give to the Commissioner a notice containing the information set out in Schedule 2B:
(a) subsection 140M (1);
(b) paragraph 140M (1A) (f);
(c) paragraph 140M (1C) (f).
[3] After regulation 97
insert
98 Family law superannuation interest splits (Act s 27ACB)
(1) For paragraph 27ACB (1) (a) of the Act, the circumstances are that the interest is created for the non-member spouse in such a way that, because of Division 2.2 of the Family Law (Superannuation) Regulations 2001, a payment in respect of the superannuation interest of the member spouse made after the interest is created, would not be a splittable payment.
Note Division 2.2 of the Family Law (Superannuation) Regulations 2001 sets out the ways that a superannuation agreement, flag lifting agreement or splitting order made under the Family Law Act 1975 may be satisfied. If the agreement or order has been satisfied, any future payment would not be a splittable payment.
(2) For paragraph 27ACB (1) (b) of the Act, the circumstances are that the amount is transferred to a superannuation fund for the benefit of the non-member spouse in such a way that, because of Division 2.2 of the Family Law (Superannuation) Regulations 2001, a payment in respect of the superannuation interest of the member spouse made after the amount is transferred, would not be a splittable payment.
Note Division 2.2 of the Family Law (Superannuation) Regulations 2001 sets out the ways that a superannuation agreement, flag lifting agreement or splitting order made under the Family Law Act 1975 may be satisfied. If the agreement or order has been satisfied, any future payment would not be a splittable payment.
(3) In this regulation:
splittable payment has the same meaning as in Part VIIIB of the Family Law Act 1975.
[4] Schedule 2B, Clause 2, subitem 4 of item C
omit
subsection 140M (1) or 140Q (1)
insert
subsections 140M (1), (1A) or (1C), 140Q (1) or 140ZP (3)