Family Law Legislation Amendment (Superannuation) (Consequential Provisions) Act 2001 (114 of 2001)

Schedule 1   Amendments

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

37   After subsection 15(6)

Insert:

(6AA) If:

(a) a payment split applies to a splittable payment in respect of an interest that a person has as a member; and

(b) the splittable payment becomes payable in circumstances where the member's surcharge account is in debit;

then the member is liable to pay to the Commissioner the lesser of:

(c) the amount by which the account is in debit; and

(d) 15% of the employer financed component of that part of the benefits that would have been payable to the member but for the payment split and that accrued after 20 August 1996.