Tax Laws Amendment (2005 Measures No. 2) Act 2005 (78 of 2005)

Schedule 7   Superannuation and family law

Income Tax Assessment Act 1936

14   After subsection 27ACB(1)

Insert:

(1A) If, in respect of an eligible annuity (the original interest ) that a person (the first person ) has, either of the following apply at a particular time (the relevant time ):

(a) an annuity (within the meaning of subsection 27A(1) of this Act) is created for the non-member spouse in circumstances prescribed by the regulations;

(b) an amount is transferred to a superannuation fund, in circumstances prescribed by the regulations, for the benefit of the non-member spouse;

then:

(c) there is taken to be an ETP made in relation to the non-member spouse of an amount (the new ETP amount ) equal to the value of the annuity created for the non-member spouse or to the amount transferred (as the case may be); and

(d) there is taken to be an ETP made in relation to the first person of an amount (the remaining ETP amount ) equal to the value of the original interest immediately before the relevant time less the new ETP amount; and

(e) there is taken to be a roll-over of those ETPs.


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