Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.7 - Spouse contributions-splitting amounts  

REGULATION 6.44   APPLICATION TO ROLL OVER, TRANSFER OR ALLOT AN AMOUNT OF CONTRIBUTIONS  

6.44(1)   [Application]  

A member of a regulated superannuation fund may, in a financial year, apply to the trustee of the fund to roll over, transfer or allot an amount of benefits, for the benefit of the member's spouse, that is equal to an amount of the splittable contributions made to that fund by, for, or on behalf of the member in:


(a) the last financial year that ended before the application; or


(b) the financial year in which the application is made - where the member's entire benefit is to be rolled over, transferred or cashed in that year.

Note: This arrangement applies at the request of the member, and is not an arrangement by which the member's superannuation interest is subject to a payment split under Part VIIIB of the Family Law Act 1975 . Part 7A of these Regulations deals with those payment splitting arrangements.

6.44(2)   [Invalid applications]  

However, the application is taken to be invalid:


(a) if in the financial year in which it is made:


(i) the member has already made an application in respect of the relevant financial year; and

(ii) the trustee:

(A) is considering the application; or

(B) has given effect to that application; or


(b) if the amount of benefits to which the application relates exceeds the maximum splittable amount; or


(c) subject to subregulation (3), if, at the time of application:


(i) the member's spouse is aged 65 years or more; or

(ii) both:

(A) the member's spouse is aged between the relevant preservation age and 65 years; and

(B) the member's spouse satisfies the condition of release specified in item 101 of Schedule 1 .

6.44(3)   [Exemption]  

Despite paragraph (2)(c), an application is not taken to be invalid under that paragraph if the application includes a statement by the member's spouse to the effect that, at the time of application, the spouse:


(a) is aged less than the relevant preservation age; or


(b) both:


(i) is aged between the relevant preservation age and 65 years; and

(ii) does not satisfy the condition of release specified in item 101 of Schedule 1 .

6.44(4)   [Amounts to be specified]  

The applicant must specify, in the application, the amount of the benefit from the following:


(a) the member's taxed splittable contributions;


(b) the member's untaxed splittable contributions;


(c) the member's untaxed splittable employer contributions;

that the member seeks to split for the benefit of the member's spouse.

Note: An amount rolled over, transferred or allotted under this Division is a contributions-splitting superannuation benefit.


 

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