Income Tax Amendment Regulations 2002 (No. 6) (215 of 2002)

Schedule 1   Amendments

[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.