Income Tax Assessment (1997 Act) Regulations 2021
This section applies at a particular time if: (a) a superannuation interest (the member spouse ' s interest ) is subject to a payment split; and (b) the circumstance prescribed by subsection 307-230.01(1) exists in relation to the member spouse ' s interest and the payment split; and (c) under subsection 307-230(3) of the Act (as it applies in relation to the payment split), the non-member spouse in relation to the member spouse ' s interest is treated as having a superannuation interest (the non-member spouse ' s interest ) because the member spouse ' s interest is subject to the payment split; and (d) the unsplit total superannuation balance value is greater than nil.
307-230A.11(2)
The unsplit total superannuation balance value is the value that would be the total superannuation balance value of the member spouse ' s interest at that time (disregarding the payment split).
307-230A.11(3)
For the purposes of paragraph 307-230A(1)(a) of the Act, the value worked out using the following formula is specified in relation to the member spouse ' s interest:
| The unsplit total superannuation balance value | − | The total superannuation balance value of the non-member spouse ' s interest at that time |
307-230A.11(4)
However, if the result of the formula in subsection (3) is less than nil, the total superannuation balance value of the member spouse ' s interest is nil.
Effective waiver notices
307-230A.11(5)
For the purposes of the formula in subsection (3) of this section, disregard subsection 307-230A.10(9) .
Multiple payment splits
307-230A.11(6)
If, at the time mentioned in subsection (1) , there is more than one payment split to which paragraphs (1)(a) , (b) and (c) apply in relation to the member spouse ' s interest: (a) for the purposes of subsection (2) , disregard all of those payment splits; and (b) treat the reference in the formula in subsection (3) to the total superannuation balance value of the non-member spouse ' s interest as being a reference to the sum of the total superannuation balance values of the superannuation interests that all of the non-member spouses in relation to the member ' s interest are treated as having because of those payment splits.
Interaction with other provisions of this Subdivision
307-230A.11(7)
Sections 307-230A.01 and 307-230A.02 have effect subject to this section.
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