Document ID: chunk:federal_register_of_legislation:C2004C01250:clause:1_27acb
Version: federal_register_of_legislation:C2004C01250
Segment Type: clause
Provision Reference: sch 1 cl 27ACB
Character Range: 7101–9612

27ACB  Interest splits while a payment split under the Family Law Act 1975 applies

 (1) If, in respect of an interest (the original interest) that a person (the first person) has as a member of a superannuation fund, either of the following apply at a particular time (the relevant time):
 (a) an interest in a superannuation fund is created for the non‑member spouse in relation to the original interest 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 in relation to the original interest;
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 interest 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.

ETP in relation to non‑member spouse

 (2) Each identified component of the ETP in relation to the non‑member spouse is to be worked out in accordance with the following formula:
where:

corresponding amount means the amount that would have been that component if an ETP had been made in relation to the first person of an amount equal to the value of the original interest immediately before the relevant time.

 (3) For the purposes of working out all the components of the ETP in relation to the non‑member spouse, the number of days in the eligible service period is taken to be zero.

ETP in relation to first person

 (4) Each identified component of the ETP in relation to the first person is to be worked out in accordance with the following formula:
where:

corresponding amount means the amount that would have been that component if an ETP had been made in relation to the first person of an amount equal to the value of the original interest immediately before the relevant time.

Definitions

 (5) In this section:

identified component, in relation to an eligible termination payment, means any of the following:
 (a) the concessional component;
 (b) the post‑June 1994 invalidity component;
 (c) the CGT exempt component;
 (d) the undeducted contributions.

non‑member spouse has the same meaning as in Part VIIIB of the Family Law Act 1975.