Document ID: chunk:federal_register_of_legislation:C2004C01280:clause:1_90mn
Version: federal_register_of_legislation:C2004C01280
Segment Type: clause
Provision Reference: sch 1 cl 90MN
Character Range: 19023–20683

90MN  Flag lifting agreement etc.

 (1) At any time when a payment flag is operating on a superannuation interest, the spouses may make an agreement (a flag lifting agreement) that either:
 (a) provides that the flag is to cease operating without any payment split; or
 (b) specifies an amount, method or percentage in accordance with subsection 90MJ(1).

 (2) If the flag lifting agreement provides for a payment split, the spouses may at any time make an agreement (a termination agreement) that terminates the flag lifting agreement.

 (3) A flag lifting agreement or termination agreement has no effect unless it complies with the following requirements:
 (a) the agreement must be signed by both spouses;
 (b) for each spouse, the agreement must contain a statement that the spouse has been provided with independent legal advice from a legal practitioner as to the legal effect of the agreement;
 (c) a certificate must be attached to the agreement, signed by the person who provided the legal advice and stating that the advice was provided;
 (d) after the agreement is signed by the spouses, each spouse must be provided with a copy of the agreement.

 (4) A court may make an order setting aside a flag lifting agreement or termination agreement if, and only if, the court is satisfied as to any of the grounds set out in subsection 90K(1) (other than paragraph 90K(1)(f)).

 (5) An order setting aside a flag lifting agreement also operates to set aside the related financial agreement.

 (6) An order under section 90K setting aside a financial agreement also operates to set aside the related flag lifting agreement.

Subdivision D—Miscellaneous