Document ID: chunk:federal_register_of_legislation:C2004A01058:clause:4_5jc
Version: federal_register_of_legislation:C2004A01058
Segment Type: clause
Provision Reference: sch 4 cl 5JC
Character Range: 16949–18097

5JC  Family law affected income streams

 (1) If:
 (a) a relevant income stream is acquired or purchased (original family law affected income stream) by a person (member) from a relevant superannuation fund; and
 (b) the member's spouse or former spouse (non‑member) becomes entitled to be paid some or all of that income stream under a payment split under Part VIIIB of the Family Law Act 1975;
then so much (if any) of the income stream paid to the non‑member as a series of ongoing payments (secondary FLA income stream) and the remainder (if any) of the income stream paid to the member as such a series of payments (primary FLA income stream) are each family law affected income streams.

 (2) In subsection (1):

relevant income stream means an income stream of a kind referred to in paragraph (a), (b) or (c) of the definition of income stream in subsection 5J(1).

relevant superannuation fund means:
 (a) a superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; or
 (b) an approved deposit fund; or
 (c) a retirement savings account within the meaning of the Retirement Savings Accounts Act 1997.