Document ID: chunk:federal_register_of_legislation:C2024C00859:clause:1_90xn
Version: federal_register_of_legislation:C2024C00859
Segment Type: clause
Provision Reference: sch 1 cl 90XN
Character Range: 722848–724873

90XN  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 90XJ(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:
 (a) if the spouses are parties to a marriage—any of the grounds set out in subsection 90K(1) (other than paragraph 90K(1)(f)); or
 (b) if the spouses are parties to a de facto relationship—any of the grounds set out in subsection 90UM(1) (other than paragraph 90UM(1)(i)).
 (5) An order setting aside a flag lifting agreement also operates to set aside the related financial agreement or Part VIIIAB financial agreement.
 (6) An order under section 90K setting aside a financial agreement also operates to set aside the related flag lifting agreement.
 (7) An order under section 90UM setting aside a Part VIIIAB financial agreement also operates to set aside the related flag lifting agreement.

Subdivision D—Miscellaneous