Document ID: chunk:federal_register_of_legislation:F2023C01022:reg:58:p2
Version: federal_register_of_legislation:F2023C01022
Segment Type: reg
Provision Reference: reg 58 (pt 2/3)
Character Range: 165478–168188

lump sum, an amount that is at least the amount calculated in accordance with subregulation (5) (the minimum lump sum); and
 (b) the non‑member spouse is entitled to be paid:
 (i) that amount; and
 (ii) the amount, calculated in accordance with subregulation (6), from:
 (A) if the member spouse chooses to be paid, as a lump sum, an amount that is more than the minimum lump sum—the amount that is the difference between the actual lump sum paid and the minimum lump sum; and
 (B) each other splittable payment that becomes payable in respect of the superannuation interest.
 (5) For paragraph (4)(a), the amount of the minimum lump sum is calculated in accordance with the following formula:

  where:
BA is the base amount allocated to the non‑member spouse in relation to the superannuation interest.
X is the amount of the first splittable payment paid to the non‑member spouse under paragraph 57(2)(a).
Prop. is the proportion of the remaining base amount allocated to the non‑member spouse in relation to the interest that the non‑member spouse has requested to be paid, as a lump sum, to him or her in the request served on the trustee.
Comm has the same meaning as in subregulation 51(3).
Py+m has the same meaning as in subregulation 51(3).
 (6) For subparagraph (4)(b)(ii), the amount is calculated in accordance with the following formula:

  where:
BA is the base amount allocated to the non‑member spouse in relation to the superannuation interest.
X is the amount of the first splittable payment paid to the non‑member spouse under paragraph 57(2)(a).
Prop. is the proportion of the remaining base amount allocated to the non‑member spouse in relation to the interest that the non‑member spouse has requested to be paid, as a lump sum, to him or her in the request served on the trustee.
SP is:
 (a) if applicable, the amount of the difference between the actual lump sum paid to the member spouse and the minimum lump sum; or
 (b) the amount of the relevant splittable payment.
rV is the remaining value of the superannuation interest after the payment of the lump sums to the non‑member spouse under paragraph 57(2)(a) and subparagraph (4)(b)(ii) of this regulation, calculated in accordance with subregulation (7).
 (7) For subregulation (6), the remaining value (rV) of the superannuation interest after the payment of the lump sums to the non‑member spouse under paragraph 57(2)(a) and subparagraph (4)(b)(ii) of this regulation is calculated in accordance with the following formula:

where:
A has the meaning given by subregulation 57(3).
X is the amount of the lump sum paid to the non‑member spouse under paragraph 57(2)(a).
Y is the amount of the lump sum paid to the non‑member spouse