Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:1_7:p2
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 1 cl 7 (pt 2/3)
Character Range: 28566–31497

interest is subject to a *payment split but remains an interest of the *member spouse; and
 (b) the superannuation interest supports a *superannuation income stream that is in the *retirement phase; and
 (c) as a result of the payment split, a proportion of all *superannuation income stream benefits from the income stream is to be paid to a *non‑member spouse; and
 (d) as a result, the member spouse and the non‑member spouse are both *retirement phase recipients of the superannuation income stream.
 (3) The amount of the debit is:
 (a) if you are the *member spouse—the proportion mentioned in paragraph (2)(c); and
 (b) if you are the *non‑member spouse—the remaining proportion;
of the *value, on the day the debit arises, of the *superannuation interest that supports the *superannuation income stream affected by the *payment split.
 (4) The debit arises at the later of:
 (a) the operative time (within the meaning of Part VIIIB of the Family Law Act 1975) for the *payment split; and
 (b) at the start of the day you first start to have a *transfer balance account.

294‑95  Payment splits—no double debiting
  If a *transfer balance debit, worked out by reference to a particular proportion, arises in your *transfer balance account because a *superannuation interest is subject to a *payment split, each of the following debits arising in your account at a later time in respect of the same interest is to be reduced by the same proportion:
 (a) a debit that arises under item 1 of the table in subsection 294‑80(1) (about commutations), but only if the commuted income stream is a *capped defined benefit income stream;
 (b) a debit that arises under item 3 of that table (about events that result in reduced superannuation);
 (c) a debit that arises under item 5 or 6 of that table (about income streams that stop being in the retirement phase).

Subdivision 294‑D—Modifications for certain defined benefit income streams

Guide to Subdivision 294‑D

294‑120  What this Subdivision is about

      Certain defined benefit lifetime pensions that are subject to commutation restrictions cannot result in excess transfer balance (instead, Subdivision 303‑A applies to the superannuation income stream benefits).
      Certain commutation‑restricted income streams started before 1 July 2017 are covered by the same modification.

Table of sections

Operative provisions
294‑125 When this Subdivision applies
294‑130 Meaning of capped defined benefit income stream
294‑135 Transfer balance credit—special rule for capped defined benefit income streams
294‑140 Excess transfer balance—special rule for capped defined benefit income streams
294‑145 Transfer balance debits—special rules for capped defined benefit income streams

Operative provisions

294‑125  When this Subdivision applies
  This Subdivision applies to you if you are the *retirement phase recipient of a *capped defined benefit income stream.

294‑130