Document ID: chunk:federal_register_of_legislation:F2022C00514:reg:89
Version: federal_register_of_legislation:F2022C00514
Segment Type: reg
Provision Reference: reg 89
Character Range: 173955–176514

89  Definitions
  In this Part:
base amount means:
 (a) for a splitting agreement—the base amount specified in, or calculated under, the agreement; or
 (b) for a splitting order—the amount allocated under subsection 90MT(4) of the Family Law Act 1975.
employer funded component of a transfer amount, means the employer benefit, or part of the employer benefit, that is totally funded.
employer unfunded component of a transfer amount, means the employer benefit, or part of the employer benefit that is not totally funded.
family law value means the amount determined in accordance with regulations made under the Family Law Act 1975 that apply for paragraph 90MT(2)(a) of that Act (taking the relevant date to be the date on which the operative time occurs).
Note: The family law value is determined by applying those regulations, whether or not an order has been made under subsection 90MT(1) of the Family Law Act 1975.
member funded component of a transfer amount means the member benefit or part of the member benefit, that is totally funded.
member spouse has the same meaning as in Part VIIIB of the Family Law Act 1975.
member unfunded component of a transfer amount means the member benefit, or part of the member benefit, that is not totally funded.
non‑member spouse has the same meaning as in Part VIIIB of the Family Law Act 1975.
operative time, for a splitting agreement or splitting order, means the time that is the operative time for Part VIIIB of the Family Law Act 1975 in relation to a payment split under the agreement or order.
payment split has the same meaning as in Part VIIIB of the Family Law Act 1975.
scheme value means the amount determined under rule 98.
splitting percentage means:
 (a) for a splitting agreement—the percentage specified in the agreement under subparagraph 90MJ(1)(c)(iii) of the Family Law Act 1975; or
 (b) for a splitting order—the percentage specified in the order under subparagraph 90MT(1)(b)(i) of the Family Law Act 1975.
transfer amount means:
 (a) if a splitting percentage applies—the amount calculated by multiplying the splitting percentage by the greater of:
 (i) the family law value; and
 (ii) the scheme value; or
 (b) if a base amount applies and the scheme value is not more than the family law value—the base amount; or
 (c) if a base amount applies and the scheme value is more than the family law value—the amount worked out using the formula:

Division 2—Dealing with splitting agreements and splitting orders

Subdivision 1—Compliance with splitting agreements and splitting orders