Document ID: chunk:federal_register_of_legislation:C2004C01250:clause:1_27aca:p2
Version: federal_register_of_legislation:C2004C01250
Segment Type: clause
Provision Reference: sch 1 cl 27ACA (pt 2/2)
Character Range: 5204–7098

C's eligible termination payment are worked out in a corresponding way.

 (3) For the purposes of working out all the components of the new ETP, the number of days in the eligible service period is taken to be zero.

ETP for original payee

 (4) If there is an eligible termination payment (the original ETP) in relation to the original payee in respect of the splittable payment, then each identified component of the original ETP is to be worked out in accordance with the following formula:
where:

corresponding amount means the amount that would have been that component if the whole of the pre‑split amount had been an eligible termination payment in relation to the original payee.

pre‑split amount means the amount to which the payment split was applied.

Example: To continue the example in subsections (1) and (2), A has an eligible termination payment of $20.

 In relation to A, the pre‑split amount is $40 (the original amount of $100 less the $60 paid to B under the first payment split). The undeducted contributions component of A's eligible termination payment is:

 The other identified components of A's eligible termination payment are worked out in a corresponding way.

Definitions

 (5) In this section:

identified component, in relation to an eligible termination payment, means any of the following:
 (a) the concessional component;
 (b) the post‑June 1994 invalidity component;
 (c) the CGT exempt component;
 (d) the undeducted contributions;
 (e) the untaxed element of the post‑June 83 component.

non‑member spouse has the same meaning as in Part VIIIB of the Family Law Act 1975.

original payee means the person to whom the splittable payment would have been made but for the payment split.

payment split means a payment split under Part VIIIB of the Family Law Act 1975.

splittable payment has the same meaning as in Part VIIIB of the Family Law Act 1975.