Document ID: chunk:federal_register_of_legislation:F2025L00178:clause:12_5
Version: federal_register_of_legislation:F2025L00178
Segment Type: clause
Provision Reference: sch 12 cl 5
Character Range: 725056–726943

5  Subsection 82(7)
Omit the subsection (including the note), substitute:
 (7) For the purposes of subsection (6), the remaining value of the superannuation interest after the payment of the lump sums to all of the following persons (the eligible recipients):
 (a) each other person under a payment split with an earlier operative time;
 (b) the non‑member spouse;
under paragraph 81(2)(a) and paragraph (4)(c) of this section is the amount equal to the sum of the following calculated for each of the eligible recipients:
where:
deemed value of the interest were it in payment phase at adjusted date means the amount that would be calculated under section 64 for the superannuation interest if references in Division 2 of Part 6 to the relevant date were references to the date the first splittable payment became payable in respect of the superannuation interest to the eligible recipient.
initial lump sum means the amount of the lump sum paid to the eligible recipient under paragraph 81(2)(a).
other lump sum means the amount of the lump sum paid to the eligible recipient under paragraph (4)(b).
transition factor means:
 (a) if under section 62 or 70 the Minister has approved one or more methods or factors to be used to determine the gross value of the superannuation interest—the factor approved under, or determined using a method approved under, section 79 for the superannuation interest and this subsection; or
 (b) if paragraph (a) does not apply and one or more benefits in respect of the superannuation interest are payable:
 (i) as a pension for the life of the member spouse; but
 (ii) not due to the member spouse's invalidity;
  the factor determined using the method set out in Schedule 11 for the superannuation interest; or
 (c) if neither paragraph (a) nor (b) applies—1.
Note: For the meanings of commutation factor and pension valuation factor, see section 72.