Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:55:p70
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 55 (pt 70/83)
Character Range: 580088–583160

person makes an election under Rule 15.3.1; and
         (b) other relevant factors (if any);
is applicable for the purpose of working out, in relation to the person, the yearly amount that would have to be paid to discharge a liability equal to the person's Surcharge Commutation Amount.
 part 16 — Family law
 superannuation splitting
Division 1

Explanation of certain words and phrases
16.1.1 If a word or phrase defined in Part VIIIB or VIIIC of the Family Law Act 1975 is used in this Part, it has the same meaning as in the relevant Part of the Family Law Act 1975 unless excluded by the context. For convenience, a number of these words and phrases are listed as signpost definitions in Rule 16.1.2 below.
16.1.2 Other words and phrases that have a special meaning when used in this Part have been explained below.  They appear throughout the Part in bold print to remind you they have a special meaning.

additional accumulation amount        in relation to a member spouse who is, or has been at any time, a member, is the amount, if any, that would become payable if the accumulated transfer amount became payable as a lump sum at the operative time, less any part of that amount that would relate to the early release deduction amount.
additional accumulation component     means the amount calculated by multiplying the additional accumulation amount by the separation factor.
associate benefit                     means associate preserved benefit, associate preserved pension or associate standard pension.
associate preserved                   means associate preserved benefit under Division 3 of this Part.
benefit
associate preserved pension           means associate preserved pension under Division 3 of this Part.
associate standard pension            means associate standard pension under Division 2 of this Part.
base amount                           means:
                                         for a splitting agreement — the base amount specified in, or calculated under, the agreement; or
                                         for a splitting order — the amount allocated under subsection 90XT(4) or 90YY(5) (as the case may be) of the Family Law Act 1975.
ERDA                                  in relation to a member spouse who is, or has been at any time, a member, is the amount, if any, of the early release deduction amount at the operative time.
family law value                      means the amount determined in accordance with regulations under the Family Law Act 1975 that apply for the purposes of paragraph 90XT(2)(a) or 90YY(2)(a) (as the case may be) of the Family Law Act 1975.  In applying those regulations, the relevant date is taken to be the date on which the operative time occurs.
funded component                      means:

                                         where the original interest is not an entitlement to associate preserved benefit — the sum of the following amounts:

                                        − the member contributions component;

                                        − the