Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p10
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 10/12)
Character Range: 1443317–1446085

gives a payment split notice to the non‑member spouse.

7.9.90  Information for existing holders of superannuation products and RSAs in relation to superannuation interest
 (1) For paragraph 1020G(1)(c) of the Act, this regulation applies in relation to a non‑member spouse.
 (2) The definition of concerned person in subsection 1017C(9) of the Act is modified by adding after paragraph (a) of the definition:
 '(aa) is a non‑member spouse in relation to a superannuation product or an RSA that is issued in relation to a payment split; or'.

7.9.91  Periodic statements for retail clients for financial products that have an investment component—general
 (1) For paragraph 1020G(1)(a) of the Act, this regulation applies in relation to a non‑member spouse who holds a superannuation or RSA by way of a payment split.
 (2) The product issuer in relation to the superannuation product or RSA is not required to comply with:
 (a) paragraphs 1017D(5)(a) to (f) of the Act; and
 (b) regulation 7.9.72 and subregulation 7.9.75(1).

7.9.92  Periodic statements for retail clients for financial products that have an investment component—superannuation interest other than percentage‑only interest
 (1) For paragraph 1017D(5)(g) of the Act, this regulation applies if:
 (a) an interest in a superannuation product is subject to a base amount payment split; and
 (b) the interest is not a percentage‑only interest; and
 (c) the interest is in the growth phase; and
 (d) none of the following has occurred under Part 7A of the SIS Regulations:
 (i) a new membership interest has been created for the non‑member spouse in relation to the payment split;
 (ii) the transferable benefits of the non‑member spouse have been transferred or rolled out of the superannuation fund;
 (iii) the amount to which the non‑member spouse is entitled under the payment split has been paid, as a lump sum, to the non‑member spouse.
 (2) This regulation also applies if:
 (a) an interest in an RSA is subject to a base amount payment split; and
 (b) the interest is in the growth phase; and
 (c) none of the following has occurred under Part 4A of the RSA Regulations:
 (i) a new RSA has been opened for the non‑member spouse;
 (ii) the transferable benefits of the non‑member spouse have been transferred or rolled out of the RSA;
 (iii) the amount to which the non‑member spouse is entitled under the payment split has been paid, as a lump sum, to the non‑member spouse.
 (3) The periodic statement for the member spouse and the non‑member spouse must include the following information:
 (a) the value of the adjusted base amount applicable to the non‑member spouse at the end of the reporting period;
 (b) the amount of the adjustment in the reporting period;
 (c) the method used to calculate