Family Law Legislation Amendment (Superannuation) (Consequential Provisions) Act 2001 (114 of 2001)

Schedule 1   Amendments

Small Superannuation Accounts Act 1995

25   At the end of section 15

Add:

Payment split under Family Law Act

(3) If an account is subject to a payment split, then the Commissioner may open an account in the name of the non-member spouse.

(4) The balance of the account when it is opened is an amount worked out in accordance with the regulations.

(5) The balance of the member spouse’s account is to be reduced by the amount worked out under subsection (4).

(6) The Commissioner must give the member spouse a written notice setting out the balance (if any) of the member spouse’s account after the reduction.

(7) In this section:

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

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

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