Superannuation Industry (Supervision) Regulations 1994

PART 7A - SUPERANNUATION INTERESTS SUBJECT TO PAYMENT SPLIT  

Division 7A.3 - Splittable payments - payment standards for non-member spouse entitlements  

REGULATION 7A.14   APPLICATION OF DIVISION 7A.3  

7A.14(1)   [Application to ``original interest'']  

This Division applies if:

(a) an interest (the original interest ) in a regulated superannuation fund or approved deposit fund is subject to a payment split; and

(b) the non-member spouse is entitled to be paid an amount from the original interest because a splittable payment in respect of the interest has become payable; and

(c) a new interest has not been created for the non-member spouse, or the transferable benefits of the non-member spouse have not been transferred or rolled out of the fund, as a result of a payment split.

7A.14(2)   [Certain death benefits]  

However, if an amount under the Act would be a superannuation death benefit (within the meaning of subsection 995-1(1) of the 1997 Tax Act) if it were paid to the non-member spouse, a requirement in this Division:

(a) to pay the amount; or

(b) to roll over or transfer the amount to another regulated superannuation fund, an RSA, an approved deposit fund or an EPSSS, to be held for the benefit of the non-member spouse; or

(c) to allocate the amount to an interest that the trustee creates for the non-member spouse in the regulated superannuation fund or approved deposit fund;

is taken to be a requirement to pay the amount to the non-member spouse in cash.