Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

Division 4.5 - Spouse contributions-splitting amounts  

REGULATION 4.42   DECISION ON APPLICATION  

4.42(1)   [Conditions]  

An RSA provider may accept an application made under subregulation 4.41(1) if all of the following conditions are satisfied:

(a) the application complies with regulation 4.41 ;

(b) the RSA provider has no reason to believe the statement mentioned in subregulation 4.41(3) is untrue;

(c) the amount to which the application relates is not more than the maximum splittable amount for the relevant financial year.

Note:

An RSA provider may voluntarily provide a service that allows an RSA holder to roll over, transfer or allot an amount to the applicant's spouse (a splittable contribution ). The RSA provider is not required to offer the service.

4.42(2)   [Timing]  

An RSA provider that accepts an application in accordance with subregulation (1) must as soon as practicable, and in any case within 30 days after receiving the application, roll over, transfer or allot the amount of benefits for the benefit of the receiving spouse.

4.42(3)   [Assessment of amount specified]  

If the application requests a split of untaxed splittable contributions the RSA provider can only give effect to the application where the amount specified in the application is less than or equal to the crystallised segment that would form part of the superannuation interest that would be payable if the RSA holder withdrew the RSA holder's entire benefits at the time of the RSA provider giving effect to the application.

4.42(4)   [Taxable component]  

If the application requests a split of taxed splittable contributions the RSA provider can only give effect to the application where the amount specified in the application is less than or equal to the taxable component that would form part of the superannuation benefit that would be payable if the RSA holder withdrew the RSA holder's entire benefits at the time of the RSA provider giving effect to the application.