Superannuation Industry (Supervision) Amendment Regulations 2001 (No. 3) (353 of 2001)

Schedule 1   Amendments

[17]   After regulation 1.04

insert

1.04AAA Modified meaning of member (Act s 15B)

(1) This regulation applies if:

(a) a superannuation interest in a fund is subject to a payment split; and

(b) the non-member spouse in relation to the interest was not a member of the fund immediately before the operative time for the payment split.

(2) For the following provisions of the Act, the non-member spouse is to be treated as being a member of the fund in which the interest is held from the operative time for the payment split:

(a) section 17A (definition of self managed superannuation fund), except subsection (5);

(b) section 65 (lending to members of regulated superannuation fund prohibited);

(c) Part 8 (in-house asset rules applying to regulated superannuation funds).

(3) For the following provisions of the Act, the non-member spouse is to be treated as being a member of the fund in which the interest is held from the end of 6 months after the operative time for the payment split:

(a) subsection 17A (5);

(b) section 121A (person not to be trustee of certain small funds unless an approved trustee).