PART 1
-
PRELIMINARY
REGULATION 1.04AAA
MODIFIED MEANING OF
MEMBER
(ACT S 15B)
1.04AAA(1)
[Application]
This regulation applies if:
(a)
a superannuation interest in a fund is subject to a payment split, or a non-member spouse interest has been created under regulation
7A.03B
; 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.
History
Reg 1.04AAA(1) amended by SR No 353 of 2002, reg 3 and Sch 1 item 11, by substituting para (a), effective 28 December 2002. Para (a) formerly read:
(a)
a superannuation interest in a fund is subject to a payment split; and
1.04AAA(2)
[Non-member spouse]
For the purposes of the provisions of the Act set out in Table 1, the non-member spouse is to be treated as being a member of the fund in which the interest is held from the later of:
(a)
the operative time for the payment split; and
(b)
the time that the trustee receives the agreement or order under which the payment split is effected.
|
Table 1
|
|
Item
|
Provision
|
| 1 |
subsection 17A, except subsection (5) (definition of self managed superannuation fund) |
| 2 |
section 65 (lending to members of regulated superannuation fund prohibited) |
| 3 |
Part 8 (in-house asset rules applying to regulated superannuation funds) |
History
Reg 1.04AAA(2) substituted by SLI No 332 of 2005, reg 3 and Sch 1 item 1, effective 21 December 2005. Reg 1.04AAA(2) formerly read:
1.04AAA(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).
1.04AAA(3)
[Self managed funds]
For subsection
17A(5)
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 later of:
(a)
the end of 6 months after the operative time for the payment split; and
(b)
the end of 6 months after the time that the trustee receives the agreement or order under which the payment split is effected.
History
Reg 1.04AAA(3) substituted by SLI No 113 of 2004, reg 3 and Sch 2 item 1, effective 1 July 2006. Reg 1.04AAA(3) formerly read:
104AAA(3)
For subsection
17A(5)
of the Act, and section
121A
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 later of:
(a)
the end of 6 months after the operative time for the payment split; and
(b)
the end of 6 months after the time that the trustee receives the agreement or order under which the payment split is effected.
Reg 1.04AAA(3) substituted by SLI No 332 of 2005, reg 3 and Sch 1 item 1, effective 21 December 2005. Reg 1.04AAA(3) formerly read:
1.04AAA(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).
1.04AAA(4)
[Lost member]
For regulation
1.03A
, 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.
History
Reg 1.04AAA(4) inserted by SR No 353 of 2002, reg 3 and Sch 1 item 12, effective 28 December 2002.
1.04AAA(5)
[Pt 7A.1A interest and certain small funds]
For subsection
17A(5)
of the Act, a non-member spouse who became a member of a fund as a result of the creation of a non-member spouse interest under Division
7A.1A
is not treated as a member of the fund until the earlier of:
(a)
6 months after the operative time for the payment split; and
(b)
the time that the non-member spouse
'
s interest in the fund is confirmed under regulation
7A.03H
or
7A.03I
.
History
Reg 1.04AAA(5) amended by SLI No 113 of 2004, reg 3 and Sch 2 item 2, by omitting
"
and section
121A
"
before
"
of the Act,
"
, effective 1 July 2006.
Reg 1.04AAA(5) amended by SR No 153 of 2004, reg 3 and Sch 1 item 4, by substituting
"
Division 7A.1A
"
for
"
Part 7A.1A
"
, effective 25 June 2004.
Reg 1.04AAA(5) inserted by SR No 353 of 2002, reg 3 and Sch 1 item 12, effective 28 December 2002.
Reg 1.04AAA inserted by SR No 353 of 2001, reg 3 and Sch 1 item 17, effective 28 December 2002.
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