Superannuation Industry (Supervision) Regulations 1994

PART 7A - SUPERANNUATION INTERESTS SUBJECT TO PAYMENT SPLIT  

Division 7A.1 - General  

REGULATION 7A.03   TRUSTEE TO GIVE PAYMENT SPLIT NOTICE  

7A.03(1)   [When notification necessary]  

If an interest in a regulated superannuation fund or an approved deposit fund becomes subject to a payment split, the trustee of the fund must notify the member spouse and the non-member spouse in relation to the interest that the interest is subject to a payment split.

7A.03(2)   [Nature of notification]  

The notice must:

(a) be in writing; and

(b) state the date on which it is given.

7A.03(3)   [Period for giving notice]  

The notice must be given:

(a) for a payment split under a superannuation agreement or flag lifting agreement - within 28 days after the operative time for the payment split; and

(b) for a payment split under a splitting order - by the later of:

(i) the end of 28 days after the operative time for the payment split; and

(ii) the end of 28 days after the trustee receives a copy of the order.

7A.03(4)   [Where payment split ceases]  

Despite subregulation (1), the trustee is not required to give a payment split notice in respect of an interest if the interest ceases to be subject to a payment split:

(a) before the end of the period applying under subregulation (3); and

(b) for a reason other than the creation of a non-member spouse interest under regulation 7A.03B .

Note: A non-member spouse may also be entitled to information under section 1017C of the Corporations Act 2001 , Division 2.5 and Division 2.5A .