Family Law Legislation Amendment (Superannuation) (Consequential Provisions) Act 2001 (114 of 2001)

Schedule 1   Amendments

Superannuation Contributions Tax (Assessment and Collection) Act 1997

28   After section 10

Insert:

10A Payment splits or interest splits on marriage breakdown

Liability to pay surcharge

(1) If:

(a) in respect of an interest (the original interest ) that a person has as a member:

(i) a payment split applies to a splittable payment; or

(ii) an interest in a superannuation fund, an approved deposit fund or an RSA is created for the non-member spouse in relation to the original interest in circumstances prescribed by the regulations; or

(iii) an amount is transferred to a superannuation fund, an approved deposit fund or an RSA, in circumstances prescribed by the regulations, for the benefit of the non-member spouse in relation to the original interest; and

(b) an assessment is then made that surcharge is payable on the surchargeable contributions of the member in respect of the original interest;

then:

(c) if a superannuation provider holds those contributions for the member - the provider is taken to be the holder of those contributions and liable to pay the surcharge; or

(d) otherwise - the member is taken to be the holder of those contributions and liable to pay the surcharge.

(2) In this section:

non-member spouse has the same meaning as in Part VIIIB of the Family Law Act 1975.

payment split means a payment split under Part VIIIB of the Family Law Act 1975.

splittable payment has the same meaning as in Part VIIIB of the Family Law Act 1975.