Superannuation Industry (Supervision) Amendment Regulations 2004 (No. 6) (153 of 2004)

Schedule 1   Amendments commencing on gazettal

[16]   Subregulation 7A.03B (3)

substitute

(3) Subject to subregulation (4), the value of the benefits in the non-member spouse interest must be:

(a) if:

(i) the payment split is a base amount payment split; and

(ii) an adjusted base amount applies in relation to the non-member spouse when the interest is created;

the adjusted base amount allocated to the non-member spouse less the amount of any fees payable by the non-member spouse in respect of the payment split; or

(b) if:

(i) the payment split is a base amount payment split; and

(ii) an adjusted base amount does not apply in relation to the non-member spouse when the interest is created;

the base amount allocated to the non-member spouse, within the meaning of regulation 45 of the Family Law (Superannuation) Regulations 2001, less the amount of any fees payable by the non-member spouse in respect of the payment split; or

(c) if the payment split is a percentage payment split:

(i) for an entitlement in respect of an interest in a self-managed superannuation fund - the amount in relation to the interest at the time when the new interest is created, determined by a method that a court might use if the court were acting under paragraph 90MT (2) (b) of the Family Law Act 1975, multiplied by the specified percentage, less the amount of any fees payable by the non-member spouse in respect of the payment split; or

(ii) for an entitlement in respect of an accumulation interest, other than a partially-vested accumulation interest, to which subparagraph (i) does not apply - the amount in relation to the interest at the time when the new interest is created, determined in the way in which a court would determine an amount in accordance with regulation 28 and subregulation 31 (2A) of the Family Law (Superannuation) Regulations 2001, multiplied by the specified percentage, less the amount of any fees payable by the non-member spouse in respect of the payment split; or

(iii) for an entitlement in respect of any other interest - the amount in relation to the interest at the time when the new interest is created, determined in the way in which a court would determine an amount in accordance with the relevant method in Part 5 of the Family Law (Superannuation) Regulations 2001, multiplied by the specified percentage, less the amount of any fees payable by the non-member spouse in respect of the payment split.