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Family Law Legislation Amendment (Superannuation) (Consequential Provisions) Bill 2001

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The Parliament of the

Commonwealth of Australia




Family Law Legislation Amendment (Superannuation) (Consequential Provisions) Bill 2001



(1)     Schedule 1, page 3 (after line 10), after item 2, insert:

2A  Subsection 90ME(2)

Repeal the subsection, substitute:

             (2)  A payment is not a splittable payment if it is prescribed by the regulations for the purposes of this subsection. The regulations may prescribe a payment either:

                     (a)  generally (that is, for the purposes of all payment splits in respect of a superannuation interest); or

                     (b)  only for the purposes of applying this Part to a particular payment split in respect of a superannuation interest.

[section 90ME—splittable payments]

(2)     Schedule 1, item 19, page 13 (line 23) to page 14 (line 6), omit subsection (2), substitute:

Payment splits under the Superannuation Industry (Supervision) Regulations

             (2)  There is also a roll-over if:

                     (a)  an interest in a * small superannuation fund (the first fund ) is subject to a * payment split; and

                     (b)  as a result of the payment split, there is a transfer or roll over of benefits, for the benefit of the * non-member spouse, from the first fund to another small superannuation fund; and

                     (c)  the transfer is under provisions of the Superannuation Industry (Supervision) Regulations 1994 dealing with superannuation interests that are subject to payment splits; and

                     (d)  in order to give effect to the payment split, the trustee (the transferor ) of the first fund transfers a * CGT asset to the trustee (the transferee ) of the other fund for the benefit of the non-member spouse.

Note:          CGT event E2 may apply to the transfer.

[section 126-140—payment splits]

(3)     Schedule 1, item 19, page 14 (line 21 to line 26), omit subsection (6).

[section 126-140—payment splits]

(4)     Schedule 1, item 20, page 14 (line 27 to line 29), omit the item.

[payment splits]