Income Tax Amendment Regulations 2002 (No. 6) (Cth)

Income Tax Amendment Regulations 2002 (No. 6)1

Statutory Rules 2002 No. 2152

I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Income Tax Assessment Act 1936.

Dated 5 September 2002

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

HELEN COONAN

Minister for Revenue and Assistant Treasurer

1Name of Regulations

These Regulations are the Income Tax Amendment Regulations 2002 (No. 6).

2Commencement

These Regulations commence on the commencement of the Family Law Legislation Amendment (Superannuation) (Consequential Provisions) Act 2001.

3Amendment of Income Tax Regulations 1936

Schedule 1 amends the Income Tax Regulations 1936.

Schedule 1Amendments

(regulation 3)

  

[1]Regulation 53J

substitute

53JPension and annuity standards (Act s 140L)

For section 140L of the Act, the circumstances set out in the table are circumstances in which a pension or annuity is treated as meeting the pension standards mentioned in that section.

 

Pension or annuity	Circumstances
Annuity	The annuity meets the standards set out in subregulation 1.05 (2) or (9) of the SIS Regulations.
Pension	The pension meets the standards set out in subregulation 1.06 (2) or (7) of the SIS Regulations (the SIS pension standards)
Superannuation pension taken to have commenced under paragraph 140M (1A) (e) of the Act	The superannuation pension mentioned in paragraph 140M (1A) (c) of the Act (that would have been paid to the original payee if there had not been a payment split) would have met the SIS pension standards
Superannuation pension taken to have commenced under paragraph 140M (1C) (g) of the Act	The superannuation pension mentioned in paragraph 140M (1C) (a) of the Act (that was paid before the payment split) met the SIS pension standards immediately before the payment split

[2]Regulation 53K

substitute

53KPayers of benefits — specified information (Act s 140M)

For each of the following provisions of the Act, the payer mentioned in the provision must give to the Commissioner a notice containing the information set out in Schedule 2B:

1. (a)

   subsection 140M (1);

2. (b)

   paragraph 140M (1A) (f);

3. (c)

   paragraph 140M (1C) (f).

[3]After regulation 97

insert

98Family law superannuation interest splits (Act s 27ACB)

1. (1)

   For paragraph 27ACB (1) (a) of the Act, the circumstances are that the interest is created for the non-member spouse in such a way that, because of Division 2.2 of the Family Law (Superannuation) Regulations 2001, a payment in respect of the superannuation interest of the member spouse made after the interest is created, would not be a splittable payment.

Note Division 2.2 of the Family Law (Superannuation) Regulations 2001 sets out the ways that a superannuation agreement, flag lifting agreement or splitting order made under the Family Law Act 1975 may be satisfied. If the agreement or order has been satisfied, any future payment would not be a splittable payment.

1. (2)

   For paragraph 27ACB (1) (b) of the Act, the circumstances are that the amount is transferred to a superannuation fund for the benefit of the non-member spouse in such a way that, because of Division 2.2 of the Family Law (Superannuation) Regulations 2001, a payment in respect of the superannuation interest of the member spouse made after the amount is transferred, would not be a splittable payment.

Note Division 2.2 of the Family Law (Superannuation) Regulations 2001 sets out the ways that a superannuation agreement, flag lifting agreement or splitting order made under the Family Law Act 1975 may be satisfied. If the agreement or order has been satisfied, any future payment would not be a splittable payment.

1. (3)

   In this regulation:

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

[4]Schedule 2B, Clause 2, subitem 4 of item C

omit

subsection 140M (1) or 140Q (1)

insert

subsections 140M (1), (1A) or (1C), 140Q (1) or 140ZP (3)

Notes

1. These Regulations amend Statutory Rules 1936 No. 94, as amended by 1939 Nos. 6 and 42; 1940 Nos. 138 and 289; 1941 Nos. 120 and 327; 1942 Nos. 339 and 553; 1943 Nos. 80, 127 and 151; 1944 Nos. 90 and 124; 1945 Nos. 12, 85, 169 and 192; 1946 No. 135; 1947 Nos. 77 and 173; 1948 Nos. 115 and 162; 1949 Nos. 25 and 50; 1950 Nos. 63 and 101; 1951 Nos. 136 and 157; 1952 Nos. 89, 90 and 102; 1953 Nos. 55 and 88; 1954 Nos. 11, 99 and 112; 1955 No. 23; 1956 Nos. 34, 35 (repealed by 1956 No. 96) and 96; 1957 Nos. 39 and 74; 1958 Nos. 27 and 70; 1959 Nos. 25 and 81; 1960 Nos. 44 and 74; 1962 Nos. 15, 44 and 112; 1963 Nos. 53 and 92; 1964 Nos. 74, 121 and 134; 1965 Nos. 133 and 187; 1966 No. 156; 1967 Nos. 112 and 126; 1968 No. 1; 1969 No. 68; 1970 Nos. 43, 126, 168 and 213; 1971 Nos. 120 and 148; 1972 Nos. 48, 50 and 137; 1973 No. 266; 1974 Nos. 193, 226 and 267; 1975 Nos. 88, 89, 99, 101 and 213; 1976 Nos. 115, 188 and 212; 1977 Nos. 77, 107 and 248; 1978 Nos. 85 and 193; 1979 Nos. 126 and 239; 1980 Nos. 86, 137 and 149; 1981 Nos. 116 and 360; 1982 Nos. 115, 128, 267 and 280; 1983 Nos. 79, 87, 111, 213 and 319; 1984 Nos. 172, 286, 408 and 416; 1985 Nos. 21, 148, 274 and 278; 1986 No. 325; Acts Nos. 28, 49 and 112, 1986; Statutory Rules 1987 Nos. 92 and 120; 1988 Nos. 196, 208, 262, 381, 382, 383 and 384; Act No. 97, 1988; Statutory Rules 1989 Nos. 67, 80, 115 (as amended by 1989 No. 358), 123, 124, 141, 250 and 358; 1990 Nos. 19, 126, 151, 152, 192, 347, 390, 398 and 468; 1991 Nos. 20, 121, 156, 158, 240, 300, 301, 390 and 391; 1992 Nos. 38, 129, 216, 313 and 449; 1993 Nos. 15, 46, 47, 65, 91, 159, 202, 216, 275, 288 and 370; 1994 Nos. 95, 96, 127, 174, 195, 219, 399, 412, 460, 461 and 462; 1995 Nos. 58, 107, 139, 152, 153, 194, 316, 356, 381, 382, 383 and 447; Act No. 30, 1995; Statutory Rules 1996 Nos. 38, 56, 114, 124, 133, 150, 185, 274, 320, 345 and 346; 1997 Nos. 68, 141, 148, 169, 176, 191, 196, 197, 270, 338, 368 and 416; 1998 Nos. 14, 92, 129, 163, 313 and 348; 1999 Nos. 79, 80 and 114; Act No. 60, 1999; Statutory Rules 2000 Nos. 39, 72, 90, 117, 229 and 262; 2001 Nos. 81, 100, 104, 107, 163 and 289; 2002 Nos. 44, 45, 101, 111 and 169.

2. Notified in the Commonwealth of Australia Gazette