Income Tax Amendment Regulations 2005 (No. 8) (Cth)

Income Tax Amendment Regulations 2005 (No. 8)¹

Select Legislative Instrument 2005 No. 326

I, PHILIP MICHAEL JEFFERY, 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 15 December 2005

P. M. JEFFERY

Governor-General

By His Excellency’s Command

MAL BROUGH

Minister for Revenue and Assistant Treasurer

1. Name of Regulations

These Regulations are the Income Tax Amendment Regulations 2005 (No. 8).

1. Commencement

These Regulations commence on the day after they are registered.

1. Amendment of Income Tax Regulations 1936

Schedule 1 amends the Income Tax Regulations 1936.

Schedule 1          Amendment

(regulation 3)

[1]          Regulation 98

substitute

1. Family law superannuation interest splits — circumstances relating to interests for non-member spouses (Act s 27ACA etc)

(1)This regulation is made for the purposes of the provisions of the Act set out in the table.

Item	Provision
1	subparagraph 27ACA (1) (b) (ii)
2	paragraph 27ACB (1) (a)
3	paragraph 27ACB (1A) (a)
4	subparagraph 82AAT (1AA) (a) (ii)
5	subparagraph 82AAT (1CBA) (a) (ii)
6	subparagraph 140M (1C) (d) (ii)
7	subparagraph 140ZN (3) (d) (ii)
8	subparagraph 140ZP (3) (d) (ii)

Note   These provisions mention the creation of an interest for a non-member spouse in circumstances prescribed by regulations.

(2)A circumstance is that an interest in a superannuation fund, or an annuity 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 interest or annuity of the member spouse, made after the interest or annuity is created, would not be a splittable payment.

Note Division 2.2 of the Family Law (Superannuation) Regulations 2001 sets out alternative ways in which a superannuation agreement, flag lifting agreement or splitting order made under the Family Law Act 1975 may be satisfied, otherwise than by a split of future benefits payable in respect of an interest in a superannuation fund or under an annuity.

If the agreement or order has been satisfied in one of those alternative ways, the payment of any such future benefit would not be a splittable payment.

(3)In this regulation:

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

98AFamily law superannuation interest splits — circumstances relating to transfers of amounts (Act s 27ACA etc)

(1)This regulation is made for the purposes of the provisions of the Act set out in the table.

Item	Provision
1	subparagraph 27ACA (1) (b) (ii)
2	paragraph 27ACB (1) (b)
3	paragraph 27ACB (1A) (b)
4	subparagraph 82AAT (1AA) (a) (ii)
5	subparagraph 82AAT (1CBA) (a) (ii)
6	subparagraph 140M (1C) (d) (ii)
7	subparagraph 140ZN (3) (d) (ii)
8	subparagraph 140ZP (3) (d) (ii)

Note   These provisions mention the transfer of an interest for the benefit of a non-member spouse in circumstances prescribed by regulations.

(2)A circumstance is 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 interest or annuity 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 alternative ways in which a superannuation agreement, flag lifting agreement or splitting order made under the Family Law Act 1975 may be satisfied, otherwise than by a split of future benefits payable in respect of an interest in a superannuation fund or under an annuity.

If the agreement or order has been satisfied in one of those alternative ways, the payment of any such future benefit would not be a splittable payment.

(3)In this regulation:

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

Note

1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See