Small Superannuation Accounts Regulations 2002 (Cth)

Small Superannuation Accounts Regulations 2002

Statutory Rules 2002 No. 2161

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 Small Superannuation Accounts Act 1995.

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 Small Superannuation Accounts Regulations 2002.

2Commencement

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

3Definitions

In these Regulations:

Act means the Small Superannuation Accounts Act 1995.

flag lifting agreement has the meaning given by section 90MN of the Family Law Act 1975.

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

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

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

splitting order means an order mentioned in subsection 90MT (1) of the Family Law Act 1975.

superannuation agreement has the meaning given by section 90MH of the Family Law Act 1975.

4Balance of accounts

1. (1)

   For subsection 15 (4) of the Act, the balance of an account opened in the name of a non-member spouse under subsection 15 (3) of the Act, is worked out in accordance with this regulation.

2. (2)

   The balance of the account is the lesser of:

   1. (a)

      the amount of the non-member spouse’s interest specified in a flag lifting agreement, splitting order or superannuation agreement served on the Commissioner; and

   2. (b)

      the balance of the member spouse’s account before the payment split.

Note

1. Notified in the Commonwealth of Australia Gazette