FAMILY LAW ACT 1975 - SECT 90YN Payment split under superannuation agreement or flag lifting agreement

FAMILY LAW ACT 1975 - SECT 90YN

  (1)   This section applies to a superannuation interest if:

  (a)   the interest is identified in a superannuation agreement or flag lifting agreement; and

  (b)   if the interest is a percentage - only interest--the agreement does one of the following:

  (i)   it specifies a percentage that is to apply for the purposes of this subparagraph;

  (ii)   it specifies a percentage that is to apply to all splittable payments in respect of the interest; and

  (c)   if the interest is not a percentage - only interest--the agreement does one of the following:

  (i)   it specifies an amount as a base amount in relation to the interest for the purposes of this Part;

  (ii)   it specifies a method by which such a base amount can be calculated at the time when the agreement is served on the trustee under section   90YM;

  (iii)   it specifies a percentage that is to apply to all splittable payments in respect of the interest; and

  (d)   the agreement is in force at the operative time; and

  (e)   the de facto relationship to which the agreement relates is broken down at the operative time; and

  (f)   the interest is not an unsplittable interest.

Note:   The base amount is used to calculate the entitlement of the non - member spouse under the regulations.

  (2)   The following provisions begin to apply to the interest at the operative time.

  (3)   Whenever a splittable payment becomes payable in respect of the interest:

  (a)   the non - member spouse is entitled to be paid the amount (if any) that is calculated under subsection   (4); and

  (b)   there is a corresponding reduction in the entitlement of the person to whom the splittable payment would have been made but for the payment split.

  (4)   The amount is calculated as follows:

  (a)   if the agreement specifies a percentage as mentioned in subparagraph   (1)(b)(ii) or (c)(iii)--the amount is calculated by applying the specified percentage to the splittable payment;

  (b)   otherwise--the amount is calculated in accordance with the regulations.

  (5)   Subject to section   90YZL, this section continues to apply to the superannuation interest even if the agreement referred to in subsection   (1) of this section later ceases to be in force.