CORPORATIONS REGULATIONS 2001 - REG 7.9.92 Periodic statements for retail clients for financial products that have an investment component--superannuation interest other than percentage - only interest

CORPORATIONS REGULATIONS 2001 - REG 7.9.92

  (1)   For paragraph   1017D(5)(g) of the Act, this regulation applies if:

  (a)   an interest in a superannuation product is subject to a base amount payment split; and

  (b)   the interest is not a percentage - only interest; and

  (c)   the interest is in the growth phase; and

  (d)   none of the following has occurred under Part   7A of the SIS Regulations:

  (i)   a new membership interest has been created for the non - member spouse in relation to the payment split;

  (ii)   the transferable benefits of the non - member spouse have been transferred or rolled out of the superannuation fund;

  (iii)   the amount to which the non - member spouse is entitled under the payment split has been paid, as a lump sum, to the non - member spouse.

  (2)   This regulation also applies if:

  (a)   an interest in an RSA is subject to a base amount payment split; and

  (b)   the interest is in the growth phase; and

  (c)   none of the following has occurred under Part   4A of the RSA Regulations:

  (i)   a new RSA has been opened for the non - member spouse;

  (ii)   the transferable benefits of the non - member spouse have been transferred or rolled out of the RSA;

  (iii)   the amount to which the non - member spouse is entitled under the payment split has been paid, as a lump sum, to the non - member spouse.

  (3)   The periodic statement for the member spouse and the non - member spouse must include the following information:

  (a)   the value of the adjusted base amount applicable to the non - member spouse at the end of the reporting period;

  (b)   the amount of the adjustment in the reporting period;

  (c)   the method used to calculate the adjustment, including the applicable interest rate required under regulation   48 of the Family Law (Superannuation) Regulations   2001 .