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FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 31 Method for determining gross value--accumulation interest (other than a partially vested accumulation interest)

FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 31

Method for determining gross value--accumulation interest (other than a partially vested accumulation interest)

  (1)   If the whole of the superannuation interest is an accumulation interest (other than a partially vested accumulation interest), the gross value at the relevant date of the interest is to be determined in accordance with this regulation.

  (2)   Subject to subregulation (2B), if:

  (a)   a member information statement stating the value of the interest at the relevant date has been provided to the member spouse; and

  (b)   evidence of the contents of the statement is before the court in the relevant proceeding;

the gross value at the relevant date of the interest is the value of the interest stated in the statement.

  (2A)   If:

  (a)   a statement has been issued by the trustee of the plan in which the interest is held, being a statement that states the value of the benefits (before any taxes or other charges have been deducted) that would have been payable in respect of the interest at the relevant date if the member spouse had voluntarily ceased to be a member of the plan on that date; and

  (b)   evidence of the contents of the statement is before the court in the relevant proceeding;

the gross value at the relevant date of the interest is the value of the interest stated in the statement.

  (2B)   If:

  (a)   evidence of the contents of a member information statement mentioned in subregulation (2) and a statement of the kind mentioned in subregulation (2A) is before the court in the relevant proceeding; and

  (b)   the value of the interest stated in each statement is not the same;

the gross value at the relevant date of the interest is the value of the interest stated in the statement mentioned in subregulation (2A).

  (3)   If subregulation (2) or (2A) does not apply, the gross value of the interest at the relevant date is:

Start formula V1 plus start fraction open bracket V2 minus V1 close bracket times X over D end fraction end formula

where:

"V1" is the sum of:

  (a)   the value of the interest at the first valuation date; and

  (b)   the value of any benefits rolled over, or transferred, by the member spouse to the plan in which the interest is held (other than regular contributions made by or for the member spouse to the plan) in the period between the first valuation date and the relevant date (excluding both those dates), less the value of any partial payment of benefits to the member made in that period.

"V2" is the sum of:

  (a)   the value of the interest at the second valuation date; and

  (b)   the value of any partial payment of benefits made to the member in the period beginning on the day after the relevant date and ending at the end of the second valuation date, less the value of any benefits rolled over, or transferred, by the member spouse to the plan in which the interest is held (other than regular contributions made by or for the member spouse to the plan), and any interest earned on those benefits, in that period.

"X" is the number of days in the period between the first valuation date and the relevant date (excluding both those dates).

"D" is the number of days in the period beginning on the day after the first valuation date and ending at the end of the second valuation date.

  (4)   For the purpose of determining the gross value of a member spouse's interest at the relevant date under subregulation (3):

  (a)   if, in relation to the interest, evidence of the contents of one member information statement only is before the court in the relevant proceeding, and the relevant date is after the valuation date stated in that statement:

  (i)   the first valuation date is the valuation date stated in that statement; and

  (ii)   the value of the interest at the first valuation date is the value of the interest stated in that statement; and

  (iii)   the second valuation date is a date after the relevant date that is within 28 days before the date when the valuation of the interest is being carried out; and

  (iv)   the value of the interest at the second valuation date is the value of the interest at that date; and

  (b)   if, in relation to the interest, evidence of the contents of 2 member information statements is before the court in the relevant proceeding, and the relevant date is between the valuation date stated in one of those statements (the first statement ) and the valuation date stated in the other statement (the second statement ):

  (i)   the first valuation date is the valuation date stated in the first statement; and

  (ii)   the value of the interest at the first valuation date is the value of the interest stated in the first statement; and

  (iii)   the second valuation date is the valuation date stated in the second statement; and

  (iv)   the value of the interest at the second valuation date is the value of the interest stated in the second statement; and

  (c)   if, in relation to the interest, evidence of the contents of one member information statement only is before the court in the relevant proceeding, and the relevant date is before the valuation date stated in that statement:

  (i)   the first valuation date is the date when the interest was acquired by the member spouse; and

  (ii)   the value of the interest at the first valuation date is the value of the interest at that date; and

  (iii)   the second valuation date is the valuation date stated in the statement; and

  (iv)   the value of the interest at the second valuation date is the value of the interest stated in the statement; and

  (d)   in any other case:

  (i)   the first valuation date is the date when the interest was acquired by the member spouse; and

  (ii)   the value of the interest at the first valuation date is the value of the interest at that date; and

  (iii)   the second valuation date is a date after the relevant date that is within 28 days before the date when the valuation of the interest is being carried out; and

  (iv)   the value of the interest at the second valuation date is the value of the interest at that date.

  (4A)   For subparagraphs   (4)(a)(iv) and (d)(iv), the value of the interest at the second valuation date includes:

  (a)   any amount payable under an earlier payment split that applies in respect of the interest; and

  (b)   the amount of any surcharge debt of the member spouse in respect of the interest.

  (4B)   For this regulation, a reference to the value of the interest stated in a statement:

  (a)   is a reference to the value stated in the statement, however that value is described (for example, the member's account balance, share in the plan, withdrawal benefit); and

  (b)   if 2 or more values are stated in the statement, is taken to be a reference to the value of the benefits (before any taxes or other charges have been deducted) that would have been payable in respect of the interest if the member spouse had voluntarily ceased to be a member of the plan at the date at which the value is stated.

  (5)   In this regulation:

"valuation date" , in relation to a superannuation interest to which a member information statement applies, means the date as at which the value of the interest is stated in the statement.