SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 1.04AAA Modified meaning of member (Act s 15B)
SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 1.04AAA
Modified meaning of member (Act s 15B)(1) This regulation applies if:
(a) a superannuation interest in a fund is subject to a payment split, or a non - member spouse interest has been created under regulation 7A.03B; and
(b) the non - member spouse in relation to the interest was not a member of the fund immediately before the operative time for the payment split.
(2) For the purposes of the provisions of the Act set out in Table 1, the non - member spouse is to be treated as being a member of the fund in which the interest is held from the later of:
(a) the operative time for the payment split; and
(b) the time that the trustee receives the agreement or order under which the payment split is effected.
Table 1
Item | Provision |
1 | subsection 17A, except subsection (5) (definition of self managed superannuation fund) |
2 | section 65 (lending to members of regulated superannuation fund prohibited) |
3 | Part 8 (in - house asset rules applying to regulated superannuation funds) |
(3) For subsection 17A(5) of the Act, the non - member spouse is to be treated as being a member of the fund in which the interest is held from the later of:
(a) the end of 6 months after the operative time for the payment split; and
(b) the end of 6 months after the time that the trustee receives the agreement or order under which the payment split is effected.
(4) For regulation 1.03A, the non - member spouse is to be treated as being a member of the fund in which the interest is held from the operative time for the payment split.
(5) For subsection 17A(5) of the Act, a non - member spouse who became a member of a fund as a result of the creation of a non - member spouse interest under Division 7A.1A is not treated as a member of the fund until the earlier of:
(a) 6 months after the operative time for the payment split; and
(b) the time that the non - member spouse's interest in the
fund is confirmed under regulation 7A.03H or 7A.03I.