SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 7A.04 Application of Division 7A.2

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 7A.04

  (1)   This Division applies in relation to a superannuation interest (the original interest ) in a regulated superannuation fund, or an approved deposit fund, if:

  (a)   the original interest is subject to a payment split; and

  (b)   either:

  (i)   the original interest is an accumulation interest that is in the growth phase; or

  (ii)   an allocated pension, market linked pension or account - based pension is being paid in respect of the original interest.

  (2)   This Division does not apply to an accumulation interest:

  (a)   if:

  (i)   the interest is a partially vested accumulation interest; and

  (ii)   the transferable benefits in relation to the accumulation interest would be greater than the withdrawal benefit in relation to the member spouse; or

  (b)   if the interest is determined by reference to a traditional life insurance policy.

  (3)   This Division does not apply to an original interest if the trustee has created a non - member spouse interest under regulation   7A.03B.

  (4)   In this regulation:

"partially vested accumulation interest" has the meaning given by regulation   9 of the Family Law (Superannuation) Regulations   2001 .