Commonwealth Consolidated Acts

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Operative time for payment flag

             (1)  The operative time for a payment flag under a superannuation agreement is:

                     (a)  the service time, if the eligible superannuation plan is a self-managed superannuation fund; or

                     (b)  otherwise, the beginning of the fourth business day after the day on which the service time occurs.

             (2)  In this section:

"self-managed superannuation fund" has the same meaning as in the SIS Act.

"service time" means the time when a copy of the agreement is served on the trustee, accompanied by:

                     (a)  if the parties are divorced--a copy of the divorce order that has terminated the marriage; and

                    (aa)  if the parties are not divorced--a separation declaration with a declaration time that is not more than 28 days before the service on the trustee; and

                     (b)  if a form of declaration is prescribed for the purposes of this paragraph--a declaration in that form.

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