Commonwealth Consolidated Acts Commonwealth Consolidated ActsIn this Part, unless the contrary intention appears:
"additional pension" means any of the following:
(a) additional age retirement pension referred to in section 55 or 136;
(b) additional early retirement pension referred to in section 59 or 136;
(c) spouse's additional pension referred to in section 89, 93 or 136;
(d) associate additional pension.
"associate additional pension" means associate additional pension under section 146MB.
"associate deferred benefits" means associate deferred benefits under section 146MC.
"associate deferred pension" means associate deferred pension under section 146MC.
"associate standard pension" means associate standard pension under section 146MB.
"base amount" means:
(a) for a splitting agreement--the base amount specified in, or calculated under, the agreement; or
(b) for a splitting order--the amount allocated under subsection 90XT(4) or 90YY(5) (as the case may be) of the Family Law Act 1975 .
"basic contributions amount" means the amount determined under the Orders.
"basic contributions component" means the amount calculated by multiplying the basic contributions amount by the transfer factor.
"employer contributions amount" means the amount determined under the Orders.
"employer contributions component" means the amount calculated by multiplying the employer contributions amount by the transfer factor.
"family law value" means:
(a) in relation to a superannuation interest within the meaning of Part VIIIB of the Family Law Act 1975 --the amount determined in accordance with regulations under that Act that apply for the purposes of paragraph 90XT(2)(a) of that Act; or
(b) in relation to a superannuation interest within the meaning of Part VIIIC of the Family Law Act 1975 --the amount determined in accordance with regulations under that Act that apply for the purposes of paragraph 90YY(2)(a) of that Act.
In applying regulations referred to in paragraph (a) or (b), the relevant date is taken to be the date on which the operative time occurs.
Note: This amount is determined by applying those regulations, whether or not an order has been made under subsection 90XT(1) or 90YY(1) (as the case may be) of the Family Law Act 1975 .
"funded component" means the sum of the following amounts:
(a) the basic contributions component;
(b) the supplementary contributions component;
(c) the employer contributions component;
(d) the section 110SL component;
(e) the section 130B component.
"member spouse" means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 .
"non-member spouse" means a non - member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 .
"non-standard pension" means pension under this Act other than:
(a) standard pension; or
(b) additional pension.
"operative time" means:
(a) for a splitting agreement that is a superannuation agreement or a flag lifting agreement within the meaning of Part VIIIB of the Family Law Act 1975 or for a splitting order within the meaning of that Part--the time that is the operative time for the purposes of that Part in relation to a payment split under the agreement or order; or
(b) for a splitting agreement that is a superannuation agreement or a flag lifting agreement within the meaning of Part VIIIC of the Family Law Act 1975 or for a splitting order within the meaning of that Part--the time that is the operative time for the purposes of that Part in relation to a payment split under the agreement or order.
"Orders" means Orders under section 146MH.
"original interest" means a superannuation interest to which section 146MB applies.
"payment split" means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 .
"scheme value" means the amount determined under the Orders.
" section 110SL amount" means the amount determined under the Orders.
" section 110SL component" means the amount calculated by multiplying the section 110SL amount by the transfer factor.
" section 130B amount" means the amount determined under the Orders.
" section 130B component" means the amount calculated by multiplying the section 130B amount by the transfer factor.
"splitting agreement" means:
(a) a superannuation agreement (within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 ); or
(b) a flag lifting agreement (within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 ) that provides for a payment split.
"splitting order" means a splitting order within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 .
"splitting percentage" means:
(a) for a splitting agreement--the percentage specified in the agreement under subparagraph 90XJ(1)(c)(iii) or 90YN(1)(c)(iii) (as the case may be) of the Family Law Act 1975 ; or
(b) for a splitting order--the percentage specified in the order under subparagraph 90XT(1)(b)(i) or 90YY(1)(b)(i) (as the case may be) of the Family Law Act 1975 .
"standard pension" means any of the following:
(a) standard age retirement pension referred to in section 55 or 136;
(b) standard early retirement pension referred to in section 59 or 136;
(c) invalidity pension;
(d) spouse's pension, other than spouse's additional pension referred to in section 89, 93 or 136;
(e) extra spouse's pension;
(f) associate standard pension;
(g) associate deferred pension.
"superannuation interest" means a superannuation interest within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 .
"supplementary contributions amount" means the amount determined under the Orders.
"supplementary contributions component" means the amount calculated by multiplying the supplementary contributions amount by the transfer factor.
"transfer amount" means:
(a) if a splitting percentage applies--the amount calculated by multiplying the splitting percentage by the greater of:
(i) the family law value; and
(ii) the scheme value; or
(b) if a base amount applies and the scheme value is not more than the family law value--the base amount; or
(c) if a base amount applies and the scheme value is more than the family law value--the amount calculated using the formula:
"transfer factor" means the number calculated by dividing the number of whole dollars in the transfer amount by the number of whole dollars in the scheme value.
"unfunded component" means the transfer amount reduced by the funded component.