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FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 50

Amount to be paid to non - member spouse--benefit payable only as lump sum that is less than adjusted base amount

  (1)   This regulation applies in relation to the superannuation interest if:

  (a)   the first splittable payment that the member spouse or other person is entitled to receive is a lump sum (other than a lump sum that the member spouse or other person may be entitled to receive because the member spouse or other person may choose, by way of a commutation of a pension payable to him or her, or otherwise, to take the whole, or a part, of the benefits in respect of the interest, as a lump sum); and

  (b)   the lump sum is less than the amount of the adjusted base amount applicable to the non - member spouse at the time the splittable payment becomes payable.

  (2)   The amount that the non - member spouse is entitled to be paid in respect of the superannuation interest is:

  (a)   the amount of the lump sum; and

  (b)   unless regulation   51 applies in relation to the interest, the amount, calculated in accordance with subregulation (3), from each other splittable payment that becomes payable in respect of the interest.

  (3)   For paragraph   (2)(b), the amount to be paid to the non - member spouse from each other splittable payment that becomes payable in respect of the superannuation interest is calculated in accordance with the following formula:

    Start formula start fraction open bracket ABA minus X close bracket times SP over A minus X end fraction end formula

    where:

"ABA" is the adjusted base amount applicable to the non - member spouse at the date when the first splittable payment becomes payable in respect of the superannuation interest.

"X" is the amount of the lump sum paid to the non - member spouse under paragraph   (2)(a).

"SP" is the amount of the relevant splittable payment.

"A" is the amount in relation to the superannuation interest at the date when the first splittable payment became payable in respect of the superannuation interest, determined in accordance with the relevant method set out in Division   5.2, as if references in that Division to 'the relevant date' were references to 'the date when the first splittable payment became payable in respect of the superannuation interest'.


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