Commonwealth Consolidated Regulations

RETIREMENT SAVINGS ACCOUNTS REGULATIONS 1997 - REG 4.41

  (1)   An RSA holder may, in a financial year, apply to the RSA provider to roll over, transfer or allot an amount of benefits, for the benefit of the RSA holder's spouse, that is equal to an amount of the splittable contributions made to that RSA provider by, for, or on behalf of the RSA holder in:

  (a)   the last financial year that ended before the application; or

  (b)   the financial year in which the application is made--where the RSA holder's entire benefit is to be rolled over, transferred or cashed in that year.

Note:   This arrangement applies at the request of the RSA holder, and is not an arrangement by which the RSA holder's interest is subject to a payment split under Part   VIIIB or VIIIC of the Family Law Act 1975 . Part   4A of these Regulations deals with those payment splitting arrangements.

  (2)   However, the application is taken to be invalid:

  (a)   if in the financial year in which it is made:

  (i)   the RSA holder has already made an application in respect of the relevant financial year; and

  (ii)   the RSA provider:

  (A)   is considering the application; or

  (B)   has given effect to that application; or

  (b)   if the amount of benefits to which the application relates exceeds the maximum splittable amount; or

  (c)   subject to subregulation   (3), if, at the time of application:

  (i)   the RSA holder's spouse is aged 65 years or more; or

  (ii)   both:

  (A)   the RSA holder's spouse is aged between the relevant preservation age and 65 years; and

  (B)   the RSA holder's spouse satisfies the condition of release specified in item   101 of Schedule   2.

  (3)   Despite paragraph   (2)(c), an application is not taken to be invalid under that paragraph if the application includes a statement by the RSA holder's spouse to the effect that, at the time of application, the spouse:

  (a)   is aged less than the relevant preservation age; or

  (b)   both:

  (i)   is aged between the relevant preservation age and 65 years; and

  (ii)   does not satisfy the condition of release specified in item   101 of Schedule   2.

  (4)   The applicant must specify, in the application, the amount of the benefit from the following:

  (a)   the RSA holder's taxed splittable contributions;

  (b)   the RSA holder's untaxed splittable contributions;

that the RSA holder seeks to split for the benefit of the RSA holder's spouse.

Note:   An amount rolled over, transferred or allotted under this Division is a contributions - splitting superannuation benefit.