Commonwealth Numbered Regulations

FAMILY LAW (SUPERANNUATION) AMENDMENT REGULATIONS 2003 (NO. 3) 2003 NO. 342 - SCHEDULE 1

(regulation 3)

[1] Subregulation 5 (1)

substitute

(1)

Subject to subregulation (2), for these Regulations, a defined benefit interest is:

(a)

a superannuation interest that a member spouse has in an eligible superannuation plan, being an interest in respect of the whole of which the member spouse is entitled, when benefits in respect of the interest become payable, to be paid a benefit that is, or may be, defined by reference to one or more of the amounts or factors mentioned in subregulation (1A); or

(b)

a component of a superannuation interest that a member spouse has in an eligible superannuation plan, being a component in respect of which the member spouse is entitled, when benefits in respect of the interest become payable, to be paid a benefit that is, or may be, defined by reference to one or more of the amounts or factors mentioned in subregulation (1A).

(1A)

For subregulation (1), the amounts and factors are as follows:

(a) the amount of:

(i)

the member spouse's salary at the date of the termination of the member spouse's employment, the date of the member spouse's retirement, or another date; or

(ii)

the member spouse's salary averaged over a period;

(b)

the amount of salary, or allowance in the nature of salary, payable to another person (for example, a judicial officer, a member of the Commonwealth or a State Parliament, a member of the Legislative Assembly of a Territory);

(c)

a specified amount;

(d)

specified conversion factors.

[2] Subregulation 5 (2)

omit

in respect of the interest

insert

in respect of the interest, or the component,

[3] Subregulation 5 (2)

omit

subregulation (1)

insert

subregulation (1A)

[4] Subregulation 38 (1)

substitute

(1) The Minister may approve, in writing, for the purposes of this regulation, methods or factors that are to be used to determine the gross value of any of the following:

(a)

a superannuation interest the whole of which is a defined benefit interest;

(b)

a superannuation interest the whole of which is a partially vested accumulation interest;

(c)

a superannuation interest that is made up of a component that is a defined benefit interest and a component that is an accumulation interest (other than a partially vested accumulation interest);

(d)

a superannuation interest that is made up of a component that is a defined benefit interest and a component that is a partially vested accumulation interest;

(e)

a defined benefit interest the gross value of which is to be determined under regulation 35, 36 or 37.

[5] Subregulation 38 (3), note

omit

[6] After subregulation 38 (3)

insert

(4)

An approval made under this regulation before the commencement of this subregulation has effect as if it had been made under this regulation as in force at the commencement of this subregulation.

Note
If, under this regulation, the Minister approves a method or factors to be used to determine the gross value of a superannuation interest, the approved method or factors are to be used to determine the gross value of the interest instead of the method set out in these Regulations.