Victorian Current Acts Victorian Current Acts(1) Subject to subsection (2), this section applies in respect of contributions made in respect of a member on or after 1 July 2006 if the Board—
(a) determines to offer the option of contribution splitting to members or a class of members; and
(b) publishes a copy of the determination in the Government Gazette.
(2) This section does not apply to an interest—
(a) in respect of which a payment flag is operating; or
(b) that is subject to a payment split.
(3) If this section applies, a member may make an application in a financial year to the Board to roll over, transfer or allot from the member's account for the benefit of the member's spouse to the trustee of an account within the superannuation system an amount specified in the application not exceeding the maximum splittable amount of the splittable contributions made by, for, or on behalf of, the member in—
(a) the last financial year that ended before the application; or
(b) the financial year in which the application is made if—
(i) the member's account has not been rolled over, transferred or allotted within the superannuation system; and
(ii) the Board approves the making of the application.
(4) An application under subsection (3)—
(a) must comply with regulation 6.44 of the Superannuation Industry (Supervision) Regulations 1994 of the Commonwealth as if that regulation applied to the ESSPLAN Scheme; and
(b) must be dealt with in accordance with regulation 6.45 of the Superannuation Industry (Supervision) Regulations 1994 of the Commonwealth as if that regulation applied to the ESSPLAN Scheme.
(5) If this section applies, the Board may accept a roll over, transfer or allotment of a splittable contribution for payment into a member's account, a beneficiary account or a spouse account.
(6) Despite section 3, for the purposes of this section, spouse has the meaning given by section 10 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.
S. 21J
inserted by No. 82/1996 s. 11.