Federal Register of Legislation - Australian Government

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No. 1 of 2007 Orders/Other as made
These Orders amend the Superannuation (Family Law –Superannuation Act 1976) Orders 2004 to ensure that any amounts that have been released on severe financial hardship or compassionate grounds are taken into account when determining the amount available for Family Law superannuation splitting.
Administered by: Finance
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Registered 24 Dec 2007
Tabling HistoryDate
Tabled HR12-Feb-2008
Tabled Senate12-Feb-2008
Date of repeal 19 Mar 2014
Repealed by Finance (Spent and Redundant Instruments) Repeal Regulation 2014

I, LINDSAY TANNER, Minister for Finance and Deregulation, make these Orders under subsection 146MH (1) of the Superannuation Act 1976.

Dated 19th December 2007

 

Lindsay Tanner


1              Name of Orders

                These Orders are the Superannuation (Family Law — Superannuation Act 1976) Amendment Orders 2007 (No. 1).

2              Commencement

                These Orders commence on 1 January 2008.

3              Amendment of the Superannuation (Family Law — Superannuation Act 1976) Orders 2004

                Schedule 1 amends the Superannuation (Family Law — Superannuation Act 1976) Orders 2004.


Schedule 1        Amendments

(section 3)

[1]           Subsection 1.03 (1), after definition of CSS

insert

early release deduction amount has the same meaning as in section 79A of the Act.

[2]           Subsection 2.01 (2)

omit

Step 2      Identify the component of the lump sum that would relate to accumulated basic contributions.

The component is the basic contributions amount.

 

 

 

substitute

Step 2      Identify the component of the lump sum that would relate to accumulated basic contributions.

Step 3      Subtract from the component identified in step 2 any part of that component that would relate to the early release deduction amount.

The result is the basic contributions amount.

[3]           Subsection 2.02 (2)

omit

Step 2      Identify the component of the lump sum that would relate to accumulated employer contributions (if any).

The component is the employer contributions amount.

substitute

Step 2      Identify the component of the lump sum that would relate to accumulated employer contributions (if any).

Step 3      Subtract from the component identified in step 2 any part of that component that would relate to the early release deduction amount.

The result is the employer contributions amount.

[4]           Subsection 2.03 (2)

omit

Step 2      Identify the component of the lump sum that would relate to accumulated supplementary contributions (if any).

The component is the supplementary contributions amount.

 

substitute

Step 2      Identify the component of the lump sum that would relate to accumulated supplementary contributions (if any).

Step 3      Subtract from the component identified in step 2 any part of that component that would relate to the early release deduction amount.

The result is the supplementary contributions amount.

[5]           Subsection 3.01 (2)

omit

(2)        If the member spouse is, or has been at any time, an eligible employee, the section 110SL amount is the amount equal to the lump sum that would be payable to the member spouse under section 110SN of the Act if the lump sum had been payable at the operative time.

substitute

(2)        If the member spouse is, or has been at any time, an eligible employee, the section 110SL amount is determined as follows:

Step 1      Identify the amount equal to the lump sum that would be payable to the member spouse under section 110SN of the Act if the lump sum had been payable at the operative time.

Step 2      Subtract from the amount identified in step 1 any part of that amount that would relate to the early release deduction amount.

The result is the section 110SL amount.

 

 

 

 

[6]           Subsection 4.01 (2)

omit

(2)        If the member spouse is, or has been at any time, an eligible employee, the section 130B amount is the amount equal to the lump sum that would be payable to the member spouse under section 130D of the Act if the lump sum had been payable at the operative time.

substitute

(2)        If the member spouse is, or has been at any time, an eligible employee, the section 130B amount is determined as follows:

Step 1      Identify the amount equal to the lump sum that would be payable to the member spouse under section 130D of the Act if the lump sum had been payable at the operative time.

Step 2      Subtract from the amount identified in step 1 any part of that amount that would relate to the early release deduction amount.

The result is the section 130D amount.

[7]           Schedule 1, Part 1, Item 1, column 3

omit

ABC + ASC + PCI + (AP × S × PFy+m,s) +
(ABC × RPFy+m,s) + (SG × LSFy+m,s)

substitute

ABC + ASC + PCI + (AP × S × PFy+m,s) +
(ABC × RPFy+m,s) + (SG × LSFy+m,s)
− ERDA

 

 

 

 

 

[8]           Schedule 1, Part 1, Item 1, column 3, after definition of LSFy+1,s

insert

ERDA in relation to a member spouse who is, or has been at any time, an eligible employee, is the amount, if any, of the early release deduction amount at the operative time, less any part of that amount that relates to a benefit reduction made under section 79D of the Act before the operative time.

[9]           Schedule 1, Part 1, Item 2, column 3

omit

ABC + ASC + PCI + (P × Fy+m)

substitute

ABC + ASC + PCI + (P × Fy+m) − ERDA

[10]         Schedule 1, Part 1, Item 2, column 3, after definition of Fy+1

insert

ERDA has the meaning given in item 1.

[11]         Schedule 1, Part 1, Item 3, column 3

omit

ABC + ASC + PCI + (ABC × 2.5 × DFy+m)

substitute

ABC + ASC + PCI + (ABC × 2.5 × DFy+m) − ERDA

 

 

[12]         Schedule 1, Part 1, Item 3, column 3, after definition of DFy+1

insert

ERDA has the meaning given in item 1.

[13]         Schedule 1, Part 1, Item 4, column 3

omit

ABC + ASC + PCI + (2.5 × (ABC – MTV) + TTV – MTV) × DFy+m

substitute

ABC + ASC + PCI + (2.5 × (ABC – MTV) + TTV – MTV) × DFy+m − ERDA

[14]         Schedule 1, Part 1, Item 4, column 3, after definition of DFy+1

insert

ERDA has the meaning given in item 1.

[15]         Schedule 1, Part 1, Item 5, column 3

omit

(NIP × Gy+m) + PCI + (P × Fy+m)

substitute

(NIP × Gy+m) + PCI + (P × Fy+m) − ERDA

 

 

[16]         Schedule 1, Part 1, Item 5, column 3, after definition of Fy+1

insert

ERDA has the meaning given in item 1.

[17]         Schedule 1, Part 1, Item 6, column 3

omit

PCI + (P × Fy+m)

substitute

PCI + (P × Fy+m) − ERDA

[18]         Schedule 1, Part 1, Item 6, column 3, after definition of Fy+m

insert

ERDA has the meaning given in item 1.

[19]         Schedule 1, Part 1, Item 7, column 3

omit

ABC + ASC + PCI + (P × Fy+m)

substitute

ABC + ASC + PCI + (P × Fy+m) − ERDA

[20]         Schedule 1, Part 1, Item 7, column 3, after definition of Fy+m

insert

ERDA has the meaning given in item 1.

[21]         Schedule 1, Part 1, Item 8, column 3

omit

ABC + ASC + PCI + (AP × AS × DUPy+m)

substitute

ABC + ASC + PCI + (AP × AS × DUPy+m) − ERDA

[22]         Schedule 1, Part 1, Item 8, column 3, after definition of DUPy+1

insert

ERDA has the meaning given in item 1.

 

Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.