Small Superannuation Accounts Regulations 2018

made under the

Small Superannuation Accounts Act 1995

Compilation No. 1

Compilation date: 28 September 2022

Includes amendments up to: F2021L01893

Registered: 7 October 2022

About this compilation

This compilation

This is a compilation of the Small Superannuation Accounts Regulations 2018 that shows the text of the law as amended and in force on 28 September 2022 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

1 Name

3 Authority

5 Definitions

6 Balance of accounts—non‑member spouse

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

1  Name

  This instrument is the Small Superannuation Accounts Regulations 2018.

3  Authority

  This instrument is made under the Small Superannuation Accounts Act 1995.

5  Definitions

  In this instrument:

Act means the Small Superannuation Accounts Act 1995.

member spouse has the same meaning as in section 15 of the Act.

non‑member spouse has the same meaning as in section 15 of the Act.

payment split has the same meaning as in section 15 of the Act.

splitting agreement means:

 (a) a flag lifting agreement (within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975) that provides for a payment split; or

 (b) a superannuation agreement (within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975).

splitting order means a splitting order within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.

6  Balance of accounts—non‑member spouse

 (1) This section is made for the purposes of subsection 15(4) of the Act and applies to an account opened in the name of a non‑member spouse on or after the commencement of this instrument.

 (2) The balance of the account is the lesser of:

 (a) the amount of the non‑member spouse’s interest specified in a splitting agreement or splitting order served on the Commissioner of Taxation; and

 (b) the balance of the member spouse’s account immediately before the payment split.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history