(1) This section applies to a declaration if:
(a) if both spouses are alive at the declaration time--at the declaration time; or
(b) otherwise--at the most recent time when both spouses were alive;
the total withdrawal value for all the superannuation interests of the member spouse is more than the member spouse's low rate cap amount for the income year in which that time occurs.
(2) This section does not apply in the circumstances (if any) prescribed by the regulations.
(3) In this section:
"low rate cap amount " has the meaning given by the Income Tax Assessment Act 1997 (disregarding subsection 307-345(2) of that Act and section 307-345 of the Income Tax (Transitional Provisions) Act 1997 ).
"total withdrawal value " means the amount determined in accordance with the regulations.