Commonwealth Consolidated Acts

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Operative time for payment split

  (1)   The operative time for a payment split under a superannuation agreement or flag lifting agreement is the beginning of the fourth business day after the day on which a copy of the agreement is served on the trustee, accompanied by:

  (a)   if the parties are divorced--a copy of the divorce order that has terminated the marriage; and

  (aa)   if, in the case of a payment split under a superannuation agreement:

  (i)   the parties are not divorced; and

  (ii)   a separation declaration is not part of the superannuation agreement;

    a separation declaration; and

  (b)   if the agreement specifies a method for calculating a base amount--a document setting out the amount calculated using that method; and

  (c)   if a form of declaration is prescribed for the purposes of this paragraph--a declaration in that form.

Note:   The base amount is used to calculate the entitlement of the non - member spouse under the regulations.

  (2)   For the purposes of subsection   (1), the separation declaration must have a declaration time that is not more than 28 days before the service on the trustee.

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