(1) A * transfer balance debit arises in your * transfer balance account if:
(a) subsection (2) provides that the debit arises; and
(b) the Commissioner is notified in the * approved form that the debit has arisen.
(2) A debit arises if:
(a) a * superannuation interest is subject to a * payment split but remains an interest of the * member spouse; and
(b) the superannuation interest supports a * superannuation income stream that is in the * retirement phase; and
(c) as a result of the payment split, a proportion of all * superannuation income stream benefits from the income stream is to be paid to a * non-member spouse; and
(d) as a result, the member spouse and the non-member spouse are both * retirement phase recipients of the superannuation income stream.
(3) The amount of the debit is:
(a) if you are the * member spouse--the proportion mentioned in paragraph (2)(c); and
(b) if you are the * non-member spouse--the remaining proportion;
of the * value, on the day the debit arises, of the * superannuation interest that supports the * superannuation income stream affected by the * payment split.
(4) The debit arises at the later of:
(a) the operative time (within the meaning of Part VIIIB of the Family Law Act 1975 ) for the * payment split; and
(b) at the start of the day you first start to have a * transfer balance account.