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INCOME TAX ASSESSMENT ACT 1997 - SECT 294.90

Payment splits

             (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.

Payment splits

             (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.



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