Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.9.92

Periodic statements for retail clients for financial products that have an investment component--superannuation interest other than percentage-only interest

             (1)  For paragraph 1017D(5)(g) of the Act, this regulation applies if:

                     (a)  an interest in a superannuation product is subject to a base amount payment split; and

                     (b)  the interest is not a percentage-only interest; and

                     (c)  the interest is in the growth phase; and

                     (d)  none of the following has occurred under Part 7A of the SIS Regulations:

                              (i)  a new membership interest has been created for the non-member spouse in relation to the payment split;

                             (ii)  the transferable benefits of the non-member spouse have been transferred or rolled out of the superannuation fund;

                            (iii)  the amount to which the non-member spouse is entitled under the payment split has been paid, as a lump sum, to the non-member spouse.

             (2)  This regulation also applies if:

                     (a)  an interest in an RSA product is subject to a base amount payment split; and

                     (b)  the interest is in the growth phase; and

                     (c)  none of the following has occurred under Part 4A of the RSA Regulations:

                              (i)  a new RSA has been opened for the non-member spouse;

                             (ii)  the transferable benefits of the non-member spouse have been transferred or rolled out of the RSA;

                            (iii)  the amount to which the non-member spouse is entitled under the payment split has been paid, as a lump sum, to the non-member spouse.

             (3)  The periodic statement for the member spouse and the non-member spouse must include the following information:

                     (a)  the value of the adjusted base amount applicable to the non-member spouse at the end of the reporting period;

                     (b)  the amount of the adjustment in the reporting period;

                     (c)  the method used to calculate the adjustment, including the applicable interest rate required under regulation 48 of the Family Law (Superannuation) Regulations 2001 .



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