Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) References in sections 6, 7, 11, 12 and 18 to the Governor - General shall be construed as references to the Governor - General acting with the advice of the Executive Council.
(2) In this Act:
"Allowance Orders" means Allowance Orders made under subsection 4AH(1).
"associate allowance" means an associate deferred allowance or associate immediate allowance.
"associate deferred allowance" means an associate deferred allowance under subsection 4AB(3).
"associate immediate allowance" means an associate immediate allowance under subsection 4AB(2).
"base amount" means:
(a) for a splitting agreement--the base amount specified in, or calculated under, the agreement; or
(b) for a splitting order--the amount allocated under subsection 90XT(4) or 90YY(5) (as the case may be) of the Family Law Act 1975 .
"family law value" means:
(a) in relation to a superannuation interest within the meaning of Part VIIIB of the Family Law Act 1975 --the amount determined in accordance with regulations under that Act that apply for the purposes of paragraph 90XT(2)(a) of that Act; or
(b) in relation to a superannuation interest within the meaning of Part VIIIC of the Family Law Act 1975 --the amount determined in accordance with regulations under that Act that apply for the purposes of paragraph 90YY(2)(a) of that Act.
In applying regulations referred to in paragraph (a) or (b), the relevant date is taken to be the date on which the operative time occurs.
Note: This amount is determined by applying those regulations, whether or not an order has been made under subsection 90XT(1) or 90YY(1) (as the case may be) of the Family Law Act 1975 .
"Finance Department" means the Department administered by the Minister administering the Public Governance, Performance and Accountability Act 2013 .
"Finance Secretary" means the Secretary of the Finance Department.
"marital or couple relationship" has the meaning given by section 2B.
"medical practitioner" means a person registered or licensed as a medical practitioner under a law of a State or Territory that provides for the registration or licensing of medical practitioners.
"member spouse" means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 .
"non-member spouse" means a non - member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 .
"operative time" means:
(a) for a splitting agreement that is a superannuation agreement or a flag lifting agreement within the meaning of Part VIIIB of the Family Law Act 1975 or for a splitting order within the meaning of that Part--the time that is the operative time for the purposes of that Part in relation to a payment split under the agreement or order; or
(b) for a splitting agreement that is a superannuation agreement or a flag lifting agreement within the meaning of Part VIIIC of the Family Law Act 1975 or for a splitting order within the meaning of that Part--the time that is the operative time for the purposes of that Part in relation to a payment split under the agreement or order.
"original interest" means a superannuation interest to which section 4AB applies.
"payment split" means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 .
"permanently incapacitated" has the meaning given by subsection 4AC(4).
"retirement allowance" means an allowance under subsection 4(1).
"scheme value" means the amount determined under the Allowance Orders.
"splitting agreement" means:
(a) a superannuation agreement (within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 ); or
(b) a flag lifting agreement (within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 ) that provides for a payment split.
"splitting order" means a splitting order within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 .
"splitting percentage" means:
(a) for a splitting agreement--the percentage specified in the agreement under subparagraph 90XJ(1)(c)(iii) or 90YN(1)(c)(iii) (as the case may be) of the Family Law Act 1975 ; or
(b) for a splitting order--the percentage specified in the order under subparagraph 90XT(1)(b)(i) or 90YY(1)(b)(i) (as the case may be) of the Family Law Act 1975 .
"spouse" has a meaning affected by section 2C.
"spouse allowance" means an allowance under subsection 4(2).
"standard allowance" means:
(a) a retirement allowance; or
(b) a spouse allowance; or
(c) an associate allowance.
"superannuation interest" means a superannuation interest within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 .
"transfer amount" means:
(a) if a splitting percentage applies--the amount worked out by multiplying the splitting percentage by the greater of:
(i) the family law value; and
(ii) the scheme value; or
(b) if a base amount applies and the scheme value is not more than the family law value--the base amount; or
(c) if a base amount applies and the scheme value is more than the family law value--the amount worked out using the formula:
"transfer factor" means the number rounded to 6 decimal places (rounding up if the seventh decimal place is 5 or more) that is worked out by dividing the number of whole dollars in the transfer amount by the number of whole dollars in the scheme value.