Some splittable payments payable if payment flag operating
90XLA Some splittable payments payable if payment flag operating
This section applies if:
a superannuation interest (original interest) a person has in an eligible superannuation plan (old ESP) is identified in a superannuation agreement; and
a payment flag under section 90XL is operating on the original interest; and
a splittable payment is made by the trustee of the old ESP to the trustee of another eligible superannuation plan (new ESP) in respect of the original interest as part of a successor fund transfer.
If this section applies, then:
the new interest in the new ESP is taken to be the original interest identified in the superannuation agreement; and
the payment flag operates on the new interest; and
despite section 90XK, the operative time for the payment flag in respect of the new interest is the time that the payment to the trustee of the new ESP is made.
In this section:
successor fund transfer means the transfer of a person’s superannuation interest in the old ESP in circumstances where:
the new ESP confers on the person, in relation to the new interest, equivalent rights to the rights the person had in relation to the original interest; and
before the transfer, the trustee of the new ESP had agreed with the trustee of the old ESP to the conferral of such rights.
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