Trustee to give payment split notice
7A.03 Trustee to give payment split notice
If an interest in a regulated superannuation fund or an approved deposit fund becomes subject to a payment split, the trustee of the fund must notify the member spouse and the non‑member spouse in relation to the interest that the interest is subject to a payment split.
The notice must:
be in writing; and
state the date on which it is given.
The notice must be given:
for a payment split under a superannuation agreement or flag lifting agreement—within 28 days after the operative time for the payment split; and
for a payment split under a splitting order—by the later of:
the end of 28 days after the operative time for the payment split; and
the end of 28 days after the trustee receives a copy of the order.
Despite subregulation (1), the trustee is not required to give a payment split notice in respect of an interest if the interest ceases to be subject to a payment split:
before the end of the period applying under subregulation (3); and
for a reason other than the creation of a non‑member spouse interest under regulation 7A.03B.
A non‑member spouse may also be entitled to information under section 1017C of the Corporations Act 2001, Division 2.5 and Division 2.5A.
This Act’s bill:Explanatory statement
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