45BApplicable adjustment periods—superannuation interests other than those to which regulation 45C applies

#### 45B Applicable adjustment periods—superannuation interests other than those to which regulation 45C applies (1) If a superannuation interest is not an interest to which regulation 45C applies, the applicable adjustment periods for the interest are: (a) if a splittable payment becomes payable, or a terminating action occurs, in respect of the interest before the end of the first year—the period beginning at the operative time and ending at the end of the day before the payment becomes payable or the terminating action occurs; and (b) in any other case, the following periods: (i) the period beginning at the operative time and ending at the end of the first year; (ii) after the first year, each whole year (if any) ending before a splittable payment becomes payable, or a terminating action occurs, in respect of the interest; (iii) in the year in which a splittable payment becomes payable, or a terminating action occurs, in respect of the interest—the period beginning at the beginning of that year and ending at the end of the day before the payment becomes payable or the terminating action occurs. (2) In this regulation: > first year means the year in which the operative time in relation to the relevant payment split occurs. > relevant condition of release has the same meaning as in Division 2.2. > terminating action, for a superannuation interest, means any of the following actions, in respect of the non‑member spouse’s entitlement under a superannuation agreement, flag lifting agreement or splitting order, by the trustee of the plan in which the interest is held: (a) the creation, under the governing rules of the plan, of a new interest in the plan for the non‑member spouse; (b) the transfer or rollover, under the governing rules of the plan, to another superannuation fund or an RSA of an amount to be held for the benefit of the non‑member spouse; (c) if the non‑member spouse has satisfied a relevant condition of release—the payment of an amount to the non‑member spouse. > year, for a superannuation interest, means: (a) if the interest is in a regulated superannuation fund that has a year of income within the meaning of subsection 10(1) of the SIS Act—a year of income; and (b) in any other case—a financial year.