45CApplicable adjustment periods—whole of superannuation interest is accumulation interest

#### 45C Applicable adjustment periods—whole of superannuation interest is accumulation interest (1) If the whole of a superannuation interest is an accumulation interest in a regulated superannuation fund (other than a self managed superannuation fund), an approved deposit fund or an RSA, 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 allotment period—the period beginning at the operative time and ending at the end of the period for which the plan would allot net earnings to the member spouse if he or she voluntarily ceased to be a member of the plan on the day when the splittable 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 allotment period; (ii) after the first allotment period, each whole allotment period (if any) ending before a splittable payment becomes payable, or a terminating action occurs, in respect of the interest; (iii) in the allotment period 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 allotment period and ending at the end of the period for which the plan would allot net earnings to the member spouse if he or she voluntarily ceased to be a member of the plan on the day when the splittable payment becomes payable or the terminating action occurs. (2) In this regulation: > allotment period, for a superannuation interest, means the period used by the plan in which the interest is held to allot net earnings of the plan to the member who has the interest. > first allotment period, for a superannuation interest, means the allotment period 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 payment split provisions of the SIS Regulations, of a new interest in the plan for the non‑member spouse; (b) the opening of a new RSA for the non‑member spouse under the payment split provisions of the RSA Regulations; (c) the transfer or rollover, under the payment split provisions of the SIS Regulations or the RSA Regulations, to another superannuation fund or an RSA of an amount to be held for the benefit of the non‑member spouse; (d) if the non‑member spouse has satisfied a relevant condition of release—the payment, under the payment split provisions of the SIS Regulations or the RSA Regulations, of an amount to the non‑member spouse.