25Meaning of value of the non‑member spouse’s entitlement

25 Meaning of value of the non‑member spouse’s entitlement

(1) In this Subdivision, the value of the non‑member spouse’s entitlement for the superannuation interest at the time (the termination time) when the trustee carries out an action described in section 23, or when a separate entitlement arises for the non‑member spouse as described in section 24, is: (a) if a base amount applies in relation to the interest—the value calculated under subsection (2) or (3) of this section; or (b) if, under subparagraph 90XJ(1)(c)(iii) or 90YN(1)(c)(iii), or paragraph 90XT(1)(b) or 90YY(1)(b), of the Act, a specified percentage is to apply to all splittable payments in respect of the interest—the value calculated under subsection (4) of this section. Value—if a base amount applies in relation to the interest (2) For the purposes of paragraph (1)(a), if: (a) the termination time occurs before the first payment, that apart from this section would be a splittable payment, becomes payable in respect of the superannuation interest; or (b) one or more payments, that apart from this section would be splittable payments, become payable in respect of the superannuation interest after the termination time, and the amount of the first such payment exceeds: (i) if there is an adjusted base amount applicable to the non‑member spouse at the termination time—the sum of the adjusted base amount and the amount of any fees payable by the non‑member spouse under section 98; or (ii) otherwise—the sum of the base amount applicable to the non‑member spouse at the termination time and the amount of any fees payable by the non‑member spouse under section 98; the value of the non‑member spouse’s entitlement for the interest at the termination time is, as the case requires: (c) the base amount specified by, or calculated in accordance with a method specified by, the relevant agreement or order; or (d) the base amount allocated to the non‑member spouse under subsection 90XT(4) or 90YY(5) of the Act; or (e) the adjusted base amount applicable to the non‑member spouse at the termination time. (3) For the purposes of paragraph (1)(a), if neither paragraph (2)(a) nor (b) applies for the superannuation interest, the value of the non‑member spouse’s entitlement for the interest at the termination time is: Start formula open bracket Proportion of splittable payments times Value close bracket minus Fees end formula where:

proportion of splittable payments means the proportion of each second and subsequent splittable payment that the non‑member spouse would be entitled to be paid under Part 7.

value means:

(a) for a superannuation interest in a self managed superannuation fund—the value of the interest at the termination time, determined by the method the court would consider appropriate if it were determining the value of the interest under paragraph 90XT(2)(b) or 90YY(2)(b) of the Act; or
(b) otherwise—the value of the superannuation interest, being the amount in relation to the interest at the termination time, calculated under Division 2 of Part 6 of this instrument as if references in that Division to “the relevant date” were references to “the termination time”.