31Circumstances when this Subdivision applies

31 Circumstances when this Subdivision applies

Non‑member spouse satisfies relevant condition of release and trustee pays that spouse an amount equal to that spouse’s entitlement (1) This section applies for the superannuation interest if: (a) the non‑member spouse has satisfied a relevant condition of release in relation to the interest; and (b) the trustee of the superannuation annuity has, in respect of the non‑member spouse’s entitlement under the agreement or order, paid to the non‑member spouse an amount equal to the value of the non‑member spouse’s entitlement for the superannuation interest at the time of the payment; and (c) the interest is in the growth phase at the time of the payment. Trustee transfers or rolls over an amount with a value equal to the non‑member spouse’s entitlement (2) This section applies for the superannuation interest if: (a) the trustee of the superannuation annuity has, in respect of the non‑member spouse’s entitlement under the agreement or order, transferred or rolled over to a superannuation fund or an RSA an amount: (i) to be held for the benefit of the non‑member spouse; and (ii) with a value equal to the value of the non‑member spouse’s entitlement for the superannuation interest at the time the amount is transferred or rolled over; and (b) the interest is in the growth phase at the time the amount is transferred or rolled over. Trustee establishes new deferred annuity with a value equal to the non‑member spouse’s entitlement (3) This section applies for the superannuation interest if: (a) the trustee of the superannuation annuity has, in respect of the non‑member spouse’s entitlement under the agreement or order, established a new deferred annuity that: (i) provides for the payment of benefits to the non‑member spouse; and (ii) commences no earlier than the time when, if the new deferred annuity were taken to be an approved deposit fund for the purposes of Part 6 of the SIS Regulations, that Part would permit or require the payment of benefits from the approved deposit fund; and (iii) has a value equal to the value of the non‑member spouse’s entitlement for the superannuation interest at the time the new deferred annuity is established; and (b) the interest is in the growth phase at the time the new deferred annuity is established. (4) For the purposes of (but without limiting) subsection (3): (a) the trustee of the superannuation annuity is taken to have established a new deferred annuity for the benefit of the non‑member spouse if the trustee has entered into an agreement with the non‑member spouse to provide such an annuity for the non‑member spouse’s benefit; and (b) the new deferred annuity is taken to have been established on the date that agreement is entered into. Trustee establishes new annuity, that is a non‑commutable income stream, with a value equal to the non‑member spouse’s entitlement (5) This section applies for the superannuation interest if: (a) the trustee of the superannuation annuity has, in respect of the non‑member spouse’s entitlement under the agreement or order, established a new annuity for the benefit of the non‑member spouse that: (i) is a non‑commutable income stream (within the meaning of the SIS Regulations); and (ii) has a value equal to the value of the non‑member spouse’s entitlement for the superannuation interest at the time the new annuity is established; and (b) the interest is in the growth phase at the time the new annuity is established. (6) For the purposes of (but without limiting) subsection (5): (a) the trustee of the superannuation annuity is taken to have established a new annuity (being an annuity that is a non‑commutable income stream) for the benefit of the non‑member spouse if: (i) the trustee has entered into an agreement with the non‑member spouse to provide such an annuity for the non‑member spouse’s benefit; or (ii) the trustee has paid to another annuity provider an amount equal to the value of the non‑member spouse’s entitlement for the superannuation interest at the time the payment is made, for the purpose of that annuity provider providing such an annuity for the non‑member spouse’s benefit; and (b) the new annuity is taken to have been established: (i) if subparagraph (a)(i) applies—on the date the agreement between the trustee and the non‑member spouse is entered into; or (ii) if subparagraph (a)(ii) applies—on the date the amount mentioned in that subparagraph is paid to the annuity provider by the trustee. Trustee need not have done anything mentioned in this section (7) To avoid doubt, nothing in a subsection of this section requires the trustee of a superannuation annuity to do something mentioned in that subsection.