64Determining the value of superannuation interests in the payment phase at the relevant date

64 Determining the value of superannuation interests in the payment phase at the relevant date

For the purposes of paragraph 44(1)(b), the amount to be determined by the court in relation to a superannuation interest of the member spouse that is in the payment phase at the relevant date is calculated as follows: Start formula Gross value of the superannuation interest at the relevant date minus Each earlier relevant amount payable in respect of the superannuation interest end formula where:

gross value of the superannuation interest at the relevant date means the gross value of the superannuation interest calculated:

(a) if the whole of the interest is a percentage‑only interest—under section 69; or
(b) if the whole of the interest is an innovative superannuation interest that is not a percentage‑only interest—under section 68; or
(c) if neither paragraph (a) nor (b) applies to the interest—under the table at the end of this section.

each earlier relevant amount payable in respect of the superannuation interest means each amount (if any) payable under a payment split:

(a) applying in relation to a splittable payment in respect of the superannuation interest; and
(b) having an operative time before the relevant date.

<table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><thead><tr><td colspan="3" style="border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Working out the gross value of the superannuation interest at the relevant date</span></p></td></tr><tr><td style="width:8.58%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Item</span></p></td><td style="width:61.34%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>If:</span></p></td><td style="width:30.08%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>the interest’s gross value is calculated under:</span></p></td></tr></thead><tbody><tr><td style="width:8.58%; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:61.34%; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>the whole, or the remaining part, of the benefits in respect of the superannuation interest is payable only as one or more lump sums</span></p></td><td style="width:30.08%; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>section</span><span> </span><span>65.</span></p></td></tr><tr><td style="width:8.58%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:61.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>the benefits in respect of the superannuation interest are being paid as a pension at the relevant date</span></p></td><td style="width:30.08%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>section</span><span> </span><span>66.</span></p></td></tr><tr><td style="width:8.58%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:61.34%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) part of the benefits in respect of the superannuation interest is being paid as a pension at the relevant date; and</span></p><p class="Tablea"><span>(b) the remaining part of the benefits is payable as a lump sum (either at the relevant date or at any time after that date) that is not a commutation of the pension</span></p></td><td style="width:30.08%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>section</span><span> </span><span>67.</span></p></td></tr></tbody></table>