70Approval of methods and factors for determining gross value of certain superannuation interests in the payment phase

70 Approval of methods and factors for determining gross value of certain superannuation interests in the payment phase

(1) The Minister may, by legislative instrument, approve methods or factors that are to be used to determine the gross value of: (a) a superannuation interest for which subsection 66(2) applies (about pensions payable for the life of the member spouse); or (b) a superannuation interest for which subsection 66(3) applies (about fixed‑term pensions); or (c) a superannuation interest for which section 68 applies (about innovative superannuation interests); or (d) a superannuation interest for which section 69 applies (about percentage‑only interests).

Note 1: If the Minister approves a method or factors to be used to determine the gross value of a superannuation interest covered by paragraph (a), the approved method or factors are to be used to determine the gross value of the interest instead of the method set out in Schedule 5 or 7 (see subsection 66(2)).

Note 2: If the Minister approves a method or factors to be used to determine the gross value of a superannuation interest covered by paragraph (b), the approved method or factors are to be used to determine the gross value of the interest instead of the method set out in Schedule 8 (see subsection 66(3)).

Note 3: A consequence of the definition of gross value of the superannuation interest at the relevant date in section 64 is that:

(a) section 69 is the only relevant provision for percentage‑only interests; and
(b) section 68 is the only relevant provision for innovative superannuation interests that are not percentage‑only interests.

(2) An instrument under subsection (1) is made for the purposes of either or both of the following: (a) subsection 90XT(3) and paragraph 90XT(2)(a) of the Act; (b) subsection 90YY(4) and paragraph 90YY(2)(a) of the Act.