75Applicable adjustment periods—other superannuation interests

75 Applicable adjustment periods—other superannuation interests

(1) If a superannuation interest is not an interest to which section 74 applies, the applicable adjustment periods for the interest are: (a) if a splittable payment becomes payable, or a terminating action occurs, for the interest before the end of the first year—the period beginning at the operative time and ending at on the day before the payment becomes payable or the terminating action occurs; and (b) otherwise—the following periods: (i) the period beginning at the operative time and ending at the end of the first year; (ii) after the first year, each whole year (if any) for the interest ending before a splittable payment becomes payable, or a terminating action occurs, for the interest; (iii) in the year in which a splittable payment becomes payable, or a terminating action occurs, for the interest—the period beginning at the beginning of that year and ending on the day before the payment becomes payable or the terminating action occurs. (2) In this section:

first year means the year in which the operative time in relation to the relevant payment split occurs.

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 governing rules of the plan, of a new interest in the plan for the non‑member spouse;
(b) the transfer or rollover, under the governing rules of the plan, to another superannuation fund or an RSA of an amount to be held for the benefit of the non‑member spouse;
(c) if the non‑member spouse has satisfied a relevant condition of release—the payment of an amount to the non‑member spouse.

Note: For the meaning of relevant condition of release, see section 19.

year, for a superannuation interest, means:

(a) if the interest is in a regulated superannuation fund that has a year of income within the meaning of subsection 10(1) of the SIS Act—a year of income; or
(b) otherwise—a financial year.