76Interest rates for adjustment of base amount

76 Interest rates for adjustment of base amount

(1) An amount for a superannuation interest is adjusted: (a) under this section; and (b) for an applicable adjustment period for the superannuation interest; by applying an interest rate to that amount after that period. The interest rate will depend on the superannuation interest. Superannuation interest is wholly an accumulation interest (other than an interest in a self managed superannuation fund) (2) If the whole of the superannuation interest is an accumulation interest (other than an interest in a self managed superannuation fund), the interest rate for the applicable adjustment period for the interest is: (a) if the interest is in a regulated superannuation fund, an approved deposit fund or is an RSA: (i) where there has been an allotment (whether of a positive, negative or nil amount) to the member spouse of net earnings of the eligible superannuation plan for the adjustment period—the rate of that allotment; or (ii) otherwise—the rate at which net earnings of the plan would be allotted to the member spouse if the member spouse voluntarily ceased to be a member of the plan on the day the relevant splittable payment becomes payable or the terminating action (as defined in subsection 74(3)) occurs; and (b) if the interest is in an exempt public sector superannuation scheme or a superannuation fund that is not a regulated superannuation fund: (i) where there has been an allocation (whether of a positive, negative or nil amount) to the member spouse of investment earnings (however described) of the eligible superannuation plan for the adjustment period—the rate of that allocation; or (ii) otherwise—the rate at which those investment earnings would be allocated to the member spouse if the member spouse voluntarily ceased to be a member of the plan on the day before the relevant splittable payment becomes payable. Superannuation interest is wholly or partly a defined benefit interest, or is in a self managed superannuation fund (3) If: (a) the whole, or any component, of the superannuation interest is a defined benefit interest, or the superannuation interest is in a self managed superannuation fund; and (b) the applicable adjustment period for the interest is covered by column 1 of an item of the following table; the interest rate for the adjustment period for the interest is declared or calculated under column 2 of that item.

<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>Interest rate for the adjustment period for the superannuation interest</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:40.88%; 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>Column 1</span></p><p class="TableHeading"><span>If the applicable adjustment period:</span></p></td><td style="width:50.54%; 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>Column 2</span></p><p class="TableHeading"><span>then the interest rate for that period is:</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:40.88%; 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>is a financial year</span></p></td><td style="width:50.54%; 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 rate determined, as described in paragraph</span><span> </span><span>(4)(a), under subsection</span><span> </span><span>(4) for the financial year.</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:40.88%; 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>is a period of less than 12 months that is within a single financial year</span></p></td><td style="width:50.54%; 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 rate calculated using the method determined, as described in paragraph</span><span> </span><span>(4)(b), under subsection</span><span> </span><span>(4) for the financial year.</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:40.88%; 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>commences in a financial year and ends during the following financial year (the </span><span style="font-weight:bold; font-style:italic">second financial year</span><span>)</span></p></td><td style="width:50.54%; 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>the rate calculated using the method determined, as described in paragraph</span><span> </span><span>(4)(c), under subsection</span><span> </span><span>(4) for the second financial year.</span></p></td></tr></tbody></table>