80ACommission to determine certain policies and procedures in respect of payment splits

80A Commission to determine certain policies and procedures in respect of payment splits

[Regulation 80A Inserted by S.R. 2022, No. 11, Applied:31 Mar 2022]

(1)  In this regulation –

payment split has the meaning given by section 90XD of the Family Law Act;

relevant benefit means a benefit –

(a) in relation to the TASS Scheme within the meaning of Part 13 , as defined in that Part; and

(b) in relation to the SFCS Scheme within the meaning of Part 14 , as defined in that Part;

relevant Commonwealth legislation includes –

(a) the Family Law Act; and

(b) the Superannuation Industry (Supervision) Act 1993 of the Commonwealth;

relevant scheme includes –

(a) the TASS Scheme within the meaning of Part 13 ; and

(b) the SFCS Scheme within the meaning of Part 14 .

(2)  If a payment split is implemented by the Commission in respect of a relevant scheme, the Commission must adjust, vary or reduce the relevant benefit payable, or which may become payable, under the relevant scheme –

(a) on such basis, and at such time, as the Commission determines; and

(b) in such a manner, including by the establishment of a debt account, as the Commission determines; and

(c) in accordance with the relevant Commonwealth legislation.

(3)  In order to give effect to the relevant Commonwealth legislation or for any other purpose, the Commission may formulate and give effect to policies and procedures in relation to one or more of the following: