The Federal Attorney-General, Robert McClelland, has issued three legislative instruments in relation to the methods used for valuing certain superannuation interests which can be split on relationship breakdown under the Family Law Act 1975 (the Act). The effect of the legislative instruments is briefly outlined below.
 

Methods and factors for valuing particular superannuation interests

Under reg 38 and 43A of the Family Law (Superannuation) Regulations 2001 (the Regulations), the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003 (the Valuation Approval) has been amended by inserting a new Pt 10 into Sch 2 to the Valuation Approval. Part 10 contains the approved methods for determining the gross value of superannuation interests in the New South Wales Parliamentary Contributory Superannuation Scheme (the NSW PCS Scheme) established by the Parliamentary Contributory Superannuation Act 1971.

An amendment has also been made to Pt 7 of Sch 2 to the Valuation Approval to correct an error in the method approved on 10 April 2006 for valuing interests held by members with deferred benefits in the New South Wales State Authorities Superannuation Scheme.

In addition, amendments have been made to provisions in Pt 8 of Sch 2 to the Valuation Approval which relate to methods approved on 13 September 2007 for valuing interests in the New South Wales State Superannuation Scheme. These amendments:

• correct errors in methods approved in 2007 for valuing interests held by members with deferred benefits in the New South Wales State Superannuation Scheme, and
• clarify the application of the method approved in 2007 for valuing interests held by contributing members of the Scheme.

The amendments commence on 11 January 2011
Source: Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2010 (No 1) registered as Legislative Instrument F2011L00023 on the Federal Register of Legislative Instruments on 10 January 2011.

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