Commonwealth: Family Law Amendment (Annuities) Act 2004 (Cth)

Family Law Amendment (Annuities) Act 2004 No. 153, 2004 An Act to amend the Family Law Act 1975, and for related purposes Contents 1 Short title 2 Commencement 3 Schedule(s) 4 Application of annuity amendments Schedule 1—Amendments commencing on 17 December 2004 Family Law Act 1975 Schedule 2—Amendments commencing on proclaimed date Family Law Act 1975 Family Law Amendment (Annuities) Act 2004 No. 153, 2004 An Act to amend the Family Law Act 1975, and for related purposes [Assented to 15 December 2004] The Parliament of Australia enacts: 1 Short title This Act may be cited as the Family Law Amendment (Annuities) Act 2004. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 to 4 and anything in this Act not elsewhere covered by this table The day on which this Act receives the Royal Assent. 15 December 2004 2. Schedule 1 Immediately after the commencement of Schedule 6 to the Family Law Amendment Act 2003. 17 December 2004 3. Schedule 2 A single day to be fixed by Proclamation. 15 June 2005 However, if any of the provision(s) do not commence within the period of 6 months beginning on the day on which this Act receives the Royal Assent, they commence on the first day after the end of that period. Note: This table relates only to the provisions of this Act as originally passed by the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent. (2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. 4 Application of annuity amendments (1) Subject to this section, the annuity amendments apply to all marriages, including those that were dissolved before the startup time. (2) Subject to subsections (3) and (4), the annuity amendments do not apply to a marriage if a section 79 order, or a section 87 agreement, is in force in relation to the marriage at the startup time. (3) If a section 79 order that is in force at the startup time is later set aside under paragraph 79A(1)(a), (b), (c) or (d) of the Family Law Act, then the annuity amendments apply to the marriage from the time the order is set aside. (4) If an approval of a section 87 agreement that is in force at the startup time is later revoked on a ground specified in paragraph 87(8)(a), (c) or (d) of the Family Law Act, then the annuity amendments apply to the marriage from the time the approval is revoked. (5) The annuity amendments do not apply in relation to a financial agreement that was made before the startup time. (6) In this section, unless the contrary intention appears: annuity amendments means the amendments made by Schedule 2. Family Law Act means the Family Law Act 1975. marriage includes a void marriage. section 79 order means an order (other than an interim order) made under section 79 of the Family Law Act. section 87 agreement means an agreement approved under section 87 of the Family Law Act. startup time means the time when Schedule 2 commences. Schedule 1—Amendments commencing on 17 December 2004 Family Law Act 1975 1 After section 90AC Insert: 90ACA This Part not to apply to certain annuities (1) The powers of the court under this Part do not apply to eligible annuities. (2) In this section: eligible annuity means an annuity (as defined in section 10 of the Superannuation Industry (Supervision) Act 1993) that is treated, for the purpose of Division 14 of Part III of the Income Tax Assessment Act 1936, as being purchased wholly out of rolled‑over amounts. Schedule 2—Amendments commencing on proclaimed date Family Law Act 1975 1 Section 90MD Insert: eligible annuity means an annuity (as defined in section 10 of the SIS Act) that is treated, for the purpose of Division 14 of Part III of the Income Tax Assessment Act 1936, as being purchased wholly out of rolled‑over amounts. 2 Section 90MD (at the end of the definition of eligible superannuation plan) Add: ; (e) an eligible annuity. [Minister's second reading speech made in— Senate on 17 November 2004 House of Representatives on 8 December 2004] (192/04)