Hi. My ex-wife and I have a binding financial agreement and have done everything but splitting my CSS super. I'm still working and still in this scheme. We know the correct wording to provide to the Commonwealth Super Scheme (or whatever it's called now) which requires us to say what "Base Amount" to move to her. We've had numerous Family Law Value calculations. Our problem is we don't know what the Base Amount is supposed to represent and don't know what we need to do to work out. It's not a defined term anywhere in the guides. Is the Base Amount her share of my Equity or her share of the total Family Law Value? The fund once verbally indicated it was her share of the equity but we haven't seen this written anywhere. We are't fighting over this. We both just want to do the right thing and know it's right. We don't want to do the wrong thing and have more problems. Any advice or suggestions of an expert would be really helpful. This has gone on for years for us both. Everyone seems to just want to work out a Family Law Value but no-one can tell us clearly what happens then to get a Base Amount.
NSW What is Com Super Base Amount?
- Thread starter AlexZander
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- family law superannuation
Where did you obtain 'Family Law value calculations'?
Have you made a request to ComSuper using “Family Law/Property Settlement – Application for Superannuation Information Form and a Family Law Form 6 – Declaration to Accompany Application for Superannuation Interest Form”
Have you made a request to ComSuper using “Family Law/Property Settlement – Application for Superannuation Information Form and a Family Law Form 6 – Declaration to Accompany Application for Superannuation Interest Form”
Hi AlexZander
Being new to LawAnswers, I have only just come across your post.
The Base Amount for the Commonwealth Superannuation Scheme (CSS) is the share of the Family Law Value (FLV) to be allocated to the non-member spouse, i.e. your former wife in this case.
It is important to remember that the Base Amount is used to determine the Transfer Amount (hereafter referred to as the Separation Amount), which is the starting value of the non-member spouse interest in the CSS. The Base Amount and the Separation Amount are not usually the same value.
To work out the Separation Amount, we need to work out both the Family Law Value and the Scheme Value, which is a value determined using the factors and methodology in the scheme legislation (Superannuation Act 1976).
The Separation Amount for splitting orders/agreements allocating a Base Amount is determined as follows:
(a) Where the Family Law Value is greater than the Scheme Value, the Separation Amount is the Base Amount.
(b) Otherwise, the present formula for calculating the Separation Amount is:
Different methods may apply to splits with operative times before May 2004.
I hope this information is helpful.
[Deleted - Breach of Community Guidelines]
Kind regards
Dan Blackman
Co-founder, Super Info
Being new to LawAnswers, I have only just come across your post.
The Base Amount for the Commonwealth Superannuation Scheme (CSS) is the share of the Family Law Value (FLV) to be allocated to the non-member spouse, i.e. your former wife in this case.
It is important to remember that the Base Amount is used to determine the Transfer Amount (hereafter referred to as the Separation Amount), which is the starting value of the non-member spouse interest in the CSS. The Base Amount and the Separation Amount are not usually the same value.
To work out the Separation Amount, we need to work out both the Family Law Value and the Scheme Value, which is a value determined using the factors and methodology in the scheme legislation (Superannuation Act 1976).
The Separation Amount for splitting orders/agreements allocating a Base Amount is determined as follows:
(a) Where the Family Law Value is greater than the Scheme Value, the Separation Amount is the Base Amount.
(b) Otherwise, the present formula for calculating the Separation Amount is:
Base Amount (in whole dollars) / Family Law Value (in whole dollars) x Scheme Value (net of any surcharge debt)
For example, the CSS trustee receives splitting orders allocating a Base Amount of $217,500.35 to the non-member spouse. At the operative time (when the legally performs the split), the member's CSS interest has a Family Law Value of $435,000.70 and a net Scheme Value of $472,500.50, the Separation Amount will be:
$217,500 / $435,000 x $472,500 = $236,250
For example, the CSS trustee receives splitting orders allocating a Base Amount of $217,500.35 to the non-member spouse. At the operative time (when the legally performs the split), the member's CSS interest has a Family Law Value of $435,000.70 and a net Scheme Value of $472,500.50, the Separation Amount will be:
$217,500 / $435,000 x $472,500 = $236,250
Different methods may apply to splits with operative times before May 2004.
I hope this information is helpful.
[Deleted - Breach of Community Guidelines]
Kind regards
Dan Blackman
Co-founder, Super Info
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