Social Services and Other Legislation Amendment Act 2014 (14 of 2014)

Schedule 11   Extending the deeming rules to account-based income streams

Part 1   Amendments

Veterans' Entitlements Act 1986

45   At the end of section 46Z

Add:

(2) However, this Subdivision does not apply to:

(a) an asset-tested income stream (long term) that is an account-based pension within the meaning of the Superannuation Industry (Supervision) Regulations 1994; or

(b) an asset-tested income stream (long term) that is an annuity (within the meaning of the Superannuation Industry (Supervision) Act 1993) provided under a contract that meets the requirements determined in an instrument under subsection 5J(1G) of this Act.

Note 1: For treatment of an income stream mentioned in subsection (2), see Division 3.

Note 2: Part 2 of Schedule 11 to the Social Services and Other Legislation Amendment Act 2014 preserves the rules in this Subdivision for a certain kind of income stream that was being provided to a person immediately before 1 January 2015 where the person was receiving an income support payment immediately before that day provided that, since that day, that income stream has been provided to the person and the person has been continuously receiving an income support payment.