Commonwealth Consolidated Acts Commonwealth Consolidated Acts1 Subsection 8(1) (note 1 at the end of the definition of income )
Omit "sections 1076 - 1084 (deemed income from financial assets), sections 1095 to 1099DAA (income from income streams)", substitute "Division 1B of Part 3.10 (income from financial assets (including income streams (short term) and certain income streams (long term)), Division 1C of Part 3.10 (income from income streams not covered by Division 1B of Part 3.10)".
2 Subsection 8(1) (note 3 at the end of the definition of ordinary income )
Omit "sections 1076 - 1084 (deemed income from financial assets) and sections 1095 - 1099DAA (income from income streams)", substitute "Division 1B of Part 3.10 (income from financial assets (including income streams (short term) and certain income streams (long term)) and Division 1C of Part 3.10 (income from income streams not covered by Division 1B of Part 3.10)".
3 Subsection 9(1) (at the end of paragraph ( h) of the definition of financial investment )
Add "or".
4 Subsection 9(1) (after paragraph ( h) of the definition of financial investment )
Insert:
(i) an asset - tested income stream (long term) that is an account - based pension within the meaning of the Superannuation Industry (Supervision) Regulations 1994 ; or
(j) 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 ( 1EA);
5 Subsection 9(1C) (notes 4 and 5)
Repeal the notes.
6 After subsection 9(1E)
Insert:
(1EA) The Minister may, by legislative instrument, determine requirements for the purposes of paragraph ( j) of the definition of financial investment in subsection ( 1).
7 Point 1064 - E1 (note 2)
Omit "deemed income from financial assets (sections 1076 to 1084)", substitute "income from financial assets (including income streams (short term) and certain income streams (long term)) (Division 1B of Part 3.10)".
8 Point 1064 - E1 (note 2)
Omit "income from income streams (sections 1095 to 1099DAA)", substitute "income from income streams not covered by Division 1B of Part 3.10 (Division 1C of Part 3.10)".
9 Point 1066 - E1 (note 2)
Omit "deemed income from financial assets (sections 1076 to 1084)", substitute "income from financial assets (including income streams (short term) and certain income streams (long term)) (Division 1B of Part 3.10)".
10 Point 1066 - E1 (note 2)
Omit "income from income streams (sections 1095 to 1099DAA)", substitute "income from income streams not covered by Division 1B of Part 3.10 (Division 1C of Part 3.10)".
11 Point 1066A - F1 (note 2)
Omit "deemed income from financial assets (sections 1076 to 1084)", substitute "income from financial assets (including income streams (short term) and certain income streams (long term)) (Division 1B of Part 3.10)".
12 Point 1066A - F1 (note 2)
Omit "income from income streams (sections 1095 to 1099DAA)", substitute "income from income streams not covered by Division 1B of Part 3.10 (Division 1C of Part 3.10)".
13 Point 1067G - H1 ( paragraph ( c) of note 2)
Omit "deemed income from financial assets (sections 1076 to 1084A)", substitute "income from financial assets (including income streams (short term) and certain income streams (long term)) (Division 1B of Part 3.10)".
14 Point 1067G - H1 ( paragraph ( d) of note 2)
Omit "income streams (sections 1095 to 1099DAA)", substitute "income from income streams not covered by Division 1B of Part 3.10 (Division 1C of Part 3.10)".
15 Point 1067L - D1 ( paragraph ( c) of note 2)
Omit "deemed income from financial assets (sections 1076 to 1084A)", substitute "income from financial assets (including income streams (short term) and certain income streams (long term)) (Division 1B of Part 3.10)".
16 Point 1067L - D1 ( paragraph ( d) of note 2)
Omit "income from income streams (sections 1096 to 1099DAA)", substitute "income from income streams not covered by Division 1B of Part 3.10 (Division 1C of Part 3.10)".
17 Point 1068 - G1 (note 3)
Omit "deemed income from financial assets (sections 1076 to 1084)", substitute "income from financial assets (including income streams (short term) and certain income streams (long term)) (Division 1B of Part 3.10)".
18 Point 1068 - G1 (note 3)
Omit "income from income streams (sections 1095 to 1099DAA)", substitute "income from income streams not covered by Division 1B of Part 3.10 (Division 1C of Part 3.10)".
19 Point 1068A - E1 ( paragraph ( c) of note 2)
Omit "deemed income from financial assets (sections 1076 to 1084)", substitute "income from financial assets (including income streams (short term) and certain income streams (long term)) (Division 1B of Part 3.10)".
20 Point 1068A - E1 ( paragraph ( d) of note 2)
Omit "income from income streams (sections 1095 to 1099DAA)", substitute "income from income streams not covered by Division 1B of Part 3.10 (Division 1C of Part 3.10)".
21 Point 1068B - D1 ( paragraph ( c) of note 3)
Omit "deemed income from financial assets (sections 1076 to 1084)", substitute "income from financial assets (including income streams (short term) and certain income streams (long term)) (Division 1B of Part 3.10)".
22 Point 1068B - D1 ( paragraph ( d) of note 3)
Omit "income from income streams (sections 1095 to 1099DAA)", substitute "income from income streams not covered by Division 1B of Part 3.10 (Division 1C of Part 3.10)".
23 Section 1072 (note 2)
Omit "sections 1076 to 1084 (deemed income from financial assets) and sections 1095 to 1099DAA (income from income streams)", substitute "Division 1B (income from financial assets (including income streams (short term) and certain income streams (long term)) and Division 1C (income from income streams not covered by Division 1B)".
24 Division 1B of Part 3.10 (heading)
Repeal the heading, substitute:
25 Division 1C of Part 3.10 (heading)
Repeal the heading, substitute:
Division 1C -- Income from income streams not covered by Division 1B
26 Section 1097A
Before "This", insert "(1)".
27 At the end of section 1097A
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 9(1EA) of this Act.
Note 1: For treatment of an income stream mentioned in subsection ( 2), see Division 1B.
Note 2: Part 2 of Schedule 11 to the Social Services and Other Legislation Amendment Act 201 4 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.
28 Paragraph 1 099DAA(1)(b)
Repeal the paragraph, substitute:
(b) the income stream is an allocated pension within the meaning of the Superannuation Industry (Supervision) Regulations 1994 ; and
29 Section 1099DA
Before "This", insert "(1)".
30 At the end of section 1099DA
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 9(1EA) of this Act.
Note 1: For treatment of an income stream mentioned in subsection ( 2), see Division 1B.
Note 2: Part 2 of Schedule 11 to the Social Services and Other Legislation Amendment Act 201 4 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.
31 Subsections 1099G(2) and 1099L(2)
Omit "(Deemed income from financial assets)", substitute "(income from financial assets (including income streams (short term) and certain income streams (long term))".
Veterans' Entitlements Act 1986
32 Subsection 5H(1) (note 1 at the end of the definition of income )
Omit "sections 46D to 46L (deemed income from financial assets) and sections 46Q to 46YA (income from income streams)", substitute "Division 3 of Part IIIB (income from financial assets (including income streams (short term) and certain income streams (long term)) and Division 4 of Part IIIB (income from income streams not covered by Division 3 of Part IIIB)".
33 Subsection 5H(1) (note 3 at the end of the definition of ordinary income )
Omit "sections 46D to 46L (deemed income from financial assets) and sections 46Q to 46YA (income from income streams)", substitute "Division 3 of Part IIIB (income from financial assets (including income streams (short term) and certain income streams (long term)) and Division 4 of Part IIIB (income from income streams not covered by Division 3 of Part IIIB)".
34 Subsection 5J(1) (at the end of paragraph ( h) of the definition of financial investment )
Add "or".
35 Subsection 5J(1) (after paragraph ( h) of the definition of financial investment )
Insert:
(i) an asset - tested income stream (long term) that is an account - based pension within the meaning of the Superannuation Industry (Supervision) Regulations 1994 ; or
(j) 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 ( 1G);
36 Subsection 5J(1C) (notes 4 and 5)
Repeal the notes.
37 After subsection 5J(1F)
Insert:
(1G) The Minister may, by legislative instrument, determine requirements for the purposes of paragraph ( j) of the definition of financial investment in subsection ( 1).
38 Section 46 (note 2)
Omit "sections 46D to 46L (deemed income from financial assets) and sections 46Q to 46YA (income from income streams)", substitute "Division 3 (income from financial assets (including income streams (short term) and certain income streams (long term)) and Division 4 (income from income streams not covered by Division 3)".
39 Division 3 of Part IIIB (heading)
Repeal the heading, substitute:
40 Division 4 of Part IIIB (heading)
Repeal the heading, substitute:
Division 4 -- Income from income streams not covered by Division 3
41 Section 46SA
Before "This", insert "(1)".
42 At the end of section 46SA
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 201 4 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.
43 Paragraph 4 6YA(1)(b)
Repeal the paragraph, substitute:
(b) the income stream is an allocated pension within the meaning of the Superannuation Industry (Supervision) Regulations 1994 ; and
44 Section 46Z
Before "This", insert "(1)".
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 201 4 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.
46 Point SCH6 - E2 of Schedule 6 ( paragraph ( c) of note 2)
Omit "deemed income from financial assets (sections 46D to 46M)", substitute "income from financial assets (including income streams (short term) and certain income streams (long term)) (Division 3 of Part IIIB)".
47 Point SCH6 - E2 of Schedule 6 ( paragraph ( d) of note 2)
Omit "income from income streams (sections 46Q to 46YA)", substitute "income from income streams not covered by Division 3 of Part IIIB (Division 4 of Part IIIB)".
Part 2 -- Application provisions
48 Application provisions
(1) The amendments made by Part 1 apply in relation to working out the ordinary income of a person in relation to days occurring on or after 1 January 2015.
(2) However, if:
(a) a person was receiving an income support payment immediately before 1 January 2015; and
(b) either:
(i) an asset - tested income stream (long term), that is an account - based pension within the meaning of the Superannuation Industry (Supervision) Regulations 1994 , was being provided to the person immediately before 1 January 2015; or
(ii) 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 standards determined in an instrument under subparagraph 1099DAA(1)(b)(ii) of the Social Security Act 1991 , was being provided to the person immediately before 1 January 2015; and
(c) since the start of that day:
(i) the person has been continuously receiving an income support payment; and
(ii) that asset - tested income stream (long term) has been provided to the person;
then the amendments made by Part 1 do not apply in relation to the person (the primary beneficiary ) and that asset - tested income stream (long term).
(3) If:
(a) while the amendments made by Part 1 do not apply in relation to the primary beneficiary because of subitem ( 2), the primary beneficiary dies; and
(b) that asset - tested income stream (long term) reverts to a reversionary beneficiary on the primary beneficiary's death; and
(c) at the time of that reversion the reversionary beneficiary is receiving an income support payment; and
(d) since the time of that reversion:
(i) the reversionary beneficiary has been continuously receiving an income support payment; and
(ii) that asset - tested income stream (long term) has been provided to the reversionary beneficiary;
then the amendments made by Part 1 do not apply in relation to the reversionary beneficiary and that asset - tested income stream (long term).
(4) In this item:
income support payment has the meaning given by subsection 23(1) of the Social Security Act 1991 .