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FAMILY AND COMMUNITY SERVICES AND VETERANS' AFFAIRS LEGISLATION AMENDMENT (FURTHER ASSISTANCE FOR OLDER AUSTRALIANS) ACT 2001 NO. 42, 2001 - SCHEDULE 1
- Beneficial treatment of superannuation assets for people aged between 55 and pension age
Social Security Act 1991
1 Subsection 8(1) (definition of income)
Omit ",
(7A)".
2 Subsections 8(7A) and (7B)
Repeal the subsections (including
the notes).
3 After paragraph 8(8)(a)
Insert:
- (b)
- any return on a person's
investment in:
- (i)
- a superannuation fund; or
- (ii)
- an approved deposit fund; or
- (iii)
- a deferred annuity; or
- (iv)
- an ATO small superannuation account;
until the person:
- (v)
- reaches pension age; or
- (vi)
- starts to receive a pension or annuity out of the fund;
4 Paragraph 9(1B)(d) (note)
Omit "by persons who are neither prescribed
pre-pension age persons nor persons who have reached pension age", substitute
"before pension age is reached".
5 Paragraph 9(1B)(e) (note)
Omit "by
persons who are neither prescribed pre-pension age persons nor persons who
have reached pension age", substitute "before pension age is reached".
6
Paragraph 9(1B)(f) (note)
Omit "by persons who are neither prescribed
pre-pension age persons nor persons who have reached pension age", substitute
"before pension age is reached".
7 Paragraph 9(1B)(g) (note)
Omit "by
persons who are neither prescribed pre-pension age persons nor persons who
have reached pension age", substitute "before pension age is reached".
8
Paragraph 9(1C)(a)
Omit "is not a prescribed pre-pension age person and has
not yet turned", substitute "has not yet reached".
9 Paragraph 9(1C)(b)
Omit
"is not a prescribed pre-pension age person and has not yet turned",
substitute "has not yet reached".
10 Paragraph 9(1C)(c)
Omit "is not a
prescribed pre-pension age person and has not yet turned", substitute "has not
yet reached".
11 Paragraph 9(1C)(ca)
Omit "is not a prescribed pre-pension
age person and has not yet turned", substitute "has not yet reached".
12
Subsection 9(1C) (note 1)
Repeal the note.
13 Subsection 23(1) (definition
of prescribed pre-pension age person)
Repeal the definition.
14 Paragraph
1096(aa)
Omit "is not a prescribed pre-pension age person and has not reached
pension age", substitute "has not turned 55".
15 Section 1096 (notes)
Repeal the notes.
16 At the end of section 1096
Add:
(2) However, if
the person turns 55 before the end of the period of 12 months, this section
does not apply to the person in relation to:
- (a)
- the week, during that
period, in which the person turns 55; and
- (b)
- any later weeks during that period.
17 After paragraph 1118(1)(e)
Insert:
- (f)
- the value of the person's
investment in:
- (i)
- a superannuation fund; or
- (ii)
- an approved deposit fund; or
- (iii)
- a deferred annuity; or
- (iv)
- an ATO small superannuation account;
until the person:
- (v)
- reaches pension age; or
- (vi)
- starts to receive a pension or annuity out of the fund;
18 Section 1118A
Repeal the section (including the note).
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