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

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

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.