Social Services Legislation Amendment Act 2017 (33 of 2017)

Schedule 2   Automation of income stream review processes

Social Security (Administration) Act 1999

1   After paragraph 195(2)(j)

Insert:

(ja) in relation to an income stream received by the person:

(i) the type of income stream; and

(ii) a unique identifier allocated to the income stream (also known as a product reference number); and

(iii) the date on which the income stream was purchased; and

(iv) the purchase price; and

(v) the commencement day; and

(vi) the date of the first payment under the income stream; and

(vii) the relevant number; and

(viii) the account balance of the income stream as at the date of the notice; and

(ix) the account balance of the income stream on 1 July of the financial year in which the notice is given; and

(x) for every payment made under the income stream in the 52 weeks before the date of the notice - the gross amount of the payment, the date on which it was paid and, if the payment is paid as a lump sum, the period to which the payment relates; and

(xi) for every payment to be made under the income stream in the 52 weeks after the date of the notice - the gross amount of the payment and the date on which it is to be paid; and

(xii) the date on which, rate at which and way in which the income stream is indexed; and

(xiii) the residual capital value; and

(xiv) if there is a reversionary beneficiary to which the income stream reverts on the death of the person - the name of the reversionary beneficiary and the percentage of the income stream that the reversionary beneficiary will receive; and

(xv) if the income stream was purchased before 20 September 2007 - whether the income stream satisfies section 9A, 9B or 9BA of the 1991 Act, as those sections applied immediately before that date; and

(xvi) if the income stream was purchased on or after 20 September 2007 - whether the income stream was purchased with funds resulting from the commutation of an asset-test exempt income stream and whether it is eligible to retain its asset-test exempt income stream status; and

(xvii) if the income stream is commuted - the date of commutation and the commuted amount; and

(xviii) if the income stream is a defined benefit income stream - the deductible amount for the year in which the notice is given and the method used to work out the tax free components of that deductible amount; and

(xix) if payments made under the income stream represent an amount for a child of the person - the number of children for which payment is made and the gross amount of each payment made under the income stream for each child; and

(xx) any other information required by the Minister in an instrument made under subsection (3A);