Social Security (Exempt Lump Sum Market-linked Income Stream) Determination 2017 (Cth)

Social Security (Exempt Lump Sum - Market-linked Income Stream) Determination 2017

I, Anita Davis, delegate of the Secretary of the Department of Social Services, make the following determination.

Dated   18 January 2017

………………………………………………………………….

ANITA DAVIS

Acting Branch Manager

International and Means Test Policy Branch

Department of Social Services

1   Name

This instrument is the Social Security (Exempt Lump Sum - Market‑linked Income Stream) Determination 2017

2   Commencement

(1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1.  The whole of this instrument	The day after this instrument is registered.	24 January 2017

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.                  

(2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3   Authority

This instrument is made under paragraph 8(11)(d) of the Social Security Act 1991.

4   Revocation

The following instrument is revoked:

Social Security Exempt Lump Sum Determination No. 7 of 2004 (FACS)

5   Definitions

In this instrument

Act means the Social Security Act 1991.

market-linked income stream means an asset-test exempt income stream which meets the requirements of subsection 9BA(1) of the Social Security Act 1991.

social security payment has the same meaning as in the Social Security Act 1991.

6   Exempt Lump Sums

If:

(a)       a person is a beneficiary of a market-linked income stream; and

(b)       after the payment of the final year’s annual payment from that market-linked income stream there is a residual balance in the relevant account; and

(c) clause 3 of Schedule 6 of the Superannuation Industry (Supervision) Regulations 1994 requires that the residual balance in the account of the market-linked income stream is to be paid to the beneficiary within 28 days of the end of the market-linked income stream’s term; and

(d)       the person is in receipt of a social security payment;

then any amount paid by the market-linked income stream to the person, in accordance with paragraph (c) above, is an exempt lump sum for the purposes of paragraph 8(11)(d) of the Act.