Social Security (Exempt Lump Sums – Financial Product Rebate Payments – Ending Conflicted Remuneration) Determination 2020 (Cth)

Social Security (Exempt Lump Sums – Financial Product Rebate Payments – Ending Conflicted Remuneration) Determination 2020

I, Andrea Wallace-Green, delegate of the Secretary of the Department of Social Services, make the following Determination.

Dated 16 March 2020

Andrea Wallace-Green

Delegate of the Secretary of the Department of Social Services

1  Name

This instrument is the Social Security (Exempt Lump Sums – Financial Product Rebate Payments – Ending Conflicted Remuneration) Determination 2020.

1. 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.

Note:          This table relates only to the provisions of this instrument as originally made.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 Act.

4  Definitions

In this instrument:

Act means the Social Security Act 1991.

conflicted remuneration has the meaning given in Division 4 of Part 7.7A of the Corporations Act 2001.

exempt lump sum has the meaning given in subsection 8(11) of the Act.

rebate payment means an amount received by a person that is:

a)   not a periodic payment; and

b)   made as a result of the removal of grandfathering arrangements for conflicted remuneration and the legislative amendments to be made by the Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Act 2019; and

c) paid pursuant to section 963P of the Corporations Act 2001 (on or after 1 January 2021) or in anticipation of the commencement of section 963P of the Corporations Act 2001 (before 1 January 2021).

5  Exempt lump sum

For the purposes of paragraph 8(11)(d) of the Act, a rebate payment is an exempt lump sum.