Veterans’ Entitlements (Class of Debts – Self Managed Superannuation and Small APRA Funds) Specification 2012 (No. R9/2012) (Cth)

Veterans’ Entitlements (Class of Debts — Self Managed Superannuation and Small APRA Funds) Specification 2012

Instrument No.R9/2012

I, WARREN SNOWDON, Minister for Veterans’ Affairs, make this Specification under subparagraph 206(1)(b)(ii) of the Veterans’ Entitlements Act 1986.

Dated this        sixth       day of                   February               2012

Warren Snowdon

……………………………………………………………………………………….

Warren Snowdon

1. Name of Specification

This Specification is the Veterans’ Entitlements (Class of Debts – Self Managed Superannuation and Small APRA Funds) Specification 2012

2.             Commencement

This Specification commences, or is taken to have commenced, when the Social Security (Waiver of Debts-Self Managed Superannuation Funds and Small APRA Funds) (FaHCSIA) Specification 2011 commences or commenced.

3.             Definitions

In this Specification:

Act means the Veterans’ Entitlements Act 1986.

APRA means Australian Prudential Regulation Authority.

asset-test exempt income stream has the same meaning as in the Act.

asset-tested income stream (long term) has the same meaning as in the Act.

Commission has the same meaning as in the Act.

market-linked income stream is an income stream that meets the requirements of section 5JBA of the Act, other than subparagraph 5JBA(1)(a)(i).

self managed superannuation fund has the same meaning as in section 17A of the Superannuation Industry (Supervision) Act 1993.

4.             Class of debts

For subparagraph 206(1)(b)(ii) of the Act, a debt is in a specified class of debts if:

(a) it is a debt due to the Commonwealth by a person under section 52ZMA of the Act; and

(b)    the debt did not arise because the person knowingly made a false or misleading statement, or knowingly provided false information to the Commonwealth; and

(c)    immediately before the commencement of this Specification, the income stream that is relevant for the purposes of section 52ZMA of the Act:

(i)was:

(A) an asset-test exempt income stream which met the requirements of either sections 5JA or 5JB of the Act; or

(B) an asset-tested income stream (long term) that was previously an asset-test exempt income stream which failed to meet the requirements of either paragraphs 5JA(1)(b) or 5JB(1A)(b) of the Act; and

(ii) was sourced from:

(A)a self managed superannuation fund; or

(B)or a small APRA fund; and

(d)   on or after the commencement of this Specification, the income stream that is relevant for the purposes of section 52ZMA is commuted and rolled over to purchase a 100 percent asset tested market-linked income stream.