Veterans’ Entitlements (Class of Debts – Self Managed Superannuation and Small APRA Funds) Specification 2022 (Cth)

Veterans’ Entitlements (Class of Debts – Self Managed Superannuation and Small APRA Funds) Specification 2022

Instrument No.M1/2022

I, Andrew Gee, Minister for Veterans’ Affairs, make the following Specification.

Dated               25^th    March            2022                   

……Andrew Gee…….

Andrew Gee

Minister for Veterans’ Affairs

Contents

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Definitions................................................................................................................................ 1

5  Schedules................................................................................................................................. 1

6  Class of debts........................................................................................................................... 1

Schedule 1—Repeals  1

Veterans’ Entitlements (Class of Debts – Self Managed Superannuation and Small APRA Funds) Specification 2012 (No. R9/2012)   1

1  Name

This instrument is the Veterans’ Entitlements (Class of Debts – Self Managed Superannuation and Small APRA Funds) Specification 2022.

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.

Note:          This table relates only to the provisions of this instrument as originally made.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 provision under subparagraph 206(1)(b)(ii) of the Veterans’ Entitlements Act 1986.

4  Definitions

Note:          A number of expressions used in this instrument are defined in Veterans’ Entitlements Act 1986, including the following:

(a)    asset-test exempt income stream; and

(b)    asset-tested income stream (long term).

In this instrument:

Act means the Veterans’ Entitlements Act 1986.

APRA means Australian Prudential Regulation Authority.

market-linked income stream means 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.

small APRA fund has the same meaning as in subsection 1017BB(6) of the Corporations Act 2001

5  Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

6  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)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 of the Act is commuted and rolled over to purchase a 100 percent asset tested market-linked income stream.

Schedule 1—Repeals

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

1  The whole of the instrument

Repeal the instrument.