19Guidelines for asset‑test exempt income stream resulting from the closure of a regulated superannuation fund or sub-fund

19 Guidelines for asset‑test exempt income stream resulting from the closure of a regulated superannuation fund or sub-fund

The Commission may determine that an income stream is an asset‑test exempt income stream for the purposes of the Act if: (a) it would have been covered by section 5JA(1) or 5JB(1) of the Act, if: (i) paragraph 5JA(1)(aa); or (ii) subparagraph 5JB(1)(a)(i); of the Act did not apply; and (b) it is purchased on or after 20 September 2007; and (c) it results from another asset‑test exempt income stream (the original income stream) being commuted as a result of the closure of a regulated superannuation fund or sub-fund; and (d) it does not result from another asset‑test exempt income stream (the original income stream) being commuted as a result of the closure of a self managed superannuation fund; and (e) the original income stream was covered by section 5JA or 5JB of the Act or would have been covered by those sections, if: (i) paragraph 5JA(1)(aa); or (ii) subparagraph 5JB(1)(a)(i); of the Act did not apply; and (f) the original income stream: (i) was purchased before 20 September 2004; or (ii) was covered by the 2005 Principles during the period starting on 20 September 2004 and ending at the end of 19 September 2007; or (iii) was covered by the 2007 Determination during the period starting on 20 September 2007 and ending at the end of 24 November 2011; or (iv) was covered by the 2011 Determination during the period starting on 25 November 2011 and ending at the end of the day immediately prior to the commencement of this Determination; or (v) is covered by this Determination.

Schedule 1—Repeals

Veterans’ Entitlements (Guidelines for determining whether income stream is asset-test exempt) Determination 2011

1 The whole of the instrument

Repeal the instrument