21Income stream that is a legacy product

21 Income stream that is a legacy product

The Secretary may determine that an income stream is an asset-test exempt income stream for the purposes of the Act if: (a) the income stream was an asset-test exempt income stream under section 9A, 9B or 9BA of the Act immediately before the commencement of the Treasury Laws Amendment (Legacy Retirement Product Commutations and Reserves) Regulations 2024; and (b) the income stream complies with the requirements of subsection 9A(2), 9B(2) or 9BA(2) of the Act, except for paragraphs 9A(2)(h), 9B(2)(h) or 9BA(2)(f); and (c) the only reason the income stream does not comply with the requirements in paragraphs 9A(2)(h), 9B(2)(h) or 9BA(2)(f) of the Act is because the contract or governing rules allow for the income stream to be commuted in accordance with: (i) regulation 1.08AA of the Retirement Savings Accounts Regulations 1997; or (ii) regulation 1.05AA of the Superannuation Industry (Supervision) Regulations 1994; or (iii) regulation 1.06C of the Superannuation Industry (Supervision) Regulations 1994.

Schedule 1—Repeals

Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) (Social Security) Determination 2015

1 The whole of the instrument

Repeal the instrument

Social Security (Guidelines for Determining Whether Income Stream is Asset-test Exempt) Determination 2022

2 The whole of the instrument

Repeal the instrument