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This instrument is the Social Security (Exempt Lump Sums – Financial Product Rebate Payments – Ending Conflicted Remuneration) Determination 2020.
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Commonwealth legislation
This determination declares certain one-off “rebate payments” arising from the end of grandfathered conflicted remuneration to be “exempt lump sums” under the Social Security Act 1991. It defines which non-periodic payments tied to the Corporations Act (section 963P) qualify, so those receipts are excluded from social-security lump-sum tests and therefore change how affected recipients are treated in Centrelink means-testing.
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Direct links to the current provisions in Social Security (Exempt Lump Sums – Financial Product Rebate Payments – Ending Conflicted Remuneration) Determination 2020.
This instrument is the Social Security (Exempt Lump Sums – Financial Product Rebate Payments – Ending Conflicted Remuneration) Determination 2020.
(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.
<table cellspacing="0" cellpadding="0" style="margin-left:5.35pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:407.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading" style="line-height:115%"><span>Commencement information</span></p></td></tr><tr><td style="width:95.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading" style="line-height:115%"><span>Column 1</span></p></td><td style="width:209pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading" style="line-height:115%"><span>Column 2</span></p></td><td style="width:81.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading" style="line-height:115%"><span>Column 3</span></p></td></tr><tr><td style="width:95.65pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading" style="line-height:115%"><span>Provisions</span></p></td><td style="width:209pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading" style="line-height:115%"><span>Commencement</span></p></td><td style="width:81.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading" style="line-height:115%"><span>Date/Details</span></p></td></tr></thead><tbody><tr><td style="width:95.65pt; border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext" style="line-height:115%"><span>1.</span><span> </span><span>The whole of this instrument</span></p></td><td style="width:209pt; border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext" style="line-height:115%"><span>The day after this instrument is </span><span>registered.</span><span></span></p></td><td style="width:81.45pt; border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext" style="line-height:115%"><span></span></p></td></tr></tbody></table>
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.
This instrument is made under paragraph 8(11)(d) of the Act.
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.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This instrument is the Social Security (Exempt Lump Sums – Financial Product Rebate Payments – Ending Conflicted Remuneration) Determination 2020.
(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.
<table cellspacing="0" cellpadding="0" style="margin-left:5.35pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:407.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading" style="line-height:115%"><span>Commencement information</span></p></td></tr><tr><td style="width:95.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading" style="line-height:115%"><span>Column 1</span></p></td><td style="width:209pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading" style="line-height:115%"><span>Column 2</span></p></td><td style="width:81.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading" style="line-height:115%"><span>Column 3</span></p></td></tr><tr><td style="width:95.65pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading" style="line-height:115%"><span>Provisions</span></p></td><td style="width:209pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading" style="line-height:115%"><span>Commencement</span></p></td><td style="width:81.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading" style="line-height:115%"><span>Date/Details</span></p></td></tr></thead><tbody><tr><td style="width:95.65pt; border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext" style="line-height:115%"><span>1.</span><span> </span><span>The whole of this instrument</span></p></td><td style="width:209pt; border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext" style="line-height:115%"><span>The day after this instrument is </span><span>registered.</span><span></span></p></td><td style="width:81.45pt; border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext" style="line-height:115%"><span></span></p></td></tr></tbody></table>
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.
This instrument is made under paragraph 8(11)(d) of the Act.
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.