Commonwealth legislation

Social Security (Income stream) (DEWR) Determination 2007

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This Determination tells Centrelink to use existing SIS Regulations rules when assessing certain superannuation income streams—especially account‑based pensions and specified lifetime or life‑expectancy annuities—so withdrawal limits and minimum payments follow super law standards.

It affects retirees on those super products who claim Centrelink benefits, because it shapes how much of their super income counts for the income test and thus their pension payments.

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Social Security (Income stream) (DEWR) Determination 2007

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Social Security (Income stream) (DEWR) Determination 2007

Social Security Act 1991

I, SHARMAN NANCY STONE, Minister for Workforce Participation, make this Determination under paragraph 9 (1F) (ba), subparagraphs 1099DAA (1) (b) (i) and (ii) and subsection 1099DAA (3) of the Social Security Act 1991.

Dated 6th of July 2007

Sharman Stone

Minister for Workforce Participation

Do not delete : Part Placeholder

Do not delete : Division Placeholder

1 Name of Determination

This Determination is the Social Security (Income stream) (DEWR) Determination 2007.

2 Commencement

This Determination is taken to have commenced on 1 July 2007.

3 Definitions

In this Determination:

Act means the Social Security Act 1991.

SIS Regulations means the Superannuation Industry (Supervision) Regulations 1994.

4 Income stream standards

For paragraph 9 (1F) (ba) of the Act, the standards are the standards mentioned in paragraphs 1.06 (2) (a) to (d) and (f) to (h) of the SIS Regulations.

5 Withdrawal limits — account-based pension

For subparagraph 1099DAA (1) (b) (i) of the Act, an account-based pension, within the meaning of the SIS Regulations, is determined.

6 Contract standards

For subparagraph 1099DAA (1) (b) (ii) of the Act, the standards are the standards mentioned in subregulation 1.05 (4) and paragraph 1.05 (11A) (a) of the SIS Regulations.

7 Minimum amount

For subsection 1099DAA (3) of the Act, the minimum amount is the amount calculated in accordance with the method mentioned in Schedule 7 to the SIS Regulations.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Social Security (Income stream) (DEWR) Determination 2007

Social Security (Income stream) (DEWR) Determination 2007

Social Security Act 1991

Dated 6th of July 2007

Sharman Stone

Minister for Workforce Participation

Do not delete : Part Placeholder

Do not delete : Division Placeholder

1 Name of Determination

This Determination is the Social Security (Income stream) (DEWR) Determination 2007.

2 Commencement

This Determination is taken to have commenced on 1 July 2007.

3 Definitions

In this Determination:

Act means the Social Security Act 1991.

SIS Regulations means the Superannuation Industry (Supervision) Regulations 1994.

4 Income stream standards

For paragraph 9 (1F) (ba) of the Act, the standards are the standards mentioned in paragraphs 1.06 (2) (a) to (d) and (f) to (h) of the SIS Regulations.

5 Withdrawal limits — account-based pension

For subparagraph 1099DAA (1) (b) (i) of the Act, an account-based pension, within the meaning of the SIS Regulations, is determined.

6 Contract standards

For subparagraph 1099DAA (1) (b) (ii) of the Act, the standards are the standards mentioned in subregulation 1.05 (4) and paragraph 1.05 (11A) (a) of the SIS Regulations.

7 Minimum amount

For subsection 1099DAA (3) of the Act, the minimum amount is the amount calculated in accordance with the method mentioned in Schedule 7 to the SIS Regulations.