Commonwealth legislation

Social Security (Income stream) (FaCSIA) Determination 2007

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

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Commonwealth

Collection

legislative instrument

Plain English Summary

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This Determination sets the technical rules Centrelink uses to assess superannuation pensions and annuities (income streams) for social security payments. It adopts SIS Regulations’ standards—covering account‑based pensions, contract structuring, and minimum annual payout rules—to decide which income streams get favourable treatment.

It affects people receiving Centrelink payments who also get regular superannuation income, because meeting these standards can reduce assessable income and increase entitlements.

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Social Security (Income stream) (FaCSIA) Determination 2007

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Social Security (Income stream) (FaCSIA) Determination 2007

Social Security Act 1991

I, MALCOLM THOMAS BROUGH, Minister for Families, Community Services and Indigenous Affairs 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 3 July 2007

MAL BROUGH

Minister for Families, Community Services and Indigenous Affairs

1 Name of Determination

This Determination is the Social Security (Income stream) (FaCSIA) 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) (FaCSIA) Determination 2007

Social Security (Income stream) (FaCSIA) Determination 2007

Social Security Act 1991

Dated 3 July 2007

MAL BROUGH

Minister for Families, Community Services and Indigenous Affairs

1 Name of Determination

This Determination is the Social Security (Income stream) (FaCSIA) 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.