1. Name of specification
1. Name of specification
1. Name of specification
This specification is the Social Security (Obtaining Information to Verify Claims – Income Stream Recipients) Specification 2017.
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Commonwealth legislation
Sets out the exact data the Department can request from income stream providers to verify a person's social security claim. It lists identifiers, ownership and payment details, account balances, commutations, suspension dates and specific entries for market-linked, defined benefit and military invalidity income streams.
Affects income stream recipients, their providers/administrators and the Secretary/Department. It matters because it determines what information providers must produce, who bears compliance costs, and what material the Secretary may use to decide or review payments.
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Direct links to the current provisions in Social Security (Obtaining Information to Verify Claims – Income Stream Recipients) Specification 2017.
This specification is the Social Security (Obtaining Information to Verify Claims – Income Stream Recipients) Specification 2017.
This instrument is made under subsection 195(3A) of the Social Security (Administration) Act 1999.
Act means the Social Security (Administration) Act 1999.
Human Services Department has the same meaning as in the Social Security Act 1991.
Secretary means the Secretary of the Department of Social Services.
special reduction amount has the same meaning as in subsection 1099AAA(1) of the Social Security Act 1991.
For the purpose of subsection 195(3A) of the Act, the following information in relation to an income stream received a person is specified: (i) The unique identifier allocated to the income stream provider or their administrator by the Human Services Department; (ii) The Australian Business Number of the income stream provider, as reported on the income stream schedule; (iii) The name of the income stream product; (iv) If the owner is a reversionary beneficiary – whether they became a reversionary beneficiary in the period specified in the notice issued; (v) If the owner is a reversionary beneficiary – the date on which the income stream reverted to the reversionary beneficiary; (vi) The latest available account balance of the income stream; (vii) The date of the latest available account balance of the income stream; (viii) If the income stream is commuted – the total value of commutations since commencement of the income stream; (ix) If the income stream is commuted – the total number of commutations made in the period specified in the notice issued; (x) If the income stream is a market-linked income stream and is commuted – the reason that a commutation has been made; (xi) If the income stream is a market-linked income stream and is in its final year of term – the expiry date of the income stream’s term; (xii) Whether payments from the income stream have been suspended; (xiii) If payments from the income stream have been suspended, the date on which payments were suspended; (xiv) Whether the income stream is jointly owned; (xv) If the income stream is jointly owned, the division of ownership of the income stream, as a percentage; (xvi) If the income stream is an account-based or market-linked income stream – the gross annual payment for the current financial year made under the income stream; (xvii) If the income stream is a defined benefit income stream or a military invalidity pension income stream – the gross fortnightly payment made under the income stream; (xviii) If the income stream is a lifetime, life expectancy or term income stream – the gross amount of each payment made under the income stream and the frequency of the payment; and (xix) If the income stream is a military invalidity pension income stream – the special reduction amount for the year in which the notice is given and the method used to work out the amounts that would be the tax free components for the purposes of determining that special reduction amount.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This specification is the Social Security (Obtaining Information to Verify Claims – Income Stream Recipients) Specification 2017.
This instrument is made under subsection 195(3A) of the Social Security (Administration) Act 1999.
Act means the Social Security (Administration) Act 1999.
Human Services Department has the same meaning as in the Social Security Act 1991.
Secretary means the Secretary of the Department of Social Services.
special reduction amount has the same meaning as in subsection 1099AAA(1) of the Social Security Act 1991.
For the purpose of subsection 195(3A) of the Act, the following information in relation to an income stream received a person is specified: (i) The unique identifier allocated to the income stream provider or their administrator by the Human Services Department; (ii) The Australian Business Number of the income stream provider, as reported on the income stream schedule; (iii) The name of the income stream product; (iv) If the owner is a reversionary beneficiary – whether they became a reversionary beneficiary in the period specified in the notice issued; (v) If the owner is a reversionary beneficiary – the date on which the income stream reverted to the reversionary beneficiary; (vi) The latest available account balance of the income stream; (vii) The date of the latest available account balance of the income stream; (viii) If the income stream is commuted – the total value of commutations since commencement of the income stream; (ix) If the income stream is commuted – the total number of commutations made in the period specified in the notice issued; (x) If the income stream is a market-linked income stream and is commuted – the reason that a commutation has been made; (xi) If the income stream is a market-linked income stream and is in its final year of term – the expiry date of the income stream’s term; (xii) Whether payments from the income stream have been suspended; (xiii) If payments from the income stream have been suspended, the date on which payments were suspended; (xiv) Whether the income stream is jointly owned; (xv) If the income stream is jointly owned, the division of ownership of the income stream, as a percentage; (xvi) If the income stream is an account-based or market-linked income stream – the gross annual payment for the current financial year made under the income stream; (xvii) If the income stream is a defined benefit income stream or a military invalidity pension income stream – the gross fortnightly payment made under the income stream; (xviii) If the income stream is a lifetime, life expectancy or term income stream – the gross amount of each payment made under the income stream and the frequency of the payment; and (xix) If the income stream is a military invalidity pension income stream – the special reduction amount for the year in which the notice is given and the method used to work out the amounts that would be the tax free components for the purposes of determining that special reduction amount.