Commonwealth legislation

Veterans’ Entitlements Income (Exempt Lump Sum – Superannuation Co-contribution Amounts) Determination 2016

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 rule says government superannuation co-contributions paid into a veteran’s (or their partner’s) superannuation are treated as an exempt lump sum for DVA service pensions and income support supplements.

That means these co-contributions aren’t counted under the income test, so pension payments won’t be reduced—preserving the intended boost to retirement savings. It replaces a 2006 determination with the same effect.

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Current sections

Direct links to the current provisions in Veterans’ Entitlements Income (Exempt Lump Sum – Superannuation Co-contribution Amounts) Determination 2016.

Part 1

Preliminary and Interpretation

Part 1: Preliminary and Interpretation

1.1 Name of Determination

This determination is the Veterans’ Entitlements Income (Exempt Lump Sum – Superannuation Co-contribution Amounts) Determination 2016.

1.2 Commencement

This determination commences on the day after registration.

1.3 Revocation

The Veterans’ Entitlements Income (Exempt Lump Sum – Superannuation Co-contribution Amounts) Determination No.R7 of 2006 is revoked.

1.4 Definitions

In this Determination:

income support payment means the payment called the income support supplement payable under Part IIIA of the VEA.

service pension has the meaning given to Service pension in subsection 5Q(1) of the VEA.

Superannuation Co-contribution Amount means a co-contribution payable under the Superannuation (Government Co-Contribution For Low Income Earners) Act 2003. to individuals who have an annual income below the higher co-contribution income threshold, make eligible personal superannuation contributions and have employer-supported superannuation.

Part 2: Exempt Lump Sum

Exempt Lump Sum— Superannuation Co-contribution Amounts

2.1 If:

(a) a person or a person’s partner has received a Superannuation Co-contribution Amount; and

(b) the person is eligible for, or in receipt of, a service pension or income support supplement;

then the amount received by the person or the person’s partner, as a Superannuation Co-contribution Amount, is an exempt lump sum.

Source text

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

Part 1 Preliminary and Interpretation