Commonwealth legislation

Veterans' Entitlements (Income stream) 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This Act has been repealed and is no longer in force. It is retained for historical reference.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

4/10 complexity

This Determination tells how retirement income (superannuation pensions, annuities, account‑based products) is treated for veterans’ pension assessments. It adopts technical standards from the SIS Regulations so the Department of Veterans’ Affairs uses the same rules as the wider super system to decide what counts as income, who’s affected, and how pension eligibility and rates are calculated.

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Veterans' Entitlements (Income stream) Determination 2007

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Veterans’ Entitlements (Income stream) Determination 2007

Veterans’ Entitlements Act 1986

I, BRUCE BILLSON, Minister for Veterans’ Affairs, make this Determination under paragraph 5J (1E) (ba), subparagraphs 46YA (1) (b) (i) and (ii) and subsection 46YA (3) of the Veterans’ Entitlements Act 1986.

Dated 5 July 2007

BRUCE BILLSON

Minister for Veterans’ Affairs

1 Name of Determination

This Determination is the Veterans’ Entitlements (Income stream) Determination 2007.

2 Commencement

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

3 Definitions

In this Determination:

Act means the Veterans’ Entitlements Act 1986.

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

4 Income stream standards

For paragraph 5J (1E) (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 46YA (1) (b) (i) of the Act, an account‑based pension, within the meaning of the SIS Regulations, is determined.

6 Contract standards

For subparagraph 46YA (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 46YA (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 Veterans' Entitlements (Income stream) Determination 2007