25Partially asset-test exempt income stream resulting from payment of excess contributions tax

25 Partially asset-test exempt income stream resulting from payment of excess contributions tax

These Principles cover an income stream if: (a) it is purchased by the primary beneficiary on or after 20 September 2007; and (b) it results from a partially asset-test exempt income stream (the original income stream) being commuted to pay an amount to give effect to a release authority, given in relation to the primary beneficiary, under: (i) former section 292-415 of the Income Tax Assessment Act 1997; or (ii) section 292-80C of the Income Tax (Transitional Provisions) Act 1997; and (c) the original income stream was covered by section 5JA, 5JB or 5JBA of the Act or would have been covered by those sections if paragraph 5JA(1)(aa), subparagraph 5JB(1)(a)(i) or subparagraph 5JBA(1)(a)(i) of the Act did not apply; and (d) the original income stream: (i) was purchased on or after 20 September 2004 and before 20 September 2007; or (ii) was covered by the 2007 Principles during the period starting on 20 September 2007 and ending at the end of 24 November 2011; or (iii) until the commencement of these Principles, was covered by the 2011 Principles; or (iv) was covered by these Principles.