1Name#
This instrument is the Veterans’ Entitlements (Guidelines for Determining Whether Income Stream is Asset-test Exempt) Amendment Determination 2026.
3Authority#
This instrument is made under subsections 5JA(6), 5JB(5) and 5JBA(12) of the Veterans’ Entitlements Act 1986.
4 Schedules#
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1 · Amendments
Veterans’ Entitlements (Guidelines for Determining Whether Income Stream is Asset-test Exempt) Determination 2022
1 Section 3
omit
subsections 5JA(6) and 5JB(5)
substitute
subsections 5JA(6), 5JB(5) and 5JBA(12)
2 Section 6
omit
subsection 5JA(5) or 5JB(4)
substitute
subsection 5JA(5), 5JB(4) or 5JBA(11)
3 Section 6 (the note)
omit
subsections 5JA(5) or 5JB(4)
substitute
subsections 5JA(5), 5JB(4) and 5JBA(11)
4 After section 19
insert
20 Guidelines for asset-test exempt income stream that is a legacy retirement product#
The Commission may determine that an income stream is an asset-test exempt income stream for the purposes of the Act if:
(a)the income stream was an asset-test exempt income stream under section 5JA, 5JB or 5JBA of the Act immediately before the commencement of the Treasury Laws Amendment (Legacy Retirement Product Commutations and Reserves) Regulations 2024; and
(b)the income stream complies with the requirements of subsection 5JA(2), 5JB(2) or 5JBA(2) of the Act, except for paragraphs 5A(2)(h), 5JB(2)(h) or 5JBA(2)(f); and
(c)the only reason the income stream does not comply with the requirements in paragraphs 5JA(2)(h), 5JB(2)(h) or 5JBA(2)(f) of the Act is because the contract or governing rules allow for the income stream to be commuted in accordance with:
(i)regulation 1.08AA of the Retirement Savings Accounts Regulations 1997; or
(ii)regulation 1.05AA of the Superannuation Industry (Supervision) Regulations 1994; or
(iii)regulation 1.06C of the Superannuation Industry (Supervision) Regulations 1994.
Sourced from the Federal Register of Legislation at legislation.gov.au, © Commonwealth of Australia, licensed under CC BY 4.0. Compilations may have been reformatted.