Veterans’ Entitlements (Class of Debts - Self Managed Superannuation and Small APRA Funds) Specification 2010

Link to law: https://www.comlaw.gov.au/Details/F2010L00291

Veterans’ Entitlements (Class of Debts — Self Managed Superannuation and Small APRA Funds) Specification 2010
Instrument No.R6/2010
I, ALAN GRIFFIN, Minister for Veterans’ Affairs, make this Specification under subparagraph 206(1)(b)(ii) of the Veterans’ Entitlements Act 1986.
 
Dated this              24th   day of                   January                  2010
 
 
Alan Griffin
……………………………………………………………………………………….
Alan Griffin
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
[1]           Name of Specification
                This Specification is the Veterans’ Entitlements (Class of Debts – Self Managed Superannuation and Small APRA Funds) Specification 2010
[2]           Commencement
(a)     Subject to (b) and (c), this Specification commences on the day after it is registered on the Federal Register of Legislative Instruments.
(b)     Schedule 1 commences or is taken to have commenced when the Social Security (Waiver of Debts — Self Managed Superannuation Funds) (FaHCSIA) Specification 2009 commences or commenced.
               (c)     Schedule 2 commences or is taken to have commenced when the Social Security (Waiver of Debts — Small APRA Funds) (FaHCSIA) Specification 2009 commences or commenced.
[3]           Expiry of Specification
                This Specification ends at the end of 30 June 2010.
[4]           Definitions
                In this Specification:
Act means the Veterans’ Entitlements Act 1986.
APRA means Australian Prudential Regulation Authority.
asset-test exempt income stream has the same meaning as in the Act.
asset-tested income stream (long term) has the same meaning as in the Act.
Commission has the same meaning as in the Act.
market-linked income stream is an income stream that meets the requirements of section 5JBA of the Act, other than subparagraph 5JBA(1)(a)(i).
 
Schedule 1
1.             Class of debts
(1) For subparagraph 206(1)(b)(ii) of the Act, a debt is in a specified class of debts if:
(a)    it is a debt due to the Commonwealth by a person under section 52ZMA of the Act; and
(b)   the debt did not arise because the person knowingly made a false or misleading statement to the Commonwealth or the Commission or to a person acting on behalf of the Commonwealth or the Commission or because the person knowingly provided false information to the Commonwealth or the Commission or to a person acting on behalf of the Commonwealth or the Commission; and
(c)    immediately before the date this Specification is made, the income stream that is relevant for the purposes of section 52ZMA:
                                                                  (i)            was:
(a)    an asset-test exempt income stream; or
                                    (b)  an asset-tested income stream (long term) that was previously an asset-test exempt income stream which failed to meet the requirements of either paragraphs 5JA(1)(b) or 5JB(1A)(b) of the Act; and
                                 (ii)     sourced from a self managed superannuation fund; and
(d)   the income stream that is relevant for the purposes of section 52ZMA:
                                                                  (i)            on or after 1 July 2008 – ceased to meet the requirements of either paragraphs 5JA(1)(b) or 5JB(1A)(b) of the Act; and
                                                                (ii)            after the date the Specification is made - is an account based market-linked income stream within the self managed superannuation fund mentioned in subparagraph (c)(ii).
 
Schedule 2
 
 
1.             Class of debts
(1) For subparagraph 206(1)(b)(ii) of the Act, a debt is in a specified class of debts if:
(a)    it is a debt due to the Commonwealth by a person under section 52ZMA of the Act; and
(b)   the debt did not arise because the person knowingly made a false or misleading statement to the Commonwealth or the Commission or to a person acting on behalf of the Commonwealth or the Commission or because the person knowingly provided false information to the Commonwealth or the Commission or to a person acting on behalf of the Commonwealth or the Commission; and
(c)    immediately before the date this Specification is made, the income stream that is relevant for the purposes of section 52ZMA:
(i)      was:
(a)    an asset-test exempt income stream; or
                                    (b)  an asset-tested income stream (long term) that was previously an asset-test exempt income stream which failed to meet the requirements of either paragraphs 5JA(1)(b) or 5JB(1A)(b) of the Act; and
                                    (ii)  sourced from a small APRA fund; and
(d)   the income stream that is relevant for the purposes of section 52ZMA:
(i)      on or after 1 July 2008 – ceased to meet the requirements of either paragraphs 5JA(1)(b) or 5JB(1A)(b) of the Act; and
(ii)    after the date the Specification is made - is an account based market-linked income stream within the small APRA fund mentioned in subparagraph (c)(ii).
 
 
 
 
 
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