Document ID: chunk:federal_register_of_legislation:C2024C00866:section:5j:p1
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 5J (pt 1/8)
Character Range: 93315–96057

5J  Financial assets and income streams definitions
 (1) In this Act, unless the contrary intention appears:
approved deposit fund has the same meaning as in the Income Tax Assessment Act 1997.
asset‑tested income stream (lifetime) has the meaning given by section 5JE.
asset‑tested income stream (long term) means an income stream that is an asset‑tested income stream (long term) under section 5JD or an income stream that:
 (a) is not an asset‑test exempt income stream; and
 (b) has, on its commencement day:
 (i) a specified term of more than 5 years; or
 (ii) if the person who has acquired the income stream has a life expectancy of 5 years or less—a specified term equal to or greater than the person's life expectancy.
Note: Since the income stream must be for a specified term, an asset‑tested income stream (long term) cannot be an asset‑tested income stream (lifetime).
asset‑tested income stream (short term) means an income stream that is an asset‑tested income stream (short term) under section 5JD or an income stream that is none of the following:
 (a) an asset‑test exempt income stream;
 (b) an asset‑tested income stream (long term);
 (c) an asset‑tested income stream (lifetime).
asset‑test exempt income stream has the meanings given by sections 5JA, 5JB, 5JBA and 5JBB.
ATO small superannuation account means an account kept in the name of an individual under the Small Superannuation Accounts Act 1995.
commencement day, in relation to an income stream, means the first day of the period to which the first payment under the income stream relates.
deductible amount, in relation to a defined benefit income stream for a year, means the sum of the amounts that are the tax free components (worked out under Subdivision 307‑C of the Income Tax Assessment Act 1997 or, if applicable, section 307‑125 of the Income Tax (Transitional Provisions) Act 1997) of the payments received from the defined benefit income stream during the year.
defined benefit income stream has the meaning given by subsection (1E).
deprived asset has the meaning given by subsection (2B).
designated NDIS amount means:
 (a) an NDIS amount that is deposited in an account with a financial institution; and
 (b) any return on the NDIS amount that a person earns, derives or receives.
family law affected income stream has the meaning given by section 5JC.
financial asset means:
 (a) a financial investment; or
 (b) a deprived asset.
Note: For deprived asset see subsection (2B).
financial investment means:
 (a) available money; or
 (b) deposit money; or
 (c) a managed investment; or
 (d) a listed security; or
 (e) a loan that has not been repaid in full; or
 (f) an unlisted public security; or
 (g) gold, silver or platinum bullion; or
 (h) an