Document ID: chunk:federal_register_of_legislation:C2025C00162:section:9a:p5
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 9A (pt 5/6)
Character Range: 142444–145215

stream is an asset‑test exempt income stream for the purposes of this Act. In making the determination, the Secretary is to have regard to the guidelines (if any) determined under subsection (6).
 (5A) To avoid doubt, a determination under subsection (5) may be made in respect of an income stream regardless of the income stream's commencement day.
 (5B) A determination under subsection (5) is not a legislative instrument.

Guidelines to be complied with in making determination
 (6) The Secretary may, by legislative instrument, determine guidelines to be complied with when making a determination under subsection (5).
 (7) In this section:
hardship amount, in relation to a person, means an amount determined by the Secretary for the purposes of this definition if:
 (a) the person applies in writing to the Secretary to be allowed to commute the whole or part of an income stream because of extreme financial hardship; and
 (b) the Secretary is satisfied that:
 (i) the person's circumstances are exceptional and could not be reasonably foreseen at the time the person purchased the income stream; and
 (ii) the person has insufficient liquid assets or other assets (excluding the person's principal home) that could be realised to avoid the extreme financial hardship; and
 (iii) that amount is required to meet unavoidable expenditure.
life expectancy period, for an income stream, means:
 (a) in a case where:
 (i) there was only one primary beneficiary on the commencement day; and
 (ii) the primary beneficiary has decided not to round up his or her life expectancy for the purposes of this definition;
  the period starting on the income stream's commencement day, and equal to the shorter of:
 (iii) the primary beneficiary's life expectancy on the commencement day; and
 (iv) 20 years; or
 (b) in a case where:
 (i) there was only one primary beneficiary on the commencement day; and
 (ii) paragraph (a) does not apply;
  the period starting on the income stream's commencement day, and equal to the shorter of:
 (iii) the primary beneficiary's life expectancy (rounded up, if not consisting of a whole number of years, to the next whole number) on the commencement day; and
 (iv) 20 years; or
 (c) in a case where:
 (i) there were 2 primary beneficiaries on the commencement day; and
 (ii) those primary beneficiaries have decided not to round up their life expectancies for the purposes of this definition;
  the period starting on the income stream's commencement day, and equal to the shorter of:
 (iii) the greater of the life expectancies, on the commencement day, of the primary beneficiaries; and
 (iv) 20 years; or
 (d) in a case where:
 (i) there were 2 primary beneficiaries on the commencement day; and
 (ii) paragraph (c) does not apply;
  the