Document ID: chunk:federal_register_of_legislation:C2021C00314:clause:11_48
Version: federal_register_of_legislation:C2021C00314
Segment Type: clause
Provision Reference: sch 11 cl 48
Character Range: 57471–59610

48  Application provisions
(1) The amendments made by Part 1 apply in relation to working out the ordinary income of a person in relation to days occurring on or after 1 January 2015.
(2) However, if:
 (a) a person was receiving an income support payment immediately before 1 January 2015; and
 (b) either:
 (i) an asset‑tested income stream (long term), that is an account‑based pension within the meaning of the Superannuation Industry (Supervision) Regulations 1994, was being provided to the person immediately before 1 January 2015; or
 (ii) an asset‑tested income stream (long term), that is an annuity (within the meaning of the Superannuation Industry (Supervision) Act 1993) provided under a contract that meets the standards determined in an instrument under subparagraph 1099DAA(1)(b)(ii) of the Social Security Act 1991, was being provided to the person immediately before 1 January 2015; and
 (c) since the start of that day:
 (i) the person has been continuously receiving an income support payment; and
 (ii) that asset‑tested income stream (long term) has been provided to the person;
then the amendments made by Part 1 do not apply in relation to the person (the primary beneficiary) and that asset‑tested income stream (long term).
(3) If:
 (a) while the amendments made by Part 1 do not apply in relation to the primary beneficiary because of subitem (2), the primary beneficiary dies; and
 (b) that asset‑tested income stream (long term) reverts to a reversionary beneficiary on the primary beneficiary's death; and
 (c) at the time of that reversion the reversionary beneficiary is receiving an income support payment; and
 (d) since the time of that reversion:
 (i) the reversionary beneficiary has been continuously receiving an income support payment; and
 (ii) that asset‑tested income stream (long term) has been provided to the reversionary beneficiary;
then the amendments made by Part 1 do not apply in relation to the reversionary beneficiary and that asset‑tested income stream (long term).
(4) In this item:
income support payment has the meaning given by subsection 23(1) of the Social Security Act 1991.