Document ID: chunk:federal_register_of_legislation:C2024C00866:section:5jb:p6
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 5JB (pt 6/6)
Character Range: 138813–141044

not consisting of a whole number of years, to the next whole number) starting on the commencement day and ending on the day on which the second primary beneficiary reaches age 100 (assuming that the second primary beneficiary lives until then).

Determination that income stream not asset‑test exempt
 (3) The Commission may determine that an income stream that meets the requirements of subsection (2) is not an asset‑test exempt income stream if the Commission is satisfied that the person who has purchased the income stream has commuted an asset‑test exempt income stream within 6 months after its commencement day on at least 3 occasions since the person first received a service pension, income support supplement, a veteran payment or a social security payment.

Determination that income stream is asset‑test exempt
 (4) The Commission may determine, in writing, that an income stream is an asset‑test exempt income stream for the purposes of this Act. In making the determination, the Commission is to have regard to the guidelines (if any) determined under subsection (5).
 (4A) To avoid doubt, a determination under subsection (4) may be made in respect of an income stream regardless of the income stream's commencement day.
 (4B) A determination under subsection (4) is not a legislative instrument.

Guidelines to be complied with in making determination
 (5) The Commission may determine, by legislative instrument, guidelines to be complied with when making a determination under subsection (4).

Interpretation
 (7) In this section:
hardship amount has the same meaning as in section 5JA (see subsection 5JA(7).
non‑commutation funded income stream means an income stream that has not been purchased by transferring directly to the purchase of the income stream a payment resulting from the commutation of another asset‑test exempt income stream.
reversionary partner, in relation to the primary beneficiary of an income stream and a particular day, means another person who, on that day:
 (a) is a member of a couple with the primary beneficiary; and
 (b) is the person to whom the income stream will revert on the primary beneficiary's death.
Note: For paragraph (a), member of a couple is defined in section 5E.