Document ID: chunk:federal_register_of_legislation:C2025C00162:section:9a:p6
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 9A (pt 6/6)
Character Range: 144979–147240

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 period starting on the income stream's commencement day, and equal to the shorter of:
 (iii) the greater of the life expectancies (rounded up, if not consisting of a whole number of years, to the next whole number), on the commencement day, of the primary beneficiaries; and
 (iv) 20 years.
liquid assets, in relation to a person, means the person's cash and readily realisable assets, and includes:
 (a) the person's shares and debentures in a public company within the meaning of the Corporations Act 2001; and
 (b) managed investments; and
 (c) insurance policies that can be surrendered for money; and
 (d) amounts deposited with, or lent to, a bank or other financial institution by the person (whether or not the amount can be withdrawn or repaid immediately); and
 (e) amounts due, and able to be paid, to the person by, or on behalf of, a former employer of the person; but does not include the sum of NDIS amounts paid to the person and any return on those amounts that the person earns, derives or receives, less the sum of amounts spent by the person in accordance with an NDIS plan under which the amounts were paid.
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.
unavoidable expenditure, in relation to a person, means one or more of the following:
 (a) essential medical expenses of the person, or the person's partner, to the extent that the expenses are not covered by health insurance or other contracts or arrangements;
 (b) the cost of:
 (i) replacing the person's principal home; or
 (ii) essential repairs to the person's principal home;
  to the extent that the cost of the replacement or repairs is not covered by an insurance policy;
 (c) expenditure to buy replacement essential household goods because of the loss of those goods to the extent that the cost of replacement is not covered by an insurance policy.