Document ID: chunk:federal_register_of_legislation:C2004A00948:clause:3_14
Version: federal_register_of_legislation:C2004A00948
Segment Type: clause
Provision Reference: sch 3 cl 14
Character Range: 19974–21835

14  Subsection 5JA(1)
Repeal the subsection, substitute:

General requirements

 (1) An income stream provided to a person is an asset‑test exempt income stream for the purposes of this Act if:
 (a) it is an income stream arising under a contract, or governing rules, that meet the requirements of subsection (2) and the Commission has not made a determination under subsection (4) in respect of the income stream; and
 (b) subject to subsections (1B) and (1C), the Commission is satisfied that in relation to an income stream, provided by a class of provider specified by the Commission for the purposes of this paragraph, there is in force a current actuarial certificate that states that in the actuary's opinion there is a high probability that the provider of the income stream will be able to pay the income stream as required under the contract or governing rules; and
 (c) the Commission is satisfied that the requirements of subsection (2) are being given effect to from the commencement day of the income stream.

Determination under subsection (5)

 (1A) An income stream provided to a person is an asset‑test exempt income stream for the purposes of this Act if the Commission has made a determination under subsection (5) in respect of the income stream.

Guidelines relating to actuarial certificates

 (1B) The Commission may determine, in writing, guidelines to be complied with when determining whether an actuarial certificate is in force. The determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.

Exception if no actuarial certificate in force

 (1C) Paragraph (1)(b) does not apply if, for a period beginning when an actuarial certificate referred to in this section ceases to be in force and ending not more than 26 weeks later, such an actuarial certificate is not in force.