Document ID: chunk:federal_register_of_legislation:C2004A01350:clause:1_23
Version: federal_register_of_legislation:C2004A01350
Segment Type: clause
Provision Reference: sch 1 cl 23
Character Range: 8473–9348

23  Transitional—current asset‑test exempt income streams can be commuted to purchase market linked income streams

(1) This item applies to an income stream (the first income stream) if:
 (a) the first income stream is an asset‑test exempt income stream immediately before the commencement of this item; and
 (b) the first income stream's contract, or governing rules, are later changed to allow for commutation if the payment resulting from the commutation is transferred directly to the purchase of an income stream covered by subsection 9BA(1) of the Social Security Act 1991.

(2) Neither of the following result in the first income stream ceasing to be an asset‑test exempt income stream:
 (a) the change to the contract, or the governing rules, described in paragraph (1)(b) of this item;
 (b) a commutation of the first income stream in accordance with that change.