Document ID: chunk:federal_register_of_legislation:F2015L00068:schedule:9:p3
Version: federal_register_of_legislation:F2015L00068
Segment Type: schedule
Provision Reference: sch 9 (pt 3/3)
Character Range: 159070–160357

VEA.

Part 2: Amount determined to be an exempt lump sum

2.1 AMOUNT OR CLASS OF AMOUNTS

    2.1.1        Paragraph 5H(12)(c) of the VEA provides that the Commission may determine that an amount or class of amounts received by a person, is an exempt lump sum.

    2.1.2 If:
       (a)   a person is a beneficiary of a market-linked income stream; and
       (b)   after the payment of the final year's annual payment from that market-linked income stream there is a residual balance in the relevant account; and
       (c)   clause 3 of Schedule 6 of the Superannuation Industry (Supervision) Regulations 1994 requires that the residual balance in the account of the market-linked income stream is to be paid to the beneficiary within 28 days of the end of the market-linked income stream's term; and
       (d)   the person is in receipt of service pension or income support supplement;

     then any amount paid by the market-linked income stream to the person, in accordance with paragraph (c) above, is an exempt lump sum.

2.2 APPLICATION—EXEMPT LUMP SUMS

    2.2.1 An amount referred to in paragraph 2.1.2(c) received by a person referred to in section 2.1.2 is an exempt lump sum for the purposes of paragraph 5H(12)(c) of the VEA from the date that the amount was received.