Document ID: chunk:federal_register_of_legislation:C2004A03539:body:0:p44
Version: federal_register_of_legislation:C2004A03539
Segment Type: other
Provision Reference: 
Character Range: 106134–108817

veteran's service pension;
        (b) a wife's service pension;
        (c) a carer's service pension;
        (d) a pension under Part IV or V of the Social Security Act 1947;
        (e) a benefit under Part VI or XIII of that Act; or
        (f) an allowance under Part XIV or XVI of that Act;".
Commencement: 1 January 1988

72. After section 35 of the Principal Act the following section is inserted:

Treatment of certain income
"35a. (1) In this section:
     'accruing return investment' means an arrangement made by a person that consists of or includes an investment of money, being an investment:
         (a) that produces:
             (i) a fixed rate or quantifiable rate of return, whether or not that rate varies from time to time; or
             (ii) a rate of return that may be reasonably approximated; and
         (b) the value of which from time to time is unlikely to decrease as a result of market changes;
     'friendly society' means:
         (a) a society registered as a friendly society under a law in force in a State or Territory; or
         (b) a society that had, before 13 December 1987, been approved for the purposes of the definition of 'friendly society' in subsection 115 (1) of the Social Security Act 1947;
     'return', in relation to an investment, means any increase, whether of a capital or income nature, in the amount of the investment and, in the case of an investment of the kind referred to in subparagraph (a) (ii) of the definition of 'fixed return investment', means a reasonable approximation of such an increase.
"(2) Where a person makes, whether before or after the commencement of this subsection, an accruing return investment, being an investment to which subsections (3) and (5) do not apply, the person shall, for the purposes of this Act, be taken to receive the rate of return on that investment as income of the person from the day on which that investment was made.
"(3) Where a person makes, on or after 1 January 1988, an accruing return investment:
    (a) with a friendly society; or
    (b) of a kind where a return is not available until the end of a period of at least 12 months after that investment was made or until realisation of that investment;
the person shall, for the purposes of this Act, be taken to receive the rate of return on that investment as income of the person from the day on which that investment was made.
"(4) Where a person becomes entitled, whether before or after the commencement of this subsection, to receive an amount of income, not being:
    (a) income from remunerative work undertaken by the person; or

    (b) a return from an accruing return investment;
the person