Document ID: chunk:federal_register_of_legislation:F2019L00393:reg:1
Version: federal_register_of_legislation:F2019L00393
Segment Type: reg
Provision Reference: reg 1
Character Range: 283–1474

1  Name

         This instrument is the Social Security (Financial Investment) (Requirements for Annuity Contracts) Determination 2019.

       2  Commencement

         This instrument commences on the day after it is registered.

       3  Authority

         This instrument is made under subsection 9(1EA) of the Social Security Act 1991.

       4  Definitions

         In this instrument:

       Act means the Social Security Act 1991.

       SIS Regulations means the Superannuation Industry (Supervision) Regulations 1994.

       5  Requirements

         For paragraph (j) of the definition of financial investment in subsection 9(1) of the Act, the requirements are the standards mentioned in:
           (a) subregulation 1.05(4) of the SIS Regulations; or
           (b) subregulation 1.05(11A) of the SIS Regulations.

               Note: If an asset-tested income stream (long term) that is an annuity (within the meaning of Superannuation Industry (Supervision) Act 1993) is provided under a contract that meets the requirements in either paragraph 5(a) or (b), that asset-tested income stream (long term) is a financial investment under subsection 9(1) of the Act.