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Schedule 11—Automation of income stream review processes

Schedule 11 Automation of income stream review processes

   

Social Security (Administration) Act 1999

1  After paragraph 195(2)(j)

Insert:

                    (ja)  in relation to an income stream received by the person:

                              (i)  the type of income stream; and

                             (ii)  a unique identifier allocated to the income stream (also known as a product reference number); and

                            (iii)  the date on which the income stream was purchased; and

                            (iv)  the purchase price; and

                             (v)  the commencement day; and

                            (vi)  the date of the first payment under the income stream; and

                           (vii)  the relevant number; and

                          (viii)  the account balance of the income stream as at the date of the notice; and

                            (ix)  the account balance of the income stream on 1 July of the financial year in which the notice is given; and

                             (x)  for every payment made under the income stream in the 52 weeks before the date of the notice—the gross amount of the payment, the date on which it was paid and, if the payment is paid as a lump sum, the period to which the payment relates; and

                            (xi)  for every payment to be made under the income stream in the 52 weeks after the date of the notice—the gross amount of the payment and the date on which it is to be paid; and

                           (xii)  the date on which, rate at which and way in which the income stream is indexed; and

                          (xiii)  the residual capital value; and

                          (xiv)  if there is a reversionary beneficiary to which the income stream reverts on the death of the person—the name of the reversionary beneficiary and the percentage of the income stream that the reversionary beneficiary will receive; and

                           (xv)  if the income stream was purchased before 20 September 2007—whether the income stream satisfies section 9A, 9B or 9BA of the 1991 Act, as those sections applied immediately before that date; and

                          (xvi)  if the income stream was purchased on or after 20 September 2007—whether the income stream was purchased with funds resulting from the commutation of an asset-test exempt income stream and whether it is eligible to retain its asset-test exempt income stream status; and

                         (xvii)  if the income stream is commuted—the date of commutation and the commuted amount; and

                        (xviii)  if the income stream is a defined benefit income stream—the deductible amount for the year in which the notice is given and the method used to work out the tax free components of that deductible amount; and

                          (xix)  if payments made under the income stream represent an amount for a child of the person—the number of children for which payment is made and the gross amount of each payment made under the income stream for each child; and

                           (xx)  any other information required by the Minister in an instrument made under subsection (3A);

2  After subsection 195(3)

Insert:

          (3A)  The Minister may, by legislative instrument, specify information required to be given in relation to an income stream received by a person.

          (3B)  Before making an instrument under subsection (3A), the Minister must consult the Information Commissioner in relation to matters that relate to the privacy functions (within the meaning of the Australian Information Commissioner Act 2010 ) and have regard to any submissions made by the Information Commissioner because of that consultation.