Federal Register of Legislation - Australian Government

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Determinations/Social Security as made
This determination ensures that a rebate payment made as a result of the Australian Government’s implementation of Recommendation 2.4 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, is an exempt lump sum under paragraph 8(11)(d) of the Social Security Act 1991.
Administered by: Social Services
Registered 18 Mar 2020
Tabling HistoryDate
Tabled HR23-Mar-2020
Tabled Senate23-Mar-2020

 

Social Security (Exempt Lump Sums – Financial Product Rebate Payments – Ending Conflicted Remuneration) Determination 2020

 

I, Andrea Wallace-Green, delegate of the Secretary of the Department of Social Services, make the following Determination.

Dated 16 March 2020

Andrea Wallace-Green

Delegate of the Secretary of the Department of Social Services


1  Name

                   This instrument is the Social Security (Exempt Lump Sums – Financial Product Rebate Payments – Ending Conflicted Remuneration) Determination 2020.

2   Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The day after this instrument is registered.

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under paragraph 8(11)(d) of the Act.

Definitions

                   In this instrument:

                   Act means the Social Security Act 1991.

                   conflicted remuneration has the meaning given in Division 4 of Part 7.7A of the Corporations Act 2001.

                   exempt lump sum has the meaning given in subsection 8(11) of the Act.

                   rebate payment means an amount received by a person that is:

a)      not a periodic payment; and

b)      made as a result of the removal of grandfathering arrangements for conflicted remuneration and the legislative amendments to be made by the Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Act 2019; and

c)      paid pursuant to section 963P of the Corporations Act 2001 (on or after 1 January 2021) or in anticipation of the commencement of section 963P of the Corporations Act 2001 (before 1 January 2021).

5  Exempt lump sum

                   For the purposes of paragraph 8(11)(d) of the Act, a rebate payment is an exempt lump sum.