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Instrument 2020 No. R17 Principles as made
This instrument amends the Veterans’ Entitlements (Asset-test Exempt Income Stream (Market-linked) — Payment Factors) Principles 2005 to ensure consistency with the amendments made to the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Accounts Regulations 1997 which reduced the minimum payment amounts that apply to account-based annuities and pensions, allocated annuities and pensions, and market linked annuities and pensions for the 2019-20 and 2020-21 financial years by half.
Administered by: Veterans' Affairs
Registered 09 Jul 2020
Tabling HistoryDate
Tabled HR24-Aug-2020
Tabled Senate24-Aug-2020
Date of repeal 01 Dec 2020
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003

 

Commonwealth Coat of Arms of Australia

 

Repatriation Commission

 

Veterans’ Entitlements (Asset‑test Exempt Income Stream (Market-linked) — Payment Factors) Principles Amendment Instrument 2020

 

Instrument 2020 No. R17

 



 

I, Janice Silby, as delegate of the Repatriation Commission make this instrument under subsection 5JBA(5A) of the Veterans’ Entitlements Act 1986.

 

 

Dated this            7th              of         July                           2020

 

 

 

                                               

 

 

          Janice Silby

  JANICE SILBY

Assistant Secretary

  Income Support

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

1  Name

This instrument is the Veterans’ Entitlements (Asset‑test Exempt Income Stream (Market-linked) — Payment Factors) Principles Amendment Instrument 2020.

2  Commencement

 

This instrument commences the day after it is registered.

3  Authority

This instrument is made under subsection 5JBA(5A) of the Veterans’ Entitlements Act 1986.

4  Schedule

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

 


Schedule – Amendments

 

Veterans’ Entitlements (Asset‑test Exempt Income Stream (Market-linked) — Payment Factors) Principles 2005

1        Subsection 2.1(1)

                        Repeal the subsection, substitute:

Definition of PF

(1)          For the formula in subsection 5JBA(5) of the VEA, subject to subsection 2.1(1A) of these Principles, PF means the payment factor specified in column 3 of the table in this section of the Principles that corresponds with the remaining term of the income stream.  The payment factor is to be applied:

(a)      on 1 July of the financial year for which the total amount is being worked out;

                 or

(b)      if that financial year is the year in which the income stream commences — on

                 the commencement day for the income stream,

(1A)    If the financial year for which the total amount is being worked out is a financial year commencing 1 July 2019 or 1 July 2020, when applying the formula in subsection 5JBA(5) of the VEA to determine the minimum amount of the payments to be made under the income stream, PF means a number that is twice the payment factor specified in column 3 of the table in this section of the Principles that corresponds with the remaining term of the income stream.