I, JULIA EILEEN GILLARD, Minister for Education, Minister for Employment and Workplace Relations, make this Specification under section 1237AB of the Social Security Act 1991.

Dated   9 September   2009

Julia Gillard

JULIA EILEEN GILLARD

1 Name of Specification

  This Specification is the Social Security (Waiver of Debts — Self Managed Superannuation Funds) (DEEWR) Specification 2009 (No. 1).

2 Commencement

  This Specification commences on the day after the end of the period for disallowing it.

Note   For that period, see section 42 of the Legislative Instruments Act 2003.

3 Expiry of Specification

  This Specification ends at the end of 30 June 2010.

4 Definitions

  In this Specification:

Act means the Social Security Act 1991.

market-linked income stream means an income stream that meets the requirements of section 9BA of the Act, other than subparagraph 9BA (1) (a) (i).

5 Class of debts

  For section 1237AB of the Act, a debt is in a specified class of debts if:

 (a) it is a debt due to the Commonwealth by a person under section 1223A of the Act; and

 (b) the debt did not arise because the person knowingly made a false or misleading statement, or knowingly provided false information to the Commonwealth; and

 (c) immediately before the date this Specification is made, the income stream that is relevant for the purposes of section 1223A:

 (i) was:

 (A) an asset-test exempt income stream; or

 (B) an asset-tested income stream (long term) that was previously an asset-test exempt income stream which failed to meet the requirements of either paragraphs 9A (1) (b) or 9B (1A) (b) of the Act; and

 (ii) was sourced from a self managed superannuation fund; and

 (d) the income stream that is relevant for the purposes of section 1223A:

 (i) on or after 1 July 2008 — does not meet the requirements of either paragraph 9A (1) (b) or 9B (1A) (b) of the Act; and

 (ii) after the date this Specification is made — is an account-based market-linked income stream within the self managed superannuation fund mentioned in subparagraph (c) (ii).