Application to be allowed to commute all or part of an asset-test exempt income stream due to extreme financial hardship 108-05060110

Policy

Social Security Guide, 1.1.I.70, Income stream

Social Security Guide, 4.9.1, Overview of Income Streams

Social Security Guide, 4.9.1.20, General Provisions for Assessing Income Streams

Social Security Guide, 4.9.2, Asset-Test Exempt (ATE) Income Streams

Social Security Guide, 4.9.2.17, Retention of Asset Test Exemption for ATE Income Streams Purchased from 20/09/2004, or from 20/09/2007

Social Security Guide, 4.9.2.40, Commuting an Asset-Test Exempt Income Stream to a Lump Sum

Legislation

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Social Security Act 1991

• section 9, Financial assets and income streams definitions
• section 9A, lifetime income streams
• section 9A(2)(h), Circumstances when commutation is allowed - lifetime income streams
• Subsection 2h, 'That the income stream cannot be commuted except'
• section 9B, life expectancy income streams
• section 9B(2)(h), Circumstances when commutation is allowed - life expectancy income streams
• Subsection 2h, 'That the income stream cannot be commuted except'
• section 1223A, Debt resulting from commutation of asset-test exempt income stream contrary to subsection 9A(2), 9B(2) or 9BA(2)