Assessment Day

The assessment day is used to determine when asset-tested income streams (lifetime) are assessed under the income and assets tests. The assessment day for a person’s asset-tested income stream (lifetime) depends on:

whether the income stream was purchased using superannuation monies or non-superannuation monies;
the income stream’s commencement day;
the day the first amount was paid for the income stream;
the day the income stream was acquired by the person;
the day on which the person reaches pension age (or for Income Support Supplement, qualifying age) or satisfies a relevant condition of release; and
whether the income stream reverted to the person as a reversionary beneficiary.

Legislation: VEA subsection 52BAB(6)

Veterans' Entitlements (Assessment Day - Conditions of Release) Determination 2019

If the asset-tested income stream (lifetime) did not revert to the person as a reversionary beneficiary, and:	Then the person’s assessment day in relation to the income stream is:
was purchased with superannuation monies	the latest of the following: the day the person first satisfies a relevant condition of release; the day the first amount was paid for the income stream; and the day the person acquired the income stream (if no amount is identifiable as having been paid for the income stream).
was not purchased with superannuation monies	the income stream’s commencement day, provided the commencement day is before the day the person reaches pension age (or for Income Support Supplement, qualifying age). If the commencement day for the income stream is on or after the day the person reaches pension/qualifying age, the assessment day is the latest of the following: the day the person reaches pension/qualifying age; the day the first amount was paid for the income stream; and the day the person acquired the income stream (if no amount is identifiable as having been paid for the income stream).

If the asset-tested income stream (lifetime) did not revert to the person as a reversionary beneficiary, and:

Then the person’s assessment day in relation to the income stream is:

was purchased with superannuation monies

the latest of the following:

the day the person first satisfies a relevant condition of release;
the day the first amount was paid for the income stream; and
the day the person acquired the income stream (if no amount is identifiable as having been paid for the income stream).

was not purchased with superannuation monies

the income stream’s commencement day, provided the commencement day is before the day the person reaches pension age (or for Income Support Supplement, qualifying age).

If the commencement day for the income stream is on or after the day the person reaches pension/qualifying age, the assessment day is the latest of the following:

the day the person reaches pension/qualifying age;
the day the first amount was paid for the income stream; and
the day the person acquired the income stream (if no amount is identifiable as having been paid for the income stream).

More: 10.5.2 Asset-tested income streams (lifetime) and 10.5.4 Means Test Assessment of Asset-tested Income Streams (lifetime)

Reversionary Beneficiaries

Legislation: VEA subsection 52BAB(7)

Veterans' Entitlements (Assessment Day - Conditions of Release) Determination 2019

If the asset-tested income stream (lifetime) reverted to the person as a reversionary beneficiary, and:	Then the person’s assessment day, in relation to the income stream, is:
the income stream reverted on or after the income stream’s commencement day	the day the income stream reverted
the income stream reverted before the income stream’s commencement day, and was purchased with superannuation monies	the income stream’s commencement day, provided the person has not yet met a relevant condition of release. Otherwise, the assessment day is the later of the day the income stream reverted, and the day the person met a relevant condition of release.
the income stream reverted before the income stream’s commencement day, and was not purchased with superannuation monies	the income stream’s commencement day, provided the commencement day is before the day the person reaches pension age. Otherwise, the assessment day is the later of the day the income stream reverted, or the day the person reaches pension age.

If the asset-tested income stream (lifetime) reverted to the person as a reversionary beneficiary, and:

Then the person’s assessment day, in relation to the income stream, is:

the income stream reverted on or after the income stream’s commencement day

the day the income stream reverted

the income stream reverted before the income stream’s commencement day, and was purchased with superannuation monies

the income stream’s commencement day, provided the person has not yet met a relevant condition of release.

Otherwise, the assessment day is the later of the day the income stream reverted, and the day the person met a relevant condition of release.

the income stream reverted before the income stream’s commencement day, and was not purchased with superannuation monies

the income stream’s commencement day, provided the commencement day is before the day the person reaches pension age.

Otherwise, the assessment day is the later of the day the income stream reverted, or the day the person reaches pension age.

More: 10.5.2 Asset-tested income streams (lifetime) and 10.5.4 Means Test Assessment of Asset-tested Income Streams (lifetime)