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Asset-tested income stream (lifetime)
Asset-tested income streams (lifetime) are income streams where:
- the income stream was purchased or acquired on or after 1 July 2019; and
- the contract for the income stream provides that, once the income stream starts paying income, it continues to pay for the remainder of the life of a specified individual or individuals; and
- the amount of payment made by the income stream considers the age, life expectancy or other factors relevant to the mortality of the product owner.
Legislation: section 5JE Veterans' Entitlements Act 1986
Note: Lifetime income streams purchased before 1 July 2019 are assessed as asset-tested income streams (long term).
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