Asset-tested income stream (long term)

An income stream is an asset-tested long term income stream if it is:

• not an [glossary:asset-test exempt income stream:236];

• and has:
  • a specified term greater than 5 years (i.e. not for the life of an individual or individuals);
  • a specified term of 5 years or less, that is equal to or greater than the purchaser's life expectancy; or
  • the income stream pays for the life of the individual or individuals and was purchased or acquired before 1 July 2019.

Note: income streams that pay for the life of an individual or individuals, purchased or acquired on or after 1 July 2019, are assessed as asset-tested lifetime income streams.

Legislative reference: subsection 5J(1) Veterans' Entitlements Act 1986