The commencement day in relation to an [glossary:income stream:406] is the first day of the period to which the first income stream payment relates. This is usually one instalment period before the date of the first income payment.
The commencement day cannot occur prior to:
- when all of the capital which is to support the income stream is available to the income stream provider;
- the day established as the commencement day in relation to the terms and conditions agreed between the income stream provider and the individual; and
- in circumstances where the individual or their beneficiary becomes entitled to the income stream as per the terms and conditions, the time at which the entitlement to start the income stream arises.
Legislative reference: subsection 5J(1) of the Veterans' Entitlements Act 1986.