Superannuation Reforms - Extending the normal deeming rules to new superannuation account-based income streams

From 1 January 2015, the normal deeming rules will be extended to superannuation account-based income streams.

Description of the measure

From 1 January 2015, the normal deeming rules will be extended to superannuation account-based income streams. This will mean all financial assets are assessed under the same rules.

This change will start on 1 January 2015. Account-based income streams held by pensioners and allowees prior to 1 January 2015 will continue to be assessed under the existing rules unless they choose to change products or buy new products from 1 January 2015.

Questions and answers

Who will be affected by this measure?

Pensioners and allowees granted from 1 January 2015 with account based income streams will be impacted by the new rules.

Pensioners and allowees granted prior to 1 January 2015 will continue to be assessed under the existing rules unless they choose to change products or buy new ones from 1 January 2015.

Am I eligible for this measure?

Not applicable. This measure does not introduce any new entitlements.

When will this measure start and finish?

The measure will start on 1 January 2015 and will be ongoing.

Page last updated: 9 March 2016

This information was printed Tuesday 30 August 2016 from humanservices.gov.au/corporate/budget/budget-2013-14/budget-measures/disability-and-carers/superannuation-reforms-extending-normal-deeming-rules-new-superannuation-account It may not include all of the relevant information on this topic. Please consider any relevant site notices at humanservices.gov.au/siteinformation when using this material.