18.104.22.168 Treatment of Superannuation & Roll-over Investments Under the Assets Test
This topic provides information on the following:
- the application of deeming to income from superannuation and roll-over investments for persons who have reached age pension age, and
- exemption of specified superannuation and roll-over investments.
Other related topics include:
General application of deeming
Superannuation and roll-over investments are treated differently depending on the age and circumstances of the person as described in the following table.
|If the person…||Then their superannuation OR roll-over investment is…|
|has reached age pension age,||
|is LESS than age pension age,||
Act reference: SSAct section 9(1B) Without limiting the generality of…the following are managed investments, section 9(1C) The following are not managed investments
Policy reference: SS Guide 4.9 Income streams
Exemption of specified superannuation & roll-over investments
Between 20 September 1997 and 1 July 2001, persons of age pension age and persons aged between 55 years of age and age pension age, who had received income support for at least 39 weeks after reaching age 55, had their superannuation assets assessed under deeming provisions.
From 1 July 2001 only persons of age pension age have their superannuation assets assessed under deeming provisions.
Explanation: In a very small number of cases the Minister for DSS provides exemptions for superannuation assets.
The Minister is the only person with the legislative power to exempt a superannuation investment. Exemptions are considered if all of the investment cannot be accessed where:
- the rules of the superannuation fund prevent release, OR
- there is a legislative bar. This may arise where a person cannot access their superannuation because they do not satisfy any of the 'conditions of release' specified in the superannuation regulations. There may also be other circumstances where a legislative bar prevents access to a person's superannuation benefits, such as a Family Law Court decision.