Family and Community Services and Veterans' Affairs Legislation Amendment (Income Streams) Bill 2004

Type: Government
Portfolio: Family and Community Services
Originating house: House of Representatives
Status: Act
Parliament no: 40
Summary: Amends the
Social Security Act 1991
and
Veterans’ Entitlements Act 1986
to: provide an assets test exemption for market-linked income streams from 20 September 2004; reduce to 50 per cent the available assets test exemption for certain non-commutable income streams purchased after 20 September 2004; align the characteristics of life expectancy income streams with those of market-linked income streams; and extend the guarantee period for assets test exempt lifetime income streams within which such income streams can be commuted if the primary beneficiary dies.

Progress

House of Representatives
26 May 2004	Introduced and read a first time
26 May 2004	Second reading moved
03 Jun 2004	Second reading agreed to
03 Jun 2004	Third reading agreed to

Senate
15 Jun 2004	Introduced and read a first time
15 Jun 2004	Second reading moved
23 Jun 2004	Second reading debate
24 Jun 2004	Second reading agreed to
24 Jun 2004	Third reading agreed to

13 Jul 2004

Assent

Act no.: 116

Year: 2004

Documents and transcripts

Text of bill

First reading

Explanatory memoranda

Explanatory Memorandum

Transcript of speeches

Proposed amendments

No documents at present

Schedules of amendments

No documents at present

Committee Information

No documents at present

Bills Digest

Back to top

Helpful information

Text of bill

First reading: Text of the bill as introduced into the Parliament
Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

Back to top

|