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Retirement phase income streams

Social security assessment

Section: 16.7

The social security assessment of superannuation and non-superannuation income streams is based on four categories:

  • lifetime income stream - purchased on or after 1 July 2019
  • asset tested (long-term) - generally have a term greater than five years or an account based income stream
  • asset tested (short-term) - term of five years or less
  • asset test exempt - generally purchased pre 20 September 2007, commutable in very limited circumstances and nil residual capital value.

Last modified: Wednesday, July 24, 2019