I, JENNY MACKLIN, Minister for Families, Housing, Community Services and Indigenous Affairs, make this Specification under section 1237AB of the Social Security Act 1991.

Dated  31st August  2009

J Macklin

JENNY MACKLIN

Minister for Families, Housing, Community Services and Indigenous Affairs

1 Name of Specification

  This Specification is the Social Security (Waiver of Debts — Self Managed Superannuation Funds) (FaHCSIA) Specification 2009.

2 Commencement

  This Specification commences on the day after the end of the period for disallowing it.

Note   For that period, see section 42 of the Legislative Instruments Act 2003.

3 Expiry of Specification

  This Specification ends at the end of 30 June 2010.

4 Definitions

  In this Specification:

Act means the Social Security Act 1991.

asset-test exempt income stream has the same meaning as in the Act.

asset-tested income stream (long term) has the same meaning as in the Act.

market-linked income stream is an income stream that meets the requirements of section 9BA of the Act, other than subparagraph 9BA(1)(a)(i).

5 Class of debts

  For section 1237AB of the Act, a debt is in a specified class of debts if:

(a)   it is a debt due to the Commonwealth by a person under section 1223A of the Act; and

(b)   the debt did not arise because the person knowingly made a false or misleading statement, or knowingly provided false information to the Commonwealth; and

(c)   immediately before the date this Specification is made, the income stream that is relevant for the purposes of section 1223A:

(i)            was:

(a)   an asset-test exempt income stream; or

(b)   an asset-tested income stream (long term) that was previously an asset-test exempt income stream which failed to meet the requirements of either paragraphs 9A(1)(b) or 9B(1A)(b) of the Act; and

(ii)            sourced from a self managed superannuation fund; and

(d)   the income stream that is relevant for the purposes of section 1223A:

(i)            on or after 1 July 2008 – does not meet the requirements of either paragraphs 9A(1)(b) or 9B(1A)(b) of the Act; and

(ii)            after the date the Specification is made ‑ is an account based market-linked income stream within the self managed superannuation fund mentioned in subparagraph (c)(ii).