Document ID: chunk:federal_register_of_legislation:C2004A01350:clause:1_25
Version: federal_register_of_legislation:C2004A01350
Segment Type: clause
Provision Reference: sch 1 cl 25
Character Range: 18253–19701

25  Transitional—early use of new Life Tables

(1) This item applies to an income stream with a commencement day happening:
 (a) after the first day (the new publication day) during 2004 or 2005 on which the Australian Government Actuary (the AGA) publishes Australian Life Tables (the new Life Tables) that differ from the AGA's most recent publication of Australian Life Tables before 2004; and
 (b) during the period starting on 20 September 2004, and ending on:
 (i) if the new publication day happens during 2004—31 December 2004; or
 (ii) if the new publication day happens during 2005—31 December 2005.

(2) For the purposes of determining whether the income stream is an asset‑test exempt income stream, the life expectancy on the income stream's commencement day of:
 (a) the primary beneficiary of the income stream; or
 (b) the primary beneficiary's reversionary partner (if any) on that day;
can be ascertained by reference to:
 (c) the Life Tables prescribed for the purposes of the definition of life expectation factor in subsection 27H(4) of the Income Tax Assessment Act 1936 most recently published before 2004; or
 (d) the new Life Tables.

(3) When working out the income stream's relevant number for the purposes of the Social Security Act 1991, a person's life expectancy must be ascertained by reference to the same Life Tables as those chosen under subitem (2) of this item in relation to the income stream and the person.