Document ID: chunk:federal_register_of_legislation:C2025C00162:section:1099
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 1099
Character Range: 2115951–2116901

1099  Income—income stream not a defined benefit income stream or a military invalidity pension income stream
  If the asset‑test exempt income stream to which this Subdivision applies is not a defined benefit income stream or a military invalidity pension income stream, the amount that the person is taken to receive from the income stream each year is worked out as follows:
where:
annual payment means the amount payable to the person for the year under the income stream.
purchase price has the meaning given by subsection 9(1).
relevant number has the meaning given by subsection 9(1).
Example: Mark is 65 years old and single. He purchases an annuity for $100,000 with a term based on life expectancy (i.e. 15.41 years, which he chooses to round up to 16 years). The annuity has all the revised characteristics listed in the legislation. His annual payment from the annuity totals $9,895. Mark's assessable income from this income stream is: