Document ID: chunk:federal_register_of_legislation:C2007A00029:clause:3_14
Version: federal_register_of_legislation:C2007A00029
Segment Type: clause
Provision Reference: sch 3 cl 14
Character Range: 7866–9682

14  Subsection 5JA(7) (definition of life expectancy period)
Repeal the definition, substitute:

life expectancy period, for an income stream, means:
 (a) in a case where:
 (i) there was only one primary beneficiary on the commencement day; and
 (ii) the primary beneficiary has decided not to round up his or her life expectancy for the purposes of this definition;
  the period starting on the income stream's commencement day, and equal to the shorter of:
 (iii) the primary beneficiary's life expectancy on the commencement day; and
 (iv) 20 years; or
 (b) in a case where:
 (i) there was only one primary beneficiary on the commencement day; and
 (ii) paragraph (a) does not apply;
  the period starting on the income stream's commencement day, and equal to the shorter of:
 (iii) the primary beneficiary's life expectancy (rounded up, if not consisting of a whole number of years, to the next whole number) on the commencement day; and
 (iv) 20 years; or
 (c) in a case where:
 (i) there were 2 primary beneficiaries on the commencement day; and
 (ii) those primary beneficiaries have decided not to round up their life expectancies for the purposes of this definition;
  the period starting on the income stream's commencement day, and equal to the shorter of:
 (iii) the greater of the life expectancies, on the commencement day, of the primary beneficiaries; and
 (iv) 20 years; or
 (d) in a case where:
 (i) there were 2 primary beneficiaries on the commencement day; and
 (ii) paragraph (c) does not apply;
  the period starting on the income stream's commencement day, and equal to the shorter of:
 (iii) the greater of the life expectancies (rounded up, if not consisting of a whole number of years, to the next whole number), on the commencement day, of the primary beneficiaries; and
 (iv) 20 years.