Document ID: chunk:federal_register_of_legislation:F2025C00069:clause:1aab_81
Version: federal_register_of_legislation:F2025C00069
Segment Type: clause
Provision Reference: sch 1AAB cl 81
Character Range: 790203–790911

81        100 or more         1                                 4.4

Example:
Clive Long, who turns 65 on 8 February 2006, invests $100,000 in an allocated pension fund on 1 March 2006. The date of the first payment to Mr Long is 1 April 2006.
2005/06: The maximum and minimum payments for 2005/06 are based on:
(a) the account balance on the day of purchase; and
(b) the beneficiary's age of 65 on the day of purchase:

Assume that total payments to Mr Long at 30 June 2006 are $3,000.
2006/07: The maximum and minimum payments for 2006/07 are based on:
(a) the account balance on 1 July 2006 which is $99,300 (residue $97,000 + earnings of $2,300); and
(b) the beneficiary's age of 65 on 1 July 2006: