Document ID: chunk:federal_register_of_legislation:C2025C00162:section:1120ab:p2
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 1120AB (pt 2/5)
Character Range: 2172426–2175161

in any other case—the latest of the day the first amount was paid for the income stream, the day the person reaches pension age and the day the person acquired the income stream (if no amount is identifiable as having been paid for the income stream).
Note: For commencement day, see subsection 9(1).
 (7) For the purposes of this section, a person's assessment day for an asset‑tested income stream (lifetime) that reverted to the person as a reversionary beneficiary is:
 (a) if the income stream reverted to the person on or after the commencement day in relation to the income stream—the day of the reversion; or
 (b) if the income stream reverted to the person before the commencement day in relation to the income stream and the income stream arises under arrangements that are regulated by the Superannuation Industry (Supervision) Act 1993:
 (i) if the commencement day in relation to the income stream is before the day the person first satisfies a condition of release that is mentioned in regulations under the Superannuation Industry (Supervision) Act 1993 and is of a kind determined in an instrument under subsection (8)—the commencement day in relation to the income stream; or
 (ii) in any other case—the later of the day of the reversion and the day the person first satisfies a condition of release that is mentioned in regulations under the Superannuation Industry (Supervision) Act 1993 and is of a kind determined in an instrument under subsection (8); or
 (c) if the income stream reverted to the person before the commencement day in relation to the income stream and the income stream does not arise under arrangements that are regulated by the Superannuation Industry (Supervision) Act 1993:
 (i) if the commencement day in relation to the income stream is before the day the person reaches pension age—the commencement day in relation to the income stream; or
 (ii) in any other case—the later of the day of the reversion and the day the person reaches pension age.
Note: For commencement day, see subsection 9(1).
 (8) The Secretary may, by notifiable instrument, determine a kind of condition of release for the purposes of subparagraphs (6)(a)(i) and (7)(b)(i) and (ii).

Threshold day
 (9) Subject to subsection (10), for the purposes of this section, a person's threshold day for an asset‑tested income stream (lifetime) is worked out using the following method statement:

      Method statement
           Step 1. Work out, in relation to a man aged 65 on the person's assessment day for the income stream, the number of expected years remaining in the man's life, by reference to the instrument in force under subsection (11) on that assessment day, rounded down to the nearest whole number of years.