Document ID: chunk:federal_register_of_legislation:C2019A00005:clause:1_1120ab:p3
Version: federal_register_of_legislation:C2019A00005
Segment Type: clause
Provision Reference: sch 1 cl 1120AB (pt 3/5)
Character Range: 18546–21252

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.
                  Note: The number of expected years remaining in a 65‑year old man's life is used no matter how old the person is and whether the person is a man or a woman.
           Step 2. Increase the number of years at step 1 by 65.
           Step 3. Subject to step 4, the person's threshold day for the income stream is the later of the following days:

                (a) the day before the person reaches the age in years worked out at step 2;
                (b) the last day of the 5‑year period beginning on the person's assessment day for the income stream.

           Step 4. If the income stream is a joint income stream, the person's threshold day for the income stream is the later of the following days:

                (a) the day before the oldest of the persons, to whom a proportion of the income stream is attributable on the person's assessment day for the income stream, reaches the age in years worked out at step 2;
                (b) the last day of the 5‑year period beginning on the person's assessment day for the income stream.
 (10) If:
 (a) an asset‑tested income stream (lifetime) reverts to a person as a reversionary beneficiary on the death of another person; and
 (b) before the death of the other person, the other person's assessment day for the income stream had occurred;
then:
 (c) if, before the death of the other person, the other person's threshold day for the income stream had not occurred—the reversionary beneficiary's threshold day for the income stream is taken to be the day that would have been the other person's threshold day if the other person had not died; and
 (d) if, before the death of the other person, the other person's threshold day for the income stream had occurred—the reversionary beneficiary's threshold day for the income stream is taken to be the other person's threshold day; and
 (e) if the reversionary beneficiary's assessment day for the income stream worked out under subsection (7) is on or after the reversionary beneficiary's threshold day for the income stream worked out under paragraph (c) or (d) of this subsection:
 (i) paragraph (3)(a) is taken not to apply to the reversionary beneficiary and the income stream; and
 (ii) paragraph (3)(b) is taken to apply to the reversionary beneficiary and the income stream for a day that is on or after the reversionary beneficiary's assessment day for the income stream.
 (11) The Secretary may make a notifiable instrument