Document ID: chunk:federal_register_of_legislation:C2015A00107:clause:1_7
Version: federal_register_of_legislation:C2015A00107
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 3626–4143

7  At the end of section 1099D
Add:

Cap on deductible amount
 (2) If:
 (a) the defined benefit income stream is not a military defined benefit income stream; and
 (b) apart from this subsection, the deductible amount under subsection (1) in relation to the income stream for the year would exceed 10% of the amount payable to the person for the year under the income stream;
then that deductible amount is taken to be an amount equal to 10% of the amount payable to the person for the year under the income stream.