Document ID: chunk:federal_register_of_legislation:F2025C00069:schedule:7
Version: federal_register_of_legislation:F2025C00069
Segment Type: schedule
Provision Reference: sch 7
Character Range: 878256–880047

Schedule 7—Minimum payment amount for a superannuation income stream
(paragraph 1.05(11A)(a), subparagraph 1.05(11A)(b)(i), paragraph 1.06(9A)(a), subparagraph 1.06(9A)(b)(i) and regulation 1.07D)

1 (1) Subject to clauses 3, 4, 4A and 4B, the amount of payments mentioned in paragraph 1.05(11A)(a) or 1.06(9A)(a) is the amount worked out using the formula:

 (2) In subclause (1):
account balance means:
 (a) the amount of the annuity or pension account balance:
 (i) on 1 July in the financial year in which the payment is made; or
 (ii) if that year is the year in which the annuity or pension payments commence—on the commencement day; or
 (b) if the amount of the annuity or pension account balance under paragraph (a) is less than the withdrawal benefit to which the beneficiary would be entitled if the annuity or pension were to be fully commuted—the amount of the withdrawal benefit.
percentage factor means the percentage factor specified in the item in the table that applies to the beneficiary because of the beneficiary's age on:
 (a) 1 July in the financial year in which the payment is made; or
 (b) if that is the year in which the annuity or pension payments commence—the commencement day.
2 (1) The amount of payments mentioned in
 (a) subparagraph 1.05(11A)(b)(i) and sub‑subparagraph 1.05(11A)(b)(ii)(D); and
 (b) subparagraph 1.06(9A)(b)(i) and sub‑subparagraph 1.06(9A)(b)(ii)(C);
is the amount worked out using the formula:

 (2) In subclause (1):
purchase price means the total amount paid as consideration to purchase the income stream.
percentage factor means the percentage factor specified in the item in the table that applies to the beneficiary because of the beneficiary's age on:
 (a) the commencement day; or
 (b) the anniversary of the commencement day.