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INCOME TAX ASSESSMENT (1997 ACT) REGULATIONS 2021 - SCHEDULE 1B

Valuation factors

Note:       See sections 307-205.01A and 307-205.02.

   

   

1   Income stream valuation factors

             (1)  For the purposes of paragraph 3 07-205.01A(3)(b), the applicable factor for the superannuation income stream is the factor given in the table in subclause (3) ( table 1 ) at the age which is the greater of:

                     (a)  the minimum age at which a retirement benefit can be taken without requiring the consent of the employer; and

                     (b)  the member's actual age as at the member's last birthday before 1 July 2007.

             (2)  For the purposes of subparagraph 307-205.02(3)(a)(ii), the applicable factor for the superannuation income stream is:

                     (a)  if the superannuation income stream is payable for the life of the member--the factor given in the table in subclause (3) ( table 1 ) for the age of the member at the member's last birthday before the day after the date on which the superannuation income stream is to be valued; or

                     (b)  if the superannuation income stream is payable for a fixed term--the factor given in the table in subclause (4) ( table 2 ) for the number of complete years remaining in the term of the superannuation income stream on the day preceding the date on which the superannuation income stream is to be valued.

             (3)  The following is table 1.

 

Table 1

Item

Age

Factor for indexed lifetime income stream

Factor for non-indexed lifetime income stream

1

18

23.238

15.405

2

19

23.158

15.385

3

20

23.084

15.366

4

21

23.016

15.349

5

22

22.956

15.334

6

23

22.906

15.322

7

24

22.862

15.312

8

25

22.816

15.302

9

26

22.763

15.289

10

27

22.694

15.271

11

28

22.612

15.248

12

29

22.523

15.223

13

30

22.422

15.194

14

31

22.310

15.160

15

32

22.193

15.124

16

33

22.076

15.086

17

34

21.950

15.045

18

35

21.821

15.002

19

36

21.691

14.958

20

37

21.553

14.911

21

38

21.410

14.861

22

39

21.266

14.809

23

40

21.113

14.754

24

41

20.956

14.695

25

42

20.790

14.632

26

43

20.609

14.562

27

44

20.421

14.487

28

45

20.229

14.409

29

46

20.030

14.326

30

47

19.823

14.239

31

48

19.610

14.148

32

49

19.391

14.052

33

50

19.164

13.950

34

51

18.931

13.844

35

52

18.691

13.732

36

53

18.443

13.615

37

54

18.189

13.492

38

55

17.927

13.364

39

56

17.659

13.230

40

57

17.383

13.089

41

58

17.100

12.943

42

59

16.810

12.790

43

60

16.513

12.631

44

61

16.209

12.465

45

62

15.891

12.287

46

63

15.558

12.099

47

64

15.213

11.900

48

65

14.861

11.693

49

66

14.506

11.480

50

67

14.144

11.260

51

68

13.775

11.032

52

69

13.396

10.794

53

70

13.011

10.548

54

71

12.627

10.297

55

72

12.230

10.035

56

73

11.815

9.756

57

74

11.398

9.471

58

75

10.983

9.183

59

76

10.566

8.889

60

77

10.144

8.587

61

78

9.723

8.282

62

79

9.314

7.980

63

80

8.898

7.669

64

81

8.486

7.357

65

82

8.087

7.051

66

83

7.697

6.748

67

84

7.323

6.455

68

85

6.966

6.172

69

86

6.627

5.901

70

87

6.311

5.647

71

88

6.010

5.402

72

89

5.728

5.171

73

90

5.465

4.954

74

91

5.218

4.750

75

92

4.991

4.561

76

93

4.773

4.379

77

94

4.566

4.205

78

95

4.360

4.031

             (4)  The following is table 2.

 

Table 2

Item

Number of years

Factor for indexed fixed-term income stream

Factor for non-indexed fixed-term income stream

1

0

0.000

0.000

2

1

0.981

0.969

3

2

1.925

1.879

4

3

2.834

2.734

5

4

3.709

3.536

6

5

4.550

4.289

7

6

5.360

4.996

8

7

6.140

5.661

9

8

6.891

6.284

10

9

7.613

6.870

11

10

8.308

7.420

12

11

8.977

7.936

13

12

9.621

8.421

14

13

10.241

8.876

15

14

10.837

9.303

16

15

11.411

9.705

17

16

11.963

10.081

18

17

12.495

10.435

19

18

13.007

10.768

20

19

13.499

11.079

21

20

13.973

11.372

22

21

14.430

11.647

23

22

14.869

11.906

24

23

15.291

12.148

25

24

15.698

12.376

26

25

16.090

12.590

27

26

16.466

12.790

28

27

16.829

12.979

29

28

17.178

13.156

30

29

17.514

13.322

31

30

17.837

13.478

2   Lump sum valuation factors

             (1)  For the purposes of subparagraph 307-205.02(3)(b)(ii), the applicable factor for the superannuation lump sum is the discount valuation factor mentioned in subclause (3) that applies for the minimum deferral period.

             (2)  For the purposes of this clause, the minimum deferral period in relation to a lump sum that is to be paid at a time after the date on which the interest in respect of which the lump sum is payable is to be valued is the number of complete years between the day before the date on which the interest is to be valued and the earliest date at which the lump sum can be paid.

             (3)  The following table sets out the discount valuation factors, in accordance with the following principles:

                     (a)  the factors in column 2 of the table apply if the lump sum is not indexed;

                     (b)  the factors in column 3 of the table apply if the lump sum is indexed in accordance with the Consumer Price Index;

                     (c)  the factors in column 4 of the table apply if the lump sum is indexed in accordance with a general wage index (for example, average weekly earnings, or average weekly ordinary time earnings, published by the Australian Bureau of Statistics);

                     (d)  if the lump sum is indexed in accordance with a fund crediting rate, the factor is 1.

 

Discount valuation factors

Item

Column 1

Minimum deferral period

Column 2

Lump sum not indexed

Column 3

CPI indexed lump sum

Column 4

Wage indexed lump sum

1

0

1.000

1.000

1.000

2

1

0.939

0.963

0.977

3

2

0.882

0.927

0.954

4

3

0.829

0.892

0.932

5

4

0.779

0.859

0.910

6

5

0.732

0.827

0.889

7

6

0.689

0.797

0.869

8

7

0.648

0.768

0.849

9

8

0.610

0.740

0.830

10

9

0.575

0.714

0.811

11

10

0.542

0.688

0.793

12

11

0.511

0.664

0.776

13

12

0.483

0.641

0.759

14

13

0.456

0.619

0.742

15

14

0.431

0.598

0.727

16

15

0.409

0.579

0.711

17

16

0.387

0.560

0.697

18

17

0.368

0.542

0.683

19

18

0.350

0.525

0.669

20

19

0.333

0.509

0.656

21

20

0.318

0.494

0.644

22

21

0.304

0.480

0.632

23

22

0.291

0.467

0.621

24

23

0.279

0.454

0.610

25

24

0.269

0.443

0.600

26

25

0.259

0.432

0.590

27

26

0.250

0.422

0.582

28

27

0.243

0.413

0.573

29

28

0.236

0.404

0.565

30

29

0.229

0.397

0.558

31

30

0.224

0.390

0.552



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