INCOME TAX ASSESSMENT (1997 ACT) REGULATIONS 2021 (F2021L00206)

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INCOME TAX ASSESSMENT (1997 ACT) REGULATIONS 2021 (F2021L00206) - SCHEDULE 1B

Valuation factors

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

(1) For the purposes of paragraph 307-205.01A(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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