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Table of Life Expectancy for Income Streams with a Commencement Day on or after 01/01/96 to 31/12/99

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Last amended: 13 May 2008

How to use life expectancy tables

The following table shows how to select and use the appropriate life expectancy table in the assessment of an income stream.

Step

Action

1

Determine the commencement day of the income stream to be assessed and ensure that the correct table is used.    

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Life expectancy tables

Section 10.5.7

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2

Determine which persons the relevant number must be obtained for.    

3

Look down the age column to find the age of those persons at the commencement day in whole years.

4

Move across to the corresponding life expectancy factor (one for males, the other for females)

Table of life expectancy

The following table shows life expectancy factors used for calculating the relevant number for males and females. The factors are based on the 1990 to 1992 life tables, published by the Australian Government Actuary.

The table relates to income streams with a commencement day on or after 1 January 1996 but before 1 January 2000. The age used refers to the age on the income stream's commencement day.

Age

M

F

Age

M

F

Age

M

F

15

60.18

66.11

44

32.94

37.95

73

10.39

13.22

16

59.21

65.13

45

32.01

37.00

74

9.84

12.53

17

58.24

64.15

46

31.09

36.05

75

9.31

11.87

18

57.29

63.17

47

30.18

35.11

76

8.80

11.22

19

56.35

62.20

48

29.27

34.18

77

8.32

10.60

20

55.42

61.22

49

28.37

33.25

78

7.86

9.99

21

54.48

60.25

50

27.48

32.32

79

7.42

9.41

22

53.55

59.28

51

26.59

31.40

80

7.00

8.85

23

52.62

58.30

52

25.71

30.49

81

6.60

8.31

24

51.69

57.33

53

24.84

29.58

82

6.23

7.80

25

50.76

56.35

54

23.98

28.68

83

5.87

7.31

26

49.82

55.38

55

23.13

27.78

84

5.54

6.84

27

48.89

54.40

56

22.30

26.90

85

5.23

6.40

28

47.95

53.43

57

21.47

26.02

86

4.93

5.99

29

47.01

52.45

58

20.66

25.14

87

4.66

5.60

30

46.07

51.48

59

19.87

24.27

88

4.40

5.24

31

45.13

50.50

60

19.09

23.42

89

4.15

4.90

32

44.19

49.53

61

18.32

22.57

90

3.93

4.59

33

43.25

48.56

62

17.57

21.72

91

3.72

4.30

34

42.31

47.58

63

16.83

20.89

92

3.52

4.04

35

41.37

46.61

64

16.12

20.07

93

3.34

3.81

36

40.42

45.64

65

15.41

19.26

94

3.19

3.60

37

39.48

44.67

66

14.73

18.45

95

3.05

3.41

38

38.54

43.70

67

14.06

17.66

96

2.93

3.24

39

37.60

42.74

68

13.40

16.89

97

2.84

3.09

40

36.66

41.77

69

12.76

16.12

98

2.76

2.94

41

35.73

40.81

70

12.14

15.37

99

2.70

2.82

42

34.79

39.85

71

11.54

14.64

100

2.64

2.69

43

33.86

38.90

72

10.95

13.92


Life expectancy is the length of time a person is expected to live and is has the same meaning as 'life expectancy factor' under section 27H of the Income Tax Assessment Act 1936.

According to section 5J(1) of the VEA, an income stream includes:

  • an income stream arising under arrangements that are regulated by the Superannuation Industry (Supervision) Act 1993; or
  • an income stream arising under a public sector scheme (within the meaning of that Act); or
  • an income stream arising under a retirement savings account; or
  • an income stream provided by a life insurance business (within the meaning of the Life Insurance Act 1995); or
  • an income stream provided by a friendly society (within the meaning of the Income Tax Assessment Act 1996); or
  • an income stream designated in writing by the Commission for the purposes of this definition, having regard to the guidelines determined under subsection 5J(1F) of the VEA;
  • but does not include any of the following:
  • available money;
  • deposit money;
  • a managed investment;
  • a listed security;
  • a loan that has not been repaid in full;
  • an unlisted public security; or
  • gold, silver or platinum bullion.

 

 

The commencement day in relation to an income stream is the first day of the period to which the first income stream payment relates. This is usually one instalment period before the date of the first payment.

 

 

An income stream's relevant number is the length of time an income stream is paid for. It can be a fixed term or the life expectancy factor of the payee or reversionary beneficiary.