Last amended: 22 March 2011
This table is only to be used for the purpose of establishing the reasonable amount of an entry contribution [2] to a granny flat [2] and in certain circumstances to establish the life interest of a sale leaseback contract. It is not to be used for any other purpose.
More → [3]
The conversion factor, is based on the age of the pensioner at next birthday. In the case of members of a couple, the life expectancy of the younger partner is used.
AGE NEXT BIRTHDAY |
CONVERSION FACTOR |
AGE NEXT BIRTHDAY |
CONVERSION FACTOR |
51 |
33.94 |
76 |
12.78 |
52 |
33.02 |
77 |
12.07 |
53 |
32.09 |
78 |
11.37 |
54 |
31.18 |
79 |
10.70 |
55 |
30.27 |
80 |
10.04 |
56 |
29.37 |
81 |
9.41 |
57 |
28.47 |
82 |
8.80 |
58 |
27.57 |
83 |
8.21 |
59 |
26.69 |
84 |
7.65 |
60 |
25.80 |
85 |
7.11 |
61 |
24.92 |
86 |
6.60 |
62 |
24.05 |
87 |
6.13 |
63 |
23.18 |
88 |
5.68 |
64 |
22.33 |
89 |
5.26 |
65 |
21.48 |
90 |
4.87 |
66 |
20.64 |
91 |
4.52 |
67 |
19.80 |
92 |
4.19 |
68 |
18.98 |
93 |
3.89 |
69 |
18.16 |
94 |
3.63 |
70 |
17.36 |
95 |
3.40 |
71 |
16.56 |
96 |
3.19 |
72 |
15.77 |
97 |
3.01 |
73 |
15.01 |
98 |
2.86 |
74 |
14.25 |
99 |
2.72 |
75 |
13.50 |
100 |
2.60 |
Note: The Conversion Factor table is based on the Australian Life Tables 2010-2012, published by the Australian Government Actuary. The life expectancy figures included in the Conversion Factor table are an average of the current male and female life tables published by the AGA.
Granny flats and sale leasebacks
9.2.5/Granny Flat Arrangements [4]
9.2.5/Sale Leaseback Arrangements [5]
An entry contribution is the amount paid or agreed to be paid by a person for the right to live in a:
If a person lives in a home subject to a sale leaseback agreement, the entry contribution is the balance of the amount still to be paid by a buyer, at the date of a sale leaseback agreement.
Refer to Section 52M of the VEA for the full definition.
A granny flat interest exists if a person has established a right to accommodation for life, or a life interest in another person's private home.
Granny flat interests are established by the following methods:
Refer to Section 5MA(2) [7] of the VEA for the full definition.
Links
[1] https://clik.dva.gov.au/user/login?destination=node/16077%23comment-form
[2] https://clik.dva.gov.au/%23
[3] https://clik.dva.gov.au/book/export/html/16077#tgt-cspol_part9_ftn294
[4] https://clik.dva.gov.au/compensation-and-support-policy-library/part-9-principles-determining-pension-rate/92-residential-situation/925-special-residence-assessment-rules/granny-flat-arrangements
[5] https://clik.dva.gov.au/compensation-and-support-policy-library/part-9-principles-determining-pension-rate/92-residential-situation/925-special-residence-assessment-rules/sale-leaseback-arrangements
[6] https://clik.dva.gov.au/book/export/html/16077#ref-cspol_part9_ftn294
[7] http://clik.dva.gov.au/legislation-library