This section contains the life expectancy [2] tables, used to determine the relevant number [2] for income streams [2]. Life expectancy tables for income streams commencing prior to 1 July 1983 are displayed in PIPS. It also contains a table of pension valuation factors [2] for defined benefit income streams [2] as well as general provisions for pension valuation factors.
Life expectancy is the length of time a person is expected to live and has the same meaning as 'life expectancy factor' under section 27H of the Income Tax Assessment Act 1936.
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.
According to subsection 5J(1) of the VEA [3], an income stream includes:
but does not include any of the following:
A factor used to calculate the notional asset value of a defined benefit income stream.
A defined benefit income stream is an income stream [2] where the payments are not fully determined by a purchase price [2]. Instead, payments are made with reference to a set formula based on:
Last amended: 15 December 2009
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 [5] of the income stream to be assessed and ensure that the correct table is used. More ? [6]
|
2 |
Determine which persons the relevant number [7] must be obtained for. More ? [8]
|
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). |
The following table shows life expectancy [9] factors used for calculating the relevant number for males and females. The factors are based on the 2010 to 2012 life tables, published by the Australian Government Actuary. The table relates to income streams with a commencement day on or after 1 January 2015.
Age |
M |
F |
Age |
M |
F |
Age |
M |
F |
15 |
65.53 |
69.71 |
44 |
37.75 |
41.36 |
73 |
13.11 |
15.38 |
16 |
65.55 |
68.72 |
45 |
36.81 |
40.41 |
74 |
12.40 |
14.60 |
17 |
63.56 |
67.74 |
46 |
35.88 |
39.45 |
75 |
11.72 |
13.83 |
18 |
62.59 |
66.76 |
47 |
34.95 |
38.50 |
76 |
11.05 |
13.08 |
19 |
61.63 |
65.77 |
48 |
34.03 |
37.56 |
77 |
10.41 |
12.33 |
20 |
60.67 |
64.79 |
49 |
33.11 |
36.61 |
78 |
9.78 |
11.61 |
21 |
59.70 |
63.81 |
50 |
32.20 |
35.67 |
79 |
9.18 |
10.90 |
22 |
58.74 |
62.82 |
51 |
31.29 |
34.74 |
80 |
8.60 |
10.21 |
23 |
57.78 |
61.84 |
52 |
30.38 |
33.80 |
81 |
8.04 |
9.55 |
24 |
56.81 |
60.86 |
53 |
29.49 |
32.87 |
82 |
7.51 |
8.90 |
25 |
55.85 |
59.87 |
54 |
28.59 |
31.95 |
83 |
7.00 |
8.29 |
26 |
54.89 |
58.89 |
55 |
27.71 |
31.02 |
84 |
6.52 |
7.70 |
27 |
53.92 |
57.90 |
56 |
26.83 |
30.10 |
85 |
6.06 |
7.14 |
28 |
52.96 |
56.92 |
57 |
25.95 |
29.19 |
86 |
5.64 |
6.61 |
29 |
52.00 |
55.94 |
58 |
25.09 |
28.28 |
87 |
5.24 |
6.11 |
30 |
51.04 |
54.96 |
59 |
24.22 |
27.37 |
88 |
4.87 |
5.65 |
31 |
50.08 |
53.98 |
60 |
23.37 |
26.47 |
89 |
4.52 |
5.22 |
32 |
49.13 |
53.00 |
61 |
22.52 |
25.57 |
90 |
4.21 |
4.82 |
33 |
48.17 |
52.02 |
62 |
21.68 |
24.68 |
91 |
3.92 |
4.45 |
34 |
47.22 |
51.04 |
63 |
20.85 |
23.80 |
92 |
3.66 |
4.12 |
35 |
46.26 |
50.06 |
64 |
20.03 |
22.92 |
93 |
3.44 |
3.82 |
36 |
45.31 |
49.09 |
65 |
19.22 |
22.05 |
94 |
3.24 |
3.55 |
37 |
44.36 |
48.12 |
66 |
18.41 |
21.18 |
95 |
3.06 |
3.32 |
38 |
43.41 |
47.14 |
67 |
17.62 |
20.33 |
96 |
2.91 |
3.11 |
39 |
42.46 |
46.18 |
68 |
16.84 |
19.48 |
97 |
2.78 |
2.93 |
40 |
41.51 |
45.21 |
69 |
16.07 |
18.64 |
98 |
2.67 |
2.77 |
41 |
40.57 |
44.24 |
70 |
15.31 |
17.80 |
99 |
2.57 |
2.62 |
42 |
39.62 |
43.28 |
71 |
14.56 |
16.98 |
100 |
2.46 |
2.50 |
43 |
38.68 |
42.32 |
72 |
13.83 |
16.18 |
|||
Last amended: 15 December 2009
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 [5] of the income stream to be assessed and ensure that the correct table is used. More → [6]
|
2 |
Determine which persons the relevant number [7] must be obtained for. More → [8]
|
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). |
The following table shows life expectancy [9] factors used for calculating the relevant number for males and females. The factors are based on the 2005 to 2007 life tables, published by the Australian Government Actuary. The table relates to income streams with a commencement day on or after 1 January 2010 but before 1 January 2015.
Age |
M |
F |
Age |
M |
F |
Age |
M |
F |
15 |
64.59 |
69.17 |
44 |
36.96 |
40.85 |
73 |
12.64 |
15.03 |
16 |
63.61 |
68.19 |
45 |
36.03 |
39.90 |
74 |
11.96 |
14.27 |
17 |
62.63 |
67.20 |
46 |
35.10 |
38.95 |
75 |
11.31 |
13.51 |
18 |
61.66 |
66.22 |
47 |
34.18 |
38.00 |
76 |
10.68 |
12.78 |
19 |
60.71 |
65.24 |
48 |
33.26 |
37.05 |
77 |
10.07 |
12.05 |
20 |
59.75 |
64.25 |
49 |
32.34 |
36.11 |
78 |
9.48 |
11.35 |
21 |
58.80 |
63.27 |
50 |
31.43 |
35.17 |
79 |
8.92 |
10.67 |
22 |
57.84 |
62.29 |
51 |
30.53 |
34.24 |
80 |
8.38 |
10.01 |
23 |
56.88 |
61.31 |
52 |
29.63 |
33.31 |
81 |
7.86 |
9.37 |
24 |
55.93 |
60.32 |
53 |
28.73 |
32.38 |
82 |
7.36 |
8.75 |
25 |
54.97 |
59.34 |
54 |
27.84 |
31.45 |
83 |
6.89 |
8.17 |
26 |
54.02 |
58.36 |
55 |
26.95 |
30.53 |
84 |
6.45 |
7.61 |
27 |
53.06 |
57.38 |
56 |
26.08 |
29.61 |
85 |
6.03 |
7.08 |
28 |
52.11 |
56.40 |
57 |
25.20 |
28.70 |
86 |
5.64 |
6.58 |
29 |
51.16 |
55.42 |
58 |
24.34 |
27.79 |
87 |
5.27 |
6.11 |
30 |
50.20 |
54.44 |
59 |
23.48 |
26.89 |
88 |
4.94 |
5.68 |
31 |
49.25 |
53.46 |
60 |
22.63 |
26.00 |
89 |
4.63 |
5.28 |
32 |
48.30 |
52.48 |
61 |
21.79 |
25.11 |
90 |
4.36 |
4.91 |
33 |
47.35 |
51.50 |
62 |
20.96 |
24.23 |
91 |
4.11 |
4.57 |
34 |
46.40 |
50.52 |
63 |
20.14 |
23.35 |
92 |
3.89 |
4.27 |
35 |
45.45 |
49.55 |
64 |
19.34 |
22.48 |
93 |
3.69 |
3.99 |
36 |
44.50 |
48.58 |
65 |
18.54 |
21.62 |
94 |
3.51 |
3.75 |
37 |
43.55 |
47.60 |
66 |
17.76 |
20.76 |
95 |
3.36 |
3.53 |
38 |
42.60 |
46.63 |
67 |
16.99 |
19.92 |
96 |
3.22 |
3.33 |
39 |
41.66 |
45.66 |
68 |
16.24 |
19.08 |
97 |
3.10 |
3.16 |
40 |
40.71 |
44.70 |
69 |
15.49 |
18.24 |
98 |
2.99 |
3.00 |
41 |
39.77 |
43.73 |
70 |
14.76 |
17.42 |
99 |
2.90 |
2.86 |
42 |
38.83 |
42.77 |
71 |
14.04 |
16.61 |
100 |
2.81 |
2.74 |
43 |
37.89 |
41.81 |
72 |
13.33 |
15.82 |
|||
Last amended: 14 February 2011
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 [2] of the income stream to be assessed and ensure that the correct table is used. More ? [19] |
2 |
Determine which persons the relevant number [2] must be obtained for. More ? [20] |
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). |
The following table shows life expectancy [2] factors used for calculating the relevant number for males and females. The factors are based on the 2000 to 2002 life tables, published by the Australian Government Actuary. The table relates to income streams with a commencement day on or after 1 January 2005 but before 1 January 2010.
Age |
M |
F |
Age |
M |
F |
Age |
M |
F |
15 |
63.28 |
68.41 |
44 |
35.91 |
40.18 |
73 |
12.11 |
14.78 |
16 |
62.30 |
67.42 |
45 |
34.98 |
39.23 |
74 |
11.50 |
14.05 |
17 |
61.33 |
66.44 |
46 |
34.06 |
28.28 |
75 |
10.90 |
13.33 |
18 |
60.37 |
65.45 |
47 |
33.13 |
37.33 |
76 |
10.32 |
12.63 |
19 |
59.43 |
64.48 |
48 |
32.22 |
36.39 |
77 |
9.77 |
11.94 |
20 |
58.48 |
63.50 |
49 |
31.30 |
35.45 |
78 |
9.24 |
11.27 |
21 |
57.54 |
62.52 |
50 |
30.39 |
34.51 |
79 |
8.73 |
10.61 |
22 |
56.59 |
61.54 |
51 |
29.49 |
33.58 |
80 |
8.24 |
9.98 |
23 |
55.65 |
60.57 |
52 |
28.59 |
32.66 |
81 |
7.77 |
9.38 |
24 |
54.71 |
59.59 |
53 |
27.69 |
31.73 |
82 |
7.32 |
8.81 |
25 |
53.77 |
58.61 |
54 |
26.80 |
30.82 |
83 |
6.89 |
8.27 |
26 |
52.83 |
57.63 |
55 |
25.92 |
29.91 |
84 |
6.48 |
7.76 |
27 |
51.89 |
56.65 |
56 |
25.05 |
29.00 |
85 |
6.11 |
7.28 |
28 |
50.95 |
55.68 |
57 |
24.19 |
28.10 |
86 |
5.77 |
6.83 |
29 |
50.01 |
54.70 |
58 |
23.34 |
27.21 |
87 |
5.47 |
6.41 |
30 |
49.07 |
53.72 |
59 |
22.49 |
26.32 |
88 |
5.20 |
6.02 |
31 |
48.13 |
52.75 |
60 |
21.66 |
25.44 |
89 |
4.95 |
5.66 |
32 |
47.19 |
51.77 |
61 |
20.84 |
24.57 |
90 |
4.74 |
5.33 |
33 |
46.24 |
50.80 |
62 |
20.04 |
23.71 |
91 |
4.54 |
5.03 |
34 |
45.30 |
49.82 |
63 |
19.24 |
22.85 |
92 |
4.36 |
4.75 |
35 |
44.35 |
48.85 |
64 |
18.46 |
22.00 |
93 |
4.19 |
4.50 |
36 |
43.41 |
47.88 |
65 |
17.70 |
21.15 |
94 |
4.03 |
4.28 |
37 |
42.47 |
46.91 |
66 |
16.95 |
20.32 |
95 |
3.87 |
4.07 |
38 |
41.53 |
45.94 |
67 |
16.21 |
19.49 |
96 |
3.73 |
3.88 |
39 |
40.58 |
44.98 |
68 |
15.48 |
18.67 |
97 |
3.60 |
3.71 |
40 |
39.65 |
44.01 |
69 |
14.78 |
17.87 |
98 |
3.47 |
3.55 |
41 |
38.71 |
43.05 |
70 |
14.08 |
17.08 |
99 |
3.35 |
3.40 |
42 |
37.77 |
42.09 |
71 |
13.41 |
16.29 |
100 |
3.24 |
3.26 |
43 |
36.84 |
41.14 |
72 |
12.75 |
15.53 |
|||
The commencement day in relation to an income stream [2] 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 income payment.
The commencement day cannot occur prior to:
Legislative reference: subsection 5J(1) of the Veterans' Entitlements Act 1986.
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.
Life expectancy is the length of time a person is expected to live and has the same meaning as 'life expectancy factor' under section 27H of the Income Tax Assessment Act 1936.
Last amended: 13 May 2008
Purchased lifetime, life expectancy and market linked income streams [2] commencing between 20 September 2004 and 31 December 2004 may use either these tables or the tables for an income stream commencing on or after 1 January 2005 to determine the person's life expectancy [2]. Whichever table is used to determine the life expectancy must also be used to determine the relevant number [2] for the income stream.
More ? [24]
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 [2] of the income stream to be assessed and ensure that the correct table is used. More ? [25] |
2 |
Determine which persons the relevant number [2] must be obtained for. More ? [26] |
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). |
The following table shows life expectancy factors used for calculating the relevant number [2] for males and females. The factors are based on the 1995 to 1997 life tables, published by the Australian Government Actuary.
The table relates to income streams with a commencement day on or after 1 January 2000 but before 1 January 2005. The age used refers to the age on the income stream's commencement day.
Age |
M |
F |
Age |
M |
F |
Age |
M |
F |
15 |
61.38 |
66.97 |
44 |
34.15 |
38.76 |
73 |
10.96 |
13.67 |
16 |
60.41 |
65.98 |
45 |
33.22 |
37.81 |
74 |
10.38 |
12.96 |
17 |
59.44 |
65.00 |
46 |
32.30 |
36.86 |
75 |
9.82 |
12.26 |
18 |
58.49 |
64.02 |
47 |
31.38 |
35.92 |
76 |
9.27 |
11.58 |
19 |
57.55 |
63.04 |
48 |
30.46 |
34.98 |
77 |
8.74 |
10.92 |
20 |
56.61 |
62.07 |
49 |
29.55 |
34.04 |
78 |
8.24 |
10.28 |
21 |
55.68 |
61.09 |
50 |
28.64 |
33.11 |
79 |
7.76 |
9.67 |
22 |
54.75 |
60.12 |
51 |
27.74 |
32.18 |
80 |
7.30 |
9.09 |
23 |
53.81 |
59.14 |
52 |
26.85 |
31.26 |
81 |
6.87 |
8.53 |
24 |
52.88 |
58.16 |
53 |
25.97 |
30.34 |
82 |
6.46 |
8.00 |
25 |
51.94 |
57.18 |
54 |
25.09 |
29.43 |
83 |
6.08 |
7.48 |
26 |
51.01 |
56.21 |
55 |
24.22 |
28.53 |
84 |
5.73 |
7.00 |
27 |
50.07 |
55.23 |
56 |
23.36 |
27.63 |
85 |
5.40 |
6.53 |
28 |
49.14 |
54.25 |
57 |
22.52 |
26.74 |
86 |
5.10 |
6.10 |
29 |
48.20 |
53.27 |
58 |
21.68 |
25.86 |
87 |
4.82 |
5.69 |
30 |
47.26 |
52.30 |
59 |
20.86 |
24.98 |
88 |
4.57 |
5.32 |
31 |
46.32 |
51.32 |
60 |
20.05 |
24.11 |
89 |
4.35 |
4.98 |
32 |
45.38 |
50.35 |
61 |
19.25 |
23.25 |
90 |
4.16 |
4.67 |
33 |
44.44 |
49.38 |
62 |
18.46 |
22.39 |
91 |
3.99 |
4.39 |
34 |
43.50 |
48.41 |
63 |
17.70 |
21.54 |
92 |
3.86 |
4.15 |
35 |
42.57 |
47.44 |
64 |
16.94 |
20.70 |
93 |
3.73 |
3.93 |
36 |
41.63 |
46.47 |
65 |
16.21 |
19.88 |
94 |
3.62 |
3.72 |
37 |
40.69 |
45.50 |
66 |
15.49 |
19.06 |
95 |
3.50 |
3.54 |
38 |
39.75 |
44.53 |
67 |
14.79 |
18.25 |
96 |
3.39 |
3.37 |
39 |
38.81 |
43.56 |
68 |
14.11 |
17.46 |
97 |
3.28 |
3.21 |
40 |
37.88 |
42.60 |
69 |
13.44 |
16.67 |
98 |
3.18 |
3.07 |
41 |
36.94 |
41.64 |
70 |
12.80 |
15.90 |
99 |
3.07 |
2.93 |
42 |
36.01 |
40.68 |
71 |
12.17 |
15.14 |
100 |
2.98 |
2.81 |
43 |
35.08 |
39.72 |
72 |
11.56 |
14.40 |
|||
According to subsection 5J(1) of the VEA [3], an income stream includes:
but does not include any of the following:
Life expectancy is the length of time a person is expected to live and has the same meaning as 'life expectancy factor' under section 27H of the Income Tax Assessment Act 1936.
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.
The commencement day in relation to an income stream [2] 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 income payment.
The commencement day cannot occur prior to:
Legislative reference: subsection 5J(1) of the Veterans' Entitlements Act 1986.
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.
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.
Last amended: 13 May 2008
The following table shows how to select and use the appropriate life expectancy [2] table in the assessment of an income stream [2].
Step |
Action |
1 |
Determine the commencement day [2] of the income stream to be assessed and ensure that the correct table is used. More ? [32] |
2 |
Determine which persons the relevant number [2] must be obtained for. More ? [33] |
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) |
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 has the same meaning as 'life expectancy factor' under section 27H of the Income Tax Assessment Act 1936.
According to subsection 5J(1) of the VEA [3], an income stream includes:
but does not include any of the following:
The commencement day in relation to an income stream [2] 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 income payment.
The commencement day cannot occur prior to:
Legislative reference: subsection 5J(1) of the Veterans' Entitlements Act 1986.
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.
Last amended: 13 May 2008
The following table shows how to select and use the appropriate life expectancy [2] table in the assessment of an income stream [2].
Step |
Action |
1 |
Determine the commencement day of the income stream to be assessed and ensure that the correct table is used. More ? [37] |
2 |
Determine which persons the relevant number [2] must be obtained for. More ? [38] |
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) |
The following table shows life expectancy factors used for calculating the relevant number for males and females. The factors are based on the 1985 to 1987 life tables, published by the Australian Government Actuary.
The table relates to income streams with a commencement day on or after 1 May 1993 but before 1 January 1996. The age used refers to the age on the income stream's commencement day.
Age |
M |
F |
Age |
M |
F |
Age |
M |
F |
15 |
58.83 |
65.07 |
44 |
31.68 |
36.99 |
73 |
9.80 |
12.69 |
16 |
57.85 |
64.09 |
45 |
30.76 |
36.05 |
74 |
9.28 |
12.02 |
17 |
56.90 |
63.11 |
46 |
29.85 |
35.11 |
75 |
8.78 |
11.37 |
18 |
55.96 |
62.14 |
47 |
28.94 |
34.18 |
76 |
8.30 |
10.75 |
19 |
55.04 |
61.17 |
48 |
28.04 |
33.26 |
77 |
7.84 |
10.14 |
20 |
54.13 |
60.21 |
49 |
27.16 |
32.34 |
78 |
7.40 |
9.55 |
21 |
53.21 |
59.24 |
50 |
26.28 |
31.43 |
79 |
6.98 |
8.98 |
22 |
52.30 |
58.27 |
51 |
25.41 |
30.52 |
80 |
6.58 |
8.44 |
23 |
51.38 |
57.30 |
52 |
24.55 |
29.62 |
81 |
6.20 |
7.92 |
24 |
50.45 |
56.33 |
53 |
23.70 |
28.73 |
82 |
5.84 |
7.42 |
25 |
49.52 |
55.35 |
54 |
22.86 |
27.84 |
83 |
5.50 |
6.95 |
26 |
48.59 |
54.38 |
55 |
22.04 |
26.96 |
84 |
5.18 |
6.51 |
27 |
47.66 |
53.41 |
56 |
21.23 |
26.08 |
85 |
4.89 |
6.09 |
28 |
46.72 |
52.43 |
57 |
20.44 |
25.22 |
86 |
4.62 |
5.69 |
29 |
45.78 |
51.46 |
58 |
19.65 |
24.35 |
87 |
4.38 |
5.32 |
30 |
44.84 |
50.49 |
59 |
18.89 |
23.50 |
88 |
4.16 |
4.98 |
31 |
43.90 |
49.51 |
60 |
18.13 |
22.65 |
89 |
3.97 |
4.66 |
32 |
42.95 |
48.54 |
61 |
17.39 |
21.81 |
90 |
3.79 |
4.37 |
33 |
42.01 |
47.57 |
62 |
16.67 |
20.98 |
91 |
3.64 |
4.10 |
34 |
41.06 |
46.60 |
63 |
15.96 |
20.16 |
92 |
3.50 |
3.86 |
35 |
40.12 |
45.63 |
64 |
15.27 |
19.35 |
93 |
3.37 |
3.65 |
36 |
39.17 |
44.66 |
65 |
14.60 |
18.56 |
94 |
3.24 |
3.45 |
37 |
38.22 |
43.69 |
66 |
13.93 |
17.77 |
95 |
3.12 |
3.27 |
38 |
37.28 |
42.72 |
67 |
13.29 |
17.00 |
96 |
3.00 |
3.11 |
39 |
36.34 |
41.76 |
68 |
12.66 |
16.24 |
97 |
2.89 |
2.97 |
40 |
35.40 |
40.80 |
69 |
12.05 |
15.50 |
98 |
2.78 |
2.84 |
41 |
34.46 |
39.84 |
70 |
11.46 |
14.77 |
99 |
2.67 |
2.72 |
42 |
33.53 |
38.89 |
71 |
10.89 |
14.06 |
100 |
2.57 |
2.62 |
43 |
32.60 |
37.94 |
72 |
10.33 |
13.37 |
|||
Life expectancy is the length of time a person is expected to live and has the same meaning as 'life expectancy factor' under section 27H of the Income Tax Assessment Act 1936.
According to subsection 5J(1) of the VEA [3], an income stream includes:
but does not include any of the following:
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.
Last amended: 13 May 2008
The following table shows how to select and use the appropriate life expectancy [2] table in the assessment of an income stream [2].
Step |
Action |
1 |
Determine the commencement day [2] of the income stream to be assessed and ensure that the correct table is used. More ? [42] |
2 |
Determine which persons the relevant number [2] must be obtained for. More ? [43] |
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) |
The following table shows life expectancy factors used for calculating the relevant number for males and females. The factors are based on the 1980 to 1982 life tables, published by the Australian Government Actuary.
The table relates to income streams with a commencement day on or after 1 September 1988 but before 1 May 1993. The age used refers to the age on the income stream's commencement day.
Age |
M |
F |
Age |
M |
F |
Age |
M |
F |
15 |
57.44 |
64.27 |
44 |
30.39 |
36.22 |
73 |
9.25 |
12.19 |
16 |
56.48 |
63.29 |
45 |
29.49 |
35.28 |
74 |
8.77 |
11.53 |
17 |
55.52 |
62.31 |
46 |
28.60 |
34.36 |
75 |
8.31 |
10.89 |
18 |
54.59 |
61.34 |
47 |
27.71 |
33.43 |
76 |
7.86 |
10.27 |
19 |
53.68 |
60.37 |
48 |
26.84 |
32.52 |
77 |
7.44 |
9.67 |
20 |
52.78 |
59.40 |
49 |
25.98 |
31.61 |
78 |
7.03 |
9.09 |
21 |
51.87 |
58.43 |
50 |
25.12 |
30.70 |
79 |
6.64 |
8.54 |
22 |
50.96 |
57.46 |
51 |
24.28 |
29.80 |
80 |
6.27 |
8.01 |
23 |
50.04 |
56.49 |
52 |
23.45 |
28.91 |
81 |
5.92 |
7.50 |
24 |
49.12 |
55.51 |
53 |
22.63 |
28.02 |
82 |
5.58 |
7.02 |
25 |
48.19 |
54.54 |
54 |
21.82 |
27.14 |
83 |
5.26 |
6.57 |
26 |
47.26 |
53.57 |
55 |
21.02 |
26.27 |
84 |
4.96 |
6.14 |
27 |
46.33 |
52.59 |
56 |
20.24 |
25.40 |
85 |
4.67 |
5.74 |
28 |
45.39 |
51.62 |
57 |
19.47 |
24.55 |
86 |
4.40 |
5.37 |
29 |
44.45 |
50.64 |
58 |
18.71 |
23.70 |
87 |
4.14 |
5.02 |
30 |
43.51 |
49.67 |
59 |
17.96 |
22.85 |
88 |
3.91 |
4.69 |
31 |
42.56 |
48.70 |
60 |
17.23 |
22.02 |
89 |
3.68 |
4.39 |
32 |
41.61 |
47.72 |
61 |
16.52 |
21.20 |
90 |
3.47 |
4.11 |
33 |
40.67 |
46.75 |
62 |
15.81 |
20.38 |
91 |
3.28 |
3.85 |
34 |
39.72 |
45.78 |
63 |
15.13 |
19.58 |
92 |
3.11 |
3.61 |
35 |
38.77 |
44.81 |
64 |
14.46 |
18.78 |
93 |
2.94 |
3.38 |
36 |
37.82 |
43.84 |
65 |
13.80 |
18.00 |
94 |
2.80 |
3.18 |
37 |
36.88 |
42.88 |
66 |
13.17 |
17.22 |
95 |
2.66 |
2.99 |
38 |
35.94 |
41.91 |
67 |
12.55 |
16.46 |
96 |
2.54 |
2.81 |
39 |
35.00 |
40.95 |
68 |
11.95 |
15.72 |
97 |
2.43 |
2.64 |
40 |
34.07 |
40.00 |
69 |
11.37 |
14.98 |
98 |
2.32 |
2.49 |
41 |
33.14 |
39.05 |
70 |
10.81 |
14.26 |
99 |
2.23 |
2.35 |
42 |
32.22 |
38.10 |
71 |
10.27 |
13.56 |
100 |
2.13 |
2.22 |
43 |
31.30 |
37.16 |
72 |
9.75 |
12.87 |
|||
Life expectancy is the length of time a person is expected to live and has the same meaning as 'life expectancy factor' under section 27H of the Income Tax Assessment Act 1936.
According to subsection 5J(1) of the VEA [3], an income stream includes:
but does not include any of the following:
The commencement day in relation to an income stream [2] 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 income payment.
The commencement day cannot occur prior to:
Legislative reference: subsection 5J(1) of the Veterans' Entitlements Act 1986.
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.
Last amended: 13 May 2008
The following table shows how to select and use the appropriate life expectancy [2] table in the assessment of an income stream [2].
Step |
Action |
1 |
Determine the commencement day [2] of the income stream to be assessed and ensure that the correct table is used. More ? [47] |
2 |
Determine which persons the relevant number [2] must be obtained for. More ? [48] |
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) |
The following table shows life expectancy factors used for calculating the relevant number for males and females. The factors are based on the 1975 to 1977 life tables, published by the Australian Government Actuary.
The table relates to income streams with a commencement day on or after 1 July 1983 but before 1 September 1988. The age used refers to the age on the income stream's commencement day.
Age |
M |
F |
Age |
M |
F |
Age |
M |
F |
15 |
56.06 |
62.82 |
44 |
29.20 |
34.94 |
73 |
8.82 |
11.53 |
16 |
55.10 |
61.85 |
45 |
28.32 |
34.03 |
74 |
8.35 |
10.90 |
17 |
54.16 |
60.88 |
46 |
27.44 |
33.11 |
75 |
7.91 |
10.29 |
18 |
53.24 |
59.91 |
47 |
26.58 |
32.21 |
76 |
7.48 |
9.70 |
19 |
52.35 |
58.95 |
48 |
25.73 |
31.31 |
77 |
7.07 |
9.13 |
20 |
51.47 |
57.98 |
49 |
24.88 |
30.42 |
78 |
6.68 |
8.59 |
21 |
50.57 |
57.01 |
50 |
24.05 |
29.53 |
79 |
6.31 |
8.07 |
22 |
49.66 |
56.04 |
51 |
23.23 |
28.65 |
80 |
5.95 |
7.58 |
23 |
48.74 |
55.07 |
52 |
22.42 |
27.77 |
81 |
5.62 |
7.11 |
24 |
47.82 |
54.09 |
53 |
21.62 |
26.91 |
82 |
5.30 |
6.67 |
25 |
46.89 |
53.12 |
54 |
20.83 |
26.04 |
83 |
5.00 |
6.25 |
26 |
45.95 |
52.15 |
55 |
20.06 |
25.19 |
84 |
4.72 |
5.86 |
27 |
45.01 |
51.18 |
56 |
19.30 |
24.34 |
85 |
4.45 |
5.49 |
28 |
44.07 |
50.20 |
57 |
18.55 |
23.51 |
86 |
4.21 |
5.15 |
29 |
43.13 |
49.23 |
58 |
17.82 |
22.68 |
87 |
3.99 |
4.83 |
30 |
42.18 |
48.26 |
59 |
17.10 |
21.85 |
88 |
3.79 |
4.54 |
31 |
41.24 |
47.29 |
60 |
16.40 |
21.04 |
89 |
3.61 |
4.27 |
32 |
40.29 |
46.62 |
61 |
15.71 |
20.24 |
90 |
3.45 |
4.02 |
33 |
39.35 |
45.35 |
62 |
15.04 |
19.45 |
91 |
3.31 |
3.79 |
34 |
38.40 |
44.39 |
63 |
14.39 |
18.66 |
92 |
3.19 |
3.59 |
35 |
37.46 |
43.43 |
64 |
13.75 |
17.89 |
93 |
3.09 |
3.41 |
36 |
36.52 |
42.47 |
65 |
13.13 |
17.13 |
94 |
3.01 |
3.25 |
37 |
35.59 |
41.51 |
66 |
12.53 |
16.38 |
95 |
2.94 |
3.11 |
38 |
34.66 |
40.56 |
67 |
11.95 |
15.65 |
96 |
2.88 |
3.00 |
39 |
33.73 |
39.61 |
68 |
11.38 |
14.93 |
97 |
2.83 |
2.90 |
40 |
32.81 |
38.67 |
69 |
10.84 |
14.22 |
98 |
2.77 |
2.82 |
41 |
31.90 |
37.73 |
70 |
10.31 |
13.52 |
99 |
2.72 |
2.77 |
42 |
30.99 |
36.79 |
71 |
9.79 |
12.84 |
100 |
2.67 |
2.72 |
43 |
30.09 |
35.87 |
72 |
9.30 |
12.18 |
|||
Life expectancy is the length of time a person is expected to live and has the same meaning as 'life expectancy factor' under section 27H of the Income Tax Assessment Act 1936.
According to subsection 5J(1) of the VEA [3], an income stream includes:
but does not include any of the following:
The commencement day in relation to an income stream [2] 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 income payment.
The commencement day cannot occur prior to:
Legislative reference: subsection 5J(1) of the Veterans' Entitlements Act 1986.
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.
Last amended: 13 May 2008
The pension valuation factor [2] used depends on the:
The indexation rates range from less than 1% to 8%. The pension valuation factors reduce as the age of the pensioner increases. Each factor covers an age range of 5 years:
Pension valuation factors are used to determine the asset value of asset tested defined benefit income streams. However, under Commission determinations 10, 11 and 12 of 1998 and 5 and 6 of 1999, all defined benefit income streams are asset test exempt.
The following table shows how to select the appropriate indexation rate column from the pension valuation factor table.
Note: Where the income stream [2] is indexed at greater than 8% each year, the pension valuation factor will be determined by the Secretary of FaHCSIA [2].
If the income stream is indexed... |
Then the pension valuation factor will be... |
to movements in salary |
listed in the 7% but less than 8% column of the following table. |
to movements in a price index published by the Australian Government Statistician |
listed in the 6% but less than 7% column of the following table. |
at discretion of trustees of a super fund which has been in existence or has been making payments for less than a continuous period of five years |
listed in the 6% but less than 7% column of the following table. |
at discretion of the trustees of a super fund which has been in existence or has been making payments for more than a continuous period of five years |
calculated by first adding together the indexation factors declared by the trustees over the past five years and then dividing the result by five to get the five year average. The relevant pension valuation factor will be listed in the column which corresponds to the five year average. |
The following table shows the pension valuation factors for pensioners according to their age next birthday and the indexation rate for a pensioner's income stream.
Age |
Indexation rate for person's income stream |
||||||||
8% |
7% but less than 8% |
6% but less than 7% |
5% but less than 6% |
4% but less than 5% |
3% but less than 4% |
2% but less than 3% |
1% but less than 2% |
Less than 1% |
|
20 or less |
34 |
27 |
22 |
19 |
16 |
14 |
12 |
11 |
10 |
21-25 |
32 |
26 |
22 |
18 |
16 |
14 |
12 |
11 |
10 |
26-30 |
30 |
25 |
21 |
18 |
16 |
14 |
12 |
11 |
10 |
31-35 |
28 |
23 |
20 |
17 |
15 |
13 |
12 |
11 |
10 |
36-40 |
26 |
22 |
19 |
16 |
14 |
13 |
11 |
10 |
9 |
41-45 |
23 |
20 |
17 |
15 |
14 |
12 |
11 |
10 |
9 |
46-50 |
20 |
18 |
16 |
14 |
13 |
11 |
10 |
9 |
9 |
51-55 |
18 |
16 |
14 |
13 |
12 |
11 |
10 |
9 |
8 |
56-60 |
15 |
14 |
12 |
11 |
10 |
10 |
9 |
8 |
8 |
61-65 |
12 |
11 |
11 |
10 |
9 |
8 |
8 |
7 |
7 |
66-70 |
10 |
9 |
9 |
8 |
8 |
7 |
7 |
6 |
6 |
71-75 |
8 |
7 |
7 |
7 |
6 |
6 |
6 |
5 |
5 |
76-80 |
6 |
6 |
5 |
5 |
5 |
5 |
4 |
4 |
4 |
81-85 |
4 |
4 |
4 |
4 |
4 |
4 |
3 |
3 |
3 |
86-90 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
2 |
2 |
91-95 |
2 |
2 |
2 |
2 |
2 |
2 |
2 |
2 |
2 |
96-100 |
2 |
2 |
2 |
2 |
2 |
2 |
2 |
2 |
2 |
101+ |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
A factor used to calculate the notional asset value of a defined benefit income stream.
A defined benefit income stream is an income stream [2] where the payments are not fully determined by a purchase price [2]. Instead, payments are made with reference to a set formula based on:
According to subsection 5J(1) of the VEA [3], an income stream includes:
but does not include any of the following:
Department of Families, Housing, Community Services and Indigenous Affairs. Now known as the Department of Social Services.
Last amended: 3 September 2013
These payment factors are used in determining the annual payment [2] to be paid by a market linked income stream [2].
The following rules determine which payment factor is to be used:
This table prescribes which minimum payment factors to use based for the term of the income stream at its commencement day and then for the remaining term of the income stream on each 1 July thereafter.
Remaining term of income stream (years) | Payment factor | Remaining term of income stream (years) | Payment factor |
70 | 26.00 | 35 | 20.00 |
69 | 25.91 | 34 | 19.70 |
68 | 25.82 | 33 | 19.39 |
67 | 25.72 | 32 | 19.07 |
66 | 25.62 | 31 | 18.74 |
65 | 25.52 | 30 | 18.39 |
64 | 25.41 | 29 | 18.04 |
63 | 25.30 | 28 | 17.67 |
62 | 25.19 | 27 | 17.29 |
61 | 25.07 | 26 | 16.89 |
60 | 24.94 | 25 | 16.48 |
59 | 24.82 | 24 | 16.06 |
58 | 24.69 | 23 | 15.62 |
57 | 24.55 | 22 | 15.17 |
56 | 24.41 | 21 | 14.70 |
55 | 24.26 | 20 | 14.21 |
54 | 24.11 | 19 | 13.71 |
53 | 23.96 | 18 | 13.19 |
53 | 23.80 | 17 | 12.65 |
51 | 23.63 | 16 | 12.09 |
50 | 23.46 | 15 | 11.52 |
49 | 23.28 | 14 | 10.92 |
48 | 23.09 | 13 | 10.30 |
47 | 22.90 | 12 | 9.66 |
46 | 22.70 | 11 | 9.00 |
45 | 22.50 | 10 | 8.32 |
44 | 22.28 | 9 | 7.61 |
43 | 22.06 | 8 | 6.87 |
42 | 21.83 | 7 | 6.11 |
41 | 21.60 | 6 | 5.33 |
40 | 21.36 | 5 | 4.52 |
39 | 21.10 | 4 | 3.67 |
38 | 20.84 | 3 | 2.80 |
37 | 20.57 | 2 | 1.90 |
36 | 20.29 | 1 or less | 1.00 |
For the period commencing on 1 July 2008 and ending 30 June 2013, temporary relief measures were applied by the Government in response to the Global Financial Crisis to allow all account-based income stream recipients to elect to reduce their minimum annual payment to :
These temporary relief measures ceased to apply from 1 July 2013.
Temporary relief was again applied over the period 1 July 2019 to 30 June 2022 in response to the Coronavirus pandemic. Income stream recipients were able to elect to reduce their minimum annual payment to 50% of the required minimum payment for the periodcommencing 1 July 2019 to 30 June 2022.
Annual payment means the amount payable to the person for the year under the income stream.
According to subsection 5J(1) of the VEA [3], an income stream includes:
but does not include any of the following:
Last amended: 3 September 2013
These factors are used in determining the minimum and maximum payment limits for allocated income streams which are now commonly referred to as account based income streams. The relevant payment factor depends on the commencement day [2] of the income stream [2].
Commencement day | Table |
Before 1 January 2006* | Table 1 |
From 1 January 2006 to 30 June 2007* | Table 2 |
From 1 July 2007 | Table 3 |
* Table 3 applies to income streams with a commencement day before 1 July 2007 if the owner of the income stream elects for Table 3 to apply instead of Table 1 or Table 2 as appropriate.
This table prescribes which maximum and minimum payment factors to use based on the person's age in whole years on the commencement day of the income stream and then on each 1 July thereafter for income streams commencing before 1 January 2006.
Age | Maximum payment valuation factor | Minimum payment valuation factor | Age | Maximum payment valuation factor | Minimum payment valuation factor |
41 | 10 | 24.3 | 71 | 6.2 | 13.1 |
42 | 10 | 24.0 | 72 | 5.8 | 12.6 |
43 | 10 | 23.7 | 73 | 5.4 | 12.2 |
44 | 10 | 23.4 | 74 | 4.8 | 11.7 |
45 | 10 | 23.1 | 75 | 4.3 | 11.3 |
46 | 10 | 22.8 | 76 | 3.7 | 10.8 |
47 | 10 | 22.5 | 77 | 3.0 | 10.4 |
48 | 10 | 22.2 | 78 | 2.2 | 10.0 |
49 | 10 | 21.9 | 79 | 1.4 | 9.5 |
50 | 9.9 | 21.5 | 80 | 1 | 9.1 |
51 | 9.9 | 21.2 | 81 | 1 | 8.7 |
52 | 9.8 | 20.9 | 82 | 1 | 8.3 |
53 | 9.7 | 20.5 | 83 | 1 | 7.9 |
54 | 9.7 | 20.1 | 84 | 1 | 7.5 |
55 | 9.6 | 19.8 | 85 | 1 | 7.1 |
56 | 9.5 | 19.4 | 86 | 1 | 6.8 |
57 | 9.4 | 19.0 | 87 | 1 | 6.4 |
58 | 9.3 | 18.6 | 88 | 1 | 6.1 |
59 | 9.1 | 18.2 | 89 | 1 | 5.8 |
60 | 9.0 | 17.8 | 90 | 1 | 5.5 |
61 | 8.9 | 17.4 | 91 | 1 | 5.3 |
62 | 8.7 | 17.0 | 92 | 1 | 5.0 |
63 | 8.5 | 16.6 | 93 | 1 | 4.8 |
64 | 8.3 | 16.2 | 94 | 1 | 4.6 |
65 | 8.1 | 15.7 | 95 | 1 | 4.4 |
66 | 7.9 | 15.3 | 96 | 1 | 4.2 |
67 | 7.6 | 14.9 | 97 | 1 | 4.0 |
68 | 7.3 | 14.4 | 98 | 1 | 3.8 |
69 | 7.0 | 14.0 | 99 | 1 | 3.7 |
70 | 6.6 | 13.5 | 100 or more | 1 | 3.5 |
This table prescribes which maximum and minimum payment factors to use based on the person's age in whole years on the commencement day of the income stream and then on each 1 July thereafter for income streams commencing from 1 January 2006 to 30 June 2007.
Age | Maximum payment valuation factor | Minimum payment valuation factor | Age | Maximum payment valuation factor | Minimum payment valuation factor |
41 | 12 | 25.3 | 71 | 8.0 | 14.6 |
42 | 12 | 25.0 | 72 | 7.6 | 14.2 |
43 | 12 | 24.8 | 73 | 7.2 | 13.7 |
44 | 12 | 24.5 | 74 | 6.7 | 13.3 |
45 | 12 | 24.2 | 75 | 6.2 | 12.8 |
46 | 12 | 24.0 | 76 | 5.7 | 12.3 |
47 | 12 | 23.7 | 77 | 5.1 | 11.9 |
48 | 12 | 23.4 | 78 | 4.5 | 11.4 |
49 | 12 | 23.1 | 79 | 3.8 | 10.9 |
50 | 12 | 22..8 | 80 | 3.1 | 10.5 |
51 | 11.9 | 22.5 | 81 | 2.3 | 10.0 |
52 | 11.8 | 22.2 | 82 | 1.4 | 9.6 |
53 | 11.8 | 21.8 | 83 | 1 | 9.1 |
54 | 11.7 | 21.5 | 84 | 1 | 8.7 |
55 | 11.5 | 21.1 | 85 | 1 | 8.3 |
56 | 11.4 | 20.8 | 86 | 1 | 7.9 |
57 | 11.3 | 20.4 | 87 | 1 | 7.5 |
58 | 11.2 | 20.1 | 88 | 1 | 7.2 |
59 | 11.0 | 19.7 | 89 | 1 | 6.9 |
60 | 10.9 | 19.3 | 90 | 1 | 6.6 |
61 | 10.7 | 18.9 | 91 | 1 | 6.3 |
62 | 10.5 | 18.5 | 92 | 1 | 6.0 |
63 | 10.3 | 18.1 | 93 | 1 | 5.8 |
64 | 10.1 | 17.7 | 94 | 1 | 5.5 |
65 | 9.9 | 17.3 | 95 | 1 | 5.3 |
66 | 9.6 | 16.8 | 96 | 1 | 5.1 |
67 | 9.3 | 16.4 | 97 | 1 | 4.9 |
68 | 9.1 | 16.0 | 98 | 1 | 4.7 |
69 | 8.7 | 15.5 | 99 | 1 | 4.5 |
70 | 8.4 | 15.1 | 100 or more | 1 | 4.4 |
The following table describes which percentage factor to use depending on the person's age in whole years on the commencement day of the income stream and then on each 1 July thereafter.
Age | Percentage factor |
Under 65 | 4 |
65 - 74 | 5 |
75 - 79 | 6 |
80 - 84 | 7 |
85 - 89 | 9 |
90 - 94 | 11 |
95 or more | 14 |
For the period commencing on 1 July 2008 and ending 30 June 2013, temporary relief measures were applied by the Government in response to the Global Financial Crisis to allow all account-based income stream recipients to elect to reduce their minimum annual payment to :
These temporary relief measures ceased to apply from 1 July 2013.
Temporary relief was again applied over the period 1 July 2019 to 30 June 2022 in response to the Coronavirus pandemic. Income stream recipients were able to elect to reduce their minimum annual payment to 50% of the required minimum payment for the periodcommencing 1 July 2019 to 30 June 2022.
The commencement day in relation to an income stream [2] 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 income payment.
The commencement day cannot occur prior to:
Legislative reference: subsection 5J(1) of the Veterans' Entitlements Act 1986.
According to subsection 5J(1) of the VEA [3], an income stream includes:
but does not include any of the following:
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