Income Tax Assessment (1997 Act) Regulations 2021

SCHEDULES

SCHEDULE 1AA  

Note: See subsection 293-115.20(2) .

WORKING OUT DEFINED BENEFIT CONTRIBUTIONS

PART 3 - VALUATION PARAMETERS  

16   Exit rates  

16(1)    
The following table sets out the rates of voluntary exit from the fund that are to be assumed.

Voluntary exit rates
Item	Age Band	Exit rate
1	< 40	0.05
2	40-44	0.04
3	45-49	0.04
4	50-54	0.04
5	55-59	0.08
6	60	0.12
7	61-64	0.10
8	65	1.00

16(2)    
However, if an actuary certifies a benefit category for the purposes of subclause 2(1) in relation to a person ' s membership of the Governor-General Pension Scheme, then, despite subclause (1) of this clause, the voluntary exit rates to be assumed for the benefit category are:

(a)    the voluntary exit rates specified by the Governor-General Act 1974 ; or

(b)    if that Act does not specify voluntary exit rates - the following rates:

(i) from the age of the person on the day the person ' s appointment as Governor-General commences (the appointment day ) to the person ' s age on the fourth anniversary of the appointment day - 0.00;

(ii) from the age of the person on the person ' s next birthday after the fourth anniversary of the appointment day to any later age - 1.00.

16(3)    
The rate of involuntary exit (including by redundancy, death or invalidity) to be assumed is zero.