Income Tax Assessment Amendment Regulations 2007 (No. 2) (90 of 2007)

Schedule 2   Amendments commencing on 1 July 2007

[4]   After Schedule 1

insert

Schedule 1B Valuation factors

(regulations 307-205.01 and 307-205.02)

1 Income stream valuation factors

(1) For subregulation 307-205.01 (2), the applicable factor is the factor given in 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 his or her last birthday before 1 July 2007.

(2) For subregulation 307-205.02 (2), if the superannuation income stream in respect of the interest is payable for the life of the member, the applicable factor is the factor given in Table 1 for the age of the member at his or her last birthday before the day after the date on which the superannuation income stream is to be valued.

(3) For subregulation 307-205.02 (2), if the superannuation income stream in respect of the interest is payable for a fixed term, the applicable factor is the factor given in 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.

Table 1

Age

Factor

Age

Factor

Age

Factor

18

23.238

44

20.421

70

13.011

19

23.158

45

20.229

71

12.627

20

23.084

46

20.030

72

12.230

21

23.016

47

19.823

73

11.815

22

22.956

48

19.610

74

11.398

23

22.906

49

19.391

75

10.983

24

22.862

50

19.164

76

10.566

25

22.816

51

18.931

77

10.144

26

22.763

52

18.691

78

9.723

27

22.694

53

18.443

79

9.314

28

22.612

54

18.189

80

8.898

29

22.523

55

17.927

81

8.486

30

22.422

56

17.659

82

8.087

31

22.310

57

17.383

83

7.697

32

22.193

58

17.100

84

7.323

33

22.076

59

16.810

85

6.966

34

21.950

60

16.513

86

6.627

35

21.821

61

16.209

87

6.311

36

21.691

62

15.891

88

6.010

37

21.553

63

15.558

89

5.728

38

21.410

64

15.213

90

5.465

39

21.266

65

14.861

91

5.218

40

21.113

66

14.506

92

4.991

41

20.956

67

14.144

93

4.773

42

20.790

68

13.775

94

4.566

43

20.609

69

13.396

95

4.360

Table 2

Number of Years

Factor

Number of Years

Factor

0

0.000

16

11.963

1

0.981

17

12.495

2

1.925

18

13.007

3

2.834

19

13.499

4

3.709

20

13.973

5

4.550

21

14.430

6

5.360

22

14.869

7

6.140

23

15.291

8

6.891

24

15.698

9

7.613

25

16.090

10

8.308

26

16.466

11

8.977

27

16.829

12

9.621

28

17.178

13

10.241

29

17.514

14

10.837

30

17.837

15

11.411

   

2 Lump sum valuation factors

(1) For subregulation 307-205.02 (2), the applicable factor 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 an interest 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) This subclause sets out the discount valuation factors, in accordance with the following principles:

(a) the factors in column 2 of table 3 apply if the lump sum is not indexed;

(b) the factors in column 3 of table 3 apply if the lump sum is indexed in accordance with the consumer price index;

(c) the factors in column 4 of table 3 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.

Table 3

Minimum deferral period

Lump sum not indexed

CPI indexed lump sum

Wage indexed lump sum

0

1.000

1.000

1.000

1

0.939

0.963

0.977

2

0.882

0.927

0.954

3

0.829

0.892

0.932

4

0.779

0.859

0.910

5

0.732

0.827

0.889

6

0.689

0.797

0.869

7

0.648

0.768

0.849

8

0.610

0.740

0.830

9

0.575

0.714

0.811

10

0.542

0.688

0.793

11

0.511

0.664

0.776

12

0.483

0.641

0.759

13

0.456

0.619

0.742

14

0.431

0.598

0.727

15

0.409

0.579

0.711

16

0.387

0.560

0.697

17

0.368

0.542

0.683

18

0.350

0.525

0.669

19

0.333

0.509

0.656

20

0.318

0.494

0.644

21

0.304

0.480

0.632

22

0.291

0.467

0.621

23

0.279

0.454

0.610

24

0.269

0.443

0.600

25

0.259

0.432

0.590

26

0.250

0.422

0.582

27

0.243

0.413

0.573

28

0.236

0.404

0.565

29

0.229

0.397

0.558

30

0.224

0.390

0.552


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