Income Tax Assessment (1997 Act) Regulations 2021
SCHEDULES
SCHEDULE 1AANote: 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.
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