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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)    

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Subject to subsection (1A) , the following table sets out the rates of voluntary exit from the fund that are to be assumed.


Voluntary exit rates
Item Column 1
Age in years 		Column 2
Exit rate
1 16 0.041
2 17 0.044
3 18 0.046
4 19 0.047
5 20 0.048
6 21 0.048
7 22 0.048
8 23 0.048
9 24 0.047
10 25 0.046
11 26 0.045
12 27 0.044
13 28 0.043
14 29 0.041
15 30 0.040
16 31 0.039
17 32 0.038
18 33 0.037
19 34 0.036
20 35 0.035
21 36 0.034
22 37 0.033
23 38 0.032
24 39 0.031
25 40 0.030
26 41 0.029
27 42 0.028
28 43 0.027
29 44 0.026
30 45 0.025
31 46 0.025
32 47 0.025
33 48 0.025
34 49 0.025
35 50 0.025
36 51 0.025
37 52 0.025
38 53 0.025
39 54 0.025
40 55 0.100
41 56 0.075
42 57 0.075
43 58 0.075
44 59 0.075
45 60 0.150
46 61 0.150
47 62 0.150
48 63 0.150
49 64 0.150
50 65 1.000

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16(1A)    

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The following table sets out the rates of voluntary exit from the fund that are to be assumed if, under the rules of the fund, the normal retirement age of the fund is 62 years and 0 days or less.


Voluntary exit rates
Item Column 1
Years until normal retirement age 		Column 2
Exit rate
1 44 0.041
2 43 0.044
3 42 0.046
4 41 0.047
5 40 0.048
6 39 0.048
7 38 0.048
8 37 0.048
9 36 0.047
10 35 0.046
11 34 0.045
12 33 0.044
13 32 0.043
14 31 0.041
15 30 0.040
16 29 0.039
17 28 0.038
18 27 0.037
19 26 0.036
20 25 0.035
21 24 0.034
22 23 0.033
23 22 0.032
24 21 0.031
25 20 0.030
26 19 0.029
27 18 0.028
28 17 0.027
29 16 0.026
30 15 0.025
31 14 0.025
32 13 0.025
33 12 0.025
34 11 0.025
35 10 0.025
36 9 0.025
37 8 0.025
38 7 0.025
39 6 0.025
40 5 0.150
41 4 0.150
42 3 0.150
43 2 0.150
44 1 0.150
45 0 1.000

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16(2)    

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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) or (1A) 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.
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16(3)    
The rate of involuntary exit (including by redundancy, death or invalidity) to be assumed is zero.


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