Veterans’ Entitlements (Asset-test Exempt Income Stream (Market-linked) – Payment Factors) Principles 2005 (Cth)
Repatriation Commission
Veterans’ Entitlements (Asset-test Exempt Income Stream (Market‑linked) — Payment Factors) Principles 2005
Instrument 2015 No. R7
made under subsection 5JBA (5A) of the Veterans’ Entitlements Act 1986
Compilation No. 2
Compilation date: 1 July 2021
Includes amendments up to: F2021L00922
About this compilation
This compilation
This is a compilation of the Veterans’ Entitlements (Asset-test Exempt Income Stream (Market‑linked) — Payment Factors) Principles 2005 that shows the text of the law as amended and in force on 1 July 2021 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register ( The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.
Self‑repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 1 - Preliminary
1.1......... Name of Principles........................................................................................................ 1
Part 2 - Principles
2.1......... Payment Factors............................................................................................................ 2
Endnotes 5
Endnote 1—About the endnotes 5
Endnote 2—Abbreviation key 6
Endnote 3—Legislation history 7
Endnote 4—Amendment history 8
Part 1: Preliminary
1.1 Name of Principles
This instrument is the Veterans’ Entitlements (Asset-test Exempt Income Stream (Market-linked) – Payment Factors) Principles 2005.
Part 2: Principles
2.1 Payment Factors
Definition of PF
(1) For the formula in subsection 5JBA(5) of the VEA, subject to subsection 2.1(1A) of these Principles, PF means the payment factor specified in column 3 of the table in this section of the Principles that corresponds with the remaining term of the income stream. The payment factor is to be applied:
(a)on 1 July of the financial year for which the total amount is being worked out; or
(b)if that financial year is the year in which the income stream commences — on the commencement day for the income stream,
(1A) If the financial year for which the total amount is being worked out is a financial year commencing 1 July 2019, 1 July 2020 or 1 July 2021, when applying the formula in subsection 5JBA(5) of the VEA to determine the minimum amount of the payments to be made under the income stream, PF means a number that is twice the payment factor specified in column 3 of the table in this section of the Principles that corresponds with the remaining term of the income stream.
If the amount worked out under subsection 5JBA (5) of the VEA (using the payment factor applicable under subsection (1)) is not $10, or a multiple of $10, the applicable payment factor is taken to be the factor that results in that amount rounding to $10, or the nearest multiple of $10, as appropriate.
For subsection (1), the remaining term of an income stream is rounded to the nearest whole year as follows:
(a) if the commencement day of the income stream is on or after 1 January in a financial year, the term is rounded up to the nearest whole year;
(b) if the commencement day is on or before 31 December in a financial year, the term is rounded down to the nearest whole year.
Payment factors
ItemTerm of income stream remaining
Payment factors1 70 or more 26.00 2 69 25.91 3 68 25.82 4 67 25.72 5 66 25.62 6 65 25.52 7 64 25.41 8 63 25.30 9 62 25.19 10 61 25.07 11 60 24.94 12 59 24.82 13 58 24.69 14 57 24.55 15 56 24.41 16 55 24.26 17 54 24.11 18 53 23.96 19 52 23.80 20 51 23.63 21 50 23.46 22 49 23.28 23 48 23.09 24 47 22.90 25 46 22.70 26 45 22.50 27 44 22.28 28 43 22.06 29 42 21.83 30 41 21.60 31 40 21.36 32 39 21.10 33 38 20.84 34 37 20.57 35 36 20.29 36 35 20.00 37 34 19.70 38 33 19.39 39 32 19.07 40 31 18.74 41 30 18.39 42 29 18.04 43 28 17.67 44 27 17.29 45 26 16.89 46 25 16.48 47 24 16.06 48 23 15.62 49 22 15.17 50 21 14.70 51 20 14.21 52 19 13.71 53 18 13.19 54 17 12.65 55 16 12.09 56 15 11.52 57 14 10.92 58 13 10.30 59 12 9.66 60 11 9.00 61 10 8.32 62 9 7.61 63 8 6.87 64 7 6.11 65 6 5.33 66 5 4.52 67 4 3.67 68 3 2.80 69 2 1.90 70 1 or less 1.00
Endnotes
Endnote 1—About the endnotes
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Abbreviation key—Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history—Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.
If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.
Endnote 2—Abbreviation key
| ad = added or inserted | o = order(s) |
| am = amended | Ord = Ordinance |
| amdt = amendment | orig = original |
| c = clause(s) | par = paragraph(s)/subparagraph(s) |
| C[x] = Compilation No. x | /sub‑subparagraph(s) |
| Ch = Chapter(s) | pres = present |
| def = definition(s) | prev = previous |
| Dict = Dictionary | (prev…) = previously |
| disallowed = disallowed by Parliament | Pt = Part(s) |
| Div = Division(s) | r = regulation(s)/rule(s) |
| ed = editorial change | reloc = relocated |
| exp = expires/expired or ceases/ceased to have | renum = renumbered |
| effect | rep = repealed |
| F = Federal Register of Legislation | rs = repealed and substituted |
| gaz = gazette | s = section(s)/subsection(s) |
| LA = Legislation Act 2003 | Sch = Schedule(s) |
| LIA = Legislative Instruments Act 2003 | Sdiv = Subdivision(s) |
| (md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
| effect | SR = Statutory Rules |
| (md not incorp) = misdescribed amendment | Sub‑Ch = Sub‑Chapter(s) |
| cannot be given effect | SubPt = Subpart(s) |
| mod = modified/modification | underlining = whole or part not |
| No. = Number(s) | commenced or to be commenced |
Endnote 3—Legislation history
| Name | Registration | Commencement | Application, saving and transitional provisions |
| Veterans’ Entitlements (Asset-test Exempt Income Stream (Market‑linked) — Payment Factors) Principles 2005 | 11 Aug 2015 (F2015L01252) | 12 Aug 2015 | — |
| Veterans’ Entitlements (Asset‑test Exempt Income Stream (Market-linked) — Payment Factors) Principles Amendment Instrument 2020 | 9 Jul 2020 (F2020L00894) | 10 Jul 2020 | — |
| Veterans’ Entitlements (Asset‑test Exempt Income Stream (Market-linked) — Payment Factors) Principles Amendment Instrument 2021 | 30 June 2021 (F2021L00922) | 1 July 2021 | — |
Endnote 4—Amendment history
| Provision affected | How affected |
| Part 1 s 1.2…………………………..……………. s 1.3…………………………..……………. Part 2 s 2.1……………………………………… | rep LA s 48D rep LA s 48C am F2020L00894; am F2021L00922 |
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