Income Stream

Financial Year Ending 30th June

2013

Financial Year Start Date

1/07/2012

Financial Year End Date

30/06/2013

Preservation Age

'Preservation age' is the age at which an income support recipient may be able to gain access to preserved benefits held in approved deposit funds, deferred annuities and superannuation. For most income support recipients, the preservation age is currently 55.

From 2015 to 2025, the preservation age will gradually increase from 56 to 60 years for income support recipients born after 1 July 1960. The preservation age for income support recipients born after 30 June 1964 will be 60 years.

Born before 1 July 1960

55

Born 1 July 1960 to 30 June 1961

56

Born 1 July 1961 to 30 June 1962

57

Born 1 July 1962 to 30 June 1963

58

Born 1 July 1963 to 30 June 1964

59

Born after 30 June 1964

60

Income Stream Tax

Tax on income stream payments depends on age. Medicare levy is additional.

Tax Free Component Rate

Maximum Tax Rate

0.00 %

Taxable Component - Taxed Element Rates

Under preservation age

Marginal Rate

Preservation age to age 59

Marg Rate with 15% offset

Age 60 and over

0.00 %

Taxable Component - Untaxed Element Rates

Age 59 and under

Marginal Rate

Age 60 and over

Marg Rate with 10% offset

Super Income Stream Tax Offset

Australian superannuation income streams recipients may be entitled to a tax offset dependent on age or if a death/disability benefit applies.

Taxable Component - Taxed Element

Eligible Age

Preservation Age

Tax Offset Rate

15.00 %

Taxable Component - Untaxed Element

Eligible Age

60

Tax Offset Rate

10.00 %

Relevant Numbers for Centrelink

Payments Commenced on or after 01/01/2010

Age

Male

Female

Age

Male

Female

Age

Male

Female

50

31.43

35.17

70

14.76

17.42

90

4.36

4.91

51

30.53

34.24

71

14.04

16.61

91

4.11

4.57

52

29.63

33.31

72

13.33

15.82

92

3.89

4.27

53

28.73

32.38

73

12.64

15.03

93

3.69

3.99

54

27.84

31.45

74

11.96

14.27

94

3.51

3.75

55

26.95

30.53

75

11.31

13.51

95

3.36

3.53

56

26.08

29.61

76

10.68

12.78

96

3.22

3.33

57

25.20

28.70

77

10.07

12.05

97

3.10

3.16

58

24.34

27.79

78

9.48

11.35

98

2.99

3.00

59

23.48

26.89

79

8.92

10.67

99

2.90

2.86

60

22.63

26.00

80

8.38

10.01

100

2.81

2.74

61

21.79

25.11

81

7.86

9.37

101

2.73

2.63

62

20.96

24.23

82

7.36

8.75

102

2.66

2.54

63

20.14

23.35

83

6.89

8.17

103

2.60

2.46

64

19.34

22.48

84

6.45

7.61

104

2.54

2.38

65

18.54

21.62

85

6.03

7.08

105

2.49

2.32

66

17.76

20.76

86

5.64

6.58

106

2.44

2.26

67

16.99

19.92

87

5.27

6.11

107

2.40

2.20

68

16.24

19.08

88

4.94

5.68

108

2.35

2.15

69

15.49

18.24

89

4.63

5.28

109

2.30

2.09

Payments Commenced on or after 01/01/2005 to 31/12/2009

Age

Male

Female

Age

Male

Female

Age

Male

Female

50

30.39

34.51

70

14.08

17.08

90

4.74

5.33

51

29.49

33.58

71

13.41

16.29

91

4.54

5.03

52

28.59

32.66

72

12.75

15.53

92

4.36

4.75

53

27.69

31.73

73

12.11

14.78

93

4.19

4.50

54

26.80

30.82

74

11.50

14.05

94

4.03

4.28

55

25.92

29.91

75

10.90

13.33

95

3.87

4.07

56

25.05

29.00

76

10.32

12.63

96

3.73

3.88

57

24.19

28.10

77

9.77

11.94

97

3.60

3.71

58

23.34

27.21

78

9.24

11.27

98

3.47

3.55

59

22.49

26.32

79

8.73

10.61

99

3.35

3.40

60

21.66

25.44

80

8.24

9.98

100

3.24

3.26

61

20.84

24.57

81

7.77

9.38

101

3.14

3.13

62

20.04

23.71

82

7.32

8.81

102

3.04

3.01

63

19.24

22.85

83

6.89

8.27

103

2.94

2.90

64

18.46

22.00

84

6.48

7.76

104

2.85

2.79

65

17.70

21.15

85

6.11

7.28

105

2.77

2.69

66

16.95

20.32

86

5.77

6.83

106

2.69

2.60

67

16.21

19.49

87

5.47

6.41

107

2.61

2.52

68

15.48

18.67

88

5.20

6.02

108

2.54

2.43

69

14.78

17.87

89

4.95

5.66

109

2.47

2.35

Payments Commenced on or after 01/01/2000 to 31/12/2004

Age

Male

Female

Age

Male

Female

Age

Male

Female

50

28.64

33.11

70

12.80

15.90

90

4.16

4.67

51

27.74

32.18

71

12.17

15.14

91

3.99

4.39

52

26.85

31.26

72

11.56

14.40

92

3.86

4.15

53

25.97

30.34

73

10.96

13.67

93

3.73

3.93

54

25.09

29.43

74

10.38

12.96

94

3.62

3.72

55

24.22

28.53

75

9.82

12.26

95

3.50

3.54

56

23.36

27.63

76

9.27

11.58

96

3.39

3.37

57

22.52

26.74

77

8.74

10.92

97

3.28

3.21

58

21.68

25.86

78

8.24

10.28

98

3.18

3.07

59

20.86

24.98

79

7.76

9.67

99

3.07

2.93

60

20.05

24.11

80

7.30

9.09

100

2.98

2.81

61

19.25

23.25

81

6.87

8.53

101

2.88

2.70

62

18.46

22.39

82

6.46

8.00

102

2.79

2.59

63

17.70

21.54

83

6.08

7.48

103

2.71

2.50

64

16.94

20.70

84

5.73

7.00

104

2.64

2.41

65

16.21

19.88

85

5.40

6.53

66

15.49

19.06

86

5.10

6.10

67

14.79

18.25

87

4.82

5.69

68

14.11

17.46

88

4.57

5.32

69

13.44

16.67

89

4.53

4.98

Payments Commenced on or after 01/01/1996 to 31/12/1999

Age

Male

Female

Age

Male

Female

Age

Male

Female

50

27.48

32.32

70

12.14

15.37

90

3.93

4.59

51

26.59

31.40

71

11.54

14.64

91

3.72

4.30

52

25.71

30.49

72

10.95

13.92

92

3.52

4.04

53

24.84

29.58

73

10.39

13.22

93

3.34

3.81

54

23.98

28.68

74

9.84

12.53

94

3.19

3.60

55

23.13

27.78

75

9.31

11.87

95

3.05

3.41

56

22.30

26.90

76

8.80

11.22

96

2.93

3.24

57

21.47

26.02

77

8.32

10.60

97

2.84

3.09

58

20.66

25.14

78

7.86

9.99

98

2.76

2.94

59

19.87

24.27

79

7.42

9.41

99

2.70

2.82

60

19.09

23.42

80

7.00

8.85

100

2.64

2.69

61

18.32

22.57

81

6.60

8.31

101

2.59

2.58

62

17.57

21.72

82

6.23

7.80

102

2.55

2.47

63

16.83

20.89

83

5.87

7.31

103

2.51

2.36

64

16.12

20.07

84

5.54

6.84

104

2.47

2.26

65

15.41

19.26

85

5.23

6.40

66

14.73

18.45

86

4.93

5.99

67

14.06

17.66

87

4.66

5.60

68

13.40

16.89

88

4.40

5.24

69

12.76

16.12

89

4.15

4.90

Payments Commenced on or after 01/05/1993 to 31/12/1995

Age

Male

Female

Age

Male

Female

Age

Male

Female

50

26.28

31.43

70

11.46

14.77

90

3.79

4.37

51

25.41

30.52

71

10.89

14.06

91

3.64

4.10

52

24.55

29.62

72

10.33

13.37

92

3.50

3.86

53

23.70

28.73

73

9.80

12.69

93

3.37

3.65

54

22.86

27.84

74

9.28

12.02

94

3.24

3.45

55

22.04

26.96

75

8.78

11.37

95

3.12

3.27

56

21.23

26.08

76

8.30

10.75

96

3.00

3.11

57

20.44

25.22

77

7.84

10.14

97

2.89

2.97

58

19.65

24.35

78

7.40

9.55

98

2.78

2.84

59

18.89

23.50

79

6.98

8.98

99

2.67

2.72

60

18.13

22.65

80

6.58

8.44

100

2.57

2.62

61

17.39

21.81

81

6.20

7.92

101

2.47

2.51

62

16.67

20.98

82

5.84

7.42

102

2.38

2.41

63

15.96

20.16

83

5.50

6.95

103

2.29

2.31

64

15.27

19.35

84

5.50

6.51

104

2.20

2.22

65

14.60

18.56

85

4.89

6.09

66

13.93

17.77

86

4.62

5.69

67

13.29

17.00

87

4.38

5.32

68

12.66

16.24

88

4.16

4.98

69

12.05

15.50

89

3.97

4.66

Payments Commenced on or after 01/09/1988 to 30/04/1993

Age

Male

Female

Age

Male

Female

Age

Male

Female

50

25.12

30.70

70

10.81

14.26

90

3.47

4.11

51

24.28

29.80

71

10.27

13.56

91

3.28

3.85

52

23.45

28.91

72

9.75

12.87

92

3.11

3.61

53

22.63

28.02

73

9.25

12.19

93

2.94

3.38

54

21.82

27.14

74

8.77

11.53

94

2.80

3.18

55

21.02

26.27

75

8.31

10.89

95

2.66

2.99

56

20.24

25.40

76

7.86

10.27

96

2.54

2.81

57

19.47

24.55

77

7.44

9.67

97

2.43

2.64

58

18.71

23.70

78

7.03

9.09

98

2.32

2.49

59

17.96

22.85

79

6.64

8.54

99

2.23

2.35

60

17.23

22.02

80

6.27

8.01

100

2.13

2.22

61

16.52

21.20

81

5.92

7.50

101

2.04

2.10

62

15.81

20.38

82

5.58

7.02

102

1.96

1.99

63

15.13

19.58

83

5.26

6.57

103

1.88

1.89

64

14.46

18.78

84

4.96

6.14

104

1.81

1.81

65

13.80

18.00

85

4.67

5.74

66

13.17

17.22

86

4.40

5.37

67

12.55

16.46

87

4.14

5.02

68

11.95

15.72

88

3.91

4.69

69

11.37

14.98

89

3.68

4.39

Payments Commenced on or after 01/07/1983 to 31/08/1988

Age

Male

Female

Age

Male

Female

Age

Male

Female

50

24.05

29.53

70

10.31

13.52

90

3.45

4.02

51

23.23

28.65

71

9.79

12.84

91

3.31

3.79

52

22.42

27.77

72

9.30

12.18

92

3.19

3.59

53

21.62

26.91

73

8.82

11.53

93

3.09

3.41

54

20.83

26.04

74

8.35

10.90

94

3.01

3.25

55

20.06

25.19

75

7.91

10.29

95

2.94

3.11

56

19.30

24.34

76

7.48

9.70

96

2.88

3.00

57

18.55

23.51

77

7.07

9.13

97

2.83

2.90

58

17.82

22.68

78

6.68

8.59

98

2.77

2.82

59

17.10

21.85

79

6.31

8.07

99

2.72

2.77

60

16.40

21.04

80

5.95

7.58

100

2.67

2.72

61

15.71

20.24

81

5.62

7.11

101

2.62

2.67

62

15.04

19.45

82

5.30

6.67

102

2.58

2.62

63

14.39

18.66

83

5.00

6.25

103

2.53

2.57

64

13.75

17.89

84

4.72

5.86

104

2.48

2.53

65

13.13

17.13

85

4.45

5.49

66

12.53

16.38

86

4.21

5.15

67

11.95

15.65

87

3.99

4.83

68

11.38

14.93

88

3.79

4.54

69

10.84

14.22

89

3.61

4.27

Payments Commenced Before 01/07/1983

Age

Male

Female

Age

Male

Female

Age

Male

Female

50

22.87

28.10

70

9.51

12.39

90

3.15

3.73

51

22.05

27.23

71

9.03

11.74

91

3.02

3.52

52

21.25

26.37

72

8.56

11.12

92

2.90

3.33

53

20.46

25.51

73

8.12

10.51

93

2.79

3.14

54

19.68

24.66

74

7.69

9.93

94

2.69

2.97

55

18.92

23.82

75

7.29

9.36

95

2.60

2.81

56

18.18

22.99

76

6.90

8.82

96

2.52

2.65

57

17.45

22.16

77

6.54

8.30

97

2.44

2.51

58

16.73

21.35

78

6.19

7.80

98

2.38

2.37

59

16.03

20.54

79

5.85

7.33

99

2.31

2.25

60

15.35

19.74

80

5.52

6.88

100

2.25

2.13

61

14.69

18.95

81

5.21

6.45

101

2.20

2.02

62

14.04

18.17

82

4.92

6.06

102

2.15

1.91

63

13.41

17.41

83

4.64

5.69

103

2.10

1.82

64

12.81

16.65

84

4.38

5.35

104

2.06

1.72

65

12.21

15.90

85

4.13

5.03

66

11.64

15.17

86

3.89

4.74

67

11.08

14.45

87

3.67

4.46

68

10.54

13.75

88

3.48

4.20

69

10.02

13.06

89

3.30

3.96

Percentage Factors

These allowable minimum payment limits may be applied to ALL allocated and account based income streams from 1 July 2007, irrespective of their commencement date.

Allocated income streams with commencement days before 1 July 2007 may still use the PVFs being used before that date. However, if the recipient wishes, they may use the new minimum pension limits that apply from that date.

For account-based pensions there is no maximum limit.

Minimum Payment Rates

(% of account bal)

Aged 55 to 64

3.00 %

Aged 65 to 74

3.75 %

Aged 75 to 79

4.50 %

Aged 80 to 84

5.25 %

Aged 85 to 89

6.75 %

Aged 90 to 94

8.25 %

Aged 95 or over

10.50 %

Pension Valuation Factors

Payments Commenced on/after 1 Jan 2006 up to 19 Sep 2007

Age

Max

Min

Age

Max

Min

Age

Max

Min

50

12.00

22.80

70

8.40

15.10

90

1.00

6.60

51

11.90

22.50

71

8.00

14.60

91

1.00

6.30

52

11.80

22.20

72

7.60

14.20

92

1.00

6.00

53

11.80

21.80

73

7.20

13.70

93

1.00

5.80

54

11.70

21.50

74

6.70

13.30

94

1.00

5.50

55

11.50

21.10

75

6.20

12.80

95

1.00

5.30

56

11.40

20.80

76

5.70

12.30

96

1.00

5.10

57

11.30

20.40

77

5.10

11.90

97

1.00

4.90

58

11.20

20.10

78

4.50

11.40

98

1.00

4.70

59

11.00

19.70

79

3.80

10.90

99

1.00

4.50

60

10.90

19.30

80

3.10

10.50

100

1.00

4.40

61

10.70

18.90

81

2.30

10.00

62

10.50

18.50

82

1.40

9.60

63

10.30

18.10

83

1.00

9.10

64

10.10

17.70

84

1.00

8.70

65

9.90

17.30

85

1.00

8.30

66

9.60

16.80

86

1.00

7.90

67

9.30

16.40

87

1.00

7.50

68

9.10

16.00

88

1.00

7.20

69

8.70

15.50

89

1.00

6.90

Pension Valuation Factors

Payments Commenced before 1 Jan 2006

Age

Max

Min

Age

Max

Min

Age

Max

Min

50

9.90

21.50

70

6.60

13.50

90

1.00

5.50

51

9.90

21.20

71

6.20

13.10

91

1.00

5.30

52

9.80

20.90

72

5.80

12.60

92

1.00

5.00

53

9.70

20.50

73

5.40

12.20

93

1.00

4.80

54

9.70

20.10

74

4.80

11.70

94

1.00

4.60

55

9.60

19.80

75

4.30

11.30

95

1.00

4.40

56

9.50

19.40

76

3.70

10.80

96

1.00

4.20

57

9.40

19.00

77

3.00

10.40

97

1.00

4.00

58

9.30

18.60

78

2.20

10.00

98

1.00

3.80

59

9.10

18.20

79

1.40

9.50

99

1.00

3.70

60

9.00

17.80

80

1.00

9.10

100

1.00

3.50

61

8.90

17.40

81

1.00

8.70

62

8.70

17.00

82

1.00

8.30

63

8.50

16.60

83

1.00

7.90

64

8.30

16.20

84

1.00

7.50

65

8.10

15.70

85

1.00

7.10

66

7.90

15.30

86

1.00

6.80

67

7.60

14.90

87

1.00

6.40

68

7.30

14.40

88

1.00

6.10

69

7.00

14.00

89

1.00

5.80

Payment Factors Table

Used for social security purposes for market-linked income streams.

Term

Factor

Term

Factor

Term

Factor

Term

Factor

Term

Factor

Term

Factor

Term

Factor

70

26.00

60

24.94

50

23.46

40

21.36

30

18.39

20

14.21

10

8.32

69

25.91

59

24.82

49

23.28

39

21.10

29

18.04

19

13.71

9

7.61

68

25.82

58

24.69

48

23.09

38

20.84

28

17.67

18

13.19

8

6.87

67

25.72

57

24.55

47

22.90

37

20.57

27

17.29

17

12.65

7

6.11

66

25.62

56

24.41

46

22.70

36

20.29

26

16.89

16

12.09

6

5.33

65

25.52

55

24.26

45

22.50

35

20.00

25

16.48

15

11.52

5

4.52

64

25.41

54

24.11

44

22.28

34

19.70

24

16.06

14

10.92

4

3.67

63

25.30

53

23.96

43

22.06

33

19.39

23

15.62

13

10.30

3

2.80

62

25.19

52

23.80

42

21.83

32

19.07

22

15.17

12

9.66

2

1.90

61

25.07

51

23.63

41

21.60

31

18.74

21

14.70

11

9.00

1

1.00