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. 3 Compilation date: 2 August 2022 Includes amendments up to: F2022L01036 Registered: 26 September 2022 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 2 August 2022 (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 (www.legislation.gov.au). 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. Editorial changes For more information about any editorial changes made in this compilation, see 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 Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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 Part 2—Principles 2.1 Payment Factors Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history Endnote 5—Editorial changes 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, 1 July 2021 or 1 July 2022, 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. (2) 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. (3) 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 Term of income stream remaining Item Payment factors 1 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. Editorial changes The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date. If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel. Misdescribed amendments A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003. If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to 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 (s 1.2) Veterans' Entitlements (Asset‑test Exempt Income Stream (Market‑linked) — Payment Factors) Principles Amendment Instrument 2020 9 July 2020 (F2020L00894) 10 July 2020 (s 2) — Veterans' Entitlements (Asset‑test Exempt Income Stream (Market‑linked) — Payment Factors) Principles Amendment Instrument 2021 30 June 2021 (F2021L00922) 1 July 2021 (s 2) — Veterans' Entitlements (Asset‑test Exempt Income Stream (Market‑linked) — Payment Factors) Principles Amendment Instrument 2022 1 Aug 2022 (F2022L01036) 2 Aug 2022 (s 2(1) item 1) — Endnote 4—Amendment history Provision affected How affected Part 1 s 1.2.................... rep LA s 48D s 1.3.................... rep LA s 48C Part 2 s 2.1.................... am F2020L00894; F2021L00922; F2022L01036 ed C3 Endnote 5—Editorial changes In preparing this compilation for registration, the following kinds of editorial change(s) were made under the Legislation Act 2003. Paragraph 2.1(1)(b) Kind of editorial change Change to punctuation Details of editorial change Paragraph 2.1(1)(b) ends in a comma despite being the last paragraph of that subsection. This compilation was editorially changed to omit the comma at the end of paragraph 2.1(1)(b) and insert a full stop to bring it into line with legislative drafting practice.