Commonwealth legislation

Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2003

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legislative instrument

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This instrument, made by the Australian Government Actuary under subregulation 45D of the Family Law (Superannuation) Regulations 2001, sets the interest rate for adjustment periods in the 2003–04 financial year at 0.071 and prescribes two pro‑rata calculation methods (Schedules 1–2) for adjustment periods shorter than, or exactly, 12 months that span 30 June 2003. It affects family law superannuation splits — trustees, payers and recipients — by changing how interest on adjustments is calculated and applied; parties and administrators must compute days (d1/d2) per the schedules and apply the rate.

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Current sections

Direct links to the current provisions in Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2003.

Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2003

View image in the official source

Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2003

Family Law (Superannuation) Regulations 2001

I, PETER COLIN MARTIN, Australian Government Actuary:

(a) revoke the Determination made by me on 25 June 2003 under subregulation 45D (4) of the Family Law (Superannuation) Regulations 2001, as in force on 2 September 2003, and published in Gazette No. S 224 on 27 June 2003; and

(b) acting under subregulation 45D (3) of the Family Law (Superannuation) Regulations 2001, determine that the interest rate for the adjustment period, being the financial year beginning on 1 July 2003, is 0.071; and

(c) acting under subregulation 45D (4) of the Family Law (Superannuation) Regulations 2001, determine that the method set out in Schedule 1 is the method for calculating the interest rate for an adjustment period of less than 12 months that begins and ends in the financial year beginning on 1 July 2003; and

(d) acting under subregulation 45D (6) of the Family Law (Superannuation) Regulations 2001:

(i) determine, for the purposes of subparagraph 45D (5) (b) (i) of those Regulations, that the method set out in Schedule 2 is the method for calculating the interest rate for an adjustment period of exactly 12 months beginning before 30 June in the financial year ending on 30 June 2003 and ending in the next financial year; and

(ii) determine, for the purposes of subparagraph 45D (5) (b) (ii) of those Regulations, that the method set out in Schedule 1 is the method for calculating the interest rate for an adjustment period of less than 12 months beginning before 30 June in the financial year ending on 30 June 2003 and ending in the next financial year.

This Determination is taken to have commenced on 3 September 2003.

Dated 29 September 2003

PETER COLIN MARTIN

Australian Government Actuary

Schedule 1 Method — Adjustment period of less than 12 months

(paragraph (c) and subparagraph (d) (ii))

The method for calculating the interest rate for the adjustment period is:

View image in the official source

where:

d1 is the number of days in the adjustment period between 28 December 2002 and 30 June 2003 (inclusive).

d2 is the number of days in the adjustment period after 30 June 2003.

Schedule 2 Method — Adjustment period of exactly 12 months

(subparagraph (d) (i))

The method for calculating the interest rate for the adjustment period is:

View image in the official source

where:

d1 is the number of days in the adjustment period between 28 December 2002 and 30 June 2003 (inclusive).

d2 is the number of days in the adjustment period after 30 June 2003.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2003

Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2003

Family Law (Superannuation) Regulations 2001

I, PETER COLIN MARTIN, Australian Government Actuary:

(d) acting under subregulation 45D (6) of the Family Law (Superannuation) Regulations 2001:

This Determination is taken to have commenced on 3 September 2003.

Dated 29 September 2003

PETER COLIN MARTIN

Australian Government Actuary

Schedule 1 Method — Adjustment period of less than 12 months

(paragraph (c) and subparagraph (d) (ii))

The method for calculating the interest rate for the adjustment period is:

where:

d1 is the number of days in the adjustment period between 28 December 2002 and 30 June 2003 (inclusive).

d2 is the number of days in the adjustment period after 30 June 2003.