Commonwealth legislation

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2009

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

What this does: This notice sets the interest rate (5.35%) used to calculate weekly payments when a lump sum compensation payment is converted to weekly instalments under the Commonwealth workers' compensation scheme (the Comcare scheme).

Who it affects:

Commonwealth government employees (and some contractors) who receive lump sum compensation for permanent injuries
Employers and insurers calculating payment obligations under the Safety, Rehabilitation and Compensation Act 1988

Key details:

Rate: 5.35% per annum
Duration: Applied only to the 2009-2010 financial year (from 1 July 2009 until 30 June 2010)
Purpose: Determines how much weekly interest accrues on lump sum compensation amounts, which affects calculations when lump sums are paid out gradually rather than as a single payment

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Direct links to the current provisions in Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2009.

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2009

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Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2009

Notice No. of 2009

I, JULIA GILLARD, Minister for Employment and Workplace Relations, make this Notice under subsection 21(5) of the Safety, Rehabilitation and Compensation Act 1988.

Dated 22 May 2009

Julia Gillard

Minister for Employment and Workplace Relations

1. Name of Notice

This Notice is the Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2009

2. Commencement

This Notice commences on the later of:

(a) 1 July 2009; or

(b) the day after it is registered on the Federal Register of Legislative Instruments.

3. Cessation

This Notice ceases to have effect after 30 June 2010.

4. Declaration

For subsection 21(5) of the Safety, Rehabilitation and Compensation Act 1988, I specify that the rate of ‘Weekly interest on the lump sum’ to be 5.35%.

Source text

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

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 meta-generator: Aspose.Words for .NET 20.2 title: Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2008

?xml version="1.0" encoding="utf-8" standalone="no"?>

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2009

Notice No. of 2009

I, JULIA GILLARD, Minister for Employment and Workplace Relations, make this Notice under subsection 21(5) of the Safety, Rehabilitation and Compensation Act 1988.

Dated 22 May 2009

Julia Gillard

Minister for Employment and Workplace Relations

1. Name of Notice

This Notice is the Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2009

2. Commencement

This Notice commences on the later of:

(a) 1 July 2009; or

(b) the day after it is registered on the Federal Register of Legislative Instruments.

3. Cessation

This Notice ceases to have effect after 30 June 2010.

4. Declaration

For subsection 21(5) of the Safety, Rehabilitation and Compensation Act 1988, I specify that the rate of ‘Weekly interest on the lump sum’ to be 5.35%.