Commonwealth legislation

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2011 (1)

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

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This notice sets the interest rate used to calculate weekly interest on lump sum compensation payments under the Commonwealth workers' compensation scheme.

Under the Safety, Rehabilitation and Compensation Act 1988 (which covers federal public servants and some national employers), injured workers can receive lump sum payments for permanent impairment. This notice specifies that the rate is 5.35%.

Who it affects:

Commonwealth government employees making workers' compensation claims
Employers covered by the federal Comcare scheme
Insurers handling these claims

Why it matters: The rate determines how much interest accrues on lump sum payments between the date of injury and payment, or during any delays. This particular rate applied for the 2011–12 financial year (from 1 July 2011 to 30 June 2012).

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Current sections

Direct links to the current provisions in Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2011 (1).

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2011 (1)

Notice No. 1 of 2011

I, CHRIS EVANS, Minister for Tertiary Education, Skills, Jobs and Workplace Relations, make this Notice under subsection 21(5) of the Safety, Rehabilitation and Compensation Act 1988.

Dated 13 June 2011

Chris Evans

Minister for Education, Skills, Jobs and Workplace Relations

________________________________________________________________________________

Name of Notice

This Notice is the Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2011 (1)

Commencement

This Notice commences on the later of:

(a) 1 July 2011; or

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

Cessation

This Notice ceases to have effect after 30 June 2012.

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.

1 Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2011 (1)

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2011 (1)

Notice No. 1 of 2011

I, CHRIS EVANS, Minister for Tertiary Education, Skills, Jobs and Workplace Relations, make this Notice under subsection 21(5) of the Safety, Rehabilitation and Compensation Act 1988.

Dated 13 June 2011

Chris Evans

Minister for Education, Skills, Jobs and Workplace Relations

________________________________________________________________________________

Name of Notice

This Notice is the Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Notice 2011 (1)

Commencement

This Notice commences on the later of:

(a) 1 July 2011; or

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

Cessation

This Notice ceases to have effect after 30 June 2012.

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%.