Superannuation (Prescribed Rates of Interest) Regulations

The instrument focuses on three core legal concepts: prescription of statutory interest rates, linkage to a parent Act provision, and commencement by executive notice.

1. Prescription of rates. Regulation 3 and the Schedule convert an administrative decision into a legal prescription of interest rates for particular financial years. The Schedule pairs a "Financial Year" description with a numeric "Rate of interest per centum per annum" for each listed year. These rates are the legal numeric inputs designated by the Regulations for the statutory purpose identified in reg 3.

2. Linkage to the parent Act. The Regulations operate by reference to subsection (3) of section 90 of the Superannuation Act 1922-1965, as stated in reg 3. That linkage means the legal operation of these figures depends on the scope and triggers of s 90(3). The Regulations do not define s 90(3); they only state that the Schedule supplies "the prescribed rate of interest in respect of that financial year" for the purposes of that subsection.

3. Executive commencement mechanism. Reg 2 ties the Regulations’ operative date to a Treasurer’s notice in the Gazette made under subsection (1) of section 69 of the Superannuation Act 1965. The Regulations therefore leave the timing of operation to an executive act (a Gazette notice by the Treasurer) and not to an automatic date specified in the Regulations themselves.

Ancillary concepts evident in the compilation and notes include amendment by Statutory Rules, record of commencement and notification dates in the Gazette, and the versioning of the Schedule over successive SRs. The Notes provide a Table of Statutory Rules that shows when amendments to the Schedule were notified and when they commenced (for example, SR 1966 No. 63 notified 24 Feb 1966, commenced 31 Mar 1966; SR 1976 No. 201 notified 15 Sept 1976, commenced 15 Sept 1976). The Table of Amendments records which Statutory Rules amended the Schedule (1967 No. 36; 1968 Nos. 64 and 142; 1972 No. 174; 1973 No. 210; 1974 Nos. 43, 87 and 269; 1975 No. 221; 1976 No. 201). The compilation note dated 8 June 2004 states it takes into account amendments up to SR 1976 No. 201.

Terminology to watch. The Schedule headings as printed include a typographical compression , "Rate ofinterest per centumper annum" , but the intended meaning is the annual percentage rate expressed as a decimal. Each numeric entry is given to three decimal places, which affects calculation precision. The Schedule entries are labelled by financial year, mostly as "Financial year that commenced on 1 July [year]," except the last entry, "Financial year that ended on 30 June 1976," which departs from the pattern. That difference in descriptive language is in the source and may require attention when mapping obligations to the Schedule.

The Regulations operate by reference to s 90(3) of the Superannuation Act 1922-1965; accordingly, the people and entities affected are those whose rights, liabilities or statutory calculations fall within the scope of that subsection. The Regulations themselves do not list beneficiaries, employers, trustees, administrators or particular roles; they supply the numerical rates to be applied whenever s 90(3) calls for "the prescribed rate of interest." Therefore, identification of affected parties requires reference to s 90(3).

Who decides. The Treasurer decides the commencement date by Gazette notice under s 69(1) of the Superannuation Act 1965 (reg 2). The Governor in Council or appropriate authority making Statutory Rules amended the Schedule over time; those SR numbers are recorded in the Notes (Table of Statutory Rules and Table of Amendments). Practically, that means the executive branch (Treasurer and officials preparing SRs) determined the operative timing and modifications of the Schedule; but the Regulations themselves fix the numeric rates once in force.

Who pays or receives interest. The Regulations do not specify which party pays or receives interest; they only prescribe the rate which applies to a statutory construct in the parent Act. If s 90(3) establishes an obligation to pay interest or an entitlement to receive interest, the amount of interest will be computed using the prescribed rate for the relevant financial year in the Schedule. Thus, payers and recipients are identified by reference to the substantive provisions of the Superannuation Act rather than by the Regulations.

Administrative actors. Trustees, administrators, actuaries, accountants and legal advisers who undertake interest calculations under the parent Act will need to use the Schedule figures. Agencies responsible for publishing or relying on Gazette commencement notices must ensure they track the Treasurer’s notices under s 69(1) of the Superannuation Act 1965 to know when the Regulations became or become operative (reg 2).

Temporal scope and limits. The Schedule’s entries span specific financial years from 1 July 1957 through the year ending 30 June 1976. No rates for later financial years are contained in this compilation. Entities undertaking historical calculations that rely on s 90(3) for those years will use the Schedule entries; entities with obligations outside those years will need to identify whether later instruments have prescribed rates beyond those included in this compilation.

Record‑keeping and evidence. Because the Regulations tie operation to Gazette notices and amendments via Statutory Rules, decision-makers and paying parties must retain or reference the Gazette notices and the relevant SRs that set commencement and amendments (see Notes: Table of Statutory Rules). The compilation lists the SR numbers and commencement dates up to 1976; practitioners should check the Gazette for the actual notices and for any subsequent instruments not included in this compilation.

The Regulations create a narrow, precise duty: when subsection (3) of section 90 of the Superannuation Act 1922-1965 requires a "prescribed rate of interest," the duty-holder must apply the numeric rate set in the Schedule for the relevant financial year (reg 3). That is the operative duty established by the instrument. The Regulations do not create new rights or broad regulatory frameworks; they specify the numeric parameter for statutory interest calculations.

Duties in practical terms. Any person or entity calculating interest under s 90(3) has the duty to consult the Schedule and apply the numeric rate listed opposite the relevant financial year. The duty includes attention to the exact numerical value shown in the Schedule (for example, 4.471 for the financial year commencing 1 July 1957, 7.842 for the financial year that ended on 30 June 1976). The duty does not, within these Regulations, prescribe calculation methodology (for example, compounding frequency, day count conventions, or rounding rules). Those procedural rules, if required, will come from the parent Act or accepted administrative practice; they are not contained in these Regulations.

Rights in practical terms. If the parent Act grants a right to receive interest calculated at the "prescribed rate," the holder of that right is entitled to have interest calculated using the Schedule figure applicable to the relevant financial year. Conversely, a payer required by the parent Act to discharge an interest obligation may rely on the Schedule rate to determine their monetary obligation. The Regulations therefore confer a definitional right (or obligation) to a particular numeric rate where the parent Act refers to the "prescribed rate." The precise legal effect of that right or obligation depends on the substantive wording and scope of s 90(3), which the Regulations do not reproduce.

Obligation to monitor commencement and amendments. Because reg 2 makes commencement contingent on a Treasurer’s Gazette notice under s 69(1) of the Superannuation Act 1965, entities have a duty to verify whether and when the Regulations (or any amendment SR) have commenced by consulting the Gazette or the Table of Statutory Rules referenced in the compilation Notes. The Notes list SRs and their commencement dates for the amendments up to SR 1976 No. 201; they are part of the authoritative history reflected in the compilation.

Documentation and evidentiary duties. Users applying the rates for statutory calculations should document the rate used, the financial year it was taken from, the Gazette notice for commencement, and any SR amending the Schedule that is relevant. The compilation itself notes the dates of notification and commencement for each SR amendment (Notes: Table of Statutory Rules), which assist in establishing which Schedule entry was in force for a particular calculation.

Limits on duties and rights. The Regulations do not set out penalties, enforcement mechanisms, apportionment rules, or rounding conventions; they do not displace those aspects of legal process which are typically governed by the parent Act or administrative practice. For procedural elements (how to apply the rate across partial periods or multi‑year calculations), the Regulations are silent and the relevant duties or rights will be shaped by the parent statute and by any applicable administrative guidance.

The Regulations themselves contain no penalty provisions and do not set out enforcement mechanisms. Regulation 1 contains a citation (the title), regulation 2 prescribes the commencement mechanism, and regulation 3 prescribes numerical rates in the Schedule. None of these provisions establishes offences, penalties, fines or enforcement processes.

Because the Regulations are made under the Superannuation Act 1922 (reg 3) and their commencement is tied to the Superannuation Act 1965 (reg 2), any penalties, compliance obligations, enforcement powers or remedies relevant to a failure to use the prescribed rates, or to other conduct in the superannuation context, will be found in the parent Act or other statutory provisions rather than in these Regulations. The Regulations supply a defined input , the numeric rate , for statutory calculations; they do not themselves specify consequences for misuse or non‑use.

Practical consequence for enforcement. Where an entitlement or obligation under the Superannuation Act requires use of a "prescribed rate" and a party uses an incorrect rate, the legal consequence (for example, adjustment of payment, remedy, or sanction) would arise under the relevant provisions of the Superannuation Act, or from general legal remedies for incorrect statutory calculation, rather than from these Regulations. The compilation’s Notes and Table of Statutory Rules record the SR instruments and their commencement dates (for example, SR 1966 No. 63, SR 1976 No. 201), but do not describe any enforcement or penalty steps tied to those changes.

Administrative enforcement avenues. Enforcement in practice may involve administrative recovery, adjustment of payments, or liability for incorrect calculation depending on the parent Act’s provisions and any agency implementation. The Regulations do not allocate investigatory or enforcement powers to a particular agency, nor do they create an independent regulatory enforcement regime.

Recommendation implicit in text. Because the Regulations are silent on penalties and enforcement, practitioners and administrators relying on the Schedule for calculations should document their methodology, the exact Schedule rate used, and the relevant Gazette or SR that commences the applicable rate. That documentation will be necessary in any administrative review or dispute that hinges on the correct numeric rate for a given financial year. The compilation’s Notes provide the SR references and dates that will assist in assembling that chain of evidence.

These Regulations operate as a subordinate instrument made under the Superannuation Act 1922, and their operation is expressly linked to the parent statute. Regulation 3 states the Schedule rates are "for the purposes of subsection (3) of section 90 of the Superannuation Act 1922-1965." Regulation 2 ties commencement to a Treasurer’s notice under subsection (1) of section 69 of the Superannuation Act 1965. Accordingly, the Regulations interact with at least two provisions in the superannuation legislative framework: s 90(3) of the Superannuation Act 1922-1965, which calls for a prescribed rate, and s 69(1) of the Superannuation Act 1965, which authorises the Treasury/Government executive to notify commencements.

Subordinate‑to‑parent relationship. The rates have legal effect only through the parent Act’s incorporation of a "prescribed rate" concept. The Regulations do not themselves create substantive superannuation rights or duties; they are a mechanism for giving precise numerical content to a term used in the parent statute. Any interpretive questions about when the prescribed rate applies, or about procedural elements such as apportionment across time or rounding, will turn first to the parent Act and any related subordinate instruments that govern procedure.

Commencement and Gazette notices. Reg 2’s reliance on s 69(1) of the Superannuation Act 1965 means the Regulations’ operative date is determined by an executive notice in the Gazette. That creates a direct procedural interaction with the Gazette notification regime and with any statutory requirements about how and when subordinate instruments come into force. The Notes in the compilation list specific SRs with their Gazette notification and commencement dates, documenting that interaction in practice (for example, SR 1966 No. 63 notified 24 Feb 1966, commenced 31 Mar 1966).

Amendments via Statutory Rules. The Schedule was amended through successive Statutory Rules; the Notes record which SRs amended the Schedule (see Table of Amendments). That interaction shows the Regulations are part of an amendment ecosystem in which the Governor in Council or authorised executive issues SRs to add or vary Schedule entries. The compilation records those SRs and their commencement dates, which helps map which numeric rates were in force at particular times.

Limits of interaction. The Regulations are silent on matters often handled by other laws or instruments, such as penalty regimes, interest compounding arrangements, or the mechanics for prorating rates over partial periods. Those matters will interact with other provisions in the parent Act or in administrative guidance, not with the Regulations themselves. For practical calculation across periods spanning multiple financial years, practitioners must consult the substantive Act and any applicable rules or practice statements to determine apportionment and compounding.

Temporal scope and possible supersession. This compilation covers Schedule entries and amendments up to SR 1976 No. 201 and was prepared on 8 June 2004. The compilation does not indicate whether later instruments have superseded these entries; to determine current legal positions or to locate rates for years after 1976, a practitioner must examine subsequent legislation, subordinate instruments, or consolidated versions of the parent Act. The Regulations, as compiled here, interact with historical statutory frameworks and with the SR amendment process documented in the Notes.

Evidence chain. Because the Regulations’ operation depends on Gazette notices and SRs, interactions with legislative drafting, publication and record-keeping laws are material. The Table of Statutory Rules in the Notes provides the SR numbers, notification dates and commencement dates that form the necessary evidence trail to establish which Schedule entries were in force for a given period.

The compilation includes a Notes section that sets out the amendment history up to the last recorded Statutory Rule. The Regulations were originally made as Statutory Rules 1966 No. 63 (notification 24 Feb 1966; commencement 31 Mar 1966). Subsequent SRs that amended the Schedule and their notification and commencement dates are shown in the Table of Statutory Rules in the compilation Notes. Specifically, the Table records the following SRs and dates:

• 1966 No. 63: notified 24 Feb 1966; commenced 31 Mar 1966 (see reg 2 and Gazette 1966 p. 1415).
• 1967 No. 36: notified 3 Apr 1967; commenced 3 Apr 1967.
• 1968 No. 64: notified 31 May 1968; commenced 31 May 1968.
• 1968 No. 142: notified 22 Nov 1968; commenced 22 Nov 1968.
• 1972 No. 174: notified 23 Oct 1972; commenced 23 Oct 1972.
• 1973 No. 210: notified 26 Oct 1973; commenced 26 Oct 1973.
• 1974 No. 43: notified 9 Apr 1974; commenced 9 Apr 1974.
• 1974 No. 87: notified 21 May 1974; commenced 21 May 1974.
• 1974 No. 269: notified 23 Dec 1974; commenced 23 Dec 1974.
• 1975 No. 221: notified 23 Dec 1975; commenced 23 Dec 1975.
• 1976 No. 201: notified 15 Sept 1976; commenced 15 Sept 1976.

The Table of Amendments included in the compilation states that "The Schedule" was amended by the list of SRs: 1967 No. 36; 1968 Nos. 64 and 142; 1972 No. 174; 1973 No. 210; 1974 Nos. 43, 87 and 269; 1975 No. 221; 1976 No. 201. The compilation prepared on 8 June 2004 expressly states it takes into account amendments up to SR 1976 No. 201.

Implications of the amendment record. The Notes show a sequence of discrete SRs that altered the Schedule over time. Each SR had a notification and commencement date recorded in the Gazette, and the compilation reproduces those dates. The Schedule entries themselves reflect the end result of those amendment events, as at the compilation date. The Table of Amendments records the SRs by which the Schedule entries were changed, but the compilation does not include the text of each amending SR; it lists the SR numbers and dates to allow a practitioner to retrieve the relevant instruments from the Gazette or the legislative register.

Scope of the compilation. The compilation’s annotation makes clear its temporal scope: prepared 8 June 2004 and taking into account amendments up to SR 1976 No. 201. It does not record any amendments after SR 1976 No. 201. Anyone needing to know whether the Schedule was subsequently amended must consult the official Commonwealth legislative sources or the Gazette for SRs after 1976.

Practical consequence for historical calculations. Where an interest calculation depends on a particular financial year named in the Schedule, the relevant SR commencement history tells which numeric rate applied for that period. The Table of Statutory Rules in the Notes provides the necessary SR identifiers and dates to confirm which Schedule entry was in force. For any legal or administrative proceeding concerning historical calculations, the SR records and Gazette notices listed in the compilation are the primary documentation to support which rate was in effect.

The compilation does not record any litigation or judicial decisions concerning these Regulations or their Schedule entries. The instrument and its Notes provide a legislative and administrative history (the Statutory Rules which notified and commenced the Schedule and the Table of Amendments), but they do not reference cases, appeals, determinations, or judicial interpretations.

Implication of absence of cases in the source. Because the source contains no cases, there is no directly recorded judicial interpretation of the Schedule’s entries, the operation of reg 3, or the commencement mechanism in reg 2 within this compilation. Practitioners seeking case law on the proper application of the prescribed rates under s 90(3) of the Superannuation Act 1922-1965 will need to search external legal databases, court reports and administrative decisions; such searches are outside the content of this compilation.

Potential sources of litigation issues (derived from the text). While the compilation does not report litigation, the text of the Regulations suggests issues that could give rise to dispute in practice: (a) whether the correct Schedule entry was applied for a particular financial year; (b) the effect of the Treasurer’s Gazette notice on timing and retroactivity; (c) the method for applying prescribed rates across partial periods or multiple financial years (since the Regulations do not specify apportionment or compounding); and (d) whether later instruments supersede or modify the Schedule entries (the compilation stops at SR 1976 No. 201). Any litigation on those points would necessarily involve the parent Act (s 90(3) and related provisions) as well as the SR records and Gazette notices that established commencement dates. None of that litigation, if it exists, is recorded in this source.

What the compilation does provide for litigation preparation. The Notes and Table of Statutory Rules supply the SR identifiers and Gazette dates needed to assemble the documentary chain showing which Schedule entries were in force at particular times. That documentation is a necessary first step for any tribunal or court assessing whether an interest calculation applied the correct "prescribed rate" for a given period. The compilation’s lack of cases does not prevent building that evidentiary chain, but it does mean that judicial interpretation will have to be sought elsewhere.

1. Narrow scope: the Regulations do not define s 90(3) or set out when it applies. The instrument only sets numeric rates "for the purposes of subsection (3) of section 90 of the Superannuation Act 1922-1965" (reg 3). Users must identify whether their circumstance triggers s 90(3) in the parent Act; the Regulations alone do not establish that trigger.

2. Commencement depends on a Gazette notice. Reg 2 provides that the Regulations "shall come into operation on the date to be fixed by the Treasurer by notice published in the Gazette under subsection (1) of section 69 of the Superannuation Act 1965." Practitioners should not assume the Regulations commenced automatically on an SR notification date; they must check the Treasurer’s Gazette notices under s 69(1) to confirm the operative date.

3. Typographical and descriptive inconsistencies in the Schedule. The Schedule heading prints as "Rate ofinterest per centumper annum," a typographical compression of "Rate of interest per centum per annum." Also, nearly all Schedule entries are described as "Financial year that commenced on 1 July [year]" but the final Schedule row is "Financial year that ended on 30 June 1976." That non‑uniform description may cause mapping errors when matching obligations to Schedule entries.

4. Precision and rounding. The Schedule provides rates to three decimal places (for example, 4.471). The Regulations do not say how to round intermediary or final figures, or how to treat compounding. Practitioners must adopt and document a rounding and compounding methodology consistent with the parent Act or accepted practice.

5. Temporal coverage stops in 1976 (in this compilation). The Schedule entries only cover financial years from 1957-58 through the year ending 30 June 1976. The compilation notes it reflects amendments up to SR 1976 No. 201 and was prepared on 8 June 2004. Users needing prescribed rates for financial years after 1976 must search for later instruments; those are not included here.

6. Amendments recorded but not reproduced. The Table of Amendments identifies SR numbers that altered the Schedule, but the compilation does not reproduce the amending SR texts. To trace the exact historical changes and the rationale for individual numeric entries, one must retrieve the amending SRs and Gazette notices referenced in the Notes.

7. No procedural detail. The Regulations specify numeric rates but do not set how to apply them across partial periods, how to compute interest on sub‑annual bases, or whether interest compounds. Those matters may be governed by the parent Act or administrative practice; they are not resolved in these Regulations.

8. Reliance on external documentation. Because commencement is by Gazette notice and amendments by SRs, an accurate legal application requires assembling the Gazette notices and SR texts listed in the Notes. Failure to consult those primary sources is a common source of error.

9. Unclear present status from this compilation alone. The compilation contains material up to SR 1976 No. 201 and was prepared in 2004; it does not indicate whether the Schedule or these Regulations were later repealed, superseded, or updated. Confirming current legal status requires checking later legislative records.

10. Potential mismatch between description and legal year. Some entries say "financial year that commenced on 1 July, 1957," etc. Practitioners must align the Schedule’s descriptive phrases with the precise legal meaning of "financial year" in the applicable context to avoid off‑by‑one errors in year selection.

1. Identify trigger under the parent Act. Before applying any Schedule rate, confirm that your calculation or obligation is within the scope of subsection (3) of section 90 of the Superannuation Act 1922-1965. The Regulations supply a prescribed numeric rate only when s 90(3) applies; the Regulations themselves do not define the factual circumstances that trigger s 90(3).

2. Determine the correct financial year entry. Map the obligation or entitlement period to the Schedule’s financial year descriptions. The Schedule lists specific "financial year that commenced on 1 July [year]" entries and one entry described as "financial year that ended on 30 June 1976." Use the Schedule row whose descriptive financial year matches the period for which interest must be calculated (reg 3). Keep a written note explaining how the selected Schedule row maps to the period in question.

3. Verify commencement and amendment SRs. Check the Treasurer’s Gazette notice under subsection (1) of section 69 of the Superannuation Act 1965 for the date on which these Regulations (or a particular SR amending the Schedule) came into force (reg 2). The compilation’s Notes list SR numbers and commencement dates up to SR 1976 No. 201; retrieve and retain the actual Gazette notice and the amending SR to establish the operative date for your calculation.

4. Use the Schedule numerical value exactly. Apply the decimal percentage from the Schedule entry opposite the relevant financial year (for example, 5.308 for the year commencing 1 July 1962). Record the exact numeric rate used and the Schedule citation.

5. Document methodology for partial periods and rounding. The Regulations are silent on apportionment, compounding and rounding. Decide and document a consistent methodology for handling partial periods, day counts, compounding frequency and rounding. Preferably, select a method consistent with the parent Act’s provisions or with established administrative practice, and record the authority or rationale for that choice in case of query or review.

6. Keep the evidentiary chain. Retain copies of: (a) the Schedule entry used; (b) the Statutory Rule that introduced or amended that Schedule entry (SR number and Gazette notification); and (c) the Treasurer’s Gazette notice fixing commencement under s 69(1) of the Superannuation Act 1965. The compilation’s Notes give the SR identifiers and dates to fetch those documents.

7. Reconcile overlapping periods. If an interest obligation spans multiple financial years with different prescribed rates, apply the rates to the corresponding portions of the period. The Regulations do not prescribe apportionment mechanics; therefore, document the apportionment approach and the legal basis for it (parent Act provision, customary practice, or agreement).

8. Check for subsequent instruments. This compilation records amendments up to SR 1976 No. 201. Confirm whether later subordinate legislation, regulations, or consolidated versions of the Act have replaced, updated or repealed these Schedule entries. Do not assume the compilation reflects current law without verifying more recent legislative records.

9. Prepare for inquiries and audits. Because these Regulations supply a legally prescribed numeric input, administrative reviewers or auditors may scrutinise whether the correct Schedule entry and SR commencement were applied. Maintain a concise calculation file that shows the mapping from the substantive Act trigger through the Schedule row to the computed interest figure.

10. Seek statutory guidance where ambiguous. If you encounter ambiguity in mapping a fact pattern to a Schedule entry, or in apportioning rates across partial periods, consult the parent Act, any administrative guidance issued by the relevant agency, and the amending SRs and Gazette notices listed in the Notes. If necessary, obtain legal or actuarial advice and retain that advice in your file to record the basis for the chosen approach.

By following these steps , confirming s 90(3) applies, selecting the correct Schedule entry, verifying commencement and amendments, documenting calculation methodology and evidence, and checking for later instruments , administrators and advisers can align their interest computations with the prescriptions recorded in this compilation.