Commonwealth legislation

Superannuation (Productivity Benefit) 1993-1994 First Interest Factor Declaration

In ForceCTH

Jurisdiction

Commonwealth

Act Number

184 of 1993

Collection

legislative instrument

Plain English Summary

2/10 complexity

This short Declaration by the Minister for Finance names the "first interest factor" to be used for calculating productivity benefits for the 1993–94 financial year and sets precise rules for counting "Days" in three different employee scenarios. It takes effect on gazettal. Mechanically, the Minister supplies a numeric factor under the Act (for use under section 8a) and administrators must apply the day-count rules when computing amounts payable or interim benefits (referenced to sections 4f and 6).

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Superannuation (Productivity Benefit) 1993-1994 First Interest Factor Declaration

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Statutory Rules 1993 No. 1841

__________________

Superannuation (Productivity Benefit) 1993-1994 First Interest Factor Declaration

I, ralph willis, Minister for Finance, make the following Declaration under paragraph 3e (1) (a) of the Superannuation (Productivity Benefit) Act 1988.

Dated 29 June 1993.

RALPH WILLIS

Minister for Finance

____________

Citation

This Declaration may be cited as Superannuation (Productivity Benefit) 1993-1994 First Interest Factor Declaration.

Note: [NOTE: This Declaration commences on gazettal: see Acts Interpretation Act 1901, ss. 46a and 48.]

Interpretation

In this Declaration:

“Act” means the Superannuation (Productivity Benefit) Act 1988;

“Days” means:

(a) in the case of an employee who becomes a fund employee—the number of days in the period:

(i) commencing on the last day of the first pay period of the employee ending after 1 July 1993; and

(ii) ending at the end of the day on which an amount first becomes payable under section 4f of the Act; or

(b) in the case of an employee who becomes entitled to receive an interim benefit under section 6 of the Act—the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 1993; and

(ii) the day on which the employee became entitled to receive the benefit; or

(c) in the case of an employee who neither becomes a fund employee nor becomes entitled to receive an interim benefit—the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 1993; and

(ii) 30 June 1994.

Declared first interest factor

For the purposes of section 8a of the Act, the declared first interest factor for the financial year commencing on 1 July 1993 is:

___________________________________________________________

NOTE

Note: 1. Notified in the Commonwealth of Australia Gazette on 30 June 1993.

Source text

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

1 Superannuation (Productivity Benefit) 1993-1994 First Interest Factor Declaration

Statutory Rules 1993 No. 1841

__________________

Superannuation (Productivity Benefit) 1993-1994 First Interest Factor Declaration

I, ralph willis, Minister for Finance, make the following Declaration under paragraph 3e (1) (a) of the Superannuation (Productivity Benefit) Act 1988.

Dated 29 June 1993.

RALPH WILLIS

Minister for Finance

____________

Citation

This Declaration may be cited as Superannuation (Productivity Benefit) 1993-1994 First Interest Factor Declaration.

Note: [NOTE: This Declaration commences on gazettal: see Acts Interpretation Act 1901, ss. 46a and 48.]

Interpretation

In this Declaration: