Commonwealth legislation

Superannuation (Productivity Benefit) 1995-96 First Interest Factor Declaration

In ForceCTH

Jurisdiction

Commonwealth

Act Number

175 of 1995

Collection

legislative instrument

Plain English Summary

3/10 complexity

This Declaration, made by the Minister for Finance, sets the “declared first interest factor” to be used under section 8a of the Superannuation (Productivity Benefit) Act 1988 for the 1995–96 year (s3). It takes effect on gazettal. The instrument defines how to count “Days” for different employee situations to allocate productivity-benefit payments (s2) and links that counting to payments under sections 4f and 6 of the Act. The Minister decides the parameter; the declaration supplies an administrative number used in benefit calculations.

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Superannuation (Productivity Benefit) 1995-96 First Interest Factor Declaration

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Statutory Rules 1995 No. 1751

__________________

Superannuation (Productivity Benefit) 1995-96 First Interest Factor Declaration

I, KIM CHRISTIAN BEAZLEY, Minister for Finance, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988.

Dated 21 June 1995.

KIM C. BEAZLEY

Minister for Finance

____________

Citation

This Declaration may be cited as the Superannuation (Productivity Benefit) 1995-96 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 during the financial year commencing on 1 July 1995—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 1995; 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 in respect of whom an interim benefit becomes payable under section 6 of the Act during the financial year commencing on 1 July 1995—the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 1995; and

(ii) the day on which the interim benefit became payable; or

(c) in the case of an employee who does not become a fund employee during the financial year commencing on 1 July 1995 and in respect of whom an interim benefit does not become payable during that year—the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 1995; and

(ii) 30 June 1996.

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 1995 is:

_______________________________________________________

NOTE

Note: 1. Notified in the Commonwealth of Australia Gazette on 30 June 1995.

Source text

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

1 Superannuation (Productivity Benefit) 1995-96 First Interest Factor Declaration

Statutory Rules 1995 No. 1751

__________________

Superannuation (Productivity Benefit) 1995-96 First Interest Factor Declaration

I, KIM CHRISTIAN BEAZLEY, Minister for Finance, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988.

Dated 21 June 1995.

KIM C. BEAZLEY

Minister for Finance

____________

Citation

This Declaration may be cited as the Superannuation (Productivity Benefit) 1995-96 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 during the financial year commencing on 1 July 1995—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 1995; 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 in respect of whom an interim benefit becomes payable under section 6 of the Act during the financial year commencing on 1 July 1995—the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 1995; and

(ii) the day on which the interim benefit became payable; or

(i) the last day of the first pay period of the employee ending after 1 July 1995; and

(ii) 30 June 1996.

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 1995 is:

_______________________________________________________

NOTE