Commonwealth legislation

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

In ForceCTH

Jurisdiction

Commonwealth

Act Number

176 of 1995

Collection

legislative instrument

Plain English Summary

4/10 complexity

This short declaration by the Finance Minister appoints the numeric “second interest factor” used to calculate productivity‑benefit payments for the 1995–96 year and fixes how to count the relevant number of days for pro‑rata calculations. Mechanically, the Minister supplies a year‑specific factor and administrators or employers must apply it when computing amounts under the Superannuation (Productivity Benefit) Act 1988, creating an administrative step that affects the size and timing of payments to employees.

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

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Statutory Rules 1995 No. 1761

__________________

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

I, KIM CHRISTIAN BEAZLEY, Minister for Finance, make the following Declaration under paragraph 3E (1) (b) 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 Second 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 1 July 1995; and

(ii) 30 June 1996.

Declared second interest factor

For the purposes of section 8a of the Act, the declared second 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 Second Interest Factor Declaration

Statutory Rules 1995 No. 1761

__________________

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

I, KIM CHRISTIAN BEAZLEY, Minister for Finance, make the following Declaration under paragraph 3E (1) (b) 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 Second 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 1 July 1995; and

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

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

(ii) 30 June 1996.

Declared second interest factor

For the purposes of section 8a of the Act, the declared second interest factor for the financial year commencing on 1 July 1995 is:

_______________________________________________________