Commonwealth legislation

Superannuation (Productivity Benefit) 1996-97 First Interest Factor Declaration

In ForceCTH

Jurisdiction

Commonwealth

Act Number

117 of 1996

Collection

legislative instrument

Plain English Summary

4/10 complexity

This Declaration sets the “first interest factor” that will be used to calculate interest under the Superannuation (Productivity Benefit) Act 1988 for the 1996–97 year and defines how to count the number of days used in those calculations for different employee situations. It affects Commonwealth fund employees, people paid interim benefits under the Act, and the agencies that administer those payments.

The Minister for Finance makes the declaration; administrators must apply the declared factor and the day‑count rules to payroll dates, changing benefit calculations and payment obligations. The supplied text omits the numeric factor that would be applied.

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Superannuation (Productivity Benefit) 1996-97 First Interest Factor Declaration

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Statutory Rules 1996 No. 1171

__________________

Superannuation (Productivity Benefit) 1996-97 First Interest Factor Declaration

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

Dated 17 June 1996.

JOHN FAHEY

Minister for Finance

____________

Citation

This Declaration may be cited as the Superannuation (Productivity Benefit) 1996-97 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 1996—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 1996; 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 1996—the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 1996; 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 1996 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 1996; and

(ii) 30 June 1997.

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 1996 is:

_______________________________________________________

NOTE

Note: 1. Notified in the Commonwealth of Australia Gazette on 28 June 1996.

Source text

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

1 Superannuation (Productivity Benefit) 1996-97 First Interest Factor Declaration

Statutory Rules 1996 No. 1171

__________________

Superannuation (Productivity Benefit) 1996-97 First Interest Factor Declaration

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

Dated 17 June 1996.

JOHN FAHEY

Minister for Finance

____________

Citation

This Declaration may be cited as the Superannuation (Productivity Benefit) 1996-97 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 1996—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 1996; 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 1996—the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 1996; 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 1996; and

(ii) 30 June 1997.

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 1996 is:

_______________________________________________________

NOTE