Commonwealth legislation

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

In ForceCTH

Jurisdiction

Commonwealth

Act Number

118 of 1996

Collection

legislative instrument

Plain English Summary

3/10 complexity

This Ministerial Declaration sets the “second interest factor” used to calculate productivity-related superannuation benefits for the 1996–97 year under the Superannuation (Productivity Benefit) Act 1988. It specifies how to count the number of days for three employee situations so administrators can prorate benefits. The Minister for Finance declares the rate; employers and fund administrators must apply the declared factor and the day-count rules when making benefit calculations, once the rate is published.

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

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Statutory Rules 1996 No. 1181

__________________

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

I, JOHN FAHEY, Minister for Finance, make the following Declaration under paragraph 3E (1) (b) 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 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 1996—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 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 1 July 1996; and

(ii) 30 June 1997.

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 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 Second Interest Factor Declaration

Statutory Rules 1996 No. 1181

__________________

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

I, JOHN FAHEY, Minister for Finance, make the following Declaration under paragraph 3E (1) (b) 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 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 1996—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 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 day following the last day of the last pay period of the employee ending before 1 July 1996; 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 1996; and

(ii) 30 June 1997.

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 1996 is:

_______________________________________________________