Commonwealth legislation

Superannuation (Productivity Benefit) 1997-98 First Interest Factor Declaration

In ForceCTH

Jurisdiction

Commonwealth

Act Number

145 of 1997

Collection

legislative instrument

Plain English Summary

2/10 complexity

This Declaration sets the numerical “first interest factor” used under the Superannuation (Productivity Benefit) Act 1988 for the 1997–98 year: 0.0783 × Days ÷ 730 (s.3). It affects employees governed by that Act by determining how interest is calculated for productivity superannuation payments; the term “Days” is defined by three case-based rules depending on employee status (s.2). The instrument fixes a calculation input rather than changing who is eligible.

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Superannuation (Productivity Benefit) 1997-98 First Interest Factor Declaration

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Statutory Rules 1997 No. 1451

__________________

Superannuation (Productivity Benefit) 1997-98 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 18 June 1997.

JOHN FAHEY

Minister for Finance

____________

Citation

This Declaration may be cited as the Superannuation (Productivity Benefit) 1997-98 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 starting on 1 July 1997—the number of days in the period:

(i) starting on the last day of the first pay period of the employee ending after 1 July 1997; 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 starting on 1 July 1997—the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 1997; 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 starting on 1 July 1997 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 1997; and

(ii) 30 June 1998.

Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year starting on 1 July 1997 is:

0.0783  Days

___________________________________________________________

Note: NOTE

Note: 1. Notified in the Commonwealth of Australia Gazette on 25 June 1997.

Source text

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

1 Superannuation (Productivity Benefit) 1997-98 First Interest Factor Declaration

Statutory Rules 1997 No. 1451

__________________

Superannuation (Productivity Benefit) 1997-98 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 18 June 1997.

JOHN FAHEY

Minister for Finance

____________

Citation

This Declaration may be cited as the Superannuation (Productivity Benefit) 1997-98 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 starting on 1 July 1997—the number of days in the period:

(i) starting on the last day of the first pay period of the employee ending after 1 July 1997; 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 starting on 1 July 1997—the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 1997; 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 1997; and

(ii) 30 June 1998.

Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year starting on 1 July 1997 is:

0.0783  Days

___________________________________________________________