Commonwealth legislation

Superannuation (Productivity Benefit) 1998-99 First Interest Factor Declaration

In ForceCTH

Jurisdiction

Commonwealth

Act Number

171 of 1998

Collection

legislative instrument

Plain English Summary

2/10 complexity

This Declaration, made under paragraph 3E(1)(a) of the Superannuation (Productivity Benefit) Act 1988, sets the "declared first interest factor" for 1998–99 as (0.0589 × Days) ÷ 730 and defines how to count “Days” in three employee scenarios. Mechanically, it provides the numeric input used by section 8A to calculate productivity-related superannuation amounts.

It applies to fund administrators, employers and members entitled to productivity or interim benefits (see sections 4F, 6 and 8A). The Minister fixes the number; compliance requires payroll tracking of the specified "Days" and applying the formula.

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Superannuation (Productivity Benefit) 1998-99 First Interest Factor Declaration

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Statutory Rules 1998 No. 1711

__________________

Superannuation (Productivity Benefit) 1998-99 First Interest Factor Declaration

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

Dated 22 June 1998.

JOHN FAHEY

Minister for Finance and Administration

____________

Citation:

This Declaration may be cited as the Superannuation (Productivity Benefit) 1998-99 First Interest Factor Declaration.

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 1998—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 1998; 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 1998—the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 1998; 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 1998 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 1998; and

(ii) 30 June 1999.

Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year starting on 1 July 1998 is:

0.0589 x Days

730

Note: NOTE

Note: 1. Notified in the Commonwealth of Australia Gazette on 29 June 1998.

Source text

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

1 Superannuation (Productivity Benefit) 1998-99 First Interest Factor Declaration

Statutory Rules 1998 No. 1711

__________________

Superannuation (Productivity Benefit) 1998-99 First Interest Factor Declaration

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

Dated 22 June 1998.

JOHN FAHEY

Minister for Finance and Administration

____________

Citation:

This Declaration may be cited as the Superannuation (Productivity Benefit) 1998-99 First Interest Factor Declaration.

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 1998—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 1998; 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 1998—the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 1998; 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 1998; and

(ii) 30 June 1999.

Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year starting on 1 July 1998 is:

0.0589 x Days

730