Commonwealth legislation

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

In ForceCTH

Jurisdiction

Commonwealth

Act Number

172 of 1998

Collection

legislative instrument

Plain English Summary

3/10 complexity

What it does: Declares the numerical "second interest factor" used to calculate productivity benefit payments under the Superannuation (Productivity Benefit) Act 1988 for the 1998–99 financial year. It sets the factor as 0.0589 × Days / 365 and defines how to count "Days" in three situations tied to pay‑period end dates and the dates benefits become payable (see ss 4F, 6, 8A). The Minister (John Fahey) made the declaration; it mechanically changes the interest portion applied to specified superannuation payments.

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

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Statutory Rules 1998 No. 1721

__________________

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

I, JOHN JOSEPH FAHEY, Minister for Finance and Administration, make the following Declaration under paragraph 3E (1) (b) 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 Second 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 1 July 1998; and

(ii) 30 June 1999.

Declared second interest factor

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

0.0589 x Days

365

___________________________________________________________

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 Second Interest Factor Declaration

Statutory Rules 1998 No. 1721

__________________

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

I, JOHN JOSEPH FAHEY, Minister for Finance and Administration, make the following Declaration under paragraph 3E (1) (b) 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 Second 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 1 July 1998; 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 1998; and

(ii) 30 June 1999.

Declared second interest factor

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

0.0589 x Days

365

___________________________________________________________