Commonwealth legislation

Superannuation (Productivity Benefit) (2001-2002 Second Interest Factor) Declaration 2001

In ForceCTH

Jurisdiction

Commonwealth

Act Number

168 of 2001

Collection

legislative instrument

Plain English Summary

3/10 complexity

Declares the "second interest factor" used to calculate Superannuation (Productivity Benefit) for the 2001–2002 financial year as (0.0578 × Days) ÷ 365 (see section 4). "Days" is precisely defined by three employment scenarios (section 3), so employers and fund administrators must count days per those rules and apply the formula to compute payable amounts.

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Current sections

Direct links to the current provisions in Superannuation (Productivity Benefit) (2001-2002 Second Interest Factor) Declaration 2001.

Superannuation (Productivity Benefit) (2001-2002 Second Interest Factor) Declaration 2001

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Superannuation (Productivity Benefit) (2001–2002 Second Interest Factor) Declaration 2001

Statutory Rules 2001 No. 1681

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 24 June 2001

JOHN FAHEY

Minister for Finance and Administration

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2001–2002 Second Interest Factor) Declaration 2001.

2 Commencement

This Declaration commences on gazettal.

3 Definitions

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 2001 — 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 2001; 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 2001 — the number of days between:

(i) the day following the last day of the last pay period of the employee ending before 1 July 2001; 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 2001 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 2001; and

(ii) 30 June 2002.

4 Declared second interest factor

For section 8A of the Act, the declared second interest factor for the financial year starting on 1 July 2001 is:

0.0578  Days.

365

Note

Note: 1. Notified in the Commonwealth of Australia Gazette on 29 June 2001.

Source text

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

1 Superannuation (Productivity Benefit) (2001-2002 Second Interest Factor) Declaration 2001

Superannuation (Productivity Benefit) (2001–2002 Second Interest Factor) Declaration 2001

Statutory Rules 2001 No. 1681

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 24 June 2001

JOHN FAHEY

Minister for Finance and Administration

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2001–2002 Second Interest Factor) Declaration 2001.

2 Commencement

This Declaration commences on gazettal.

3 Definitions

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 2001 — 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 2001; 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 2001 — the number of days between:

(i) the day following the last day of the last pay period of the employee ending before 1 July 2001; 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 2001; and

(ii) 30 June 2002.

4 Declared second interest factor

For section 8A of the Act, the declared second interest factor for the financial year starting on 1 July 2001 is:

0.0578  Days.

365

Note

Note: 1. Notified in the Commonwealth of Australia Gazette on 29 June 2001.