Commonwealth legislation

Superannuation (Productivity Benefit) (2002-2003 First Interest Factor) Declaration 2002

In ForceCTH

Jurisdiction

Commonwealth

Act Number

133 of 2002

Collection

legislative instrument

Plain English Summary

3/10 complexity

This Declaration fixes the "first interest factor" to be used under section 8A of the Superannuation (Productivity Benefit) Act 1988 for the 2002–2003 financial year and sets a rule for counting "Days" in three employee scenarios. It applies to Commonwealth fund employees and the administrators who calculate productivity and interim benefits because that factor determines the interest applied to amounts payable, affecting the payment calculations and the employer/Government cost for that year.

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Current sections

Direct links to the current provisions in Superannuation (Productivity Benefit) (2002-2003 First Interest Factor) Declaration 2002.

Superannuation (Productivity Benefit) (2002-2003 First Interest Factor) Declaration 2002

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Superannuation (Productivity Benefit) (2002–2003 First Interest Factor) Declaration 2002

Statutory Rules 2002 No. 1331

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

Dated 20 June 2002

nicK minchin

Minister for Finance and Administration

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2002–2003 First Interest Factor) Declaration 2002.

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 2002 — 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 2002; 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 2002 — the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 2002; 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 2002 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 2002; and

(ii) 30 June 2003.

4 Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year starting on 1 July 2002 is:

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Note

Note: 1. Notified in the Commonwealth of Australia Gazette on 27 June 2002.

Source text

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

1 Superannuation (Productivity Benefit) (2002-2003 First Interest Factor) Declaration 2002

Superannuation (Productivity Benefit) (2002–2003 First Interest Factor) Declaration 2002

Statutory Rules 2002 No. 1331

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

Dated 20 June 2002

nicK minchin

Minister for Finance and Administration

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2002–2003 First Interest Factor) Declaration 2002.

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 2002 — 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 2002; 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 2002 — the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 2002; 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 2002; and

(ii) 30 June 2003.

4 Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year starting on 1 July 2002 is:

Note

Note: 1. Notified in the Commonwealth of Australia Gazette on 27 June 2002.