Commonwealth legislation

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

In ForceCTH

Jurisdiction

Commonwealth

Act Number

134 of 2002

Collection

legislative instrument

Plain English Summary

3/10 complexity

This Declaration sets the "second interest factor" to be used under the Superannuation (Productivity Benefit) Act 1988 for the financial year beginning 1 July 2002 and defines how to count the relevant number of days for affected employees. It affects employees covered by that Act and the agencies or funds that calculate productivity‑benefit payments, because the declared factor changes the interest component of amounts payable and therefore the money employers/funds must calculate and pay.

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Current sections

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

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

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

Statutory Rules 2002 No. 1341

I, nicholas hugh minchin, Minister for Finance and Administration, make the following Declaration under paragraph 3E (1) (b) 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 Second 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 1 July 2002; and

(ii) 30 June 2003.

4 Declared second interest factor

For section 8A of the Act, the declared second 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 Second Interest Factor) Declaration 2002

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

Statutory Rules 2002 No. 1341

I, nicholas hugh minchin, Minister for Finance and Administration, make the following Declaration under paragraph 3E (1) (b) 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 Second 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 1 July 2002; 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 2002; and

(ii) 30 June 2003.

4 Declared second interest factor

For section 8A of the Act, the declared second 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.