Commonwealth legislation

Superannuation (Productivity Benefit) (2004-2005 First Interest Factor) Declaration 2004

In ForceCTH

Jurisdiction

Commonwealth

Act Number

199 of 2004

Collection

legislative instrument

Plain English Summary

2/10 complexity

This Declaration sets the specific “first interest factor” used under the Superannuation (Productivity Benefit) Act 1988 for the 2004–05 financial year. It gives a formula and defines how to count the relevant number of days depending on whether an employee becomes a fund employee or receives an interim benefit. Employers, superannuation funds and affected employees use this factor to calculate productivity-benefit payments under the Act, so it changes payment amounts and requires administrators to apply the stated timing rules.

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Current sections

Direct links to the current provisions in Superannuation (Productivity Benefit) (2004-2005 First Interest Factor) Declaration 2004.

Superannuation (Productivity Benefit) (2004-2005 First Interest Factor) Declaration 2004

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Superannuation (Productivity Benefit) (2004–2005 First Interest Factor) Declaration 2004

Statutory Rules 2004 No. 1991

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 21 June 2004

NICK MINCHIN

Minister for Finance and Administration

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2004–2005 First Interest Factor) Declaration 2004.

2 Commencement

This Declaration commences on the date of its notification in the Gazette.

3 Definition

In this Declaration:

Act means the Superannuation (Productivity Benefit) Act 1988.

4 Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year starting on 1 July 2004 is:

View image in the official source

where:

Number of days is:

(a) in the case of an employee who becomes a fund employee during the financial year starting on 1 July 2004 — the number of days in the period:

(i) starting on the last day of the first pay period for the employee ending after 1 July 2004; 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 2004 — the number of days between:

(i) the last day of the first pay period for the employee ending after 1 July 2004; and

(ii) the day on which the interim benefit becomes payable; or

(c) in the case of an employee who does not become a fund employee during the financial year starting on 1 July 2004, 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 for the employee ending after 1 July 2004; and

(ii) 30 June 2005.

Note

Note: 1. Notified in the Commonwealth of Australia Gazette on 25 June 2004.

Source text

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

1 Superannuation (Productivity Benefit) (2004-2005 First Interest Factor) Declaration 2004

Superannuation (Productivity Benefit) (2004–2005 First Interest Factor) Declaration 2004

Statutory Rules 2004 No. 1991

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 21 June 2004

NICK MINCHIN

Minister for Finance and Administration

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2004–2005 First Interest Factor) Declaration 2004.

2 Commencement

This Declaration commences on the date of its notification in the Gazette.

3 Definition

In this Declaration:

Act means the Superannuation (Productivity Benefit) Act 1988.

4 Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year starting on 1 July 2004 is:

where:

Number of days is:

(a) in the case of an employee who becomes a fund employee during the financial year starting on 1 July 2004 — the number of days in the period:

(i) starting on the last day of the first pay period for the employee ending after 1 July 2004; 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 2004 — the number of days between:

(i) the last day of the first pay period for the employee ending after 1 July 2004; and

(ii) the day on which the interim benefit becomes payable; or

(i) the last day of the first pay period for the employee ending after 1 July 2004; and

(ii) 30 June 2005.

Note

Note: 1. Notified in the Commonwealth of Australia Gazette on 25 June 2004.