Commonwealth legislation

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

In ForceCTH

Jurisdiction

Commonwealth

Act Number

200 of 2004

Collection

legislative instrument

Plain English Summary

3/10 complexity

This Declaration sets the second interest factor used under the Superannuation (Productivity Benefit) Act 1988 for the 2004–2005 financial year and defines how to count days when applying that factor. It affects employees whose productivity-related superannuation payments are calculated under the Act and the administrators (and employers) who must compute those payments, because it changes the arithmetic used to determine benefit amounts.

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Current sections

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

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

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

Statutory Rules 2004 No. 2001

I, NICHOLAS HUGH MINCHIN, Minister for Finance and Administration, make this Declaration under paragraph 3E (1) (b) 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 Second 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 second interest factor

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

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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 day after the last day of the last pay period for the employee ending before 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 day after the last day of the last pay period for the employee ending before 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 day following the last day of the last pay period for the employee ending before 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 Second Interest Factor) Declaration 2004