Commonwealth legislation

Superannuation (Productivity Benefit) (2006-2007 Second Interest Factor) Declaration 2006

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Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This declaration fixes the ‘second interest factor’ used under the Superannuation (Productivity Benefit) Act 1988 for the 2006–07 financial year. It prescribes the formula 0.0571 × (number of days/365) and sets how to count those days for three employee situations (becoming a fund employee, receiving an interim benefit, or neither). It affects employees eligible for productivity-related superannuation payments by changing how much interest is included in amounts payable.

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Superannuation (Productivity Benefit) (2006-2007 Second Interest Factor) Declaration 2006

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Superannuation (Productivity Benefit) (2006–2007 Second Interest Factor) Declaration 2006

Select Legislative Instrument 2006 No. 1

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 19 June 2006

Nick Minchin

Minister for Finance and Administration

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2006-2007 Second Interest Factor) Declaration 2006.

2 Commencement

This Declaration commences on the day after it is registered.

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 commencing on 1 July 2006 is:

0.0571 x Number of days
365

where:

Number of days is:

(a) in the case of an employee who becomes a fund employee during the financial year commencing on 1 July 2006 — 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 2006; 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 commencing on 1 July 2006 — the number of days between:

(i) the day after the last day of the last pay period for the employee ending before 1 July 2006; 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 commencing on 1 July 2006, 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 2006; and

(ii) 30 June 2007.

Note

Note: 1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.

Source text

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

1 Superannuation (Productivity Benefit) (2006-2007 Second Interest Factor) Declaration 2006