Commonwealth legislation

Superannuation (Productivity Benefit) (2007-2008 Continuing Contributions) Declaration 2007

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Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This Declaration (under section 3D of the Superannuation (Productivity Benefit) Act 1988) updates the per-pay-period superannuation contribution schedule for the 2007–08 financial year. It replaces the schedule with three outcomes: a small fixed contribution for very low pay, a 9% contribution for most pay rates, and a capped fixed amount for high pay. Employers must apply the new thresholds and rates to payrolls; the Minister supplies the numeric settings and the changes take effect the day after registration.

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Current sections

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Superannuation (Productivity Benefit) (2007-2008 Continuing Contributions) Declaration 2007

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Superannuation (Productivity Benefit) (2007–2008 Continuing Contributions) Declaration 20071

I, niCK minchin, Minister for Finance and Administration, make the following Declaration under section 3D of the Superannuation (Productivity Benefit) Act 1988.

Dated 21 June 2007

NICK MINCHIN

Minister for Finance and Administration

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2007-2008 Continuing Contributions) Declaration 2007.

2 Commencement

This Declaration commences on the day after it is registered.

3 Substitution of amounts

For section 3D of the Superannuation (Productivity Benefit) Act 1988, the Table in the Schedule to that Act has effect, for the financial year commencing on 1 July 2007, as if the amounts specified in the following Table were substituted for the amounts specified in the Table in that Schedule (whether sums of money or percentages):

Table

Pay period rate of salary	Pay period contribution
Less than $150.33	$13.53
$150.33 or more but less than $ 2,805.38	The amount that is 9% of the employee’s pay period rate of salary
$ 2,805.38	$252.48

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) (2007-2008 Continuing Contributions) Declaration 2007