Commonwealth legislation

Superannuation (Productivity Benefit) (2007-2008 Second Interest Factor) Declaration 2007

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Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This Declaration sets the numerical "second interest factor" used to calculate the 2007–08 productivity benefit under the Superannuation (Productivity Benefit) Act 1988. It fixes the factor as 0.0588 × (Number of days) ÷ 365, which changes how much interest is applied when benefits or interim benefits become payable. It affects public‑sector employees to whom that Act applies and the administrators who must apply the formula when computing entitlements under section 8A (and related sections 4F and 6).

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Superannuation (Productivity Benefit) (2007-2008 Second Interest Factor) Declaration 2007

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Superannuation (Productivity Benefit) (2007–2008 Second Interest Factor) Declaration 20071

I, NICK MINCHIN, Minister for Finance and Administration, make the following Declaration under paragraph 3E (1) (b) 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 Second Interest Factor) Declaration 2007.

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.

Number of days is:

(a) in the case of an employee who becomes a fund employee during the financial year commencing on 1 July 2007 — 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 2007; 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 2007 — the number of days between:

(i) the day after the last day of the last pay period for the employee ending before 1 July 2007; 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 2007, 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 2007; and

(ii) 30 June 2008.

4 Declared second interest factor

For section 8A of the Act, the declared second interest factor for the financial year commencing on 1 July 2007 is:

0.0588 x Number of days
365

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 Second Interest Factor) Declaration 2007