Commonwealth legislation

Superannuation (Productivity Benefit) (2008-2009 Continuing Contributions) Declaration 2008

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Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This instrument updates the per‑pay‑period superannuation contribution rates for the 2008–09 financial year under the Superannuation (Productivity Benefit) Act 1988. It takes effect 1 July 2008 and sets three pay bands: a $13.53 fixed payment for very low pay, 9% of pay for mid‑range wages, and a $264.32 capped amount for high pay. Employers must apply these rates each pay period; the declaration therefore changes employer payroll costs and employees’ superannuation contributions.

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Current sections

Direct links to the current provisions in Superannuation (Productivity Benefit) (2008-2009 Continuing Contributions) Declaration 2008.

Superannuation (Productivity Benefit) (2008-2009 Continuing Contributions) Declaration 2008

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Superannuation (Productivity Benefit) (2008–2009 Continuing Contributions) Declaration 20081

I, niCK SHERRY, Minister for Superannuation and Corporate Law, acting for and on behalf of the Minister for Finance and Deregulation, make the following Declaration under section 3D of the Superannuation (Productivity Benefit) Act 1988.

Dated 19 June 2008

NICK SHERRY

Minister for Superannuation and Corporate Law

for and on behalf of the Minister for Finance and Deregulation

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2008-2009 Continuing Contributions) Declaration 2008.

2 Commencement

This Declaration commences on 1 July 2008.

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 2008, 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 $2,936.92	The amount that is 9% of the employee’s pay period rate of salary
$2,936.92 or more	$264.32

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) (2008-2009 Continuing Contributions) Declaration 2008