Commonwealth legislation

Superannuation (Productivity Benefit) (2009-2010 First Interest Factor) Declaration 2009

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legislative instrument

Plain English Summary

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This Declaration sets the "first interest factor" used under s.8A of the Superannuation (Productivity Benefit) Act 1988 to calculate interest on productivity‑benefit payments for the 2009–2010 year: the factor is (0.0457 × Number of days) ÷ 730. It commences 1 July 2009. It affects employees eligible for productivity benefits and the employers/funds who must calculate and pay those benefits; "Number of days" is defined for three employment scenarios (cl.3) and determines the pro rata interest applied.

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Superannuation (Productivity Benefit) (2009-2010 First Interest Factor) Declaration 2009

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Superannuation (Productivity Benefit) (2009-2010 First Interest Factor) Declaration 20091

I, LINDSAY TANNER, Minister for Finance and Deregulation, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988.

Dated June 23rd 2009

LINDSAY TANNER

Minister for Finance and Deregulation

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2009-2010 First Interest Factor) Declaration 2009.

2 Commencement

This Declaration commences on 1 July 2009.

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 2009 — the number of days in the period:

(i) starting on the last day of the first pay period for the employee ending after 1 July 2009; 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 2009 — the number of days between:

(i) the last day of the first pay period for the employee ending after 1 July 2009; 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 2009, and in respect of whom an interim benefit does not become payable during that year — the number of days between:

(i) the last day of the first pay period for the employee ending after 1 July 2009; and

(ii) 30 June 2010.

4 Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year commencing on 1 July 2009 is:

0.0457 x Number of days
730

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) (2009-2010 First Interest Factor) Declaration 2009

Superannuation (Productivity Benefit) (2009-2010 First Interest Factor) Declaration 20091

I, LINDSAY TANNER, Minister for Finance and Deregulation, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988.

Dated June 23rd 2009

LINDSAY TANNER

Minister for Finance and Deregulation

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2009-2010 First Interest Factor) Declaration 2009.

2 Commencement

This Declaration commences on 1 July 2009.

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 2009 — the number of days in the period:

(i) starting on the last day of the first pay period for the employee ending after 1 July 2009; 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 2009 — the number of days between:

(i) the last day of the first pay period for the employee ending after 1 July 2009; and

(ii) the day on which the interim benefit becomes payable; or

(i) the last day of the first pay period for the employee ending after 1 July 2009; and

(ii) 30 June 2010.

4 Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year commencing on 1 July 2009 is:

0.0457 x Number of days
730

Note