Commonwealth legislation

Superannuation (Productivity Benefit) (2010-2011 Second Interest Factor) Declaration 2010

In ForceCTH

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This Declaration sets the numeric "second interest factor" used to calculate productivity‑benefit superannuation payments for the 2010–2011 financial year. It fixes the factor as (0.0571 × Number of days) ÷ 365 and prescribes how to count "Number of days" for employees who become fund employees, receive interim benefits, or neither. It affects employees with entitlement events under the Superannuation (Productivity Benefit) Act 1988 and the funds/employers that must apply this per‑day calculation to determine payment amounts.

JSON API Tax / GST / superannuation

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Superannuation (Productivity Benefit) (2010-2011 Second Interest Factor) Declaration 2010.

Superannuation (Productivity Benefit) (2010-2011 Second Interest Factor) Declaration 2010

View image in the official source

Superannuation (Productivity Benefit) (2010-2011 Second Interest Factor) Declaration 20101

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

Dated June 17th 2010

LINDSAY TANNER

Minister for Finance and Deregulation

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2010-2011 Second Interest Factor) Declaration 2010.

2 Commencement

This Declaration commences on 1 July 2010.

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 2010 — 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 2010; 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 2010 — the number of days between:

(i) the day after the last day of the last pay period for the employee ending before 1 July 2010; 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 2010, 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 2010; and

(ii) 30 June 2011.

4 Declared second interest factor

For section 8A of the Act, the declared second interest factor for the financial year commencing on 1 July 2010 is:

0.0571 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) (2010-2011 Second Interest Factor) Declaration 2010