Commonwealth legislation

Superannuation (Productivity Benefit) (2011-2012 First Interest Factor) Declaration 2011

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Commonwealth

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legislative instrument

Plain English Summary

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This Declaration (commencing 1 July 2011) sets the numeric "first interest factor" used to calculate productivity‑benefit payments under the Superannuation (Productivity Benefit) Act 1988 (for section 8A). It defines how to count the "number of days" in three employee scenarios and specifies the formula (0.0540 × Number of days ÷ 730). The instrument therefore determines the arithmetic administrators and funds must apply to calculate amounts payable to employees under the Act.

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Superannuation (Productivity Benefit) (2011-2012 First Interest Factor) Declaration 2011

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Superannuation (Productivity Benefit) (2011-2012 First Interest Factor) Declaration 20111

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

Dated 21st June 2011

Penelope YING YEN WONG

Minister for Finance and Deregulation

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2011-2012 First Interest Factor) Declaration 2011.

2 Commencement

This Declaration commences on 1 July 2011.

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 2011 — 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 2011; 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 2011 — the number of days between:

(i) the last day of the first pay period for the employee ending after 1 July 2011; 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 2011, 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 2011; and

(ii) 30 June 2012.

4 Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year commencing on 1 July 2011 is:

0.0540 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) (2011-2012 First Interest Factor) Declaration 2011

Superannuation (Productivity Benefit) (2011-2012 First Interest Factor) Declaration 20111

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

Dated 21st June 2011

Penelope YING YEN WONG

Minister for Finance and Deregulation

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2011-2012 First Interest Factor) Declaration 2011.

2 Commencement

This Declaration commences on 1 July 2011.

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 2011 — 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 2011; 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 2011 — the number of days between:

(i) the last day of the first pay period for the employee ending after 1 July 2011; 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 2011; and

(ii) 30 June 2012.

4 Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year commencing on 1 July 2011 is:

0.0540 x Number of days
730

Note