Commonwealth legislation

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

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Commonwealth

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legislative instrument

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This Declaration sets the “second interest factor” used under section 8A of the Superannuation (Productivity Benefit) Act 1988 for the 2011–12 financial year. It prescribes the formula (0.0540 × Number of days) / 365 and defines how “Number of days” is calculated for three classes of employees. It affects fund employees and people receiving interim benefits in 2011–12 by changing how interest on productivity‑related superannuation payments is calculated; administrators must apply the formula to compute payable amounts from 1 July 2011.

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

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

I, Penelope YING YEN WONG, Minister for Finance and Deregulation, make the following Declaration under paragraph 3E (1) (b) 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 Second 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 day after the last day of the last pay period for the employee ending before 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 day after the last day of the last pay period for the employee ending before 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 day following the last day of the last pay period for the employee ending before 1 July 2011; and

(ii) 30 June 2012.

4 Declared second interest factor

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

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