Commonwealth legislation

Superannuation (Productivity Benefit) (2012-2013 First Interest Factor) Declaration 2012

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Commonwealth

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legislative instrument

Plain English Summary

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This Declaration fixes a numeric "first interest factor" for the 2012–13 year used to compute interest additions to superannuation productivity benefits. The factor is specified as 0.0367 × Number of days ÷ 730 and is applied under the Superannuation (Productivity Benefit) Act (see declared factor). Made by the Minister under paragraph 3E(1)(a), it changes how amounts payable under sections 4F and 6 are calculated: trustees/employers must compute each employee’s "Number of days" (defined in section 3) and apply the formula, producing a modest payroll calculation and record-keeping obligation.

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Superannuation (Productivity Benefit) (2012-2013 First Interest Factor) Declaration 2012

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Superannuation (Productivity Benefit) (2012-2013 First Interest Factor) Declaration 20121

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 8th June 2012

Penelope YING YEN WONG

Minister for Finance and Deregulation

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2012-2013 First Interest Factor) Declaration 2012.

2 Commencement

This Declaration commences on 1 July 2012.

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 2012 — 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 2012; 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 2012 — the number of days between:

(i) the last day of the first pay period for the employee ending after 1 July 2012; 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 2012, 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 2012; and

(ii) 30 June 2013.

4 Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year commencing on 1 July 2012 is:

0.0367 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.comlaw.gov.au.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Superannuation (Productivity Benefit) (2012-2013 First Interest Factor) Declaration 2012

Superannuation (Productivity Benefit) (2012-2013 First Interest Factor) Declaration 20121

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 8th June 2012

Penelope YING YEN WONG

Minister for Finance and Deregulation

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2012-2013 First Interest Factor) Declaration 2012.

2 Commencement

This Declaration commences on 1 July 2012.

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 2012 — 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 2012; 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 2012 — the number of days between:

(i) the last day of the first pay period for the employee ending after 1 July 2012; 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 2012; and

(ii) 30 June 2013.

4 Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year commencing on 1 July 2012 is:

0.0367 x Number of days
730

Note