Commonwealth legislation

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

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Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

3/10 complexity

Sets the 2012–13 “second interest factor” used to calculate productivity-benefit interest under the Superannuation (Productivity Benefit) Act 1988 as 0.0367 × Number of days ÷ 365. It specifies how to count the “Number of days” for three employee situations (becoming a fund employee, receiving an interim benefit, or neither) and thus determines the interest component payable to affected employees and the administrative counting required of payers.

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

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

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 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 Second 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 day after the last day of the last pay period for the employee ending before 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 day after the last day of the last pay period for the employee ending before 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 day following the last day of the last pay period for the employee ending before 1 July 2012; and

(ii) 30 June 2013.

4 Declared second interest factor

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

0.0367 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.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 Second Interest Factor) Declaration 2012