Commonwealth legislation

Superannuation (Productivity Benefit) Declaration No. 11

In ForceCTH

Jurisdiction

Commonwealth

Act Number

180 of 1992

Collection

legislative instrument

Plain English Summary

3/10 complexity

This Declaration, made by the Minister for Finance under paragraph 3e(1)(a) of the Superannuation (Productivity Benefit) Act 1988, sets the 'declared first interest factor' for the financial year starting 1 July 1992. It fixes an interest rate (0.0945) and a days‑based formula used to calculate productivity benefit payments under section 8a.

Administrators and employers must apply the formula to calculate payments to employees in three possible situations (referencing s4f and s6). The Minister sets the numeric parameter; the Act defines who pays and who qualifies.

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Superannuation (Productivity Benefit) Declaration No. 11

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Statutory Rules 1992 No. 1801

__________________

Superannuation (Productivity Benefit)

Declaration No. 11

I, RALPH WILLIS, Minister for Finance, make the following Declaration under paragraph 3e (1) (a) of the Superannuation (Productivity Benefit) Act 1988.

Dated 17th June1992.

RALPH WILLIS

Minister for Finance

____________

Citation

This Declaration may be cited as Superannuation (Productivity Benefit) Declaration No. 11.

[NOTE: This Declaration commences on gazettal: see Acts Interpretation Act 1901, ss. 46a and 48.]

Declared first interest factor

For the purposes of section 8a of the Superannuation (Productivity Benefit) Act 1988, the factor ascertained using the following formula is declared to be the declared first interest factor for the financial year commencing on 1 July 1992:

where:

“Interest rate” means 0.0945;

“Days” means:

(a) in the case of an employee who becomes a fund employee—the number of days in the period:

(i) commencing on the last day of the first pay period of the employee ending after 1 July 1992; and

(ii) ending at the end of the day on which an amount first becomes payable under section 4f of that Act; or

(b) in the case of an employee who becomes entitled to receive an interim benefit under section 6 of that Act—the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 1992; and

(ii) the day on which the employee became entitled to receive the benefit; or

(c) in the case of an employee who neither becomes a fund employee nor becomes entitled to receive an interim benefit—the number of days between:

(i) the last day of the first pay period of the employee ending after 1 July 1992; and

(ii) 30 June 1993.

____________________________________________________________

NOTE

Notified in the Commonwealth of Australia Gazette on 25 June 1992.

Source text

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

1 Superannuation (Productivity Benefit) Declaration No. 11