Commonwealth legislation

Superannuation (Productivity Benefit) Declaration No. 12

In ForceCTH

Jurisdiction

Commonwealth

Act Number

181 of 1992

Collection

legislative instrument

Plain English Summary

3/10 complexity

This Declaration fixes the numerical interest factor used to calculate interest on productivity‑benefit superannuation payments for the financial year starting 1 July 1992. It sets the interest rate at 0.0945 and prescribes how to count the number of days for three employee scenarios (becoming a fund employee, receiving an interim benefit, or neither) (cl.2). Mechanically, it changes how much interest is added to payments under the Superannuation (Productivity Benefit) Act 1988, affecting the funds/employers who pay and the employees who receive those payments.

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Superannuation (Productivity Benefit) Declaration No. 12

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Statutory Rules 1992 No. 1811

__________________

Superannuation (Productivity Benefit)

Declaration No. 12

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

Dated 17th June 1992.

RALPH WILLIS

Minister for Finance

____________

Citation

This Declaration may be cited as Superannuation (Productivity Benefit) Declaration No. 12.

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

Declared second 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 second 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 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. 12